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US stocks end lower as market momentum evaporates

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New York, April 8 : US equities surrendered their earlier gains to finish lower as market momentum eased in late session.

On Tuesday, the Dow Jones Industrial Average fell 26.13 points, or 0.12 per cent, to close at 22,653.86. The S&P 500 was down 4.27 points, or 0.16 per cent, to 2,659.41. The Nasdaq Composite Index decreased 25.98 points, or 0.33 per cent, to 7,887.26, reported Xinhua news agency reported

The major averages rallied earlier in the session with the 30-stock index surging more than 900 points at the highs.

On the data front, small-business owners’ confidence in the U.S. economy dropped by the most ever in March as the coronavirus outbreak devastates the economy, according to the National Federation of Independent Business (NFIB).

The NFIB Small Business Optimism Index fell 8.1 points in March to 96.4, the largest monthly decline in the survey’s history, the group said Tuesday in a report.

Investors digested latest news concerning the COVID-19 pandemic.

As of Tuesday afternoon, more than 386,000 confirmed cases have been reported in the United States, with 12,285 deaths, according to data from the Center for Systems Science and Engineering at Johns Hopkins University.

Wall Street’s three major indexes closed up more than 7 percent on Monday, amid hopes for development in the fight against the COVID-19 outbreak.

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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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Global FDI flows

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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Coronavirus treatment medicine

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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