Month: May 2020

Venezuela to Raise Fuel Prices in Historic Policy Shift

(Bloomberg) — Venezuela’s President Nicolas Maduro said fuel prices would increase starting in June, a historic policy shift after decades of subsidies that have allowed Venezuelans to essentially fill their tanks for free.

Gasoline will be sold at 5,000 bolivars (2.5 U.S. cents) per liter at gas stations nationwide starting Monday, including 200 stations that will sell premium fuel at the equivalent of 50 U.S. cents a liter, Maduro said. Gasoline will be limited to 120 liters (30 gallons) per month for each vehicle.

“This is a war, my dear fellow countrymen who listen to me, a brutal war,” Maduro

China’s manufacturing still sluggish as virus hits exports

A monthly purchasing managers’ index issued Sunday slipped to 50.6, down from 50.8 in April. (Reuters photo)

China’s manufacturing activity expanded in May but at a sluggish pace for the second straight month as the coronavirus pandemic weighed on the global economy. A monthly purchasing managers’ index issued Sunday slipped to 50.6, down from 50.8 in April. A reading above 50 means that manufacturing is growing.

The figures indicate that manufacturing picked up in May, although more slowly than the previous month, said Zhao Qinghe, a senior statistician at the National Bureau of Statistics.

The index, compiled by the the

Reliance converts Alok Industries into PPE maker; to produce Covid gears at one-third cost

The availability of high quality and low cost PPE from Reliance is expected to significantly boost India’s effectiveness in handling the COVID-19 emergency.

Reliance Industries has converted its newly acquired textiles and apparel fabrics maker Alok Industries into a PPE manufacturer, helping produce COVID-19 protective gears at one-third the cost of those imported from China.

The company has redeployed Alok Industries’ manufacturing facilities in Silvassa, Gujarat for exclusively manufacturing personal protective equipment (PPE) to safeguard doctors, nurses, medical staff and other frontline workers engaged in fighting the COVID-19 pandemic, sources said.

Capacity has been scaled up to produce more than

U.S. to Quit WHO; Vaccine Progress in China: Virus Update

(Bloomberg) — Brazil overtook Spain to rank fifth in the world in coronavirus deaths, with no sign of easing in Latin America’s biggest economy. The U.S. will quit the World Health Organization after President Donald Trump faulted its actions with China and the virus.

A front-running vaccine candidate being developed in China is expected to be available as soon as the end of this year, according to a report published in China. A divided U.S. Supreme Court rejected calls by churches in California and Illinois to block restrictions on worship services during the virus outbreak.

Moderna began a mid-stage trial …

Q4FY20 GDP shows slowdown deepening, demand weakening due to coronavirus

The government had imposed coronavirus lockdown in the last week of March to curb the spread of the virus and the GDP data for Q4 also takes into account data from the lockdown week.

While Q4FY20 GDP data has surpassed most estimates, the growth slowing to 3.1% reflects an intensification of economic slowdown on the back of the coronavirus pandemic which has afflicted countries around the world. The government had imposed coronavirus lockdown in the last week of March to curb the spread of the virus and the GDP data for Q4 also takes into account data from the lockdown

Challenging Times: Capgemini’s Delaporte to be Wipro’s new CEO

The new CEO will bring consulting experience across several industry verticals, particularly the financial services as he has spent two decades heading that vertical.

Wipro, the country’s fourth largest IT services company, on Friday announced the appointment of Capgemini’s chief operating officer and a member of the French IT major’s group executive board, Thierry Delaporte, as its CEO and managing director. Delaporte will be based in Paris and will join the company from July 6 and report to Wipro’s chairman Rishad Premji.

The new CEO will bring consulting experience across several industry verticals, particularly the financial services as he

AstraZeneca Unveils Data Behind New Win For Blockbuster Drug

(Bloomberg) — AstraZeneca Plc’s blockbuster drug Tagrisso cut the risk of lung cancer death or relapse by four-fifths over three years, according to detailed results from a study that raises survival prospects for patients in the early stages of the deadly disease.

Adding Tagrisso to the regimen of early-stage lung cancer patients who had undergone surgery reduced the risk of dying or disease recurrence by 79%, compared with a placebo, according to the research. Patients’ tumors also had a mutation in a cancer-linked gene, called EGFR. AstraZeneca will present the results at the American Society of Clinical Oncology’s annual conference

Yogi Adityanath announces jobs for 11 lakh migrant workers, labourers; UP govt inks pact with industry

In a mission to give every hand a work and every household employment, the UP government has assured an overall improvement in the policies and rules regarding workers and said that the improvement will take place quickly.

Yogi Adityanath-led Uttar Pradesh government is set to give jobs to 11 lakh migrant workers in an unprecedented move. Yogi Adityanath said that he has received a list of 11 lakh migrant workers and labourers from bodies such as India Industries Association and FICCI and they have assured to absorb a huge labour force into the industry. Calling manpower as a big strength,

TikTok maker ByteDance looks to shift power out of China amid rising global tensions

The strategy is aimed not only at TikTok, which is not available in China, but all of ByteDance’s non-China focused businesses.

TikTok’s poaching of Disney’s Kevin Mayer to be its CEO was just the most visible part of a broader strategy by its Chinese owner to shift its centre of power away from China at a time of rising global tensions, several people familiar with the plans said. The short video app’s parent company ByteDance has quietly made a series of moves in recent months to transfer global decision-making and research capabilities out of its home country, the sources told

Oil Extends Slide Near $32 on Signs U.S. Stockpiles Swelled

(Bloomberg) — Oil extended its drop to trade near $32 a barrel after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.

Futures fell 2.7% in New York, putting the market on track for its first back-to-back daily decline in three weeks. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data. If confirmed by government figures on Thursday, it would be the biggest increase this year.

Oil’s rally started to falter Wednesday after Moscow signaled that