Thursday, January 21News That Matters

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Business

Joe Biden’s first year could see record employment growth – Times of India

NEW DELHI: Joe Biden’s first year in office could go down in history as a record-breaker on the job-creation front, with an explosion in hiring expected as the coronavirus vaccine rollout allows Americans to emerge from a year in hiding. It may not be enough. Only slightly more than half of the 22 million jobs lost in the pandemic were regained by the end of last year. Even if 2021 hiring shatters the post-World War Two record of 4.27 million jobs created in 1984, roughly a quarter of those who lost work could still be on the sidelines, with bleak prospects for regaining their vocations in an economy reshaped by the pandemic. As Biden took the oath of office on Wednesday, the job market awaiting him presents a monumental challenge. Just a year ago, a record-long expansion was creating m...
Business

Flipkart-Aditya Birla Fashion deal gets CCI nod – Times of India

NEW DELHI: Competition Commission of India (CCI) on Wednesday said it has approved the acquisition of 7.8 per cent minority stake in Aditya Birla Fashion by Flipkart Investments Private Ltd (FIPL). Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. "Commission approves acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd," the regulator said in a tweet. With this infusion, Flipkart Group will own a 7.8 per cent equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance, ABFRL said in a regulatory fi...
Business

States fiscal deficit seen spiking to historic high of 4.7%: Report – Times of India

MUMBAI: The combined fiscal deficit of the states will hit a peak of Rs 8.7 lakh crore or 4.7 per cent of their GDP this fiscal on the back of steep fall in tax collections due to disruptions inflicted by the pandemic, according to a report. Revenue of the states have so badly fallen that as much as 70 per cent of the fiscal deficit is contributed by revenue deficit, which normally used to be only around 15 per cent, a Crisil study said on Wednesday. Economic activity slumped from late March last when the country was brought under a lockdown, and subsequently improved as the restrictions were eased. While the first quarter saw the economy tanking by a historic -23.9 per cent, by the second quarter the contraction narrowed to 7.5 per cent and now analysts are expecting Q3 and Q4 to print...
Business

Budget 2021 must reinvigorate demand, boost infrastructure spend: India Inc – Times of India

NEW DELHI: The upcoming Budget must focus on creating demand, encouraging infrastructure spending and increasing outlays for the social sector, India Inc said in a survey released on Wednesday. India Inc expects the government to continue with its policy focus on strengthening the manufacturing ecosystem, promoting research and development, and incentivising futuristic technologies in the upcoming Budget, the survey by Ficci and Dhruva Advisors said. With the world's largest immunisation programme currently underway in the country, time is ripe to further accelerate efforts to reinvigorate the economy, it added. "The upcoming Budget must therefore focus on creating demand, encouraging infrastructure spends and increasing outlays for the social sector. These are the top three macro-econo...
Business

India’s oil imports at near three-year high in December – Times of India

NEW DELHI: India’s crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. India’s year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally. December oil imports by India, the world’s third biggest crude importer and consumer, were about 29% more than the previous month and about 11.6% higher than a year earlier, the data showed, after fuel consumption rose for a fourth straight month to an 11-month high in December. “India’s refinery utilisation rates are also nearing full capacity and probably ref...
Business

Who is Amanda Gorman, 22-Year-Old Who Made History as Youngest Inaugural Poet in US?

As Joe Biden was sworn in as the 46th President of the United States on Wednesday, many new histories were created. Biden became the oldest President the US has ever had and his running mate Kamala Harris became the first woman and person of colour to become US Vice President. But another person who quietly made history was 22-year-old Amanda Gorman, who became the youngest poet to recite at a presidential inauguration.On Wednesday, Gorman who chosen to read at the inauguration of Biden, continued the tradition for Democratic presidents who have previously been sworn in by poets like Robert Frost and Maya Angelou.Gorman's inaugural poem was called “The Hill We Climb”.Gorman summoned images dire and triumphant Wednesday as she called out to the world “even as we grieved, we grew."In lang...
Business

‘Don’t ignore the comorbidities in life and in business’ – Times of India

MUMBAI: The turn of the decade proved to be an epic anticlimax. The promise and anticipation of prosperity and growth were undone by a tiny, invisible enemy. 2020 became a blur as frenetic activity on some dimensions erupted in contrast to an eerie, frozen stillness in others. We will look back at the year not so much for the memories it helped us create, as for the new tangents and angles it forced on the arc of our recent history. 2020 is a year that will only gain in significance when viewed through the perspective lens of time. And therefore, it is almost presumptuous to write the epilogue to the year and draw weighty conclusions regarding the “Post Pandemic World” – so soon. However, recent events are fresh, and I find value in capturing some early reflections – I have organised th...
Business

Here’s how Joe Biden plans to roll back Donald Trump’s immigration policies – Times of India

NEW DELHI: US President-elect Joe Biden is set to issue several measures on Wednesday aimed at rolling back some of the restrictive immigration policies put in place by his predecessor President Donald Trump. Some reversals will be immediate while other policies will take much longer to unravel. Immigration reform and 'dreamers' Biden plans to immediately propose an immigration bill, officials told reporters on Tuesday. He will propose an eight-year pathway to citizenship for many of the estimated 11 million people living in the country unlawfully. The proposal will also offer permanent protection for young migrants in the Deferred Action for Childhood Arrivals (DACA) program, known as "Dreamers." Started by former President Barack Obama, the program provides deportation protection and ...
Business

Waiting for Next Outbreak? Fish Farms Across India Found Highly Contaminated and Full of Waste

The rising scare of bird flu has acted as a boon for fish farmers in several states in India with wary consumers turning to seafood and meat alternatives to replace chicken and eggs from their diet. But is the fish you are eating safe?An investigative study conducted across 241 fish farms across 10 Indians states has found evidence of high degrees of lead and cadmium in fish farms and other evidence of severe violations in public health and food safety standards as well as environmental animal welfare.Tamil Nadu was found to have the worst quality of water quality in fish farms while Andhra Pradesh and West Bengal as well as Pondicherry farms exhibited high-level public health hazards. The farms in Tamil Nadu, Bihar and Orissa were found to be the most harmful to the environment.Toxic f...
Business

Was The Dragonfruit Renamed as a Tribute to Kamala Harris? What Desi Twitter Wants to Know

Just few hours left for Vice President-elect Kamala Devi Harris to take over as the first ever female vice president of the United States. As Harris prepares to take her oath, in India, people are cracking their heads whether the recent renaming of the dragon fruit was a way to pay tribute to Harris's upcoming leadership.Gujarat Chief Minister Vijay Rupani, on Tuesday said that the government has applied for a patent to change the nomenclature of dragon fruit to 'Kamalam'. According to Rupani, the word 'dragon 'for the fruit sounded inappropriate, following which the government had decided for the fruit to be called as 'Kamalam'.The CM made the announcement during the launch of the Chief Minister Horticulture Development Mission. She said, "We have applied for the patent of the Dragon f...