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Indian
Covid-19: DGCA extends suspension of international flights till Sep 30
International scheduled flights may be allowed on selected routes by the competent authority on case to case basis.
“This restriction shall not apply to international all-cargo operations and flights specifically approved by DGCA. However, International Scheduled flights may be allowed on selected routes by the competent authority on case to case basis,” further stated the circular.
Resting on climate action a $11 trillion opportunity for India: Deloitte Report
Over the next 50 years, the top five most impacted industries in terms of economic activity are expected to incur a significant share of climate-related loss.
These industries — services (government and private), manufacturing, retail and tourism, construction, and transport — currently account for more than 80 per cent of India’s GDP. Together, they form the basis of the country’s contemporary economic engine, it added.
Deloitte estimates that by 2070, these five industries alone would experience an annual loss in the value added to GDP of more than USD 1.5 trillion per year.
Pensioners’ body urges government to exempt pension from income tax
The body also referred to an apex court order where the Supreme Court had held that pension is valuable right vested in a government servant and that the right to receive pension is a property under Article 31 of the Constitution. If it is denied to an employee, a writ of mandamus could be issued to the state to properly consider the claim of the pensioner for payment of pension according to law, it added referring to the SC ruling.
Subscribers joining NPS after 65 yrs of age can take up to 50 pc equity exposure
The Pension Fund Regulatory and Development Authority (PFRDA) has revised the guidelines on entry and exit following an increase in the maximum age for joining the NPS from 65 years to 70 years of age. The entry age for NPS has been revised to 18-70 years from 18-65 years.
Any Indian citizen and Overseas Citizen of India (OCI) in the age group of 65-70 years can also join NPS and continue up to the age of 75 years, according to a PFRDA circular on the revised guidelines.
International
Global re/insurers face hefty claims if Coronavirus forces Olympics cancellation
The IOC takes out around $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city. Insurance sources estimated it would pay a premium of about 2-3%, giving a bill of up to $24 million to insure the Tokyo event.
-Munich Re board member Torsten Jeworrek said on Friday it was a provider of cancellation insurance for Tokyo, for an amount in the hundreds of millions of euros.
-He would not say whether the figure was more or less than its 250 million euro exposure to the 2018 Winter Olympics or if the policy covered coronavirus, citing confidentiality.
Catastrophe Bond prices signal Coronavirus nearing Pandemic Status
The bonds are structured so that their principal, or face value, is written down following outbreaks of certain diseases named as covered perils.
They were issued to raise funds for the World Bank’s Pandemic Emergency Financing Facility, which sends money to developing countries that need help tackling these diseases. To date, the pandemic securities have not been triggered.
Coronavirus vaccine won’t be ready for a year, says US govt
The first vaccine trials were expected to begin in about two months and it would take a further three months to determine safety and efficacy which means the fastest possible time frame would still be upwards of 6-8 months before a breakthrough, Dr. Anthony S. Fauci, Director, National Institute of Allergy and Infectious Diseases, said at the White House briefing, with Trump looking on.
Virus-hit stocks shed $3 trillion; safe havens thrive
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