Big developments in financial world today: All you need to know

In what might be a huge relief or a cause for concern to the aviation sector and passengers, the government has has confirmed that Domestic Flight services in India will resume from May 25 in a calibrated manner.

In an exclusive interview, Finance Minister Nirmala Sitharaman has rebutted criticism that the Centre should have opted for more cash support in its COVID-19 relief package and said ‘giving cash was not the only solution’.

Here are all the developments and big announcements from the world of finance today at a glance:

Big announcements

FM Nirmala Sitharaman: 'Giving cash to poor not the only solution, no one could have been wiser to migrant crisis

Finance minister Nirmala Sitharaman on Wednesday rebutted criticism that the Centre should have opted for more cash support in its Covid-19 relief package and said giving cash was not the only solution. Read more

Ola & Uber resume service in some cities under strict guidelines

Ride-hailing service Ola said it has resumed normal ride operations in more than 160 cities with enhanced safety protocols applicable to every trip as per the state government guidelines. Read more

Govt announces to restart domestic flights from May 25 in a calibrated manner

Aviation Minister Hardeep Singh Puri has confirmed that Domestic Flight services in India will resume from May 25 in a calibrated manner. All airports and air carriers are being informed to be ready for operations from 25th May, 2020. He also said that SOPs for passenger movement are also being separately issued by Ministry of Civil Aviation.

Read more

Number of Ayushman Bharat beneficiaries crosses 1 crore mark; PM speaks with latest beneficiary

The number of people who have benefited from the 'Ayushman Bharat' scheme has crossed the one crore-mark, Prime Minister Narendra Modi said on Wednesday, noting that the initiative has had a positive impact on several lives. Read more

Cabinet approves additional funds of Rs 3 lakh crore to help MSMEs and MUDRA borrowers

The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore to Micro, Small and Medium Enterprises (MSMEs) and MUDRA borrowers along with a special liquidity scheme for non-banking financial companies and housing finance companies. Read more

5 conditions to conduct board examinations 2020: Ministry of Home Affairs

Several exams, both academic and recruitment, have been deferred across the country due to the outbreak of Novel Coronavirus (COVID 19) pandemic. The nationwide lockdown affected the annual board examinations 2019-20 for Classes 10 and 12. The Central Board of Secondary Education (CBSE) and Council for the Indian School Certificate Examinations (CISCE) along with State Education Boards have requested the Ministry of Home Affairs (MHA) to grant exemption from the lockdown measures to conduct the annual board examinations. Read more

Cabinet approves commercial coal mining policy, auctions to be held soon on revenue sharing basis

India will soon begin auction of coal blocks for commercial mining as the Union cabinet led by Prime Minsiter Narendra Modi on Wednesday approved the methodology that puts an end to the monopoly of state-run Coal India. Read more

Ola to lay off 1,400 staff; CEO says revenues decline by 95% in last two months due to pandemic After Uber made two announcements of laying off 6,500 employees in total so far, cab aggregator Ola said on Wednesday it is laying off 1,400 employees. These employees are from rides, financial services and food business as the company's revenues have declined by 95 percent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said. Like Ola, Uber too had made its second announcement of lay offs on mail. Read more

From June 1, Railways to run 200 non-AC passenger trains

On May 19, the ministry of railways said that beginning June 1, 200 second class non-air conditioned passenger train would be operational. Further information including booking details for travel on these trains will be made available online shortly. Read more

30-40% start-ups have halted operations or are closing down: NASSCOM

Around 30 to 40 per cent of Start-ups have either halted their operations or are in the process of closing down, a report by NASSCOM has stated. About 34 per cent of start-ups are suffering revenue decline of over 80 per cent, showed the findings of the "Start-up Pulse Survey", published by Nasscom. Read more

From the markets

Nifty closes above 9,000 points, jumps 187 points

Markets ended the day sharply higher, as global cues remained strong with Asian markets closing with gains. Dow Futures pointed to gains of nearly 1 per cent, which also pushed Indian benchmark indices higher. Read more

Rupee rises 6 paise to 75.60 against dollar due to positive opening of domestic equities

The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities. Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus pandemic weighed on the local unit. Read more

Gold rises as fears for the economy loom large

Gold prices rose on Wednesday as fears of prolonged global economic weakness leapt to the fore, pushing aside premature excitement about a possible coronavirus vaccine, and prompted investors to seek safe-haven bullion. Read more

Reliance Industries rights issue opens today; here's all you need to know about biggest-ever fundraiser

Oil-to-telecom conglomerate's Reliance Industries Ltd (RIL) rights issue - the biggest-ever rights issue -- opened for subscription for shareholders today (20 May) and will close on 3 June. One share will be offered for every 15 shares held at Rs 1,257. Read more

Personal finance

Employees can contribute more than 10% to EPF, not employers: Govt.

On Tuesday, the labour ministry said employees' basis their discretion can contribute more than the 10% limit set amid the corona crisis to their EPF account, but employers do not need to contribute a higher percentage to the retirement fund of their workforce. Read more

How to transfer old accounts under Pradhan Mantri Jan Dhan Yojana?

Pradhan Mantri Jan Dhan Yojana aims to provide universal access to banking facilities with at least one basic banking account for every household. It offers a wide range of financial services such as availability of basic savings bank account, access to need-based credit, remittances facility, and much more. Read more

With no COVID-19 vaccine in sight, here's how air travel will change post lockdown

As the world keenly awaits a credible solution like vaccine to stop the spread of COVID-19, doctor and political leaders around the world are working hard to revive the economy, with least effect from the virus. We have to live with this virus, or this is the new normal has been common saying these days. Read more

Tech

Facebook Shops is the new way to shop online during the lockdown

Instagram’s parent company Facebook has launched a new Facebook Shops feature, a shopping experience which will make it easier for brands to set up an online store for customers on Facebook and Instagram. With around 160 million businesses on Facebook apps, including WhatsApp, that’s a pretty large target audience for the new feature. Read more

COVID-19: India's favourite apps in lockdown

Here are the apps Indians have been using the most during these tough times of social distancing and lockdown. Gallery

Trends

10 steps to reboot strangled ‘Built Environment Sector’, post lockdown

COVID-19 has created unprecedented economic losses due to the extended lockdown. As we are completing almost two months of lockdown, discussions are centered on how to revive the economy. Read more

Autos

2020 Hyundai Verna launched to rival Maruti Ciaz & New Honda City

Hyundai India has launched the facelifted 2020 Hyundai Verna with prices starting at Rs 9.30 lakh ex-showroom and going up to Rs 15.09 lakh ex-showroom. The car is available in three engine options - two petrol and one diesel. Read more

Volkswagen pays 9 million euros to end proceedings against chairman, CEO

Volkswagen AG has agreed to pay 9 million euros (8 million pounds) in a deal with a German court to end legal proceedings against its chairman and chief executive, who were accused of holding back market-moving information on rigged emissions tests. Read more

World finance

COVID-19 Impact: Foreign investors pull out $26 billion from Asian economies, over $16 billion from India

After a report on 19 May about foreign investors turning net sellers in the March quarter and pulling out $6.4 billion from the Indian equity markets largely due to the COVID-19 outbreak and ensuing risk-averse environment, a US Congressional report said on Wednesday (20 May) that foreign investors have pulled out an estimated $26 billion from developing Asian economies and over $16 billion out of India. Read more