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News in Short

News in Short - 23-April-2020

Trump to ban immigration to US temporarily

Date: 23 April 2020 Tags: Miscellaneous
  • President Donald Trump announcedtemporary suspension of immigration into the United States. But the executive order would bar only those seeking permanent residency, not temporary workers.
  • Trump said he would be placing a 60-day pause on the issuance of green cards in an effort to limit competition for jobs in a US economy wrecked by the coronavirus. The order would include certain exemptions.
  • Trump has long advocated restrictions on both legal and illegal immigration and has raised concerns for years about foreigners competing with American citizens for jobs.

Global firms look to shift from China to India

Date: 23 April 2020 Tags: India & World
  • Global manufacturers have initiated talks with Indian firms to explore the possibility of shifting a part of their supply chains from China as they seek to diversify their operations following the covid-19 outbreak.
  • Most of these multinationals have suffered widespread disruptions to their businesses as authorities enforced strict lockdown measures to contain the pandemic, which originated in Wuhan city in China’s Hubei province.
  • Among global firms that have shown interest in India are US-based makers of medical electronics products Teledyne and Amphenol, and medical equipment makers such as Johnson and Johnson.

Over 70% of business expected to shrink: FICCI

Date: 23 April 2020 Tags: Reports & Indices
  • More than 70% of Indian businesses expect COVID-19 to have a high or very high impact on them, expecting a de-growth or contraction of business in the current financial year, according to a survey of almost 400 firms conducted by industry group FICCI.
  • A whopping 84% say their cash flows have reduced. The outlook for the future is grim, with almost 70% of businesses saying it will take more than nine months for the economy to return to normal.
  • Employees can anticipate hard times, with more than half of the surveyed businesses expected to cut worker salaries, and almost three out of four companies expected to cut jobs over the next few months.

Coronavirus likely of animal origin: WHO

Date: 23 April 2020 Tags: International Organizations
  • The World Health Organization (WHO) said that all available evidence suggests that the novel coronavirus originated in bats in China late last year and it was not manipulated or constructed in a laboratory.
  • It was not clear how the virus had jumped the species barrier to humans but there had certainly been a presence of intermediate animal host.
  • US President Donald Trump had said last week that his government was trying to determine whether the virus emanated from a lab in Wuhan in central China.

Facebook buys 10% stake in Reliance Jio

Date: 23 April 2020 Tags: World Economy
  • Facebook has bought a 9.9% stake in Reliance Jio for $5.7 billion (? 43,574 crore), the telecom unit of Reliance Industries Ltd (RIL) in a deal that gives the social media giant a firm foothold in a fast-growing Indian market.
  • The multibillion-dollar deal will make Facebook the largest minority shareholder in Jio Platforms Limited. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.
  • Since Jio's launch in 2016, Reliance has emerged as the only company capable of competing with US tech groups in the fast-growing Indian market. It has expanded from mobile telecoms into everything from home broadband to ecommerce.