Because of an unusually strong polar vortex in the winter, conditions have turned ripe for the destruction of stratospheric ozone high above the Arctic. This has resulted in an area of depleted ozone at the end of the winter season, also referred to as an ozone hole.
The protective ozone layer is responsible for blocking harmful ultraviolet radiation from the sun, which can cause skin cancer. However, the low levels of ozone across the Arctic are expected to be relatively short-lived, as the polar vortex breaks down for the spring and summer.
The Montreal Protocol, which was ratified in 1988 and widely viewed as the most successful international environmental treaty to date, mandates the reduction in use of substances that deplete the ozone layer.
Moody's Investors Service on April 2 changed the outlook for Indian banking system to negative from stable, as it expects deterioration in banks' asset quality due to disruption in economic activity from the coronavirus outbreak.
It said Banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital.
Growing solvency stress among non-bank financial institutions will increase risks to banks' asset quality because banks have large exposures to the sector. It expects deteriorating profitability and loan growth to hurt capitalisation.
The US has begun repatriation of its stranded nationals, who want to return home, from India which is undergoing a 21-day lockdown to stem the spread of coronavirus pandemic.
The repatriation from India is part of the massive effort being undertaken by the US for its citizens from across the world. So far, the US has repatriated over 30,000 citizens from over 60 countries on more than 350 flights.
India has suspended all international flights from landing at any airport in the country in view to curb the further spread of the contagious virus that has infected close to 2000 people in the country.