The U.S. Federal Reserve has taken unprecedented steps, including offering cheaper swap lines through other central banks, to improve dollar liquidity, which has caused swap spreads for most currencies to narrow. Yen swap spreads have narrowed to around 60 bps but still remain well above average. … [Read more...] about UPDATE 1-Japan swap spreads stay wide as GPIF eyes foray into foreign bonds
Entrenched rough sleeping social impact bond
Inder Mohan Bhalla can barely contain his agitation when he talks about where the nationwide lockdown leaves the country’s senior citizens. The 75-year-old national president of All India Senior Citizens’ Confederation clarifies that while he is healthy, owns a vehicle and lives with his son in Hyderabad, similar comforts are not common among most of the country’s population above 60 years. As the spokesperson of a 2.2 million-strong organisation representing them, Bhalla is outraged that the lockdown has not made provisions for the elderly who are living alone. “What happens to those who are over 80 years of age and cannot step out to buy essential goods? Without autos or cabs, how will even those who are able to leave their house be able to go and get their medicines?” Bhalla’s agitation is not misplaced. In some ways, the whole world is united in the fight against Covid-19. But the reality is that some are more vulnerable to infection than … [Read more...] about Covid-19: Why social distancing is a big worry for senior citizens
How do you then limit the economic impact and who do you need to buffer the impact for? Without question, it is the people who are most vulnerable, those who live from day to day and have no savings to fall back on. Then you look at medium to small companies with very limited staying power. The only way they can actually survive is by not paying people. You don’t want that to happen, otherwise you’d spread that distress in the economy. You need to address their concerns, either through moratoriums on principal and interest payments or direct salary support, as we’ve seen happen in the U.K., Switzerland and France, to ensure some employment is sustained. Then you need to extend it to larger labour-intensive companies if they employ 20,000 people and if they don’t have enough money to pay salaries next month we’re going to see something rather critical happen within a week. … [Read more...] about How can India contain the economic impact of COVID-19?
NEW DELHI: As the city remains under preventive lockdown, Delhi discoms have stopped meter reading and physical distribution of electricity bills, the distribution companies under BSES said in a statement on Friday.“On account of the enhanced containment measures and on account of the safety of our consumers and employees, all physical distribution of bills and meter reading is being stopped till further notice. Consumers will be given provisional bills, on the basis of the DERC’s laid down criteria,” a BSES spokesperson said on Friday.The company, which has two discoms BYPL and BRPL under it, has also stalled some services in the wake of the preventive lockdown due to the coronavirus pandemic.“In support of the government’s measures to contain the spread of the COVID 19, some of our services have been curtailed. We would not be registering requests for new connections till further orders. All existing appointments are also being postponed till further … [Read more...] about Lockdown impact: Delhi discoms stop meter reading, physical distribution of electricity bills
By Badri Narayanan Gopalakrishnan and Sumathi Lalapet ChakravarthyNew Delhi:While China shuts down its last makeshift coronavirus hospital, the world endures a bigger challenge as the pandemic is rampaging to every continent on the planet at a speed greater than the light. Based on the John Hopkins coronavirus tracker, the novel virus COVID-19 has spread to an unprecedented 175 countries as of March 27, 2020. The world is grappling with uncertainties and several countries have imposed restrictions that would severely impact the economic activities not just for now, but for a prolonged period of time.India still shows hope in terms of the spread of the infections and reporting a lower number of deaths. It remains one of the least impacted among the highly populous countries at present; there are just about 0.39 cases per million people: negligible in comparison with a staggering 1350 cases per million Italians or 258 cases per million Americans. The timely decline in oil prices, shall … [Read more...] about Opinion: Covid-19 impact on Indian economy and the auto industry – What’s ahead of us?