The U.S. economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year — and the recovery is slowing as coronavirus cases surge and government aid dries up.
The Commerce Department’s estimate Thursday of third-quarter growth showed that the nation has regained only about two-thirds of the output that was lost early this year. The eruption of the virus closed businesses, threw tens of millions out of work and caused the deepest recession since the Great Depression.
On Thursday, the government also reported that the number of Americans seeking unemployment benefits fell slightly last week to 751,000. That was the fewest weekly applications since March, but the level remains historically high and indicates that the viral pandemic is still forcing many employers to cut jobs.
Dharmendra Pradhan, India’s Minister for Petroleum and Natural Gas
India’s Minister for Petroleum and Natural Gas, Dharmendra Pradhan has called on the global players in the energy sector to step up the their cooperation with India.
The minister said that the government invites global energy sector and industry experts to become partners in India’s shared prosperity by enhancing India’s production of all forms of energy.
He was concluding a series of three-day-long events here on the theme, “India’s Energy Future in a World of Change.” He said the government of India attaches great importance to improving energy security and transforming India’s energy landscape at a time when the COVID-19 pandemic is adversely impacting the global energy sector.
The events were inaugurated by Prime Minister Narendra Modi on 26th October. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company, ADNOC, was a speaker at an interactive session with Modi and leading global oil and gas CEOs.
Among the 40 captains of the global energy industry who spoke at these events was Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, Dan Brouillette, US Secretary of Energy, and Mohammad Sanusi Barkindo, Secretary General of the Organisation of Petroleum Exporting Countries, OPEC.
Modi outlined a series of policy reforms that his government has been undertaking to make India an attractive destination for foreign investment in the energy sector.
Pradhan noted that “we are at such a point, when we have to assess the impact of COVID-19’s disruptions to global energy sector supply chains and calibrate our approach towards strengthening the energy industry.”
Automobile major Maruti Suzuki India on Thursday reported a rise of 1 per cent in its net profit for Q2FY21.
The profit after tax (PAT) for the quarter under consideration rose to Rs 1,371.6 crore.
According to the company, the net profit in second quarter of the previous year FY19-20 was higher due to mark-to-market gains on the invested surplus and lower tax provision.
“As a result of this, while the operating profit increased by 71.7 per cent over the same period previous year, the net profit increased by 1 per cent,” the company said in a statement.
Besides, the company’s net sales of Rs 17,689.3 crore, higher by 9.7 per cent compared to the same period previous year.
“The operating profit for the quarter was Rs 11,677 million, a growth of 71.7 per cent over the same period previous year on account of higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts partially offset by increase in commodity prices and adverse foreign exchange movement.”
Increasing cooperation between the UAE and India on food security and the UAE-India Food Corridor are two major factors expected to expand bilateral trade and investment in the future, said industry experts speaking at the India-UAE Food Dialogue.
The virtual event, recently co-organised by the Dubai Chamber of Commerce and Industry’s Mumbai office and Confederation of Indian Industry, CII, on the sidelines of India International Food & Agri Week, was attended by 310 participants from India, the UAE and other markets, including businessmen, industry stakeholders and policymakers.
Presentations and discussions during the event examined the strengthening economic partnership between the UAE and India and the growing importance of food security to the UAE’s strategic vision, while panellists said India has a lot to contribute in this area as the country is on its way to becoming the world’s food basket.
Commenting on the investment potential for infrastructure, logistics and sourcing for the UAE-India Food Corridor, industry experts revealed that the UAE–India Food Corridor project is expected to see investments of US$7 billion from the UAE in developing dedicated logistics infrastructure connecting farms to ports in India, adding that the initiative has the potential to triple India-UAE food trade over the next five years.
Omar Khan, Director of International Offices at Dubai Chamber, said the India-UAE Food Dialogue offered participants valuable insights on UAE-India trade ties, which have evolved and strengthened after the two countries announced a comprehensive strategic partnership – a move that has paved the way for increased cooperation across several industries and fields.
Khan added that the Dubai Chamber’s representative office in India is playing a crucial role in building bridges of cooperation between the UAE and Indian business communities.
Ahmad Sultan Al Falahi, Commercial Attaché, Embassy of UAE in India, highlighted that food wastage in India is valued at a staggering $12.5 billion and a strong logistics infrastructure for farms to port can be a huge enabler in reducing food waste.
Piruz Khambatta, Chairman of the CII National Committee on Special Abilities and CII Task Force on Ease of Doing Business & Chairman & Managing Director, Rasna International, shared his insights on other major initiatives in the pipeline that aim to boost India’s food trade, including new bills introduced to empower the farmers in India by giving them direct access to the market, the self-reliant India initiative packages providing benefits, subsidies and low-interest loans for the food sector.
A beaming Kapil Dev, India’s first World Cup-winning captain who underwent a successful angioplasty last week, posted a video on Thursday, saying he is “feeling very good”, and yearned to meet his 1983 teammates whom he called “my family”.
Kapil, 61, posted the video in an exclusive WhatsApp group of the members of the 1983 World Cup-winning Indian team.
Wearing a full sleeved purple T-shirt and black trousers, Kapil said: “My family 83. The weather is very pleasant and I am very eager to meet you all. I am feeling very good. Thanks to all for your wishes and concern. I am hoping that we all will meet pretty soon. I don’t know when will the movie release but I will try to meet you all as early as possible.”
“We have approached the end of the year and I am confident that we will have a great start to next year. Love you all,” he added in the 29-second long video accessed by IANS.
Kapil Dev as seen on the video.
Kapil had suffered a cardiac arrest last Thursday and subsequently underwent an angioplasty surgery the following day at the Fortis Escorts Heart Institute. He was discharged from the hospital on Sunday afternoon. Dr Atul Mathur, Director of Cardiology Department, had successfully performed an emergency coronary angioplasty.
Kapil held the world record for most Test wickets (434) for over six years until it was broken by Courtney Walsh of the West Indies. The other big achievement of Kapil was to lead India to World Cup triumph in 1983, when the team was considered minnows in limited-overs cricket. He played 131 Tests and 225 ODIs between 1978 and 1994.
A Bollywood movie on the historic 1983 World Cup victory – ’83’ is being made which casts Ranveer Singh as the team captain (Kapil), and features Saqib Saleem, Pankaj Tripathi, Boman Irani, Harrdy Sandhu, Ammy Virk, Jiiva, Sahil Khattar, Chirag Patil and Adinath Kothare in key roles, along with Deepika Padukone as Kapil’s wife Romi Dev.
Defeat against India in the 2011 World Cup semi-final was the biggest regret of my career, former Pakistan fast bowler Umar Gul has admitted.
Pakistan have never defeated India in a World Cup match and had a chance to break their winless streak nine years ago in Mohali. However, the Shahid Afridi-led side failed to chase down a target of 261 and lost the match by 29 runs at the IS Bindra Stadium on March 30, 2011. The MS Dhoni-led side went on to be crowned champions as they defeat Sri Lanka in the summit clash in Mumbai.
“If we talk about my cricket career then the only and biggest regret is that we failed to win the semi-final of the 2011 World Cup in Mohali,” Gul told PakPassion.
“We had done so well in that tournament until that match but could not complete the job and that will remain as a huge regret. We had been performing really well as a team and even at an individual level, but we just could not translate that into a win at the semi-final stage,” he added.
The 36-year-old, who recently called time on his career after picking 427 international wickets, further said Pakistan could have gone to lift the trophy if they had not lost in the semi-finals against the arch-rivals.
“…I feel that had we not lost the semi-final, we were quite capable of going all the way to win the 2011 World Cup. Of course, one can say that this is all part of the game, but I will always regret the fact that we missed a golden opportunity to win another World Cup for Pakistan,” Gul said.
Air India’s low-cost international subsidiary Air India Express on Wednesday reported its highest-ever net profit, at Rs 412.77 crore for the financial year 2019-20.
The airline had reported a net profit of Rs 169 crore in 2018-19.
The airline which started its commercial operations in April 2005, has been reporting net profit continuously for the last five years.
“Efficient utilisation of assets in terms of aircraft, manpower and materials and enhanced operational efficiency in key areas have significantly contributed to the the record profits,” said K. Shyam Sundar, CEO, Air India Express.
The airline’s operating revenues grew by over 25 per cent from Rs 4,172 crore in FY2018-19 to Rs 5,219 crore in FY2019 -20.
Besides, the number of passengers flown by Air India Express increased by 11 per cent to reach 4.84 million from 4.36 million in 2018-19.
Two-wheeler major Hero MotoCorp on Wednesday reported a rise of 9 per cent in its net profit on a standalone basis for Q2FY21.
The profit after tax (PAT) for the quarter under consideration rose to Rs 953 crore, from Rs 875 crore reported for the corresponding period of the previous fiscal.
Besides, the company’s revenue from operations for the quarter rose to Rs 9,367 crore from Rs 7,571 crore earned during Q2FY20.
According to the company, the key earnings reflect a healthy performance based on improving economy and strong product line-up, combined with rationalisation of expenses and extensive cash-preservation measures.
“The earnings in the second quarter of FY21 reflects a strong performance, signalling a gradual revival from the negative impact of the global pandemic,” said Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp.
“The recovery in demand to pre-Covid levels, credible resumption of supply chain and logistics, cost and cash management, along with judicious price increase, has helped deliver profitability.”
“The challenging economic environment is headed for a recovery on the back of various initiatives by the government, especially those directed towards rural and semi-urban regions of the country,” he added.
BCCI President Sourav Ganguly has been overwhelmed with the response which the ongoing edition of the Indian Premier League (IPL) is getting in terms of viewership and ratings.
The IPL 2020 edition was initially scheduled to be played in March but following the outbreak of the novel Coronavirus, it was postponed indefinitely.
Later after months of deliberation, the Board of Control for Cricket in India decided to stage the tournament in the United Arab Emirates from September 19 to November 10.
“Unbelievable and I am not surprised at all. When we were discussing with Star (official broadcasters of the Dream11 IPL 2020) and all the people concerned – if we have to do it this year and one-month prior to the tournament, we were contemplating, whether this can happen or not, what will be the ultimate result of the bio-bubble and will it be successful,” Ganguly said while speaking on Star Sports Cricket Live show.
“We decided to move ahead with our plan, because we wanted to bring normalcy in everyone’s lives and wanted to bring the game back. I am not surprised with the feedback. This is the best tournament in the world,” he added.
The opening week of the tournament was watched by 269 million viewers, 11 million more per match compared to the like period of last year’s edition. According to a BARC-Nielsen report titled ‘Television Viewership and Advertising Consumption of IPL-13 2020’, the opening week of the ongoing IPL edition saw a 15 per cent growth in viewing minutes as compared to 2019.
The IPL 13 has already witnessed many thrilling clashes with matches being decided in Super Overs.
“There have been so many Super Overs, we recently witnessed a double super over, we saw Shikhar Dhawan’s batting, we saw Rohit Sharma, we saw all the young players and we witnessed the comeback of KL Rahul’s KXIP from the bottom of the table,” said the BCCI President.
“You will get everything here! I can bet you that the IPL has been a smashing success this year, in terms of the ratings, the number of people who have watched the game,” he added.
The league stage of the tournament is scheduled to end this week while the playoffs will be played next week, with the final to be played in Dubai on November 10.
Barcelona FC has confirmed that president Josep Maria Bartomeu has stepped down from his post. The abrupt ending of Bartomeu’s 6 year stint along with the stepping down of other board members pave way for a major reshuffle in the club’s governing board.
Bartomeu, who had replaced Sandro Rosell as Barca president in 2014, resigned on Tuesday rather than await a fans’ vote of confidence on his future at the club. The rest of the board of directors stepped down alongside him and an election will be held to appoint a new president within 90 days.
“This is a well-considered, calm, consensual and collective decision by my fellow directors who have accompanied me over recent years in a loyal and committed fashion with regards to the project and the club, and who have made so many sacrifices thinking always of Barca,” Bartomeu said in a statement.
He also rallied against the Catalan government, who he felt should have allowed the club to delay the referendum on his future due to new COVID-19 restrictions in Spain.
Bartomeu further informed that Barcelona have agreed to join a new European Super League.
He added that joining the venture would guarantee the club’s financial sustainability moving forward after it announced earlier this month that their debt had more than doubled to €488 million.
The 57-year-old, however, did not reveal any details of the proposed Super League nor what it would mean for domestic competitions like Spain’s LaLiga.
The announcement, however, alarmed the LaLiga head Javier Tebas, who criticised Bartomeu and the plans for the new competition.
“Unfortunate Josep Bartomeu announcing on his last day the participation in a phantom competition that would ruin (Barcelona) and reiterating his ignorance about the football industry,” Tebas tweeted. “A sad end for a president who did many things right but that lately made many mistakes.”
