‘COVID-19 takes sheen off entrepreneurial activities’

Activity drops to 5.34% from 15%: GEM

The COVID-19 pandemic has taken its toll on the entrepreneurial activities in the country with the total early-stage entrepreneurial activity (TEA) declining to 5.34% in 2020-21, as compared to 15% in the previous year.

According to the Global Entrepreneurship Monitor (GEM) India Survey conducted by Entrepreneurship Development Institute of India (EDII), the entrepreneurial intentions among individuals have declined due to the setback caused by the pandemic.

The survey was conducted in more than 45 countries, of entrepreneurs and entrepreneurial perceptions. EDII, Gandhinagar conducted this GEM India survey with a sample size of 3,317 adults and national level experts.

“The survey has found out that the major indicator of entrepreneurial activity— the TEA — has declined significantly due to the COVID-19 pandemic,” EDII director General and team leader of GEM India Sunil Shukla told the PTI.

“Of the total population in the work age group in 2019-20, TEA was 15% which has declined to 5.34%.”

‘Daimler India exports cross pre-COVID levels’

Unit ships more than 9,000 CVs

Daimler India, the 100% subsidiary of Stuttgart-based Daimler has breached pre-COVID levels on its exports, up more than 10% from the previous record, the commercial vehicle maker said on Friday.

Since the beginning of 2021, Daimler India Commercial Vehicles said it has set a record by shipping more than 9,000 commercial vehicles (CV) crossing a new milestone, including 45,000 vehicles, 9,000 CKD (completely knocked down) kits, and 200 million parts being exported, DICV said.

The Daimler India facility at neighbouring Oragadam here is the only Daimler Truck location worldwide that produces engines, transmissions, trucks and buses at the same site under four brands, the company said in a statement here.

“It is a a great testimony to the trust our customers worldwide have in our locally-made products,” DICV, MD and CEO, Satyaka Arya said.

“Despite the ongoing challenges presented by the pandemic and its effect on logistics, we continue to foster a global presence with exports of ‘Made in India products,” he said.

I-70 closed at various points in Colorado’s high country due to winter weather

Interstate 70 is closed in both directions at various points in Colorado’s high country due to winter weather concerns.

Westbound lanes of the highway are closed at the Vail Pass Summit (exit 190) due to “safety concerns,” the Colorado Department of Transportation tweeted at 12 p.m. Friday. Westbound lanes are also closed at Hanging Lake (exit 125) due to a rockslide.

Meanwhile, down the road in the Summit County, I-70 eastbound lanes are closed between East Frisco (exit 203) and Loveland Pass (U.S. 6), CDOT tweeted.

China Cuts 1-Year Loan Prime Rate For First Time Since Early 2020

China cut its benchmark loan prime rate for the first time in 20 months.

The one-year loan prime rate was lowered to 3.80 percent from 3.85 percent. At the same time, the five-year LPR was maintained at 4.65 percent.

The one-year and five-year loan prime rates were last reduced in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.

Mark Williams, an economist at Capital Economics, said a further 45 basis point of cuts to the one-year LPR during 2022 is expected.

The economist forecasts a cut to the five-year LPR before long which will make mortgages slightly cheaper and help official efforts support housing demand.

The overall impression, including from today’s announcement, is that policy is being eased but not dramatically, said Williams.

The marginal reduction in loan prime rate came after the People’s Bank of China last week lowered its reserve requirement ratio for major commercial banks by 50 basis points.

Arnold Schwarzenegger donates £186,000 to provide 25 ‘tiny homes’ for war veterans

Arnold Schwarzenegger has donated $250,000 (£186,700) to provide 25 “tiny homes” for war veterans in California.

The small room-sized housing units with beds and heating will help former military personnel get off the streets.

“This is what Christmas is all about,” the Terminator actor wrote on Twitter.

Japan's Kyoto prefecture finds four Omicron cases – Kyodo

TOKYO (Reuters) – Kyoto prefecture in western Japan detected four new infections of the Omicron coronavirus variant, including three cases of suspected community transmission as their infections routes were unclear, Kyodo news agency reported on Saturday.

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