US Economy to contract by 6.5% in 2020
US Central Bank has predicted that the economy will shrink by 6.5% this year. the unemployment rate is seen at 9.3% at year’s end. Some 20 million or more people have been thrown out of work since February. US Fed has vowed to use all tools available to support the economy and most members agreed that interest rates are likely to remain near 0% till 2022.
Petrol, Diesel prices hiked for the fifth day in a row
Petrol and diesel prices were hiked in metros on Thursday, marking the fifth straight day of increase since state-owned oil companies returned to the normal practice of daily reviews following a 12-week pause. There has been 60 paise per litre hike in petrol and diesel each in Delhi.
Ratings agency S&P retains India’s credit rating at BBB-
S&P retained India’s lowest investment grade (BBB-) credit rating with a stable outlook. The agency expects the country’s economy and fiscal position to stabilize and begin to recover from 2021 onwards. Recently Moody’s had downgraded India’s rating one notch to the lowest investment grade with a negative outlook.
Air India to fly more repatriation flights to US, Europe, Gulf
In the third phase of the government-backed Vande Bharat Mission, Air India and subsidiary Air India Express will fly 80 flights to Europe, a similar number of flights to the US and Canada, and about 165 to Gulf countries during 10-30 June.
Supreme Court gives major relief to Amrapali homebuyers
The country’s Apex Court has directed banks to release the balance amount of sanctioned loans to Amrapali’s housing projects, even those which have been declared Non-Performing Assets or NPA. Now banks will need to restructure the loans. Currently, the construction of stalled projects of Amrapali is being handled by National Buildings Construction Corporation (NBCC).
