Business

10 May 2020; MEMO: The decline in oil prices and the value of investment assets since the start of the coronavirus outbreak will have an adverse impact on the “financial solvency” of the state, Emir Sheikh Sabah al-Ahmad al-Sabah said on Saturday.

New Delhi, May 9 (PTI) The Tamil Nadu government on Saturday moved the Supreme Court challenging a Madras High Court order for closure of state-run liquor outlets on grounds of violations of COVID-19 guidelines, arguing that it would lead to "grave losses" in revenue and complete halt in commercial activities.

The Madras High Court had on Friday ordered closure of liquor outlets noting that there were huge crowds and no social distancing was being maintained by tipplers. It, however, allowed doorstep delivery of booze through online mode.

San Francisco, May 10 (AP) Tesla CEO Elon Musk threatened Saturday to pull the company's factory and headquarters out of California in an escalating spat with local officials who have stopped the company from reopening its electric vehicle factory.

On Twitter, Musk also threatened to sue over Alameda County Health Department coronavirus restrictions that have stopped Tesla from restarting production its factory in Fremont south of San Francisco.

Shillong, May 10 (PTI) Apart from Shillong which currently has two active COVID-19 cases, the Meghalaya government has allowed shops to reopen and 50 per cent vehicles to ply across the state from Monday.

The decision was taken at a review meeting chaired by Chief Minister Conrad K Sangma, official sources said.

"The deputy commissioners and district transport officers have been asked to work out the modalities for regulating (public and private transport) on a rotation basis," Deputy Chief Minister Prestone Tynsong said on Saturday.

BUENOS AIRES, May 10 (NNN-AGENCIES) — Argentina missed a Friday deadline to reach an agreement with international creditors to restructure its massive debt, but negotiations will continue, its minister for the economy said.

The two sides have been deadlocked over Argentina’s $65 billion debt, with the three main bondholder groups rejecting a government restructuring proposal, saying they were unwilling to swallow “disproportionate” losses on their investment.

“Argentina is maintaining a dialogue,” economy minister Martin Guzman told reporters on Friday.

Washington, May 8 (PTI) The US is working to temporarily ban the issuance of some work-based visas like H-1B, popular among highly-skilled Indian IT professionals, as well as students visas and work authorisation that accompanies them, amidst the high level of unemployment due to the coronavirus, according to a media report on Friday.

New Delhi, May 9 (PTI) Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

LONDON, May 9 (NNN-XINHUA) – New car registration in Britain plunged by 97.3 percent in Apr, hitting record low in decades, as the nation was in lock-down for the entire month to tackle COVID-19.

With showrooms closed and car buyers housebound, just 4,321 new cars were registered in the month, merely above the 4,044 units sold in Feb 1946, said the Society of Motor Manufacturers and Traders (SMMT).

New Delhi, May 7 (PTI) Finance Minister Nirmala Sitharaman on Thursday said public sector banks (PSBs) sanctioned loans worth Rs 5.66 lakh crore to borrowers during March and April, and disbursement will start soon after the lockdown is lifted, leading to economic recovery.

In a series of tweets, the minister also said that as many as 3.2 crore borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank to help people tide over the problems created on account of disruption in business activities due to lockdown.

Mumbai, May 8 (PTI) State Bank of India (SBI) has raised its home loan rates that are linked to repo rate by up to 30 basis points, a move which may be followed by other lenders.

The country's largest lender has also hiked effective interest rates on personal loans against property by 30 basis points.