Surge in India’s foreign exchange reserves
The reserves had touched a life-time high of USD 487.23 billion in the week to March 6 after rising by USD 5.69 billion. During 2019-20, the foreign exchange reserves had risen by almost USD 62 billion.
Trade & Economy
BRICS’ New Development Bank provides $1 billion loan to India to fight corona
The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath
Saudi firms eyes stakes in Reliance’s Jio
Saudi Arabia’s $320 billion sovereign wealth fund PIF is exploring a potential investment in the digital unit of top Indian business conglomerate Reliance Industries Limited (RIL), said a report citing people with knowledge of the matter.
‘What’s the point of staying?’: Gulf faces expatriate exodus
The Middle East is headed for an economic downturn this year that dwarfs 2008 and 2014/2015 as countries are hit by the double blow from coronavirus closures and record low oil prices
Nearly half of global workforce at risk as job losses increase due to COVID-19: UN
Some 1.6 billion people employed in the informal economy – or nearly half the global workforce – could see their livelihoods destroyed due to the continued decline in working hours brought on by lockdowns to curb the spread of COVID-19, the International Labour Organization (ILO) said on Wednesday.
Oil prices fall on brimming storage, bleak recovery prospects
Although the world economy may start to recover as more countries allow businesses to reopen, analysts say prospects for oil prices remains gloomy.
Sri Lanka to seek $400 million financial facility from India’s RBI
The facility from the RBI is aimed at boosting the island nation’s foreign reserves.
Increase in cyber attacks: WHO
Since the start of the COVID-19 pandemic, WHO has seen a dramatic increase in the
‘This Has Changed Everything’: Saudi Economy Shaken by Oil Crash
The meltdown in oil markets is turning back the economic clock for Saudi Arabia, putting it on track for the deepest contraction in two decades.
TCS to power Israel’s first fully digital bank
The yet-to-be-named digital bank is the first to receive a banking license in Israel in over 40 years and is to be launched in 2021.