Business – Eastern Mirror https://easternmirrornagaland.com The latest and breaking news from Nagaland, northeast India, India and the world. Current affairs and news of politics from around the world, latest updates on business news, sports, arts and entertainment Fri, 05 Jun 2020 17:47:16 +0000 en-GB hourly 1 https://easternmirrornagaland.com/wp-content/uploads/2020/05/cropped-FavIcon-32x32.png Business – Eastern Mirror https://easternmirrornagaland.com 32 32 Indian stock market rises, led by banking, finance stocks https://easternmirrornagaland.com/indian-stock-market-rises-led-by-banking-finance-stocks/ Fri, 05 Jun 2020 17:41:25 +0000 https://easternmirrornagaland.com/?p=315827 Mumbai, June 5 (IANS): The Indian equity indices returned to green on Friday, with the BSE Sensex rising over 300 points led by healthy buying in the banking and finance stocks. The S&P BSE Banking index rose by 2.73 per cent and the Finance index settled 2.35 per cent higher. Gains in the global markets also reflected in the domestic stock market, analysts said. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said: “Indian equities followed positive global cues, which were driven by ECB’s additional stimulus boost. Investors are pricing in a global economic recovery, supported by Central Banks’ policy measures across geographies.” According to Rahul Sharma, Head of Research at Equity99 Advisors, bargain hunting continued in select index-heavy stocks and mid-cap stocks as the government has announced its plans to gradually lift the lockdown across the country in a phased manner thereby putting a gradual end to economic uncertainty. “With no major negative news expected in the near future and no major events, Foreign Portfolio Investors have turned positive on the domestic markets adding to the overall sentiments,” he said. Sensex closed at 34,287.24, higher by 306.54 points or 0.90 per cent from the previous close of...

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Mumbai, June 5 (IANS): The Indian equity indices returned to green on Friday, with the BSE Sensex rising over 300 points led by healthy buying in the banking and finance stocks.

The S&P BSE Banking index rose by 2.73 per cent and the Finance index settled 2.35 per cent higher.

Gains in the global markets also reflected in the domestic stock market, analysts said.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said: “Indian equities followed positive global cues, which were driven by ECB’s additional stimulus boost. Investors are pricing in a global economic recovery, supported by Central Banks’ policy measures across geographies.”

According to Rahul Sharma, Head of Research at Equity99 Advisors, bargain hunting continued in select index-heavy stocks and mid-cap stocks as the government has announced its plans to gradually lift the lockdown across the country in a phased manner thereby putting a gradual end to economic uncertainty.

“With no major negative news expected in the near future and no major events, Foreign Portfolio Investors have turned positive on the domestic markets adding to the overall sentiments,” he said.

Sensex closed at 34,287.24, higher by 306.54 points or 0.90 per cent from the previous close of 33,980.70.

It had opened at 34,198.55 and touched an intra-day high of 34,405.43 and a low of 33,958.02 points.

The Nifty50 on the National Stock Exchange ended at 10,142.15, higher by 113.05 points or 1.13 per cent from the previous close.

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IMF urges Pakistan to freeze government salaries https://easternmirrornagaland.com/imf-urges-pakistan-to-freeze-government-salaries/ Fri, 05 Jun 2020 06:01:26 +0000 https://easternmirrornagaland.com/?p=315758 Islamabad, June 5 (IANS): The International Monetary Fund (IMF) has urged Pakistan to freeze salaries of government employees and adhere to the fiscal consolidation path by showing a nominal primary deficit in the new budget, said Finance Ministry sources. The IMF is insisting that Pakistan should continue to follow the fiscal consolidation path due to a high and unsustainable public debt that is set to hit 90 per cent of the total value of national economy, The Express Tribune reported. The outbreak of the deadly novel coronavirus has exposed vulnerabilities of Pakistan’s economy that had already been struggling owing to weak economic foundations that caused fiscal and current account deficit crisis after every four to five years. Owing to the prevailing tight fiscal situation, growing public debt and Pakistan’s decision to seek debt relief from G20 countries, the IMF was asking Islamabad to freeze salaries of government employees, the sources said. However, the government is resisting the demand due to high inflation that has eroded people’s real income. Nonetheless, it is inclined to abolish over 67,000 posts that have remained vacant for over one year and is also ready to further squeeze current expenditures including a ban on purchase of...

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Islamabad, June 5 (IANS): The International Monetary Fund (IMF) has urged Pakistan to freeze salaries of government employees and adhere to the fiscal consolidation path by showing a nominal primary deficit in the new budget, said Finance Ministry sources.

The IMF is insisting that Pakistan should continue to follow the fiscal consolidation path due to a high and unsustainable public debt that is set to hit 90 per cent of the total value of national economy, The Express Tribune reported.

The outbreak of the deadly novel coronavirus has exposed vulnerabilities of Pakistan’s economy that had already been struggling owing to weak economic foundations that caused fiscal and current account deficit crisis after every four to five years.

Owing to the prevailing tight fiscal situation, growing public debt and Pakistan’s decision to seek debt relief from G20 countries, the IMF was asking Islamabad to freeze salaries of government employees, the sources said.

However, the government is resisting the demand due to high inflation that has eroded people’s real income.

Nonetheless, it is inclined to abolish over 67,000 posts that have remained vacant for over one year and is also ready to further squeeze current expenditures including a ban on purchase of vehicles.

The Pakistan government is set to unveil the budget on June 12.

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Abu Dhabi-based Mubadala invests INR 9,093 cr. in Jio Platforms https://easternmirrornagaland.com/abu-dhabi-based-mubadala-invests-inr-9093-cr-in-jio-platforms/ Fri, 05 Jun 2020 05:25:19 +0000 https://easternmirrornagaland.com/?p=315753 Mumbai, June 5 (IANS): Reliance Industries Ltd on Friday announced that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest INR 9,093.60 crore in Jio Platforms at an equity value of INR 4.91 lakh crore and an enterprise value of INR 5.16 lakh crore. With this investment, Jio Platforms has raised INR 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks. “Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefiting from Mubadala’s experience and insights from supporting growth journeys across the world,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries. With more than 388 million subscribers, Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies. Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth, the company said in a statement. “We have seen how Jio has already...

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Mumbai, June 5 (IANS): Reliance Industries Ltd on Friday announced that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest INR 9,093.60 crore in Jio Platforms at an equity value of INR 4.91 lakh crore and an enterprise value of INR 5.16 lakh crore.

With this investment, Jio Platforms has raised INR 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

“Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefiting from Mubadala’s experience and insights from supporting growth journeys across the world,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

With more than 388 million subscribers, Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies.

Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth, the company said in a statement.

“We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey,” said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.

“With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy,” he added.

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Sensex jumps 1,100 points, Nifty above 9,900 https://easternmirrornagaland.com/sensex-jumps-1100-points-nifty-above-9900/ Mon, 01 Jun 2020 08:53:09 +0000 https://easternmirrornagaland.com/?p=315209 Mumbai, June 1 (IANS): The Indian stock market surged on Monday with the BSE Sensex gaining over 1,100 points, tracking positive cues from its Asian peers. The Nifty50 on the National Stock Exchange (NSE) was trading above the psychological level of 9,900-mark. Healthy buying was witnessed in banking, finance, metal and consumer durable stocks. The government’s announcement to lift the nationwide lockdown in a staggered manner starting June 8 also boosted investor sentiments. At 12.25 p.m., Sensex was trading at 33,578.01, higher by 1,153.91 points or 3.56 per cent from the previous close of 32,424.10. It had opened at 32,906.05 and has touched an intra-day high of 33,673.83 and a low of 32,876.55 points so far. The Nifty50 on the National Stock Exchange was trading at 9,902.30, higher by 322 points or 3.36 per cent from its previous close.

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Mumbai, June 1 (IANS): The Indian stock market surged on Monday with the BSE Sensex gaining over 1,100 points, tracking positive cues from its Asian peers.

The Nifty50 on the National Stock Exchange (NSE) was trading above the psychological level of 9,900-mark. Healthy buying was witnessed in banking, finance, metal and consumer durable stocks.

The government’s announcement to lift the nationwide lockdown in a staggered manner starting June 8 also boosted investor sentiments.

At 12.25 p.m., Sensex was trading at 33,578.01, higher by 1,153.91 points or 3.56 per cent from the previous close of 32,424.10.

It had opened at 32,906.05 and has touched an intra-day high of 33,673.83 and a low of 32,876.55 points so far.

The Nifty50 on the National Stock Exchange was trading at 9,902.30, higher by 322 points or 3.36 per cent from its previous close.


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Delhi demands INR 5,000 crore from Central government https://easternmirrornagaland.com/delhi-demands-inr-5000-crore-from-central-government/ Sun, 31 May 2020 14:02:47 +0000 https://easternmirrornagaland.com/?p=315093 New Delhi, May 31 (IANS): Owing to revenue losses due to the coronavirus lockdown, the Delhi government on Sunday demanded INR 5,000 crore from the Central government. Speaking to the media, Delhi Finance Minister Manish Sisodia said the minimum monthly expenditure of the government is INR 3,500 crore, including salaries and other official expenses. “In the last two months, the tax collection was INR 500 crore for each month. INR 1,735 crore was collected from other sources. However, for two months, we need INR 7,000 crore. I have urged the Centre to give INR 5,000 crore to the national capital. I have written a letter to Union Finance Minister (Nirmala Sitharaman) demanding the money,” Sisodia said. He said the Centre gave funds to other states but Delhi did not get any help from it even in the name of disaster management. “We need to pay salaries to our teachers, doctors and other staff who are working to fight against coronavirus,” Sisodia added. He said due to the lockdown, the tax collection of the Delhi government has gone down by about 85 per cent. On May 3, reporting a revenue loss of about INR 3,200 crore in April compared to the previous...

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New Delhi, May 31 (IANS): Owing to revenue losses due to the coronavirus lockdown, the Delhi government on Sunday demanded INR 5,000 crore from the Central government.

Speaking to the media, Delhi Finance Minister Manish Sisodia said the minimum monthly expenditure of the government is INR 3,500 crore, including salaries and other official expenses.

“In the last two months, the tax collection was INR 500 crore for each month. INR 1,735 crore was collected from other sources. However, for two months, we need INR 7,000 crore. I have urged the Centre to give INR 5,000 crore to the national capital. I have written a letter to Union Finance Minister (Nirmala Sitharaman) demanding the money,” Sisodia said.

He said the Centre gave funds to other states but Delhi did not get any help from it even in the name of disaster management.

“We need to pay salaries to our teachers, doctors and other staff who are working to fight against coronavirus,” Sisodia added.

He said due to the lockdown, the tax collection of the Delhi government has gone down by about 85 per cent.

On May 3, reporting a revenue loss of about INR 3,200 crore in April compared to the previous year, Chief Minister Arvind Kejriwal said the lockdown is making it difficult for the government to pay salaries to its employees.

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Google delays Android 11 Beta launch owing to protests in US https://easternmirrornagaland.com/google-delays-android-11-beta-launch-owing-to-protests-in-us/ Sun, 31 May 2020 05:07:43 +0000 https://easternmirrornagaland.com/?p=315060 San Francisco, May 31 (IANS): Google has apparently delayed the launch of Android 11 Beta version as several US cities are currently under protests over death of George Floyd in Minnesota. The tech giant earlier planned to showcase new features in Android 11 on June 3. “We are excited to tell you more about Android 11, but now is not the time to celebrate,” tweeted Android’s developer account. “We are postponing the June 3rd event and beta release. We’ll be back with more on Android 11, soon,” it added. Minnesota Governor Tim Walz has activated “full mobilization” of the National Guard after four straight nights of violent protests in the US state’s biggest city of Minneapolis over the death of Floyd, an unarmed black man, in police custody. In New York, officials on Saturday denounced acts of violence that took place during the protests, leading to the arrest of 300 protesters. Some Twitter users, however, questioned Google’s move to delay the Android 11 Beta launch owing to political unrest in the US. “What does politics have to do with postponing the June 3rd event?” tweeted on user. Another commented: “Google didn’t specifically point out but its pretty obvious “now is...

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San Francisco, May 31 (IANS): Google has apparently delayed the launch of Android 11 Beta version as several US cities are currently under protests over death of George Floyd in Minnesota.

The tech giant earlier planned to showcase new features in Android 11 on June 3.

“We are excited to tell you more about Android 11, but now is not the time to celebrate,” tweeted Android’s developer account.

“We are postponing the June 3rd event and beta release. We’ll be back with more on Android 11, soon,” it added.

Minnesota Governor Tim Walz has activated “full mobilization” of the National Guard after four straight nights of violent protests in the US state’s biggest city of Minneapolis over the death of Floyd, an unarmed black man, in police custody.

In New York, officials on Saturday denounced acts of violence that took place during the protests, leading to the arrest of 300 protesters.

Some Twitter users, however, questioned Google’s move to delay the Android 11 Beta launch owing to political unrest in the US.

“What does politics have to do with postponing the June 3rd event?” tweeted on user.

Another commented: “Google didn’t specifically point out but its pretty obvious “now is not the time to celebrate” Android Police also made an article about it implying it’s because of George Floyd. Seems ridiculous to postpone a mobile OS event bc of it. PS5 is on schedule”.

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Freefall: India’s FY20 GDP growth lowest in the last 11 yrs https://easternmirrornagaland.com/freefall-indias-fy20-gdp-growth-lowest-in-the-last-11-yrs/ Fri, 29 May 2020 18:31:47 +0000 https://easternmirrornagaland.com/?p=314900 New Delhi, May 29 (IANS): The general economic slowdown, along with the impact of the global Covid-19 pandemic, pulled India’s GDP growth rate down to 3.1 per cent in the last quarter of 2019-20. The Q4 growth rate was slower than 4.1 per cent in Q3 and 5.7 per cent reported for the like period of the previous fiscal. Consequently, India’s FY20 GDP declined to 4.2 per cent from 6.1 per cent in FY19. This is the slowest rate of India’s GDP growth in the last 11 years. However, the rate, if looked from the prism of constant prices at 2011-12 prices, would still be the lowest in the last 8 years. “Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2019-20 is now estimated to attain a level of INR 145.66 lakh crore, as against the First Revised Estimate of GDP for the year 2018-19 of INR 139.81 lakh crore, released on 31st January 2020,” the National Statistical Office (NSO) said. “The growth in GDP during 2019-20 is estimated at 4.2 per cent as compared to 6.1 per cent in 2018-19.” “GDP at Constant (2011-12) Prices in Q4 of 2019-20 is estimated at INR 38.04...

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New Delhi, May 29 (IANS): The general economic slowdown, along with the impact of the global Covid-19 pandemic, pulled India’s GDP growth rate down to 3.1 per cent in the last quarter of 2019-20.

The Q4 growth rate was slower than 4.1 per cent in Q3 and 5.7 per cent reported for the like period of the previous fiscal.

Consequently, India’s FY20 GDP declined to 4.2 per cent from 6.1 per cent in FY19. This is the slowest rate of India’s GDP growth in the last 11 years.

However, the rate, if looked from the prism of constant prices at 2011-12 prices, would still be the lowest in the last 8 years.

“Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2019-20 is now estimated to attain a level of INR 145.66 lakh crore, as against the First Revised Estimate of GDP for the year 2018-19 of INR 139.81 lakh crore, released on 31st January 2020,” the National Statistical Office (NSO) said.

“The growth in GDP during 2019-20 is estimated at 4.2 per cent as compared to 6.1 per cent in 2018-19.”

“GDP at Constant (2011-12) Prices in Q4 of 2019-20 is estimated at INR 38.04 lakh crore, as against INR 36.90 lakh crore in Q4 of 2018-19, showing a growth of 3.1 per cent.”

On a sequential basis, the quarterly growth rate has progressively come down from 5.2 per cent in Q1 of 2019-20 to 4.4 per cent in Q2 and 4.1 per cent in Q3.

Last fiscal, the Indian economy faced a severe demand slowdown on account of high GST rates, farm distress, stagnant wages and liquidity constraints.

This time around, the national lockdown implemented to curb the Covid-19 outbreak has dealt a severe blow to the economy.

However, the NSO said that these estimates on quarterly as well as annual basis are likely to undergo revisions.

“In view of the global Covid-19 pandemic and consequent nationwide lockdown measures implemented since March 2020, the data flow from the economic entities has been impacted.

“As some of these units are yet to resume operations and owing to the fact that the statutory timelines for submitting the requisite financial returns have been extended by the government, these estimates are based on the available data.”

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Market rises for 3rd day straight, Nifty above 9,500 https://easternmirrornagaland.com/market-rises-for-3rd-day-straight-nifty-above-9500/ Fri, 29 May 2020 12:08:44 +0000 https://easternmirrornagaland.com/?p=314806 Mumbai, May 29 (IANS): The Indian stock market settled on a positive note for the third consecutive day with the Nifty50 on the National Stock Exchange (NSE) closing over the 9,500 mark. Initially, a choppy trade was witnessed on Friday with both Sensex and Nifty opening on a negative note. However, healthy buying in FMCG, oil & gas, metal and capital goods stocks supported the indices, analysts said. Sensex closed at 32,424.10, higher by 223.51 points or 0.69 per cent from the previous close of 32,200.59. It had opened at 32,041.29 and touched an intra-day high of 32,480.52 and a low of 31,823.80. The Nifty50 closed at 9,580.30, higher by 90.20 points or 0.95 per cent from the previous close. Deepak Jasani, Head of Retail Research at HDFC Securities said that broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby outperforming the Sensex and Nifty. Major Asian markets have closed on a mixed note. European indices like the FTSE, CAC and DAX have ended lower, he added. The top gainers on the Sensex were ONGC, Bajaj Auto and ITC while the major losers were Infosys, Axis Bank and Bharti Airtel.

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Mumbai, May 29 (IANS): The Indian stock market settled on a positive note for the third consecutive day with the Nifty50 on the National Stock Exchange (NSE) closing over the 9,500 mark.

Initially, a choppy trade was witnessed on Friday with both Sensex and Nifty opening on a negative note.

However, healthy buying in FMCG, oil & gas, metal and capital goods stocks supported the indices, analysts said.

Sensex closed at 32,424.10, higher by 223.51 points or 0.69 per cent from the previous close of 32,200.59. It had opened at 32,041.29 and touched an intra-day high of 32,480.52 and a low of 31,823.80.

The Nifty50 closed at 9,580.30, higher by 90.20 points or 0.95 per cent from the previous close.

Deepak Jasani, Head of Retail Research at HDFC Securities said that broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby outperforming the Sensex and Nifty.

Major Asian markets have closed on a mixed note. European indices like the FTSE, CAC and DAX have ended lower, he added.

The top gainers on the Sensex were ONGC, Bajaj Auto and ITC while the major losers were Infosys, Axis Bank and Bharti Airtel.

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Amazon offers 125,000 full-time jobs to temporary employees https://easternmirrornagaland.com/amazon-offers-125000-full-time-jobs-to-temporary-employees/ Fri, 29 May 2020 04:48:24 +0000 https://easternmirrornagaland.com/?p=314757 Seattle, May 29 (IANS): Amazon is offering full-time jobs to 125,000 of 175,000 temporary workers it hired since March to deal with the Covid-19 rush, if employees would like to stay at Amazon long term. According to the company, the rest of 50,000 workers may choose to return to their previous job or stay at Amazon in seasonal or part-time roles. Amazon pays at least $15 an hour to its 600,000-strong workforce. In March, the ecommerce giant announced the hiring of 175,000 roles across its operations network to help provide for the communities and keep as many people as possible working during the Covid-19 pandemic. “Like other companies, we hired these individuals for seasonal roles to meet a surge in demand and, for many, there was the hope of returning back to their previous companies once states began to re-open,” Amazon said in a statement on Thursday. “As the long-term picture becomes more clear, we’re providing the opportunity for 125,000 of those who came on with us seasonally to stay with Amazon and transition into a regular, full-time role beginning in June,” the company added. Some may choose to return to their previous job and others may choose to stay...

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Seattle, May 29 (IANS): Amazon is offering full-time jobs to 125,000 of 175,000 temporary workers it hired since March to deal with the Covid-19 rush, if employees would like to stay at Amazon long term.

According to the company, the rest of 50,000 workers may choose to return to their previous job or stay at Amazon in seasonal or part-time roles.

Amazon pays at least $15 an hour to its 600,000-strong workforce.

In March, the ecommerce giant announced the hiring of 175,000 roles across its operations network to help provide for the communities and keep as many people as possible working during the Covid-19 pandemic.

“Like other companies, we hired these individuals for seasonal roles to meet a surge in demand and, for many, there was the hope of returning back to their previous companies once states began to re-open,” Amazon said in a statement on Thursday.

“As the long-term picture becomes more clear, we’re providing the opportunity for 125,000 of those who came on with us seasonally to stay with Amazon and transition into a regular, full-time role beginning in June,” the company added.

Some may choose to return to their previous job and others may choose to stay at Amazon in seasonal or part-time roles.

Regular, full-time roles at Amazon come with a comprehensive benefits package starting on day one, a minimum wage of at least $15 an hour, and access to training programmes like Career Choice that make it easier to springboard into a different career at Amazon or other companies.

“We hope the option for so many people to stay on long-term at Amazon will help alleviate some of the ongoing burden of unemployment in communities across the US as we all work together to fight through this crisis,” said the company.

Amazon earlier announced to invest nearly $4 billion to keep its workers safe.

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Google selects 5,300 local news organisations for funding https://easternmirrornagaland.com/google-selects-5300-local-news-organisations-for-funding/ Thu, 28 May 2020 16:29:35 +0000 https://easternmirrornagaland.com/?p=314661 New Delhi, May 28 (IANS): India’s East Mojo and Minnambalam are among 5,300 small and medium local newsrooms around the world that will receive emergency funding from Google ranging from $5,000-$30,000 (approximately INR 3.7 lakh-INR 22.7 lakh), the search engine giant said on Thursday. East Mojo, a digital-only news organisation, said it plans to use the fund to allow journalists to go to remote parts of Northern India to shed light on the impact of Covid-19 once the country’s lockdown is lifted. Minnambalam (India), a Tamil language publication from Chennai, said the funding gave them the confidence and financial support needed to carry on with their work. Covid-19 has upended the news industry, hitting local news particularly hard with job losses, furloughs, cutbacks and even closure. To provide some help, the Google News Initiative last month launched the Journalism Emergency Relief Fund. “Applications covering a number of publications under one organization will be capped at $85,000,” Ludovic Blecher, Head of Google News Initiative Innovation, wrote in a blog post. “As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund,” Blecher said. Google said in just two weeks it received...

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New Delhi, May 28 (IANS): India’s East Mojo and Minnambalam are among 5,300 small and medium local newsrooms around the world that will receive emergency funding from Google ranging from $5,000-$30,000 (approximately INR 3.7 lakh-INR 22.7 lakh), the search engine giant said on Thursday.

East Mojo, a digital-only news organisation, said it plans to use the fund to allow journalists to go to remote parts of Northern India to shed light on the impact of Covid-19 once the country’s lockdown is lifted.

Minnambalam (India), a Tamil language publication from Chennai, said the funding gave them the confidence and financial support needed to carry on with their work.

Covid-19 has upended the news industry, hitting local news particularly hard with job losses, furloughs, cutbacks and even closure.

To provide some help, the Google News Initiative last month launched the Journalism Emergency Relief Fund.

“Applications covering a number of publications under one organization will be capped at $85,000,” Ludovic Blecher, Head of Google News Initiative Innovation, wrote in a blog post.

“As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund,” Blecher said.

Google said in just two weeks it received more than 12,000 applications from 140 eligible countries, with 90 per cent of those applications from newsrooms of less than 26 journalists.

“We reviewed each application against a set of criteria: publications operating locally, serving a specific geographic community and using the money to continue doing so,” Blecher said.

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