Business

MIAMI, March 9 (NNN-AGENCIES) — Brazilian and US governments signed an agreement for development of defence projects that may give the South American country access to financing.

The agreement allows partnerships in development of defence technology by private companies, that may use public financing from both countries. Companies may request financing from the US defence research fund.

Brazil’s defence industry has around 220 companies and exports to around 85 countries.

CANBERRA, Mar 9 (NNN-AGENCIES) – The Australian government confirmed a COVID-19 stimulus package, to support businesses affected by the COVID-19 outbreak, Treasurer, Josh Frydenberg, confirmed today.

The “substantial” package, which could be worth up to 10 billion Australian dollars (6.4 billion U.S. dollars), is expected to be announced within a week.

08 Mar 2020; MEMO: A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production, Reuters reports.

New Delhi, Mar 7 (PTI) In the country's biggest ever privatisation drive, the government on Saturday invited bids for sale of its entire 52.98 per cent stake in India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL).

Expressions of interest for the strategic sale of BPCL have been invited by May 2, as per the bid document by the Department of Investment and Public Asset Management (DIPAM).

New Delhi, Mar 8 (PTI) Six of the 10 most valued domestic companies suffered a combined erosion of Rs 95,432.26 crore in market valuation last week, dragged down by Reliance Industries Limited (RIL) and HDFC Bank amid a bearish trend in the broader market.

During the last week, the BSE Sensex plunged 720.67 points or 1.88 per cent. On Friday, the Sensex plummeted 894 points amid the Yes Bank crisis and coronavirus outbreak which has stoked fears of a global recession.

Hyderabad, Mar 8 (PTI) The Telangana government on Sunday presented a tax-free budget for FY 2020-21, proposing an expenditure of Rs 1,82,914.42 crore.

Out of this, the revenue expenditure is Rs 1,38,669.82 crore and capital expenditure is Rs 22,061.18 crore.

New Delhi, Mar 8 (PTI) A war of words broke out between the BJP and Congress on Sunday over the Yes Bank crisis with the ruling party seeking to link it with the Gandhi family, while the opposition wondered if the prime minister and finance minister were "complicit" as the bank's loan book grew manifold.

New Delhi, Mar 8 (PTI) The CBI has begun a probe into the Yes Bank affairs as officials started collecting documents in the matter, sources said on Sunday.

According to them, the officials have refused to offer comments on the development as the probe agency wants complete secrecy before any search that it might be planning.

ABU DHABI, Mar 8 (NNN-WAM) – The Executive Committee of the Abu Dhabi Exports Office, ADEX, approved the allocation of AED550 million ($150 million), to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy.

The announcement came during a meeting the committee held, where they discussed a number of requests to finance exports, as well as, reviewed the strategies developed, to promote services provided by ADEX locally and globally for the coming period.

LONDON, March 8 (NNN-AGENCIES) — Britain unveils its first post-Brexit budget on Wednesday and analysts expect Prime Minister Boris Johnson to press ahead with major spending on infrastructure, despite the economic fallout from the coronavirus.

Finance minister Rishi Sunak, who will present the budget after his predecessor Sajid Javid resigned unexpectedly last month, is also scheduled to outline emergency funding measures in the battle against COVID-19.