Wednesday, Dec 02, 2020 | Last Update : 03:34 AM IST

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Economy

 Britain’s Finance minister Rishi Sunak said that hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. (AP Photo)

UK economy slips into recession with record 20.4% contraction, job loss fears mount

Today’s figures confirm that hard times are here, finance minister Rishi Sunak said

 Former RBI governor Raghuram Rajan. (PTI Photo)

Raghuram Rajan warns against 'unprecedented' rise in NPA levels in next 6 months

He said one positive factor for Indian economy is that the agriculture sector is doing well

 IMF chief Kristalina Georgieva. (AFP Photo)

Not out of the woods yet: IMF chief warns second wave of virus could disrupt economies

Activity has started to gradually strengthen, but we are not out of the woods yet, Georgieva said in a message to G20 finance ministers

Seen any lately? RBI says the number of Rs 2,000 currency notes in circulation has come down from 33,632 lakh pieces at the end of March 2018 to 27,398 lakh pieces at end of March 2020. (PTI file photo)

Don't jump, Rs 2000 currency notes slowly being phased out

As per RBI's latest annual report, the big note was not printed at all during 2019-20

 India’s general government debt-to-GDP ratio is likely to be at 80 per cent of GDP by FY30. (Representative Image)

Government debt-to GDP ratio to be at 80% by FY30: Report

The report also finds that the government support to real GDP growth in the 2020s decade would be lower than in the past few years

Market

 Sebi proposes to relax minimum public shareholding norms for firms under insolvency. (PTI Photo)

Sebi to relax public shareholding norms for firms under insolvency

Sebi has sought views of public and market intermediaries till September 18 in this regard

 Sensex tanks 667 pts; Nifty ends below 10,900. (PTI Photo)

Indices extend loses for 4th day, Sensex plunges 667 points, Nifty below 10,900

Kotak Bank was the top loser in the Sensex pack, falling over 4 per cent

 Representative Image. (AFP)

Oil prices slip after OPEC, allies agree to loosen supply curbs

OPEC+ agreed on Wednesday to scale back oil production cuts from August as the global economy slowly recovers from the coronavirus pandemic

Gems and jewellery, petroleum products, man-made yarn, fabrics and made-ups, marine products and leather and leather products continued to see decline in shipments. Representational Photo

Merchandise exports continues to decline in August, trade deficit widens sequentially

In the month of August, merchandise exports stood at $22.70 billion as compared to $25.99 billion in August 2019

Companies

 Despite the significant rebound, firms cut staff for the sixth month in a row (PTI photo)

India's manufacturing activity gains momentum despite job losses

On the price front, the survey also observed that there was a softer and historically weak rise in input costs

Lee Jae-yong is already separately being retried on charges of bribery, embezzlement and other offences in connection with the corruption scandal that brought down former South Korean president Park Geun-hye. In this file photo, Lee Jae-yong, vice chairman of Samsung Electronics Co., gets into a car to leave after attending a hearing at the Seoul Central District Court in Seoul, South Korea. (Photo: AP)

Samsung heir's troubles multiply, charged with fraud in taking over reins of company

Lee Jae-yong, vice chairman of Samsung Electronics, committed stock manipulation, breach of trust and other offences, prosecutors said.

Currently, Bandicoot robot is being used in 11 states in India for cleaning sewers

Anand Mahindra invests in Kerala startup making manhole cleaning robots

In addition to Anand Mahindra, the startup has two more investors, Unicorn Ventures which made the initial investment in 2018 and Sea Fund

 The market valuation of ICICI Bank jumped by Rs 26,620.32 crore to Rs 2,82,550.05 crore, becoming the biggest gainer. (PTI Photo)

6 of top 10 firms add Rs 1.6 lakh crore in m-cap; ICICI, Kotak Bank top gainers

The market valuation of ICICI Bank jumped by Rs 26,620.32 crore to Rs 2,82,550.05 crore, becoming the biggest gainer

 Vodafone Idea rebrands in fight for India's telecom market share. (AFP Photo)

Vodafone Idea rebrand as 'Vi' in fight for telecom market share

Vodafone Idea lost 4.7 million customers in May alone, while market leader Reliance Jio added 3.7 million

Autos

 Maruti Suzuki India records 86% slump in May sales. (PTI Photo)

Maruti Suzuki India records 86% slump in May sales

Domestic sales declined by 88.93 percent to 13,888 units last month

 Daimler, the maker of Mercedes-Benz luxury cars and Freightliner trucks, lost 1.91 billion euros in the second quarter. (AFP Photo)

Daimler Q2 loss widens on weak demand

CEO Ola Kallenius said it had worked to preserve cash reserves during a difficult time and was seeing “the first signs of a sales recovery”

 Mylan gets DCGI nod for remdesivir in India, to launch at Rs 4,800 per vial. (Photo- Twitter)

Mylan Pharma to launch remdesivir in India at Rs 4,800 per 100 mg vial

The drug will be launched under the brand name Desrem in India and will be available to patients later this month

 Ducati Panigale V2 bookings open in India. ( Photo- ducati.com)

Ducati India open bookings for 2020 Panigale V2 ahead of launch

Unlike the outgoing model, the Panigale V2 features a single-sided X and a moulded around refined monocoque frame, the company said

In Other News

 The IRDAI committee has also suggested that a Risk-based capital (RBC) approach should be adopted to enable the progressive growth of the microinsurance business while maintaining the highest prudential standards.

IRDAI panel bats for lower capital, liberal norms for floating microinsurance companies

The changes would require amendments to the Insurance Act, 1938 to bring the standalone microinsurance business under its purview

 IndiGo announces 'deeper' pay cuts of up to 35 per cent for senior employees. (AFP Photo)

IndiGo slashes pay up to 35% for senior employees

From May onwards, IndiGo had implemented pay cuts of up to 25 per cent for its senior employees

PTI representational image

SC asks Centre, RBI to file Kamath panel suggestions, decisions on loan moratorium

Kapil Sibal said that he wanted to file a detailed affidavit to the Centre's reply as there are certain facts which need to be dealt with

 Activity in India’s crippled services industry fell for a sixth straight month in August. (AP Photo)

Services activity falls for sixth month in August as COVID restrictions hurt business

Hoping to avert more economic damage, government said it planned to reopen underground train networks and allow sports and religious events

 Capex of states may have to cut by Rs 1- 3.4 lakh crore, finds ICRA. (AFP Photo)

States may cut FY21 capex by Rs 3 lakh crore, says ICRA

ICRA has projected that the gap between the GST compensation requirement and the cess collections for FY21 will be Rs 2.9 lakh crore