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RBI forecasts economic contraction, announces a sharp 40-bp rate cut

Projecting a contraction in growth for the latest fiscal, the Reserve Lender of India (RBI) on Friday went for a further 40 basis points slash in policy repo price, even as it warned that inflation, particularly in food, is on the rise yet again.

Repo price is the curiosity price the banking companies give the RBI to borrow revenue.

The 6-member financial policy committee (MPC) also held the policy stance unchanged at ‘accommodative’ for “as extensive as necessary” to revive growth.

“It is in the growth outlook that the MPC judged the hazards to be gravest,” RBI governor Shaktikanta Das

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Cyclone Amphan LIVE: PM announces Rs 1000 cr for WB, Odisha gets Rs 500 cr

Cyclone Amphan Reside updates: The central authorities will give West Bengal Rs 1,000 crore and Rs 500 crore to Odisha as interim support for the problems caused by Cyclone Amphan, mentioned Prime Minister Narendra Modi on Friday soon after a go to to the two states.
Households of these killed will get Rs two lakh each and every as ex-gratia and the injured will get Rs 50,00, he mentioned soon after traveling above flooded parts of West Bengal. Main Minister Mamata Banerjee mentioned eighty individuals have died in the cyclone and requested Modi to treat it as a countrywide
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SpiceJet announces 10-30% cut in March salary for all employees

Budget provider SpiceJet has determined to slash 10-thirty per cent income of all its workers in March, with Chairman Ajay Singh opting for greatest thirty per cent trimming in payment, the airline explained in an e-mail conversation to the personnel on Tuesday.

“SpiceJet administration has determined to carry out a fork out slash in between 10-thirty per cent in March across our personnel base. Our Chairman and Handling Director (Ajay singh), in fact, has opted for the greatest slash of thirty per cent in payment,” the airline explained in the conversation.

Other funds carriers IndiGo and GoAir have presently announced

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Health and Human Services announces $250 million in grants to provide meals for older adults

With the COVID-19 coronavirus continuing its unfold and threatening older older people specifically, the U.S. Section of Wellbeing and Human Providers has announced $250 million in grants from the Administration for Community Residing to assist communities deliver foods for older older people.

The People To start with Coronavirus Response Act, signed into regulation by President Trump on March eighteen, offers the added funding for the nourishment providers programs authorized by the Older People Act of 1965. These programs deliver foods to more than 2.four million older older people each individual calendar year, both by house delivery and by sites these

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HSBC announces pre-tax profits drop by a third to $13.3 billion

HSBC mentioned on Tuesday its 2019 pre-tax income fell by a third on year to $13.three billion as interim chief Noel Quinn warned that the global banking big was “not offering appropriate returns”.

The Asia-centered financial institution has been trying to reduced prices as it faces a multitude of uncertainties triggered by the grinding US-China trade war, Britain’s departure from the European Union and now the lethal new coronavirus in China.

Mr Quinn, who took over as acting CEO immediately after the shock ouster in August of John Flint, has been tasked with overhauling the sprawling worldwide financial institution, which

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