The Chennai Corporation started work on setting up the city’s largest COVID-19 care centre (CCC) in Kesava Pillai Park, Pulianthope, invoking the provisions of the Disaster Management Act. This move is expected to improve disaster preparedness during the pandemic. … [Read more...] about Coronavirus | Chennai Corporation begins work on largest care centre
Corporate
Market still expects more reforms for corporate and sectors that are highly impacted by COVID-19
Lately this week, India has started to catch-up with the world equity market. India has factoring all the merit & demerit of the stimulus announced by the government. Now, it is anticipating a better economy in Q2, which may be partially opened while a full opened economy could happen by H2FY21. … [Read more...] about Market still expects more reforms for corporate and sectors that are highly impacted by COVID-19
Measures coming to reduce corporate operating costs: Premier
The measures to reduce corporate operating costs include pension payment relief for enterprises, interest rate reduction by State-owned commercial banks and price reduction in natural monopoly industries. The monetary scale of these measures is expected to be twice the amount of the increased central government budget deficit and the central government special bond for COVID-19 control and prevention, which is worth about 2 trillion yuan ($280 billion), according to Li. … [Read more...] about Measures coming to reduce corporate operating costs: Premier
A deep cut: On corporate tax cuts
Where do the tax cuts leave the government and the fisc? Ms. Sitharaman said that the revenue foregone is ₹1,45,000 crore. This is very significant, especially in the context of the over-estimation of revenues in the Budget and the under-performance in terms of tax collections so far this year. The 2019-20 Budget assumes net tax revenues of ₹16.49 lakh crore, which is a rather ambitious 25% growth estimate over the actual revenues of ₹13.16 lakh crore in 2018-19. If the revenue foregone now is weighed against this unrealistic Budget target on which the fiscal arithmetic is based, the outlook for the projected deficit this year will be scary for sure. It is a no-brainer that the deficit target of 3.3% for this fiscal is unattainable, as things stand. The bounty of ₹1.75 lakh crore received from the Reserve Bank of India as dividend is obviously a cushion and it is this money that the government has now given away. But if the fiscal deficit target is to be met, … [Read more...] about A deep cut: On corporate tax cuts
In rescue effort, Fed has broad stake in corporate America’s fortunes
The US central bank now has a stake in the fortunes of a broad swath of corporate America after buying about $1.3 billion of bond funds with debt issued by firms in all walks of the world's biggest economy, from Apple Inc to a clutch of companies in bankruptcy. The details on holdings in the Fed's Secondary Market Corporate Credit Facility, one of nearly a dozen emergency programs the Fed has rolled out since March to respond to the coronavirus crisis, were published Friday. The Fed's largest investment-grade fund holding - iShares iBoxx US Dollar Investment Grade Corporate Bond ETF - contains 30 Apple bonds giving the Fed about $5.7 million of exposure to the maker of iPhones through that ETF alone as of May 19. Apple is also a holding in other ETFs the Fed bought. The largest of the facility's junk bond fund holdings - iShares iBoxx High Yield Corporate Bond ETF - gives the Fed around $25,000 of exposure to three companies that have filed for bankruptcy since the health crisis … [Read more...] about In rescue effort, Fed has broad stake in corporate America’s fortunes
