Business

United Nations, May 14 (PTI) The coronavirus pandemic has led to a three per cent drop in global trade in the first quarter of 2020 and this downturn is expected to accelerate in the next quarter to project a whopping quarter-on-quarter decline of 27 per cent, the UN trade body has warned.

The United Nations Conference on Trade and Development (UNCTAD) said in a report that the drop in global trade was accompanied by marked decreases in commodity prices, which have fallen precipitously since December last year.

GEORGE TOWN, May 14 (NNN-BERNAMA) — Penang expects to welcome tourists by third or fourth quarter of this year following the outbreak of COVID-19 pandemic.

Penang Tourism, Arts, Culture and Heritage Committee chairman Yeoh Soon Hin said despite Penang being a green zone state, the state is still working to rebuild the tourism industry.

TEHRAN, May 14 (NNN-IRNA) – Foreign investors would soon be able to apply for a five-year residency in Iran, based on regulations approved by the government last summer, Press TV reported, quoting the Iranian deputy interior minister as saying on Wednesday.

Application forms would be available in three languages through platforms run by the Iranian Foreign Ministry, the Interior Ministry, Iran’s department on foreign investment, and the Central Bank of Iran.

13 May 2020; MEMO: Saudi citizens expressed widespread discontent and concerns after the government’s decision to triple the rate of value-added tax (VAT) and cancel benefits, in the latest austerity measures announced to confront the financial crisis.

Mumbai, May 13 (PTI) Jet Airways insolvency resolution professional on Wednesday invited fresh expressions of interest (EoI) for the grounded airline.

This is the fourth time that EoI has been invited for Jet Airways, which was shuttered last year.

The last date for submission of bid documents is May 28 and the final list of prospective resolution applicants will be issued on June 10, as per a public document.

The decision for issuing fresh EoI was taken during the committee of creditors (CoC) meeting held recently.

New Delhi, May 12 (PTI) Prime Minister Narendra Modi announced a special economic package, and said the recent decisions by the government, the decisions by the RBI combined with Tuesday's financial package announcement come to about Rs 20 lakh crore - nearly 10 percent of India's GDP.

There is unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, Modi said, and asserted that "we have to protect ourselves and move ahead as well".

Kolkata, May 12 (PTI) The Trinamool Congress on Tuesday termed Prime Minister Narendra Modi's address to the nation "incomplete and disappointing", saying there was no proper direction on how the financial package of Rs 20 lakh crores would be used and also what would happen after the third phase of the lockdown ends on May 17.

Mumbai, May 13 (PTI) Shiv Sena leader Sanjay Raut on Wednesday demanded a special package for Mumbai which has become a coronavirus hotspot.

Welcoming the Rs 20 lakh crore package announced by Prime Minister Narendra Modi, Raut demanded that Mumbai get "maximum benefit" from it.

"Workers are leaving as they have no work here.

Mumbai's importance as the country's financial capital should be sustained. The Centre should announce a special package for Mumbai and other cities which create jobs," Raut said.

New Delhi, May 13 (PTI) Union Home Minister Amit Shah on Wednesday announced that all canteens of the Central Armed Police Forces (CAPFs) like the CRPF and the BSF will sell only indigenous products from June 1 to 50 lakh family members of about 10 lakh personnel

In a series of tweets in Hindi, Shah said the decision has been taken by the Ministry of Home Affairs after Prime Minister Narendra Modi's appeal for opting local products and being self-reliant

KUALA LUMPUR, May 13 (NNN-BERNAMA) — The government will be announcing a six-month economic recovery plan by the end of this month to resuscitate the country’s economy post-COVID-19.

International Trade and Industry Minister Datuk Seri Azmin Ali said the pandemic has impacted global markets, including Malaysia.

“Businesses have been brought to a grinding halt and unemployment has spiked. Like other economies, we are mitigating the consequences (of the pandemic),” he said while addressing a webinar by the Electrical and Electronics Productivity Nexus today.