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Axis Bank’s results show rising systemic risks: S&P Axis Bank's results for the year ended March 31, underscore high levels of stress and uncertainty across the Indian banking system,” the rating agency said while adding that credit cost of the bank in Q4 was higher than anticipated. The private sector lender last month reported a standalone net loss of Rs 1,387.78 crore for Q4FY20 as provisioning for bad loans and contingencies soared. Axis Bank had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year. Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing. Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter, provisions stood at Rs 2,711.43 crore.
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Nestle suspend production temporarily over coronavirus NEW DELHI: The country’s two biggest foods and beverage makers Nestle and Coca-Cola said on Tuesday that they are suspending production on a temporary basis at their plants, with the exception of limited essential products, following the country-wide lockdown amidst the Covid-19 scare. Nestle, maker of Maggi noodles, Nescafe coffee, Cereal infant cereal, and KitKat chocolate, said in a BSE filing that in view of the countrywide lockdown, operations in some of its locations, inclusive of manufacturing, distribution centers, warehouses, offices and suppliers, have been scaled down or suspended. “The company is closely monitoring the situation and will take all necessary measures as directed by the government and authorities. The impact on the operations of the company cannot be a ..assessed at this point,” Nestle said in the BSE filing. The India unit of the Swiss foods maker did not specify which for products it was suspending manufacturing.
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China Coronavirus 82,880 Cases China has reportedly claimed it has had no new coronavirus deaths and only three imported infectious cases as of last week. Authorities have shut down gyms and swimming pools in Beijing amid fears the country is vulnerable to the second wave of coronavirus. In the city of Harbin, more than 70 people have been infected and over 4,000 are being tested after the virus was believed to be "imported" by a student who had returned from New York, according to state media reports.
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Coronavirus: Trump warns US death toll could hit 100,000US President Donald Trump has warned that as many as 100,000 people could die of coronavirus in the US. Speaking at a two-hour virtual "town hall", Mr Trump also denied that his administration had acted too slowly. More than 67,000 people have already died with Covid-19 in the US. But Mr Trump expressed optimism about the development of a vaccine, suggesting one could be ready by the end of this year - although experts believe it will take 12 to 18 months. "I think we're going to have a vaccine by the end of the year," he told Fox News. "The doctors would say, well you shouldn't say that. I'll say what I think... I think we'll a vaccine sooner rather than later." Among the experts to disagree with this optimistic estimate are Dr Anthony Fauci, America's top infectious disease expert, and England's Chief Medical Officer, Chris Whitty.
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EUR/USD: Euro - Dollar RateThe outlook for EUR/USD has improved after a more upbeat week for the currency that pointed to further modest near-term gains. Shortly after some desperately poor GDP data for the first quarter of this year due to the coronavirus pandemic, and the likelihood that the second quarter will be even worse, the European Central Bank again indicated that it is prepared to do almost anything to ameliorate the economic impact of Covid-19. That should help offset continued bickering and a notable lack of action by Eurozone governments. The Eurogroup of national finance ministers holds yet another video conference this week, and was urged once more by the ECB to help out, but seems unlikely to do so. Still, expectations are so low that another failure to agree is unlikely to send the Euro lower after its advance this past week.
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