Day: May 31, 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