Top headlines: RBI calls for stress testing; China's Vivo may exit IPL

From putting Chinese FDI on hold to India Inc working to conserve cash to offset Covid impact, here are top headlines this morning

Covid-19 impact: RBI asks banks to carry out detailed stress testing

The Reserve Bank of India (RBI) has asked banks to carry out detailed stress tests due to the impact of Covid-19 on their books and put capital-raising plans with board approvals in place, if needed. This is the first major regulatory move by the central bank to ascertain the health of banks and take proactive measures to ring-fence them after the outbreak of the pandemic. Read More

Watching the Dragon: FDI plans of six China firms may be put on hold

In sync with the current sentiment, the Union home ministry is likely to stall security clearance to a clutch of Chinese companies seeking to invest in India, according to officials close to the development. The Ministry of Home Affairs (MHA) received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. “We are vetting some of these proposals which have come from various sectors. Read More

Galwan clash: Amid pressure, Vivo may go for negotiated exit from IPL

The Indian Premier League (IPL) governing council will meet this week to review all sponsorships of the T20 tournament, counted among the world’s most-valuable sporting properties. The move comes as pressure to boycott Chinese goods increases following the last week’s stand-off between Indian and Chinese soldiers in Ladakh. On Sunday, the Confederation of All India Traders (CAIT), which has launched a nationwide campaign against Chinese goods, urged the Board of Control for Cricket in India (BCCI) and the Indian Olympic Association (IOA), to cancel sponsorships. Read More 

India Inc on war footing to cut costs, conserve cash to offset Covid impact

India Inc is on a war footing to cut costs and save cash to counter the dip in revenues and profits caused by the Covid-19 pandemic. The first spending item on the chopping block is capital expenditure (capex), followed by operating costs and overheads, including sales and marketing expenses. Aditya Birla Group flagship Grasim Industries, for example, has put all capacity expansion plans on hold, with the exception of routine maintenance capex. Read More

Clash in eastern Ladakh: A historical perspective

Prime Minister (PM) Narendra Modi’s statement to the all-party meeting on June 19 on the India-China border clash has created confusion about India’s stand on the border and could seriously compromise our position in boundary talks. The statement claimed that “neither has anyone entered our territory, nor is anyone still there, nor are any of our posts under anyone’s capture”. Then why did serious clashes take place at several locations on the border, including Galwan, where 20 of our soldiers lost their lives? Read More

Shot of Hope: Tracking the race for Covid vaccine the world is waiting for

War and disease have marched arm in arm for centuries. As World War II raged in Europe, the US military recognised that infectious disease was as formidable an enemy as any they would encounter on the battlefield. The US set up the Influenza Vaccine Commission to protect its soldiers from a repeat of the Spanish flu more than two decades ago. Scientists took up the vaccine human trials on soldiers with war-time urgency. Read More

Galwan Valley face-off: India changes rules of engagement at LAC

Defence Minister Rajnath Singh on Sunday told India’s top military brass to be “fully prepared” to take any unprecedented action at the Line of Actual Control (LAC) between India and China. Sources said the government had asked the Army to adopt a different tactical approach in guarding the border — the LAC — with China. Read More

Donald Trump may announce foreign workers' visa restrictions today

President Donald Trump said late on Saturday he would announce new restrictions on visas within a couple of days to block the entry of certain foreign workers and protect Americans struggling with a job market devastated by the coronavirus pandemic. “We’re going to be announcing something tomorrow or the next day on the visas,” he told Fox News Channel. Asked if there would be exclusions from the new restrictions, Trump said very few. Read More