Day: June 14, 2020

China Cases Jump; IMF to Further Lower Forecast: Virus Update

(Bloomberg) —

China cases jumped the most in almost two months as Beijing shut a major food market and nearby housing districts amid fears of a resurgence of the coronavirus.

The International Monetary Fund expects to further revise down its forecast for the global economy this year. U.S. cases rose at the fastest pace in two weeks while Brazil’s infections increased 2.6% and deaths climbed 2.1%.

AstraZeneca Plc pledged 400 million doses of Oxford University’s vaccine at no profit. Pfizer’s CEO expects a vaccine by October. Dr. Reddy’s Laboratories Ltd. has a deal with Gilead Sciences Inc. for Remdesivir. and

FPIs invest Rs 20,574 crore in June so far

Prior to this, FPIs were net sellers for three consecutive months.

Foreign portfolio investors (FPIs) have pumped in a net Rs 20,574 crore into the Indian capital market in June so far amid increasing inflows into emerging markets due to high liquidity. As per latest depositories data, FPIs invested a net Rs 22,840 crore in equities but pulled out Rs 2,266 crore from the debt segment between Jun 1-12. This translates into a cumulative inflow of Rs 20,574 crore.

Prior to this, FPIs were net sellers for three consecutive months. They pulled out Rs 7,366 crore in May, Rs 15,403

Govt unlikely to go for privatisation of public sector banks this fiscal

The government will refrain from distress sale of its entities, especially if they are in strategic sectors (Image: PTI)

Privatisation of any public sector bank (PSB) during the current fiscal is very unlikely due to their low valuations and mounting stressed assets amid the COVID-19 crisis, sources said.  At present, four public sector banks are under the RBI’s Prompt Corrective Action (PCA) framework, which puts several restrictions on them, including on lending, management compensation and directors’ fees.  So, it does not make any business sense to sell these lenders — Indian Overseas Bank (IOB), Central Bank of India,