Thursday, 2 Jul 2020

GDP growth slows to 4.2% in 2019-20, pulled down by 3.1% growth in fourth quarter

Denver police investigate fatal stabbing along South Broadway – The Denver Post

Denver police are investigating a fatal stabbing that occurred Thursday night in the 1500 block of South Broadway.

An adult male was “apparently stabbed during an altercation,” a tweet from Denver police said. One man in in custody.

The incident was not connected with the George Floyd protests, police told The Denver Post Thursday evening.

— Elizabeth Hernandez (@ehernandez) May 29, 2020

Authorities say that the incident is being investigated as a homicide and anyone with information is asked to call Crime Stoppers at 720-913-7867.

Brazil's national debt rises to record 79.7% of GDP in April – central bank

BRASILIA, May 29 (Reuters) – Brazil’s national debt as a share of overall gross domestic product rose to a record 79.7% in April, the central bank said on Friday, up from 78.4% the month before as public finances deteriorated rapidly due to the coronavirus pandemic.

The public sector posted a record primary budget deficit of 94.3 billion reais ($17.5 billion) in April, the central bank said, less than the expected 118.6 billion reais shortfall but widening the deficit in the 12 months to April to 2.25% of GDP.

US Navajo Nation community hit hard by COVID-19

Navajo Nation president says Native American communities are not getting the emergency funds they need for testing and equipment.

COVID-19 has struck particularly hard in the largest Native American reservation in the United States.

Navajo Nation President Jonathan Nez has imposed a strict lockdown, curfew and even checkpoints across the Navajo Nation. But he says Native American communities are not getting the emergency funds they need for testing and equipment.

More lives have been lost in the Navajo Nation than in the rest of New Mexico.

Al Jazeera’s Rob Reynolds reports.

Chile jobless rate hits 9% amid pandemic

SANTIAGO (Reuters) – Chile’s unemployment rate CLUNR=ECI hit 9% between February and April versus the same period a year ago, the government said on Friday, as lockdown measures to combat the coronavirus batter the South American nation´s already ailing economy.

US-China ties: White House says China covered up COVID-19 cases

Trump administration has ramped up criticism of China, describing ties as ‘disappointing’

The White House has described the US relationship with China as “disappointing and frustrating”, as a rift deepens over the origins of the coronavirus.

President Donald Trump maintains it came from a Chinese lab but Beijing says there is no evidence of that.

Trump has intensified his rhetoric against China recently and some analysts say this is a pre-election gambit.

 

Al Jazeera’s Mike Hanna reports from the US capital, Washington, DC.

India to send home hundreds of thousands of stranded workers

Government is organising trains to transport home workers stranded in cities, as many have no food after losing their jobs and accommodation.

The Indian government is organising trains to transport home hundreds of thousands of workers stranded in cities.

Many have no food after losing their jobs and accommodation.

But the government effort to get workers home is being resisted by business owners who fear they will have no workers once the lockdown is lifted.

Al Jazeera’s Elizabeth Puranam reports from Greater Noida in Uttar Pradesh state.

Indian workers' rights suspended to restart the economy

The states say the changes will help businesses and get the economy back on track but workers are already paying the price.

India’s government is being accused of using the coronavirus emergency to exploit millions of workers.

After two months of lockdown, some of India’s biggest states have suspended most labour laws in a bid to restart the economy.

Trade unions say changes to working hours, wages and health and safety standards weaken workers’ rights at a time they cannot protest.

Al Jazeera’s Elizabeth Puranam reports from New Delhi.

Stock Alert: Repay Holdings Spikes 8%

Shares of payment solutions provider Repay Holdings Corporation (RPAY) are climbing more than 8% Friday morning at $22.32, close to its 52-week high of $23.70. The stock has recorded a 52-week low of $10.21.

Yesterday, Repay Holdings has priced the public offering of its 8 million Class A common stock at $20.00 per share.

The company intends to use the net proceeds from the sale of 4 million shares for general corporate purposes, which may include future acquisitions, satisfaction of earnout obligations from prior acquisitions, and working capital.

Net proceeds from the other 4 million shares or 5.2 million shares, if the underwriters use their option to purchase additional shares, will be used to buy an equivalent number of outstanding units of Hawk Parent Holdings LLC owned by CC Payment Holdings, L.L.C., an entity controlled by Corsair Capital LLC and its affiliates, for cash.

When Repay announced first-quarter results early this month, Revenue had increased 71% year-over-year at $39.5 million.

GDP growth slows to 4.2% in 2019-20, pulled down by 3.1% growth in fourth quarter

In 2019-20, the Indian economy grew by 4.2% against 6.1% expansion in 2018-19.

Economic growth slowed to an 11-year low of 4.2% in 2019-20, according to data released by the National Statistical Office on Friday.

In the final quarter of the year, that is, January-March, the growth rate of Gross Domestic Product (GDP) fell to 3.1%, reflecting the impact of the first week of the COVID-19 lockdown which began on March 25.

Although these estimates reflect a slowing economy, they are still higher than predicted by most economists and ratings analysts. Both agriculture and mining sectors picked up steam in the fourth quarter, growing at rates of 5.9% and 5.2% respectively, even while the manufacturing sector contracted further, recording a negative growth of 1.4%.

The budget estimate for GDP growth in 2019-2020 had been pegged at 8.5%. However, the earlier estimates from the NSO had revised this projection downward to 5%. The provisional estimate released on Friday pushed the figure further down to 4.2%. The Indian economy grew at 6.1% in the previous year.

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