Home >News >Business of Life >Mint Lite | Delhi covid cases, Linkedin job cuts, IPL 2020 & other news

Deal!" tweeted EU council president Charles Michel, to announce a breakthrough in five days of wrangling over a covid-19 economic recovery plan for the region. The 27 heads of state have agreed to a €750 billion ($858 billion) recovery fund, borrowed from financial markets, to rebuild EU economies. Italy, one of the hardest hit, will be one of the biggest beneficiaries, receiving 28% (€210 billion) of the fund in the form of grants and repayable loans. For the rest of the national and world news, here’s Mint Lite.

25% of Delhi has covid-19

Delhi, which has a population of over 11 million, has so far reported 1,23,747 confirmed cases and 3,663 deaths.
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Delhi, which has a population of over 11 million, has so far reported 1,23,747 confirmed cases and 3,663 deaths.

Nearly a quarter of Delhi residents may have been infected by the novel coronavirus, the Union health ministry said on Tuesday, citing results of a serological-prevalence study by the National Centre for Disease Control. The study showed 23.48% of the 21,387 people surveyed had developed Immunoglobulin G (IgG) antibodies, indicating they had been exposed to the SARS-Cov2 virus. It also showed that a large number of infected persons are asymptomatic. Delhi, which has a population of over 11 million, has so far reported 1,23,747 confirmed cases and 3,663 deaths. The samples were collected between 27 June and 10 July across 11 districts. The ministry said a significant proportion of the population is still vulnerable, and “non-pharmacological interventions such as physical distancing, use of face mask, hand hygiene, cough etiquette and avoidance of crowded places must be followed strictly".

It’s silver’s time to shine

Spot silver jumped as much as 3.3% on Tuesday to $20.5609 an ounce, the highest since August 2016, extending this year’s gains to 15%
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Spot silver jumped as much as 3.3% on Tuesday to $20.5609 an ounce, the highest since August 2016, extending this year’s gains to 15%

Spot silver jumped as much as 3.3% on Tuesday to $20.5609 an ounce, the highest since August 2016, extending this year’s gains to 15%. Silver has outpaced gold’s gains this month, and holdings in silver-backed exchange-traded funds have increased for 12 weeks in a row, Bloomberg reports. Futures in New York, which breached the $20 level on Monday, rose as high as $20.945 an ounce. Investors are worried by the rising covid-19 cases but are also focussing on rosier indicators such as the landmark stimulus package in the EU, China’s recovery and promising news on the vaccine front, and investing in precious metals. Silver isn’t just safe to park funds in. It also has uses in industrial products such as solar panels and electronics. Silver is following the same trajectory as during the global financial crisis. Banks and traders predict that silver will keep rising as investors continue to pile in

$90M to host a race

$90M to host a race
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$90M to host a race

For the past three weeks, 1,000 F1 personnel have been living and travelling in a bubble without any outside contact. For F1’s owner Liberty Media, the cost of maintaining this bubble is far lower than losing $2 billion in revenue from cancelling the whole season. Its revenue comes from sale of rights to TV and digital platforms, sale of rights to racetracks to host races, and sponsors like Aramco and DHL. If F1 closes the season without incident—4 of 22 races have been postponed—it could salvage 75% of revenue. What it cannot recoup is track revenue—racetracks pay F1 $30 million a race, and make it up in tickets and other sales (chart). In 2019, F1 had 4 million spectators, each of whom spent about $477 at the track. Without spectators, that’s a chunk of money lost. For more, see Plain Facts.

Now, Linkedin cuts jobs

Jobs will be cut across sales and recruitment divisions globally.
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Jobs will be cut across sales and recruitment divisions globally.

Microsoft’s professional networking and recruitment site LinkedIn will be cutting about 960 jobs, or 6% of its global workforce, as the pandemic has affected demand for its products and services. Jobs will be cut across sales and recruitment divisions globally. Chief executive Ryan Roslansky announced the plan in a LinkedIn post, saying “fewer companies, including ours, need to hire at the same volume they did previously." LinkedIn, which says it has 690 million users in 200 countries, makes most of its money through ads and fees paid by recruiters. Advertising revenue has taken a hit and is expected to remain muted through Q2. Over the past weeks, Microsoft has trimmed its global workforce, laying off people in its MSN, Microsoft sales and marketing, and Azure teams. This is despite Microsoft’s third-quarter results beating Wall Street expectations.

IPL 2020 gets UAE venue

The IPL governing council will meet in the next 10 days to work out a schedule, possibly between 26 September and 7 November
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The IPL governing council will meet in the next 10 days to work out a schedule, possibly between 26 September and 7 November

The ICC finally decided to postpone this year’s T20 World Cup, scheduled for October-November, earlier this week, clearing the path for the Indian Premier League (IPL) 2020. IPL has said it plans to hold the tournament over 44 days in the UAE. The IPL governing council will meet in the next 10 days to work out a schedule, possibly between 26 September and 7 November, though sponsors and broadcasters are hoping it runs till mid-November and Diwali. “As of now, the plan is to have a full-fledged IPL, comprising 60 games and most likely in the UAE," IPL governing council chair Brijesh Patel told PTI. The council will also have to get approval from Indian and UAE authorities. The IPL, which was originally scheduled for 29 March but postponed due to the pandemic, is the main revenue earner for the Board of Control for Cricket in India. It is set to lose about 4,000 crore if the tournament does not go ahead.

Curated by Shalini Umachandran. Have something to share with us? Write to us at businessoflife@livemint.com or tweet to @shalinimb



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