The virus outbreak will force companies to rethink supply chains and overseas production facilities, said Raghuram Rajan, former governor of RBI (MINT_PRINT)
The virus outbreak will force companies to rethink supply chains and overseas production facilities, said Raghuram Rajan, former governor of RBI (MINT_PRINT)

Raghurmam Rajan's advice to govts: Fight virus first, worry about stimulus later

  • 'We have moved from extreme confidence in markets to extreme panic, all in the space of one week,' said Rajan, who previously was chief economist at the International Monetary Fund

Mobile telephony dominates Indian telecom market with 98% market share. Photo: Mint
Indian Oil currently has 27,185 petrol pumps. Photo: Bloomberg
As markets start to price in the economic cost of the virus, a further downside to the equity markets cannot be ruled out. (Photo: Mint)

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US stocks fell for a sixth consecutive day and entered correction territory on Thursday (REUTERS)
National Statistical Organisation will release the GDP data for the December quarter as well as its second advance estimates of GDP for 2019-20 later today (Reuters )
National Statistical Organisation will release the GDP data for the December quarter as well as its second advance estimates of GDP for 2019-20 later today (Reuters )

Five things to watch out for in GDP data

  • India’s quarterly GDP growth has been sliding for six consecutive quarters
  • A lower base is expected to give a leg up to growth in 2019-20.

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China accounts for about 14% of India’s imports (REUTERS)
China accounts for about 14% of India’s imports (REUTERS)

How Indian businesses may be impacted by China factory shutdowns

  • Swathes of Indian businesses that import raw materials from China are bracing for a hit from the coronavirus outbreak
  • Prolonged disruption in raw-material supplies can delay a recovery in India’s economy

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Taapsee Pannu in Thappad.
Tourists wear protective masks in Saint Mark's Square in Venice as Italy battles a coronavirus outbreak. (Reuters)
Tourists wear protective masks in Saint Mark's Square in Venice as Italy battles a coronavirus outbreak. (Reuters)

World prepares for coronavirus pandemic; global recession feared

  • The US stock market fell into correction territory with the benchmark S&P 500 index down more than 4% on Thursday
  • China - where the virus originated late last year - reported 327 new cases today

US first lady Melania Trump at the Sarvodaya Co-Education Senior Secondary School in Moti Bagh, in New Delhi. (Twitter: @FLOTUS)
FILE PHOTO: A man looks at Rolls Royce's Trent Engine displayed at the Singapore Airshow in Singapore February 11, 2020 (Reuters)
Photo: AP/Eugene Hoshiko
Photo: AP/Eugene Hoshiko
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Market LIVE: Sensex, Nifty volatile; both down over 3% ahead of GDP data

  • The indices had recovered marginally. Market sentiment remains broadly negative
  • Massive sell off in global markets due to fears of coronavirus impact on global economy triggered the fall

India's food delivery business may see a disruption soon. (Photo: Indranil Bhoumik/Mint)
RBI is concerned about the impact of the SC order on banks that have substantial exposure to banks (Photo: Mint)
A worker in protective suit takes body temperature measurement of a woman inside the Shanghai Stock Exchange building,  (REUTERS)
A worker in protective suit takes body temperature measurement of a woman inside the Shanghai Stock Exchange building, (REUTERS)

Coronavirus: Kuwait confirms two more cases

  • Globally, Coronavirus has killed more than 2,800 people and infected about 83,000
  • The overall confirmed cases in China have reached 78,824 by the end of Thursday

Sensex fell over 1300 points today (PTI)
Pirojsha Godrej, executive chairman, Godrej Properties. (Photo:Mint)
Gold rate today: On MCX, rates fell to  ₹42,534 per 10 gram
US President Donald Trump interacting with Reliance Industries Chairman Mukesh Ambani during a meeting with business leaders at the US Embassy in New Delhi on Tuesday. (PTI)
US President Donald Trump interacting with Reliance Industries Chairman Mukesh Ambani during a meeting with business leaders at the US Embassy in New Delhi on Tuesday. (PTI)

Jio only one to not use Chinese components: Mukesh Ambani told Donald Trump

  • Jio is the only network in the world that doesn't have a single Chinese component, Mukesh Ambani has said
  • The Trump administration has been persuading India to keep China's Huawei out of the India's 5G deployments

FILE PHOTO: A man walks past the logo of Hyundai Motor during the 2019 Seoul Motor Show in Goyang, South Korea, March 28, 2019. REUTERS/Kim Hong-Ji/File Photo (REUTERS)
FILE PHOTO: A man walks past the logo of Hyundai Motor during the 2019 Seoul Motor Show in Goyang, South Korea, March 28, 2019. REUTERS/Kim Hong-Ji/File Photo (REUTERS)

Hyundai shuts down factory after worker tests positive for coronavirus

  • Shares of the automaker dropped more than 5% after the news, while the wider market was down 2.6%
  • The closing deals a fresh setback to Hyundai Motor, which has gradually resumed production at local plants hit by a Chinese parts shortage in the wake of the virus outbreak

The Xbox Series X is expected to allow gaming in 8K resolution and should support 120Hz refresh rates.
The Xbox Series X is expected to allow gaming in 8K resolution and should support 120Hz refresh rates.

Xbox Series X latest feature will resume your game progress even after reboot

  • The Xbox Series X will come with significant upgrade over the Xbox One X in terms of processing power and will house new features
  • The console is designed to be used in both vertical and horizontal orientations and it will deliver four times the processing power of Xbox One X

Nikesh Arora, left, with Masayoshi Son at a SoftBank event in October 2015, when Arora was a senior SoftBank executive and the target of a mysterious campaign of allegations (Photo: Reuters)
Nikesh Arora, left, with Masayoshi Son at a SoftBank event in October 2015, when Arora was a senior SoftBank executive and the target of a mysterious campaign of allegations (Photo: Reuters)

No-holds-barred Rajeev Misra vs Nikesh Arora fight rocks SoftBank

  • Misra, head of the $100-bn Vision Fund, is said to have conducted a campaign to eject Arora by planting negative news stories, trying sexual blackmail
  • The scrutiny faced by Misra is reminiscent of Arora’s situation before he was forced to leave SoftBank

'The health and safety of players, developers, employees, and our partners around the world is our top priority,' the company said (AP)
In view of sticky expenditures and slack tax collections, the FM invoked the ‘escape clause’ in FRBMA (Photo: ANI)
In view of sticky expenditures and slack tax collections, the FM invoked the ‘escape clause’ in FRBMA (Photo: ANI)

Government puts spending restrictions on ministries to contain fiscal slippage

  • The government has told ministries to limit expenditure in March to 10% of their budget allocations against 15% earlier
  • Ministries and departments have spent 21.1 trillion in the nine months ended 31 December, leaving 5.9 trillion available for spending during the three months to March

Photo: AP/Richard Drew
Two new terminals at Byappanahalli and Cantonment will decongest the Bengaluru city (Krantiveera Sangolli Rayanna station) and Yeshvantpur terminals.
Two new terminals at Byappanahalli and Cantonment will decongest the Bengaluru city (Krantiveera Sangolli Rayanna station) and Yeshvantpur terminals.

Bengaluru to get more trains after opening of third railway terminal

  • Bengaluru's new railway terminal at Byappanahalli will have 7 platforms
  • The Railways will also convert Cantonment station in the city centre into fourth terminal

The Nifty index has lost 6.41% from its record high of 12,430.50 on 20 January, while the VIX has gained 14.65% in the same period
The Nifty index has lost 6.41% from its record high of 12,430.50 on 20 January, while the VIX has gained 14.65% in the same period

Fear index up 52% this year as coronavirus spooks stocks

  • The India VIX has gained 58%, while the Nifty has lost over 4% in 2020 so far
  • Fears that the virus could hurt the economy far more than expected have kept investors on tenterhooks

Other Indian poultry firms including Venky's have also cited rumours spread by social media for a fall in poultry-related sales. (Mint)
Other Indian poultry firms including Venky's have also cited rumours spread by social media for a fall in poultry-related sales. (Mint)

Chicken sales drop 50% over coronavirus rumours on WhatsApp

  • Misleading posts on social media have created a false impression coronavirus can be contracted through chickens
  • Chicken sales have fallen to around 40 million a week from 75 million about four weeks ago

The top 10 smartphone models alone captured approximately 15% of the global smartphone sales
The study noted that the explosion occurred at a distance that would take even light 390 million years to reach from the Earth (NASA)
The study noted that the explosion occurred at a distance that would take even light 390 million years to reach from the Earth (NASA)

Astronomers detect biggest ever cosmic explosion since Big Bang

  • The blowing up released five times more energy than the previous record holding explosion in the galaxy cluster MS 0735 74, say astronomers
  • They said the blowing up was so powerful that it punched a cavity in the cluster plasma

Petrol price was left unchanged today.  (Mint)
Adam Neumann’s extravagant behaviour cost WeWork millions.
Adam Neumann’s extravagant behaviour cost WeWork millions.

WeWork fiasco has inspired a second TV series and a movie

  • The first TV series was announced in December and will star Nicholas Braun, better known as Cousin Greg on HBO's Succession, as Neumann
  • WeWork was valued at nearly $50 billion but suffered a fall after reported mismanagement and alleged self-dealing

Vodafone Idea said even after  ₹35 per GB, 6 paise a minute for voice calls to other networks and  ₹50 a month as fixed charges, Indian consumers will still spend less on telecom than anywhere else in the world (Photo: Reuters)
Vodafone Idea said even after 35 per GB, 6 paise a minute for voice calls to other networks and 50 a month as fixed charges, Indian consumers will still spend less on telecom than anywhere else in the world (Photo: Reuters)

Vodafone Idea asks for a steep hike in mobile data tariffs

  • Setting a floor price would help it generate enough cash to pay its dues to the government, the company said
  • Vodafone Idea users now pay as little as 7.8 for 1 GB per day under its 28-day plan for 219, with unlimited calling

The statement comes in the wake of reports that  ₹2,000 notes may be taken out of circulation and efforts to recalibrate ATMs. (Mint)
U.S. Secretary of State Mike Pompeo  (REUTERS)
U.S. Secretary of State Mike Pompeo (REUTERS)

Trump's trip demonstrates value US places on ties with India: Mike Pompeo

  • Trump's first official trip to India this week demonstrates the value the US places on the US-India partnership, Pompeo said in a tweet
  • Trump's trip to India advanced the shared goals and paved the way for further cooperation in key areas such as energy, defence, people-to-people ties and Indo-Pacific coordination, Wells said

Atanu Chakraborty (Photo: Priyanka Parashar/Mint)
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