According to new rumours, Resident Evil 8 will come out next year. It’ll be in first-person, says serial leaker AestheticGamer, “and many purists are going to hate it” because “it’s taking some serious departures [with] story/enemies and the like”.
If you believe the rumour, it started life as Revelations 3, a more experimental spin-off game, but testers liked it so much that developers Capcom decided to turn it into a full fledged entry in the main series.
With board game nights going online, one tool you might find helpful to keep rolling bones, flipping dominoes, tapping tokens, dealing cards, and fighting over who gets to be the Scottie dog is Tabletop Simulator. And lo, the toolkit to virtually simulate all sorts of tabletop games with pals or by yourself is half-price on Steam right now. You can play a load of preset old favourites, design your own games, try to copy a favourite game using the creation tools, or just freely download games other people have made/copied.
With Middle-earth: Shadow Of Mordor, I thought, “This is it. They’ve perfected Arkham-style combat. It can’t get better than this.” With Middle-earth: Shadow Of War, I realised how mistaken I’d been. (more…)
Streets Of Rogue let you get away with some pretty daft stuff. Want to make a profit on the zombie apocalypse? Sorted. Feel like possessing the clone of a scientist to kill his genetic source? Gotcha. But developer Matt Dabrowski reckons there’s even more mayhem he can throw into the Streets Of Rogue blender, and has announced plans for a sequel to deliver just that. After all, what if you could fit those five bloodthirsty gorillas in a truck?
Screenshot Saturday Sundays! Pull up a nice armchair, pour yourself a hot cuppa, and spend an afternoon perusing the finest screenshots, gifs and video clips the game development landscape has to offer. This week: Secret alien worlds, 3D printed skyscrapers, the ultimate game of frisbee and whatever the hell the bloke from Jazzpunk is making these days.
I really miss going to games shows, y’all. Fortunately, I’m not alone. With their usual Pittsburgh location shuttered during the Covid-19 crisis, experimental arcade-slash-arts gallery LIKELIKE have taken their show online with An Itsy Bitsy Crisis – a digital exhibition of works created in Adam LeDoux’s lo-fi game-making tool Bitsy, hosted in an online museum as pixellated as the works on show.
A Christ the Redeemer statue made from sand is pictured with a mask on Copacabana beach in Rio de Janeiro, Brazil, March 28, 2020. REUTERS/Ricardo Moraes
WNU Editor: The above picture came form this photo-gallery .... Photos of the week (Reuters).
With most of the developed world on lockdown, and markets and economies paralyzed until there is a material decline in new coronavirus cases, i.e., until we slide "over the hump" of the coronavirus curve, the biggest question - and variable - in assessing the economic damage unleashed by the covid-19 virus is the length of the lockdowns now in force, with Deutsche Bank's Luke Templeman pointing out that "politicians and health officials have discussed dates ranging anywhere from weeks to over a year."
In an attempt to answer this most important for capital markets question, namely when will the civic and economic restrictions begin to be lifted in various key countries, Deutsche Bank provides some estimates largely based on the experience of the lockdown and reopening in China's Hubei province.
WNU Editor: I do not share Deutche Banks view on when these lockdowns will be lifted. They based their projections on what is happening in China, and I frankly do not believe what China is reporting. There is also the issue of their being no vaccine and/or no medical remedy to treat this disease, meaning that we are probably going to be facing repeat outbreaks in the future.
The U.S. must protect its citizens from disease while starting the urgent work of planning for a new epoch.
The surreal atmosphere of the Covid-19 pandemic calls to mind how I felt as a young man in the 84th Infantry Division during the Battle of the Bulge. Now, as in late 1944, there is a sense of inchoate danger, aimed not at any particular person, but striking randomly and with devastation. But there is an important difference between that faraway time and ours. American endurance then was fortified by an ultimate national purpose. Now, in a divided country, efficient and farsighted government is necessary to overcome obstacles unprecedented in magnitude and global scope. Sustaining the public trust is crucial to social solidarity, to the relation of societies with each other, and to international peace and stability.
Nations cohere and flourish on the belief that their institutions can foresee calamity, arrest its impact and restore stability. When the Covid-19 pandemic is over, many countries' institutions will be perceived as having failed. Whether this judgment is objectively fair is irrelevant. The reality is the world will never be the same after the coronavirus. To argue now about the past only makes it harder to do what has to be done.
The coronavirus has struck with unprecedented scale and ferocity. Its spread is exponential: U.S. cases are doubling every fifth day. At this writing, there is no cure. Medical supplies are insufficient to cope with the widening waves of cases. Intensive-care units are on the verge, and beyond, of being overwhelmed. Testing is inadequate to the task of identifying the extent of infection, much less reversing its spread. A successful vaccine could be 12 to 18 months away.
The U.S. administration has done a solid job in avoiding immediate catastrophe. The ultimate test will be whether the virus's spread can be arrested and then reversed in a manner and at a scale that maintains public confidence in Americans' ability to govern themselves. The crisis effort, however vast and necessary, must not crowd out the urgent task of launching a parallel enterprise for the transition to the post-coronavirus order.
Two weeks ago, we wrote that with 1.7 billion people in the world under quarantine (a number which has since ballooned to over 3 billion) and "desperate to find out where on the coronavirus "curve" they are to calculate how much more pain there is, JPM made an attempt at a (very nonscientific) visual representation of where on the curve the main covid outbreaks in the world currently stand." Additionally, this is how we laid out the good/not so good/bad news as of March 24:
* The good news, China has is now well into the recovery phase, although since any and every number out of China is a lie, we would ignore any reports that the covid pandemic in China is easing especially after a spate of recent indications that China is openly manipulating its infection numbers. Also good news: Korea is almost "over the hump", and absent new clusters emerging in the next few days, should be in recovery.
* The not so good news: both Italy and Iran are in the "late accumulation" phase. If they fail to halt the breakout at this point as the recovery phase approaches, it will get very ugly as much of the local population could then be infected. Behind Italy and Iran is the rest of Europe, with Spain, Germany, France, the UK all in the acceleration phase. The onus in on them to execute successful lockdowns.
* Finally, the bad news: both the US and India are at the very start of the curve and things will get much uglier in the coming weeks before they get better.
Long story, short, this is what the global "corona curve" looked as of March 24.
Beijing's foreign ministry is advising foreign diplomats to refrain from traveling to China, a week after it banned all non-Chinese people from entering the country.
Chinese diplomatic spokeswoman Hua Chunying said Friday at a regular press briefing China's priorities lie in preventing the importation of the deadly coronavirus back into the country and blocking a second wave of infections.
China has claimed since last month the epidemic is under control and that the situation has stabilized. Travel restrictions have been lifted against the residents of Hubei Province, the epicenter of China's outbreak, but the public may be leery of official assessments. Last week, police in Jiangxi Province fought back people from Hubei attempting to cross a bridge.
On Friday Hua said globetrotting diplomats should not be an exception to the rule.
As the emerging superpower entered 2020, a coronavirus outbreak in the industrial hub of Wuhan swept the nation, then the world, which crippled the global economy in turn.
By March, things began to slowly turn around, as China's drastic lockdown measures appear to have slowed the country's infection rates.
This has placed China in a position to supply sorely needed medical products as coronavirus has shuttered production capacity elsewhere.
Chinese state media Xinhua reported in early March that China was producing 116 million masks daily, about 12 times as many as a month prior, according to official data.
WNU Editor: Quality control over products that require a lot of quality control has never been a strong point for Chinese companies that do not have overseas partners who can insure quality standards are met. Can's say that I am surprised that many are finding problems with these made in China medical products.
– Premier survey reveals as active COVID-19 spreads to new hotspots, hospitals should prepare for a 3X to 17X surge in supply-demand for personal protective equipment (PPE).
– Survey respondents treating COVID-19 patients say supply shortages and burn rates for PPE were among the biggest surprises and lessons learned.
– Hospitals ranked the supply of N95 respirators as their top concern with the average respondent had 23 days of N95 inventory on hand.
.... active cases of COVID-19 create surge demand of 17X the typical burn rate for N95 respirators, 8.6X for face shields, 6X for swabs, 5X for isolation gowns and 3.3X for surgical masks.
About 80 percent of all PPE manufactured globally comes from Asia, where nations such as China, Taiwan, Thailand, India, and South Korea have all stopped exporting products, a situation expected to continue through for the unforeseen time, if not longer.
Update: This is going to make some people upset ....
COVID-19 has only been around for a few months, so at this point scientists don't know that much about it. But more is being learned every day.
We now know, for example, it can live on surfaces for up to nine days and survives in the air for a few hours. We also now know that the virus particles are shed through saliva and fluids coughed up from the lungs. And that the virus can also be shed from our faeces.
It's easy for an infected person to spread the virus particles through coughing, touching other people or leaving the virus on surfaces.
Undoubtedly, hand-washing after being in public spaces is key to reduce the spread of COVID-19. But what should we be doing in our homes to eliminate it?
GUAYAQUIL (Reuters) - Ecuador's government has begun storing the bodies of victims of the coronavirus in giant refrigerated containers as hundreds of deaths in the city of Guayaquil, the center of the country's outbreak, have already filled morgues and hospitals.
Ecuador has confirmed 318 deaths from the virus, one of the highest tallies in Latin America. But President Lenin Moreno said this week that the real figure was higher as authorities were collecting more than 100 bodies a day, many from relatives' homes as a strict quarantine prevented them from being buried.
The government has installed three containers, the largest about 12 meters (40 ft) long, at public hospitals to preserve bodies until graves were prepared, according to Guayaquil's mayor, Cynthia Viteri. So far 150 victims have been buried in a private cemetery in the port city.
* Downing St stressed the Prime Minister will undergo tests merely as a precaution, on the advice of his doctor * Admittance to an undisclosed London hospital comes 10 days after he first tested positive for the infection * He has been self-isolating in flat above Number 11, where he has been continuing to lead the crisis response * Hospitalisation was announced shortly after the Queen addressed the nation in a rare televised message * She told Britons to take comfort in the knowledge that better days lie ahead, when loved ones will reunite
Boris Johnson has tonight been taken to hospital after struggling to shake off persistent coronavirus symptoms.
Downing Street stressed that the Prime Minister will undergo tests merely as a precaution, on the advice of his doctor.
His admittance to an undisclosed London NHS hospital comes 10 days after he first tested positive for the infection and began self-isolating in his Number 11 flat.
In a Twitter video on Friday, an exhausted-looking Mr Johnson revealed he was still suffering from a high temperature.
WNU Editor: He did not look well yesterday. And something tells me that he is not the type of person who will stay in bed and get as much rest as possible to cure himself. This is who will run the British government if the British Prime Minister is no longer able to function .... Who runs the country if Boris Johnson is out of action? (The Guardian).
More News On British Prime Minister Boris Johnson Being Taken To Hospital
Relying on a high-state of readiness, the nuclear triad is under threat from the coronavirus. But the head of Global Strike Command tells Popular Mechanics that its nukes are still ready to fly.
As the world fights against the COVID-19 pandemic, nuclear weapons have taken a backseat in most people's minds. But for Global Strike Command (AFGSC)—the Air Force unit in control of two of the three legs of America's nuclear triad—their mission remains top priority.
And it's an unforgiving business. Nuclear deterrence requires extreme levels of readiness among pilots, maintenance crews, and security teams. Adversaries that don't think the U.S. can respond with conventional bombing strikes or nukes could be emboldened to act aggressively.
But in a War of the Worlds-style twist, humanity's most lethal weapons could be nullified by an organism that can't even be seen. It's up to the AFGSC to make sure that never happens.
WNU Editor: Nuclear or biological weapons are two weapon systems that will always get the attention of the public. Now put them together in the same story .... it is a given that everyone will notice.
In this file photo taken May 25, 2018, by the Taiwan Ministry of National Defense, a Taiwanese Air Force fighter aircraft, left, flies near a Chinese People's Liberation Army Air Force bomber that reportedly flew over the Luzon Strait south of Taiwan.
We should ask now what America's policy should be if things were to take a nasty turn.
Tensions between Taiwan and the People's Republic of China (PRC) have been on the rise ever since Tsai Ing-wen became Taiwan's president and her pro-independence Democratic Progressive Party (DPP) gained control of the legislature in early 2016. Her landslide re-election in January 2020 exacerbated those tensions. Now, Taiwanese concerns about the island's treatment at the hands of the PRC and the rest of the global community during the coronavirus pandemic are widening the political gap between Taipei and Beijing.
Taiwanese anger at the PRC's conduct occurred early and often in the crisis. Chinese leaders worked to block Taiwan's involvement in World Health Organization (WHO) cooperative efforts to stem the spread of the virus. Beijing even sought to prevent Taiwanese attendance at WHO meetings. PRC demands intimidated the WHO into barring Taiwanese experts from at least one crucial strategy session in late January 2020.
Read more .... WNU Editor: Absorbing Taiwan has always been one of Beijing's top priorities. With the world now totally focused on the Covid-19 pandemic, this is a golden time for China to make a move on island. But it is not going to happen. They know that the U.S. under President Trump will respond, and neighbouring Asian countries will initiate an arms race that the world has not seen since the Cold War. Rhetoric aside, the Chinese policy to absorb Taiwan is still (in Beijing's eyes) a long term project. In the meantime China's air force will continue testing Taiwanese defenses .... Taiwan Fighter Jets Confront Chinese Military Aircraft (VOA).
Soldiers of the People's Liberation Army (PLA) of China arrive on their armoured vehicles at Tiananmen Square during the military parade marking the 70th anniversary of the end of World War Two, in Beijing, China, September 3, 2015 Reuters
Sometime in June 2001, while browsing the Wall Street Journal, I stumbled upon an item on an inside page all the way at the bottom. It was no more than 75 words in a box. It covered a CIA security announcement concerning an increase in internet and cell phone traffic among suspected terrorists from suspect areas in the Arab world. I canceled a Fourth of July trip downtown because of it.
I assumed that if an attack was coming, it would be on America's premium self-celebratory holiday, the Fourth of July.
When nothing happened, I took off my tinfoil hat, ascribing my worries to my suspicion of Islam — suspicions I had carefully curated from prior events such as the first World Trade Center attack, the Cole, the embassy bombings, and the killing of Americans soldiers in the 1983 bombing of the Marine barracks in Beirut.
My prediction. This debate on China's role in spreading this virus is only starting. And with China continuing to deny access to its Wuhan Center for Disease Control (WHCDC) to outside experts while this pandemic continues to claim thousands of lives each day, its role and demands for accountability will grow.
Update #3: The South China University paper on the origins of the Covid-19 coronavirus has been removed by Chinese authorities. But Internet Archive has preserved it .... The possible origins of 2019-nCoV coronavirus
* China's cases of coronavirus have stagnated while Western countries suffer * Country's regime used mandatory quarantine and other draconian measures * Virus outbreak has highlighted weaknesses in Western countries' reliance for resources such as medicine
China has — it seems — won its battle against the coronavirus. It may have won the war for global supremacy as well.
That would be a paradoxical outcome. The coronavirus outbreak originated in China, reportedly in the 'wet' livestock markets in the city of Wuhan. The (to us) bizarre habits of eating virus-infested wildlife such as snakes and bats — as well as the critically-endangered pangolin — on sale in these markets is a minority taste in modern China.
But in an interconnected, densely populated urban environment it is an epidemiological nightmare — and a danger that the Chinese authorities have ignored.
Delay and deceit over the origins of the outbreak cost precious time — and many thousands of lives both in China and subsequently in the rest of the world.
Indeed, the Chinese Communist Party is still lying about the true number of cases and deaths, according to a new U.S. intelligence report leaked this week. It has led to an increasingly intense war of words between the two nations.
WNU Editor: This pandemic has revealed how much of the world's supply chain now runs through China. And with every major economy in the world now shut down, China's role and importance in this global chain becomes even more important. Does this mean China is now the dominant power in the world? At the moment no. But if this global economic shutdown continues for another year (or more), the heavy debt load that it will create and the businesses that it will eliminate .... it is going to take a decade to recover. And the country that will be playing the major role in this recovery will be China. In a certain way the China of today reminds me of the U.S. after the Second World War. The U.S. was the only standing economic power at the end of that conflict, and it used its position to dominate geopolitical events for 75 years. China may find itself in that position in the next year or two as this pandemic continues to ravage the world. And if that happens, you can take this to the bank, China will exploit the situation for its benefit.
With sales evaporating and most factories closed, executives say they are flying blind not knowing when business will return to normal https://t.co/3poo4KfBTa
Video released by the Venezuelan Navy shows them shooting at the RCGS Resolute cruise ship then it shows the Resolute impacting the side of the GC-23 Naiguata and it shows severe damage to the Naiguata #Venezuelapic.twitter.com/ciI15v6SDt
PRO-BRUSSELS Italians have turned on the European Union after their country has been all but abandoned in its battle against the deadly coronavirus outbreak.
MICROSOFT founder Bill Gates has described the coronavirus pandemic as a "nightmare scenario" but said the death toll in the US will be lower than Donald Trump's predictions.
RUSSIAN military scientists have made unverified claims they discovered that the coronavirus is "aggressively mutating" into a form of pneumonic plague that was capable of killing those contracting it within hours - but this has been rejected by Public Health England.
US PRESIDENT Donald Trump opened up his Sunday coronavirus press briefing with a heartfelt message for Prime Minister Boris Johnson as he continues his fight against COVID-19.
SWEDISH prime minister Stefan Lofven has warned the country to prepare for thousands of deaths after more than 2,000 doctors and academics criticised its laissez-faire approach to the pandemic.
AN increase in social and economic pressures brought on by the coronavirus pandemic has led to a global increase in violence against women and girls, the UN secretary-general has warned.
The emerging markets bond index (EMBI) is a benchmark index for measuring the total return performance of international government bonds by emerging markets.
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Prospering economies and financial sectors benefit from highly evolved teaching systems. Find out which countries have the best educational systems in the world.
Nordstrom has notable competitors in the retail industry that offer high fashion in a similar format, including Macy's, Dillards, Neiman Marcus, and Saks.
Airbnb offers travelers relatively inexpensive accommodations while providing their hosts with an opportunity to earn some extra income from their property. But both parties should be aware of the risks.
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Wealthfront and Betterment both earned spots in our Top Robo Advisor Awards. We describe their similarities and differences to help you decide which is best for you.
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Learn about using debt forgiveness to escape your student loan. There are income-based plans and forgiveness for public service employees as well as other programs that can help you erase this debt.
New Delhi: The coming week holds the key to whether India will stay on course to enter the 'steady phase' of the Covid-19 pandemic by April 16. According to data available with the government, which has been discussed at the highest levels, India is currently in the 'acceleration phase' that has worsened on account of the spread traceable to the Delhi gathering of the Tablighi Jamaat.Estimates drawn up by a top government data laboratory, which was shared with the empowered panel tasked with ensuring adequate medical equipment, forecast that at the current rate, the 'ending phase' of the spread in India should start from May 9.However, the predictions — drawn up using Susceptible-Infectious-Recovered (SIR) modelling — have not fully taken into account the Tablighi Jamaat episode, where contacts and the extent of spread of the infection are still being traced. The estimates are arrived at using domestic data as well as information from other affected nations, including China. They are then shared with the empowered committees tasked with tackling the pandemic. 75001079Tablighi Episode Increased UnpredictabilitySuch estimates are critical in planning how the lockdown can be eased in the coming days.Those familiar with the process told ET that the Tablighi Jamaat episode has increased unpredictability, but overall the data continues to indicate that India is so far on the right trajectory, and should be able to ease the 21-day lockdown once the acceleration stage gets over by mid-April.The estimation model assumes that the current situation prevails with regard to mingling of people and recovery of infected individuals.A detailed analysis on the spread of virus is being carried out for eight of the worst-affected states, which could help the decision-makers take a call on how a gradual lifting of the lockdown could be carried out across the nation.According to the data modelling, Delhi was expected to peak at close to 200 patients a day before witnessing a decrease after April 8. However, these estimate are now being revised after the Tablighi Jamaat episode.If the current rate of infections and social distancing is maintained, Maharashtra — another badly affected state — could start showing encouraging trends from April 10. Other larger states such as Tamil Nadu, Rajasthan and Karnataka could see infections stabilising by the end of the month.Based on an analysis of global data, the information shared with the empowered committees suggests that a rise in temperature could help slow down the spread of the virus. But sources cautioned that the accuracy of the model would improve on a daily basis as more information comes through, and could change drastically as there are a large number of suspected cases that have not yet been confirmed positive.
New Delhi: States have urgently petitioned the Centre seeking compensation for a slump in goods and services tax (GST) collections as well as the flexibility to borrow more from the markets as they seek to cope with the Covid-19 outbreak.Punjab has sought the release of Rs 6,000 crore toward GST compensation and immediate release of about Rs 2,000 crore pending GST arrears. Rajasthan said the central government owes it Rs 11,000 crore until February.Bihar deputy chief minister Sushil Modi, however, said that some states were playing politics on the issue of dues."It is not that the Centre has money and is not giving it," Modi said, adding that GST revenues have been sluggish due to the economic slowdown.He said Bihar had announced an additional one month's salary for frontline workers and will not cut pay. Modi said Bihar has also suggested legal changes to the framework governing funds such as the district mineral fund to allow the state to use it to provide assistance to non-registered workers."We can't print money... we can only borrow," said Punjab FM Manpreet Badal, adding that every state is in the same boat. Some states have deferred salaries while cutting other spending. 75000969States Want Fiscal Deficit Limit EasedIndependent experts reckon states face an additional spending bill of about Rs 1.6 lakh crore to counter impact of Covid-19 that could severely strain their finances."Even if we take the 2018-19 GSDP (gross state domestic product) data and assume that states spend 1% of this GSDP extra, it will be an additional expenditure of Rs 1.6 lakh crore," SBI chief economist Soumya Kanti Ghosh said in a note. "It will be… foolhardy to practice fiscal austerity as of now. Covid-19 is making us take a hard look at the way we have shaped this world."Under the Fiscal Responsibility and Budget Management (FRBM) Act, states are allowed a fiscal deficit of up to 3% of GSDP. The states want the limit to be eased. Kerala finance minister Thomas Isaac wants relaxation by 1-4 percentage points. An easing of one percentage point relaxation can release roughly Rs 1.6 lakh crore to the states."States need some relief," Rajasthan deputy chief minister Sachin Pilot said. "They have to incur additional expenditure on health and providing ration."For FY21, the states had been expecting growth of around 17% in tax collections, but given the tough economic conditions, it could be in single digits. Most states witnessed a contraction in tax collections in March. With the lockdown scheduled to end on April 14, the damage will extend into the current year as India seeks to counter the pandemic, ensure that everyone's healthy and revive the economy. "At 5-10% GST growth, the shortfall in GST could be as much as Rs 75,000 crore," Ghosh said. "That needs to be compensated by the Centre... States have already committed an extra expenditure of Rs 30,000 crore."State government officials say the lockdown has dried up revenue sources under their domain such as fuel, liquor, stamp duty and road passenger revenues. The lower collection of central taxes means they will get less by way of devolution as well.Telangana has deferred the salaries of government staff. Maharashtra, the state with the most Covid-19 cases, will pay salaries of its employees in two instalments. Other states are weighing their options.The Punjab government will soon take a call on expenditure management. "I will present the worst-case scenario before the cabinet," said Badal. Punjab has asked the Centre to release the Rs 6,000 crore arrears to help the state pay salaries and service debt, he said."States' own revenues have come down... Centre has direct tax revenues," Isaac said. "It should give to states what is owed to them as per the law... Centre can borrow and give funds to states."
If benchmark indices fall more than 20% from their peak, it is defined as a bear market. With the Sensex and Nifty down by more than 30%, we are deep in bear territory now. At the same time, experts say that bear markets are the best time to invest in stocks. Buy when there is blood on the streets, they say. However, very few Indians have the courage to do that right now. An online survey by ET Wealth reveals that only one out of six investors is planning to buy aggressively at this stage. The survey was conducted last week and received 3,306 responses from investors across age groups and geographies.However, it is heartening to note that a large number of investors have not lost heart. They may have lost a big chunk of their investments in 2020, but they are not planning to go away. More than 50% of the respondents plan to buy slowly as markets recede. Only 3% want to exit completely while 7.5% are waiting for markets to recover so that they can get out. Another 3.5% is reducing exposure to equities because they expect things to worsen. Of course, there are also a serendipitous 18.5% who are not making any changes to their portfolios.Nobody escaped the carnageNo stock investor has escaped the carnage in 2020, though some may have incurred bigger losses, possibly due to over exposure to equities, wrong investment choices or faulty advice. We looked at respondents who managed their investments themselves and found there was only a marginal difference in their situation (51% of respondents in substantial losses) and that of people who took free (49%) or paid investment advice (48%). The narrow gap between the advised and non-advised groups shows that the quality of investment advice needs to improve.All investors have lost money in 2020The sudden decline took everyone by surprise. But some investors lost more than others. 74980281While the spread of Covid-19 is the main worry right now, investors are more worried about the economic impact of the lockdown. Experts say these fears are not unfounded, because it is not a financial market problem that can be addressed by monetary policies like rate cuts, quantitative easing or a fiscal stimulus. The real issue is the worldwide lockdown. "The economic pains triggered by Covid-19 and lockdowns are expected to last longer than the previous financial market crisis," says Sampath Reddy, CIO, Bajaj Allianz Life Insurance. This means the market could go down further in the coming months. "First leg of the fall has already happened. The next leg may happen over the next 3-6 months," says Dinesh Rohira, Founder & CEO, 5nance.com.Economic slowdown is the big worry nowThe disease is scaring investors, but the impending slowdown is more worrisome. 74980300Some even fear that there will be bigger global repercussions. "The US administration has failed to handle the Covid-19 situation correctly. So, it may try to shift the blame to China by starting a new trade war," says a survey respondent Alok Ranisati.As things stand, corporate earnings will be badly hit in the coming quarters. "It will take a few quarters for businesses to bounce back. By and large, the prices have factored in about a disturbance of one year," says Vikaas Sachdeva, CEO, Emkay Investment Managers.Exiting in panicIn the current phase, foreign investors are exiting the market. FIIs have withdrawn Rs 65,816 crore from stocks in March. At the same time, domestic institutions have poured in Rs 55,595 crore. But if the markets continue to fall, even domestic investors may start exiting. Our survey shows that investors are worried, but not so much that they will start packing up. However, some of them, especially new investors, are already panicking. Meet Ahmedabad-based Mihir Chaudhari, a 28-year old who started investing in stocks just three years ago and now wants to salvage whatever he can and get out. "Though my investments are in substantial losses, I want to exit because I am more worried about the recession triggered by lockdowns. The market may go down further from here," he says.The crash has wiped out gains made in past 4-5 yearsOnly a minuscule number of respondents are still holding substantial profits from equities. 74980367For such first-time investors, the current mayhem is a double whammy. They have not only lost money, but might even lose faith in the market. Rookie investors seldom fathom the risks associated with equity markets and losing 30-35% of their principal can be a deal breaker, especially if it comes so suddenly. Even if their portfolios eventually come back into the black, many of these individuals may turn away from equities forever.Even older investors like Maheshwar Singh also want to exit, but not at a loss. He is waiting for the markets to recover before he exits. "My mutual funds were down by Rs 1 lakh last week. Now it must be even more. So, I will stop further SIPs and hold my investments. Once the market recovers and the value comes back to my principal, I will redeem," he says.Whether self-managed or advised, all portfolios fellThere was a narrow gap in the percentage of advised and DIY investors who suffered substantial losses. 74980480However, experts say that bear markets are not the right time to exit. "Since valuations have become attractive, this is the time to increase equity allocation, not stop SIPs or redeem from equity funds," says G. Pradeep Kumar, CEO, Union Mutual Fund.Waiting for recoveryOur survey shows that most investors are in the wait and watch mode. They are expecting the markets to fall further and will get in when it is down. Some of them have a clear plan. "I am in the market since 2005. I made money till 2008 and lost it in 2009 and that is why I am careful now. Instead of trying to catch a falling knife, I will invest only after the base formation and up move is confirmed," says Ranisati.Some investors were lucky enough to exit in time. "I exited from stocks when the Nifty fell to around 11,000," says Anuj Gupta. He expects the Nifty to fall further and will start investing when it is around 6,000. Why 6,000? The Nifty peaked at 12,430 in 2020 and 6,215 is the 50% retracement of that peak. In previous bear markets (1992, 2000 and 2009) too, the benchmark indices had retraced 50% and therefore most respondents expect history to repeat itself in 2020.Experience in market also makes a differenceInvestors who have been in the market for a very long time understand the risks better 74980412Older investors have suffered lessOlder people tend to be more circumspect and cautious than the younger lot. 74980491Start nibbling at valueWhile some investors are driven by fear, others are moved by greed. Almost 53% of respondents want to start buying slowly. One of them is Mani Kanta, who thinks that this is an opportunity to buy equities at low prices. "Apart from increasing the amount of my long-term SIPs, I am also investing lumpsum whenever possible," he says.What investors plan to do nowA large percentage of investors wants to start buying equities. 74980434This is what experts also recommend. "This is the time to start allocating fresh money to equity or shift money from debt to equity because investments in times like these make more money," says Kumar. But do this gradually – ideally by a weekly STP over the next 8-12 weeks. "If you have 3-year plus horizon, this is the best time to invest in a staggered manner. Invest your 25% now and invest 25% each at every 500 points fall in Nifty," says Rohira.Crash attracting those who never invested beforeIf they invest in bear markets like this and hold, they could get good returns in long term. 74980504Figures denote the % of respondents who have never invested in stocks. Only 10% of respondents like that.How advisers influence investment decisionsA larger chunk of DIY investors want to buy aggressively compared to those who get investment advice from brokers or paid consultants. 74980513Some investors have started doing this already. "I am buying quality stocks gradually at lower levels. No one knows where the bottom will be or how many months this will continue. So, I have started buying on a weekly basis," says Dnyaneshwar Nandgirikar.Time to be aggressiveThen there are those who want to buy aggressively now, though they constitute only 15% of the respondents. Fuelling this optimism is the advice coming from the permabulls of the financial services industry. "Investors can go overweight in equities now because the market will be at a much higher level once we come out of Covid-19. Therefore, this is a great time to invest," says Reddy. Others agree, but put in the necessary caveats. "This is the time to get overweight on equities, provided that money is not needed for the next five years. Also, do not go overboard," says Sachdeva.Some investors are also changing their strategy between stocks and equity funds. Veera Swamy plans to discontinue his mutual fund SIPs and start buying direct stocks. "It makes sense to be in direct stocks now because several stocks are available at throwaway prices. I will restart SIPs once this crisis is over," he says.Young people are staying away from equitiesThis is a worrying sign, because it is younger investors who can take higher risk. 74980535Why young people stay away from stocks14% young investors comfortable with safe returns highlights need for investor education. 74980523However, experts warn investors who want to invest in stocks directly. "Focus on quality stocks because they will be the first ones to bounce back," says Rohira. Second, it's not a good idea to average down on all stocks. "The structure of businesses is going to change, so this is not a right time to average down on all stocks," says Sachdeva. Third, they must be more careful in using historical valuation models. Several stocks look as if they are cheaply valued based on historical EPS. But this may change once the earnings fall.—With inputs from Sameer Bhardwaj
KOLKATA |NEW DELHI: Weeks, and in some cases months, after landing lucrative offers on campus, students of the elite Indian Institutes of Technology and Indian Institutes of Management are suddenly looking at an uncertain future ahead. Institutes say while most companies till now have assured them about honouring job commitments and are looking at options like virtual onboarding or even moving foreign jobs to Indian locations temporarily, matters may take a more serious turn should the lockdown get extended.Placement cells across top IITs and IIMs that ET spoke to said they are apprehensive that fallout could include postponement of joining dates, cut in salaries or in the worst-case scenario, even job offers being revoked. So far though, placement sources say, only Gartner, an US-headquartered research and advisory firm has revoked offers, but institutes are working on back-up plans.Gartner did not reply to email queries sent by ET.IIMs at Bangalore, Kozhikode, Ahmedabad and Indore among others said most companies so far have reassured them that offers would be honoured. "Even some companies with data privacy issues have agreed to get laptops couriered across; that will be done once the lockdown is lifted. We have even had a few big consulting firms offer to help students who might find themselves at a loose end," says U Dinesh Kumar, chair, career development services, IIM Bangalore.75001409Some companies have said they will try out work from home; some in the BFSI space have moved their positions back to India temporarily. Many are trying to onboard new hires virtually."We also understand the plight of companies considering the uncertainty now… there could be some delays too," said a placement official at IIM Indore.At some IIMs that ET spoke to, some students are expecting more companies, apart from Gartner, to revoke offers."Many companies have communicated that they will honour the offers but have asked for some time," said Amit Karna,chair of placements committee at IIM Ahmedabad. IIM Kozhikode director Debashis Chatterjee says he does not expect to see a drastic shift in placements that have already happened. "Some offers may be deferred. But the planning for upcoming placements will be very different as jobs will shrink," he said.While IIM Kozhikode, among others is in multiple scenario planning mode, IITs too are considering special placement drives in July/August for students who may have their offers revoked. IIT Delhi director V Ramgopal Rao recently shared a post on LinkedIn requesting corporates to be considerate while thinking of withdrawing job offers already made.IIT Madras is trying to place students whose offers have been revoked by one company in other firms, said an institute placement source. Another old IIT confirmed that it would be reaching out to alumni and companies from lessaffected sectors to place students who may be left without a job.
Mumbai: Having witnessed a massive drop in ad volumes due to the Covid-19 crisis, there is a growing chorus of media voices demanding immediate clearance of advertising dues by the Directorate of Advertising and Visual Publicity (DAVP) and other state-owned bodies to help companies tide over cash flow problems and avert possible job losses. Top media officials say the move will help the industry sustain itself at a time when advertisers aren't spending, payments due from corporates are stuck, supply chains — like in the case of print newspapers — have been disrupted and traditional drivers of media consumption, sports and live entertainment, have all but ground to a halt.DAVP is the nodal agency of the central government for advertising by various ministries and organisations, including public sector undertakings (PSUs) and autonomous bodies."I would request the government at this stage to consider clearing all the dues of various departments, ministries and PSUs towards advertising agencies, which would include dues to print, TV, radio, OOH, events etc., on an urgent basis," Ashish Bhasin, president of Advertising Agencies Association of India, told ET.As per various industry estimates, DAVP owes between ₹1,500 and ₹1,800 crore to various media companies. A large chunk of this – ₹800-900 crore – is owed to the print industry alone. Overall, government advertising constitutes about 5% of print media's annual ad revenues."Payments from the government are erratic at best. But given that many businesses are not in the condition to pay on time, the government should step up and clear its dues. It will buy us time to get back on our feet," said a top executive of a print publication.Media companies are staring at a major cash crunch as many advertising categories have either stopped or deferred their campaigns."The biggest issue in the next few months for media industry is going to be cash flows. While our businesses are in good shape, the lockdown is going to impact advertising revenues. At such a time, we urge the government to help the sector by clearing dues as soon as possible and help the sector survive," said Apurva Purohit, president, Jagran Group. "Radio industry and the Indian Newspaper Society are in talks with the government to get a faster resolution.""In these critical and uncertain times, newspaper revenue is under pressure. Any government move to release dues would surely be of help. Newspaper industry would look forward to a cash flow at this time, since costs are being borne in spite of little or no revenue," added Satyajit Sen Gupta, chief corporate sales and marketing officer, Dainik Bhaskar Group.Last month, the radio industry, under the aegis of the Association of Radio Operations for India (AROI) had appealed to the government for a slew of reforms including restoration of government advertising on radio to normal levels and payment of government dues on advertising from DAVP, National Film Development Corporation and Bharat Sanchar Nigam Ltd.Prashant Panday, MD and CEO, Entertainment Network India (ENIL), a BCCL company which operates Radio Mirchi, said radio broadcasters are supporting the government by carrying out social messaging and other campaigns, but the government hasn't yet cleared last year's dues. "In some cases, the payments are stuck since the last 12 months, some even since last two years. Also, DAVP reduced advertising on radio significantly in the last fiscal. I hope for the sake of the sector, they scale it up to earlier levels," he said.Industry experts feel there is a severe need for liquidity at this moment and cash recovery from government would be a big help. "The least the government should consider doing is to clear its dues as soon as possible and help with income-tax refunds stuck with them for years," said Bhasin, who is also CEO, Asia-Pacific and chairman — India for Dentsu Aegis Network.
Kolkata | Mumbai: The nationwide Covid-19 lockdown of the past 11 days is estimated to have triggered a 35% slump in overall mobile recharge volumes with millions of migrant workers among the worst affected forming the bulk, industry experts and analysts said.The lockdown has primarily stung at least half of India's over 370 million feature phone user base, largely comprising migrant workers who haven't been able to recharge their phones. The basic phone user base also includes some 85-90 million Jio 4G VoLTE phone users, according to market trackers.Well over 90% of the 1.15 billion mobile phone subscribers in India are pre-paid subscribers who need to recharge their subscriptions periodically for continuous connectivity. Aimed at helping those migrant workers who haven't or won't be able to recharge during the 21-day lockdown till April 14, telcos such as Airtel and Vodafone Idea have extended the validity of plans till April 17.75001152Industry executives and experts said physical recharges are almost down to nil as people aren't being able to visit mobile stores or their nearest kiranas to recharge, a development which sharply lowered monthly user additions of telcos. And pure digital recharges, reckoned to make up a shade over a third of overall mobile recharges, are also down.A senior industry executive estimates that the inability of about 50% of India's feature phone users to recharge could lead to "around a ₹15 crore revenue loss for the Big 3 telcos during the current lockdown period as these migrant workers recharge small amounts".Analysts, though, don't expect the sharp fall in mobile recharges to sting Bharti Airtel, Reliance Jio and Vodafone Idea's revenues in the fourth quarter of FY20 as the lockdown started in the fourth week of March. They also expect the combination of higher data usage and the December 2019 tariff hikes to offset any revenue dip in the March quarter. But that, they said, would change if the lockdown is extended."If the lockdown continues beyond April 14, it will hit revenues of Airtel, VIL and Jio (sequentially) in the June quarter, though we don't have estimates immediately," Rajiv Sharma, research head at SBICap Securities told ET.
By Julian LeeThe global oil industry is on its knees. Without action from producers to reduce supply, the situation will get much worse as the world runs out of places to store crude pumped out of the ground that nobody wants. A big production cut could delay reaching that breaking point, perhaps for long enough for demand to start to pick up again. But it won't happen unless everybody plays their part.The oil market got quite in a flap over President Donald Trump's Thursday tweet that Saudi Arabia and Russia had agreed to cut production. But it's quite clear from subsequent comments out of Riyadh and Moscow that nobody had pledged any such cuts; not of 15 million barrels, nor 10 million, nor even anything at all. In fact, the leaders of Russia and Saudi Arabia hadn't even spoken with each other. Perhaps Trump was just getting his ducks in a row — setting up a fictional promise of cuts that wouldn't materialize, which would give him an excuse to resurrect his Tariff Man persona and slap duties on imports of their oil into the US.But it's clear that something has shifted, even if it's only in tone. Saudi Arabia is now audaciously seeking a global deal to cut oil production, not just by the Organization for Petroleum Exporting Countries, nor only with the extended Opec+ coalition that includes Russia. It did so by calling for "an urgent meeting" aimed "at reaching a fair agreement to restore the desired balance of oil markets," among the Opec+ group "and other countries."That last bit is crucial. The kingdom led by Crown Prince Mohammed bin Salman is making painfully clear that the sacrifice must be shared or Saudi Arabia will take no part in it at all. There can be no free-riders.It's a tactic the country has used before, and the current nosedive in oil prices shows it stood by its word. The kingdom was the driving force behind cuts proposed at the March meeting of Opec+ oil ministers. But it said then, as it's saying now, that it would only make them if others joined in too. The only thing that has changed in the last month is that the "others" has now become an even bigger group that needs to include all of the world's big oil producers.74991069Here's what Saudi Arabia needs to do.At the virtual meeting of oil producers, now tentatively pushed back to Thursday from Monday, it should give its counterparts — including those who don't show up — a clear binary choice and an unequivocal ultimatum. Either they agree to strict, enforced, observable output curbs for everybody and Saudi Arabia will join in by reducing its own output to, say, 8.5 million barrels a day (I picked that number out of the air). Or Saudi Arabia should make clear it will continue to pump 12.3 million barrels a day, which would result in prices collapsing to single digits to force oil off the market.The kingdom could even go so far as to include a list of all the countries it would require to take part. The chart above suggests who some of those required participants might be. Alongside the US and the Opec+ countries, it includes Canada, China, Brazil, Qatar, Norway and the UK, each of whom pumps more than 1 million barrels a day.Sure, there are obstacles to be overcome. Some on that list may be more willing to participate than others. But the alternative will hurt the oil industries of the countries on that list much more than they will Saudi Arabia. And such a collapse in prices may happen anyway if the cut isn't big enough, or is delayed.I know lots of people argue that Saudi Arabia needs higher oil prices than shale producers to fund its budget. But I've never been a big fan of using budgetary break-even prices for determining the relative pain that would be experienced by oil-producers. Budgets, to some extent, reflect price expectations. If you expect oil to be $60 a barrel, say, you prepare a budget based on the level of income that implies. If that price is not achieved, you can cut expenditure, draw on reserves, or borrow — all options that remain open to Saudi Arabia.74991071The kingdom will, though, face the same storage problem as everybody else. It shouldn't go unnoticed that Saudi Arabia said it would boost exports in May to 10.6 million barrels a day because its own refineries didn't want as much crude because of the drop in demand. Refiners elsewhere may not want it either. Saudi Arabia will probably have to rebuild its own stockpiles, which it has drawn down during the past four years, but it has more than twice as much room to do so than is available in the US Strategic Petroleum Reserve.Finally, Saudi Arabia should make clear that this is a short-term solution crafted for an extraordinary situation. It must avoid the temptation of tying any deal into a long-term supply management initiative. Anything that whiffs of an Opec+ extension won't fly with the US or others. This is not Opec++. It has to be a time-limited, one-off solution to the extreme situation the global oil industry is facing as a result of the world locking down to fight the Covid-19 virus. Once things pick up again — as they will — it will be back to business as usual, and a return to the dash for market share.
New Delhi: Radhakishan Damani, promoter of Avenue Supermarts that owns hypermarket chain DMart, on Saturday donated Rs 100 crore to the PM Cares Fund and another Rs 55 crore to various state relief funds.Damani made the contributions through group company Bright Star Investments."India is witnessing unprecedented times following the spread of Covid-19. We are fully supportive of the swift actions taken by the central, state government and local bodies to protect the public. Each of us also needs to do our best to protect our communities and fellow countrymen," the company said in a statement.Out of the Rs 55 crore given to various states, Rs 10 crore each has gone to Maharashtra and Gujarat governments relief funds and Rs 5 crore each to Andhra Pradesh, Telangana, Karnataka, Rajasthan and Punjab. He also contributed Rs 2.5 crore each to Tamil Nadu, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.DMart operates from 206 locations across India.
New Delhi: ByteDance-owned short video app TikTok is the most downloaded app in India in the social media category during the government enforced lockdown to battle Covid-19, followed by WhatsApp and Facebook, data shared exclusively with ET by app analytics firm App Annie showed.Compared to January 2020, social media downloads on iOS and Google Play during the lockdown in India in the first week starting March 22 went up 20%, exceeding over 49 million new downloads, the mobile and data analytics company said.In a televised address, Prime Minister Narendra Modi had announced a 21-day nation wide lockdown on March 24 which is to end on April 14.Overall, excluding gaming apps, AajTak (Living Media), Zoom Cloud Meetings (Zoom Video Communications), Uvideo (OneSmile), Instagram (Facebook), Jio TV (Reliance Industries) and Amazon Prime Video (Amazon) were the most downloaded apps in India in the week starting March 22 compared to the previous week starting March 15.AajTak and Zoom Cloud Meetings jumped 56 and 54 places respectively in terms rank.The San Francisco-headquartered App Annie said news apps, video conferencing calls and entertainment apps gained significant momentum during the lockdown in India.TikTok (ByteDance), WhatsApp (Facebook), Facebook, Helo (ByteDance), Instagram (Facebook) and VMate (Alibaba Group) were the most downloaded apps categorised under the social networking category on iOS or the social, communication category on Google Play in the week starting March 22.Industry insiders had told ET earlier that usage and engagement rates of TikTok and Instagram's live videos have gone up significantly during the lockdown with more content and views being generated by users.TikTok said its #GharbaithoIndia campaign, launched in partnership with the United Nations Development Programme asking users to suggest ways to beat the lockdown blues generated 4.6 billion views.Instagram told ET its live views increased more than 60% in week one of the lockdown.App Annie said it has not seen any significant movements in ranks for dating apps like Tinder and Bumble in India in terms of new downloads.
KOLKATA |NEW DELHI: Weeks, and in some cases months, after landing lucrative offers on campus, students of the elite Indian Institutes of Technology and Indian Institutes of Management are suddenly looking at an uncertain future ahead. Institutes say while most companies till now have assured them about honouring job commitments and are looking at options like virtual onboarding or even moving foreign jobs to Indian locations temporarily, matters may take a more serious turn should the lockdown get extended.Placement cells across top IITs and IIMs that ET spoke to said they are apprehensive that fallout could include postponement of joining dates, cut in salaries or in the worst-case scenario, even job offers being revoked. So far though, placement sources say, only Gartner, an US-headquartered research and advisory firm has revoked offers, but institutes are working on back-up plans.Gartner did not reply to email queries sent by ET.IIMs at Bangalore, Kozhikode, Ahmedabad and Indore among others said most companies so far have reassured them that offers would be honoured. "Even some companies with data privacy issues have agreed to get laptops couriered across; that will be done once the lockdown is lifted. We have even had a few big consulting firms offer to help students who might find themselves at a loose end," says U Dinesh Kumar, chair, career development services, IIM Bangalore.75001409Some companies have said they will try out work from home; some in the BFSI space have moved their positions back to India temporarily. Many are trying to onboard new hires virtually."We also understand the plight of companies considering the uncertainty now… there could be some delays too," said a placement official at IIM Indore.At some IIMs that ET spoke to, some students are expecting more companies, apart from Gartner, to revoke offers."Many companies have communicated that they will honour the offers but have asked for some time," said Amit Karna,chair of placements committee at IIM Ahmedabad. IIM Kozhikode director Debashis Chatterjee says he does not expect to see a drastic shift in placements that have already happened. "Some offers may be deferred. But the planning for upcoming placements will be very different as jobs will shrink," he said.While IIM Kozhikode, among others is in multiple scenario planning mode, IITs too are considering special placement drives in July/August for students who may have their offers revoked. IIT Delhi director V Ramgopal Rao recently shared a post on LinkedIn requesting corporates to be considerate while thinking of withdrawing job offers already made.IIT Madras is trying to place students whose offers have been revoked by one company in other firms, said an institute placement source. Another old IIT confirmed that it would be reaching out to alumni and companies from lessaffected sectors to place students who may be left without a job.
Covid-19 aftermath: A third of orders cancelled, grave crisis grips export hubs Even before the pandemic spread its tentacles in India, the country's goods exports had contracted by 1.5% y-o-y up to February this fiscal to $293 billion.
