Business

05 June 2020; MEMO: Kuwait’s Cabinet has agreed to cut government budgets by at least 20 per cent during the 2020-2021  fiscal year, it announced in a tweet yesterday.

According to the announcement, the cabinet ordered the ministry of finance to coordinate with all governmental departments to review public services and the value of government subsidies.

New Delhi, Jun 5 (PTI) Shares of Reliance Industries on Friday gained over 2 per cent to hit their one-year high level after the company announced sale of 1.85 per cent stake in its digital unit, Jio Platforms, to Abu Dhabi-based sovereign investor Mubadala.

On BSE, the heavyweight stock jumped 2.38 per cent to Rs 1,617.70 -- its 52-week high.

It surged 2.41 per cent to its one-year high of Rs 1,618 on NSE.

Lucknow, June 4 (PTI) Around 31lakh migrant workers have returned to Uttar Pradesh through trains and other means with state road transport corporation buses alone ferrying over 2.30 lakh people in last three days, an official said on Thursday.

Additional Chief Secretary Awanish Awsathi said about 31 lakh people have come to the state by trains and other means.

New Delhi, Jun 5 (PTI) Atlas Cycles - a name that became a synonym for bicycles in India - has shut its last manufacturing unit in Sahibabad, just outside the national capital, citing lack of funds to run the factory.

Its CEO N P Singh Rana, however, insists the shutdown is only temporary, and the company will resume operations once it is able to raise around Rs 50 crore by selling surplus land.

PUTRAJAYA (Malaysia), June 4 (NNN-BERNAMA) — Malaysia will witness major changes in the policy of employing foreign workers and to curb the entry of illegal immigrants post COVID-19, said Senior Minister (Security Cluster) Ismail Sabri Yaakob.

He said it was about time for the policy to be reviewed as foreigners were among major contributors to the surge in COVID-19 cases in the country as well as several other countries including Singapore.

PUTRAJAYA, June 5 (NNN-BERNAMA) — The government will allocate RM9 billion to tackle the rising rate of unemployment and ensure job sustainability in the country during the national recovery period post COVID-19.

Prime Minister Tan Sri Muhyiddin Yassin said the allocation which will be channeled through various initiatives, will benefit three million workforce in the country.

“I know there are many who are worried about the risk of losing jobs and their source of income after many sectors and economic activities were affected by the Movement Control Order.

DAKAR, June 5 (NNN-AGENCIES) — Senegal has announced it will ease a curfew and lift restrictions on inter-city travel following two nights of protests.

More than 200 people have been detained for questioning by police following spontaneous demonstrations in towns across the country overnight.

The protesters had been demanding an end to the curfew introduced in March to fight the pandemic.

Interior Minister Aly Ngouille Ndiaye said that the start of the curfew would be pushed back by two hours and now run from 23:00 to 05:00 local time.

BRUSSELS, June 5 (NNN-AGENCIES) — The European Central Bank has taken further dramatic measures to boost the eurozone economies, amid their biggest recession since World War Two.

Just months after emergency measures, the central bank said it would increase the size of its bond buying programme by €600bn to €1.35tn.

The programme will run until June 2021, six months longer than planned.

The move will keep borrowing costs low for countries and firms as they face huge budget deficits and recessions.

SINGAPORE, June 5 (NNN-CNA) — About 3,800 companies closed down in April, comparable to the average of 3,700 recorded in the same month over the past five years, said Senior Minister of State for Trade and Industry Chee Hong Tat.

However, business cessation could see an “uptick” in the coming months as the COVID-19 pandemic continues to put a severe strain on the Singapore economy.

The formation of new businesses will remain subdued for the same reason, he said in Parliament.

WASHINGTON, June 5 (NNN-AGENCIES) — Even as the world’s largest economy begins to reopen, the scale of the job losses in May will be devastating, and economists fear it will take many months to recover.

More than 21 million jobs disappeared in March and April as the unemployment rate surged to nearly 15 percent, but the damage continued in May and the government data to be released Friday is expected to show another 8.5 million positions eliminated.