COVID-19 biggest challenge since World War-II: PM Modi at G20 : Bulletin: Business Today
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COVID-19 biggest challenge since World War-II: PM Modi at G20

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Shailendra Shukla | November 23, 2020

Current tariff 'unsustainable'; need telcos, TRAI to support hike: Sunil Mittal

Bharti Airtel Chairman Sunil Mittal has stressed on the need for a hike in telecom tariff as the current rates are "unsustainable". However, he said that the telecom market and regulator would have to be on the same page before Airtel can go ahead with a tariff hike. Mittal added that Airtel has taken a clear stance on the issue of tariffs and is of the view that a hike is necessary.

World Bank cautions G20 against doing too little now to tackle debt problems

World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increased poverty and a repeat of the disorderly defaults seen in the 1980s. Malpass said he was pleased by progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

Edtech firm Byju's raises $200 million in fresh funding; valuation swells to $12 billion

Edtech decacorn Byju's has reportedly raised $500 million in a fresh funding round from private equity (PE) players BlackRock and T. Rowe Price. This has elevated the online education startup's valuation to $12 billion. With this investment Byju's has raised more than $2.3 billion from investors in 18 funding rounds so far. The Bengaluru-based edtech firm, founded by Byju Raveendran, has seen a substantial rise in its valuation due to the ongoing pandemic, adding over 25 million new students to its platform.

COVID-19 biggest challenge since World War-II: PM Modi at G20

The COVID-19 pandemic is the biggest challenge the world is facing since World War-II and is an important turning point in the history of humanity, Prime Minister Narendra Modi said at the G20 summit on Saturday, as he offered India's IT prowess for efficient functioning of the grouping. Modi also said that "Work from Anywhere" is a new normal in the post-COVID world and suggested creation of a virtual G20 secretariat. The prime minister also suggested developing a new global index for the post-corona world that comprises four key elements -- creation of a vast talent pool, ensuring that technology reaches all segments of society, transparency in systems of governance and dealing with Mother Earth with a spirit of trusteeship.

Union Bank of India to consider fundraising plan on Nov 25

State-owned lender Union Bank of India on Sunday said that its board will meet next week to consider raising equity capital by way of various modes such as public or rights issues. The public sector lender, however, did not disclose the amount of capital it intends to raise. In an exchange filing, the lender said that it will raise funds through various modes including further public offering, rights issues, private placements including qualified institutions placement, preferential allotment to the Government of India and through other modes.

RBI first central bank to reach 1 million followers on Twitter

With one million Twitter followers, the Reserve Bank of India has become the world's first central bank to achieve this milestone. The number of followers has increased from 9.66 lakh on September 27, 2020, to one million or 10 lakh on Sunday, November 22. In the current financial year, as many as 2.5 lakh new followers joined RBI's Twitter handle. RBI Governor Shaktikanta Das shared the news on Twitter and congratulated his colleagues. RBI has also surpassed the US Federal Reserve, and European Central Bank (ECB), emerging the most popular central bank on the microblogging site.

Indian economy getting back on track; growth to turn positive in Q3, Q4 of FY21: Ashima Goyal

India's macroeconomic situation is improving fast and the country's GDP growth will turn positive in the third and fourth quarters of the current financial year, eminent economist Ashima Goyal said on Sunday. Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. Goyal, who has been appointed as member of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), said there is progress on many reforms and that will make higher long-run growth sustainable.

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