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US stocks end higher amid rallying energy shares

The number of confirmed COVID-19 cases worldwide has risen above 1 million, according to the new tally from Johns Hopkins University on Thursday afternoon.

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New York, April 3 : US equities finished Thursday’s session higher, underpinned by solid gains in energy shares.

The Dow Jones Industrial Average jumped 469.93 points, or 2.24 per cent, to 21,413.44. The S&P 500 was up 56.40 points, or 2.28 per cent, to 2,526.90. The Nasdaq Composite Index rose 126.73 points, or 1.72 per cent, to 7,487.31, Xinhua reported.

All the 11 primary S&P 500 sectors climbed, with energy up 9.08 per cent at the close, outpacing the rest.

Energy shares advanced broadly, bolstered by regained optimism about a possible production cut deal between world’s major oil producers.

Thursday’s market rally came despite data showing a shocking number of Americans applied for unemployment benefits amid the COVID-19 crisis.

In the week ending March 28, US initial jobless claims, a rough way to measure layoffs, hit 6,648,000, an increase of 3,341,000 from the previous week’s revised level, the Bureau of Labor Statistics reported Thursday.

The reading easily topped the 3.3 million initial jobless claims announced last Thursday, which at the time was the largest number ever recorded.

“Bear in mind, many people likely tried to file but could not due to overloaded systems,” Chris Low, chief economist at FHN Financial, said in a note on Thursday, while commenting on the unprecedented weekly jobless claims.

The number of confirmed COVID-19 cases worldwide has risen above 1 million, according to the new tally from Johns Hopkins University on Thursday afternoon.

The US has reported the most cases, which have surpassed 236,000, along with 5,648 deaths, showed the tally updated by the university’s Center for Systems Science and Engineering.

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FDI inflows rise 18% to $73 bn in FY20: Minister

The total FDI inflows in India have progressively increased in the last couple of years.

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New Delhi, May 28 : Union Commerce and Industry Minister Piyush Goyal on Thursday said that total FDI into India grew at 18 per cent in 2019-20 to reach $73 billion.

Last year, India had received FDI worth around $62 billion.

“In another strong vote of confidence in Make in India, total FDI into India grew at 18% in 2019-20 to reach $73 Bn. Total FDI has doubled from 13-14 when it was only $36 Bn. This long term investment will spur job creation,” Goyal said in a tweet.

The total FDI inflows in India have progressively increased in the last couple of years.

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Centre lifts restriction on export of paracetamol APIs

On April 17, the government lifted the restrictions on shipments of formulations made from paracetamol.

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New Delhi, May 28 : The Union government on Thursday lifted the restriction on the export of paracetamol APIs.

In March, the Centre had imposed curbs on the export of several active pharmaceutical ingredients (API) and formulations made from these APIs including paracetamol, and tinidazole, on concerns of shortage of drugs in the country.

On April 17, the government lifted the restrictions on shipments of formulations made from paracetamol.

“The notification dated 03.03.2020 is further amended to remove restriction on export of Paracetamol APIs, making its export ‘free’ with immediate effect,” said a statement from the Directorate General of Foreign Trade (DGFT) on Thursday.

India is a major exporter of paracetamol and hydroxychloroquine, which have witnessed a surge in demand amid the coronavirus crisis.

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Google selects 5,300 local news organisations for funding

“As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund,” Blecher said.

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New Delhi, May 28 : India’s East Mojo and Minnambalam are among 5,300 small and medium local newsrooms around the world that will receive emergency funding from Google ranging from $5,000-$30,000 (approximately Rs 3.7 lakh-Rs 22.7 lakh), the search engine giant said on Thursday.

East Mojo, a digital-only news organisation, said it plans to use the fund to allow journalists to go to remote parts of Northern India to shed light on the impact of Covid-19 once the country’s lockdown is lifted.

Minnambalam (India), a Tamil language publication from Chennai, said the funding gave them the confidence and financial support needed to carry on with their work.

Covid-19 has upended the news industry, hitting local news particularly hard with job losses, furloughs, cutbacks and even closure.

To provide some help, the Google News Initiative last month launched the Journalism Emergency Relief Fund.

“Applications covering a number of publications under one organization will be capped at $85,000,” Ludovic Blecher, Head of Google News Initiative Innovation, wrote in a blog post.

“As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund,” Blecher said.

Google said in just two weeks it received more than 12,000 applications from 140 eligible countries, with 90 per cent of those applications from newsrooms of less than 26 journalists.

“We reviewed each application against a set of criteria: publications operating locally, serving a specific geographic community and using the money to continue doing so,” Blecher said.

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