Business

KUALA LUMPUR, April 23 (NNN-BERNAMA) — Prime Minister Tan Sri Muhyiddin Yassin has directed the Ministry of Finance, Economic Planning Unit (EPU), and the Prime Minister’s Department to formulate a comprehensive Economic Recovery Plan for the short, medium and long term.

He said the plan was aimed at ensuring the economic activities could be revived quickly after the Movement Control Order (MCO) period has ended.

BRUSSELS, April 24 (NNN-AGENCIES) — A plan for injecting billions of euros of emergency aid into Europe’s battered economies has been agreed by EU heads.

Meeting via video, they agreed to set up a massive recovery fund, closely tied to the bloc’s seven-year budget.

They also confirmed that €540bn of financial support would be released through existing mechanisms from June 1.

European Commission chief Ursula von der Leyen said the fund would mobilise €1 trillion of investment.

NEW YORK (AP) — Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus, according to new data released Thursday. In response to the deepening economic crisis, the House passed a nearly $500 billion spending package to help buckled businesses and hospitals.

23 April 2020; MEMO: Iranian President Hassan Rouhani said the falling oil prices will have the least impact on the Islamic Republic compared to other countries, because Tehran is less dependent than others on crude oil exports for revenues, the Iranian News Agency (IRNA) reported.

23 April 2020; MEMO: Canada has extended indefinitely its ban on new arms exports to its NATO ally Turkey, CBC confirmed yesterday.

The Deputy Director of the export control division at Canada’s Department of Global Affairs, Charles-Marie Matte, was revealed to have announced in his emails that approvals to sell new arms to Turkey have been suspended “until further notice”.

New Delhi, Apr 23 (PTI) Fitch Ratings on Thursday slashed India's economic growth projections to 0.8 per cent in the current 2020-21 fiscal saying an unparalleled global recession was underway due to disruptions caused by the outbreak of coronavirus pandemic and resultant lockdowns.

In its Global Economic Outlook, Fitch Ratings said India's gross domestic product (GDP) growth will slip to 0.8 per cent for the year April 2020 to March 2021 (FY21) as compared to an estimated 4.9 per cent growth in the previous fiscal.

Bengaluru, Apr 23 (PTI) The Karnataka government has partially relaxed COVID-19 lockdown norms in the state allowing IT and IT-enabled services to operate with essential minimum staff and also certain construction activities, manufacturing of packaging materials, courier services, among others from Thursday.

The activities will be permitted only outside the COVID-19 containment zones identified by the government.

New Delhi, Apr 23 (PTI) Congress president Sonia Gandhi on Thursday accused the BJP of spreading the virus of communal prejudice and hatred in the country, asserting that "grave damage" is being done to social harmony

Addressing a meeting of the Congress Working Committee, Gandhi said it should worry every Indian and her party will have to work hard to repair this damage.

Mumbai, Apr 22 (PTI) The Indian rupee plummeted to an all-time low of 76.88 against the US dollar in opening trade on Wednesday, amid strengthening of the US dollar overseas and rise in coronavirus cases in the country.

On April 16, rupee had slumped to 76.87 against US dollar.

Hong Kong, Apr 22 (AP) Hong Kong on Wednesday appointed five new principal officials in a Cabinet reshuffle, with new appointments for the ministers overseeing mainland affairs, civil service, financial services and home affairs, as well as innovation and technology.

The reshuffle, approved by the central Chinese government in Beijing and announced by China's State Council, came on recommendations by Hong Kong's leader, Carrie Lam.