Have you been keeping up with the news?

What reason did the government give for not joining the EU procurement scheme on four separate occasions?

Brussels had the wrong address so we never got the email

We weren’t allowed to because we had left the EU.

All the European ventilators had the wrong plugs.

In her evidence to the home affairs select committee, did Priti Patel say that the reason passengers weren’t tested on arrival at airports was because...

The UK had too many international air passengers

The UK had too few international air passengers

The UK had both too many and too few international air passengers

The communities secretary, Robert Jenrick, owns three homes, two of which are in London. Where is the third which he visited in contravention of lockdown rules?

Exmoor

His constituency of Newark

Herefordshire

What did the Daily Mail think VE Day stood for in its readers’ offer for a 75th Anniversary Celebration coin?

Victory in Europe

Victory for Europe

Victory over Europe

Who was visited by the police after breaking lockdown to go to Dover to make a video about his failure to find any illegal immigrants?

Richard Tice

John Redwood

Nigel Farage

How many people in South Korea (population 52 million) have died from the coronavirus?

256

2,560

25,600

What did Donald Trump suggest people should think about using to help them beat coronavirus?

Sunbed courses

Dettol

Chloroquine

What is France selling to help pay for the coronavirus crisis?

The Arc de Triomphe

The wine cellar of the Elysee Palace

Its national collection of antique furniture

How long do you get on a free Zoom conference call?

30 minutes

40 minutes

60 minutes

What was Boris Johnson doing when he took 10 days off in Chequers in February during the early days of the coronavirus pandemic?

Recovering from his 10-day break to Mustique at the New Year.

Sorting out his complicated private life.

Helping Carrie Symonds arrange a baby shower for her friends.

What was the name of the two doctors who cared for Boris Johnson in St Thomas’ after whom he named his son?

Imran

Ranjit

Nicholas

What aliases did the transport secretary, Grant Shapps, use for his second job as an internet marketeer when first elected as an MP?

Maurice Blue and Archie Stoat

Mostyn Orange and Torquil Beaver

Michael Green and Sebastian Fox

How many coronavirus tests did Priti Patel tell a Downing Street press conference had been carried out?

300,034,974,000

3,000,349,740,000

30,034,974,000

Who is being lined up to take the blame for the inevitable public inquiry into the government’s handling of the pandemic?

The EU

Matt Hancock

Meghan and Harry

How much will a mug of coronavirus breakout star, Chris Whitty, cost you from the ‘Chris Whitty Appreciation Society’?

£8

£10

£12

What did deputy chief medical officer, Jenny Harries, tell a Downing Street press conference in March that couples should do?

Separate

Stop being so needy

Move in together

Banksy has donated a new artwork to Southampton general hospital. It depicts a boy holding up

A testing kit

A Boris Action man

A nurse doll

Where is Tom Cruise’s new film set to be shot?

The International Space Station

Richard Branson’s Necker Island

The Nightingale Hospital in London

What was Meghan reading to her son Archie in his first birthday video

Lights! Camera! Action!

Duck! Rabbit!

Duck! Never!

15 and above.

Excellent: give yourself a round of applause

11 and above.

Well done: you seem to have been paying attention to the news

7 and above.

Not bad: you appear to have been trying to keep with events

0 and above.

Risible: were you trying to get the answers wrong?

3 and above.

Very poor: do you follow the news at all?

The wild plot involved faking his own death, stealing the identity of a Florida attorney, using an app to disguise his voice, and pretending to have prostate cancer, bone cancer, and a brain aneurysm.Unemployed Virginia man Russell Louis Geyer was so determined to hide his assets in bankruptcy proceedings, he even threw his own wife under the bus—duping her into handing over $70,000 and using her email address to inform an attorney he was dead. Geyer, 50, pleaded guilty on Wednesday to contempt of court, bankruptcy fraud, wire fraud, and aggravated identity fraud. He faces up to life in prison.“In an effort to game the bankruptcy system, Mr. Geyer devised a made-for-TV plot that ultimately collapsed under its own weight,” U.S. Attorney Thomas Cullen said in a statement.Minnesota Man Killed Wife, Buried Her Under Home, Then Faked Her Disappearance: Court DocsGeyer and his wife, Patricia Sue Geyer, from Saltville, filed for voluntary bankruptcy in late 2018, listing liabilities of $532,583.80, according to court documents.They were behind on payments for three of their four vehicles, for both their home and a rental property they owned, and for most of their furniture. They hadn’t paid electricity bills, bank overdrafts, credit card bills, and dozens of medical bills, and more than 50 creditors were chasing them for everything from their 65-inch TV to their Kawasaki ZX1000 motorbike. At one point in the bankruptcy proceedings, Geyer told his lawyer, John Lamie, he’d gone to the Mayo Clinic in Florida to be treated for prostate cancer, but it had spread to his bones and he intended to stop treatment.Four months later, according to a criminal complaint, he told Lamie he was now in a hospice in Florida after treatment failed. He said his wife was there, too, and had undergone bypass surgery for a heart condition. She wasn’t cleared to drive back to Virginia, he claimed.Then, a few days before September 5, 2019, when Geyer was due to appear in person at a bankruptcy hearing, Lamie received an email from Geyer’s wife. Her husband was dead, it said. He’d apparently had a brain aneurysm in June while being transported back from Florida after his chemotherapy treatments.Around the same time, Geyer’s attorney got a threatening email from an attorney in Florida who said he’d sold the assets that debtors were trying to recover in the bankruptcy case. “[Patricia] doesn’t know anything about this, and neither does Russell,” the email said. “I have complete control of Russell and told him to kill himself. You will not find him in time.” He ended the email by saying: “I am on a plane out of the country.”However, investigators later found that the Florida attorney whose name was used in the email existed but had nothing to do with the case. Geyer had simply set up a bogus email account using his name.‘Please Come Get Me’: Fatal Indianapolis Police Shooting May Have Aired on Facebook He even used the attorney’s identity to fleece his wife, a registered nurse who earned $3,200 a month, for $70,000. Geyer told his wife he’d won a $1 million settlement in Florida in an unrelated court case but needed her to pay $70,000 in legal fees for the money to be released. He used the bogus email address and an app that disguised his voice to pose as the Florida attorney and confirm the settlement was imminent. “It was all untrue,” the U.S. Attorney’s Office for the Western District of Virginia said in a statement on Thursday.The plot unraveled on Sept. 4, the day before the bankruptcy hearing, when a process server visited the couple’s Saltville home to give them a notice to appear.The home was empty but, just as the process server was leaving, Geyer and his wife arrived home in their car and got out—far from the Florida hospice he had claimed to be languishing in. The next day, Patricia Geyer, who said she’d largely let her husband deal with the bankruptcy case, left home to attend the court hearing about an hour after her husband. He never showed up.She told the court she had no idea about her husband’s wild story. She said they hadn’t been in Florida recently, she hadn’t had bypass surgery, and her husband didn’t have cancer. The first time she’d heard of her husband’s supposed death was two days earlier, when Lamie called her to say he’d heard about Geyer’s passing.“A few days ago, [Lamie] called me at work,” she said under cross-examination in court. “I got a message to call him. So I immediately called him and then he told me all this stuff about Russell being dead and all that. It just floored me, so I had no clue.”“Where’s Mr. Geyer now?” a judge asked her.“I couldn’t tell you, because he left the house this morning an hour, hour before me. And he was supposed to come down here and be here at 10:30, and then when I ended up here, he wasn't here. So I don’t know.” After that day in court, she only ever received text messages from Geyer saying he was in a hospital in West Virginia following a suicide attempt. Geyer was tracked down two weeks later and charged with criminal offenses. He underwent a psychiatric evaluation as part of the criminal case but was found to be competent to stand trial.“Despite its complexity and shameless use of deceit, including against his own wife, Mr. Geyer’s scheme failed to account for the FBI’s and the US Attorney’s office’s commitment to protect both fraud victims and our judicial system,” FBI Special Agent David W. Archey said.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

Banks see stampede for bounce-back loans within hours of the new government scheme going live.

Bank head Andrew Bailey tells the BBC there will be no quick return to normality after the hit to jobs and income.

A board director of the Bassein Catholic Cooperative Bank, Dilip Mathak, 45, allegedly committed suicide by hanging himself on Tuesday afternoon. His body was recovered by his family from his home in Pachubandar, Vasai West. No suicide note has been discovered yet.

Mathak used to reside with his mother, wife —whom he married in January this year — and younger brother. His body was found in a small room behind his bungalow around 5 pm. One of his family members informed the Vasai village police, who rushed to the spot, conducted a panchnama and sent the body for an autopsy at the local government hospital.

According to police sources, Mathak was a prominent name in Vasai, and was also the president of its Koli Yuwa Sanstha. He was a very friendly person. One of his friends said they're in deep shock as Mathak suddenly took this step, even though everything seemed to be going well for him. Speaking to mid-day, a police official from Vasai village police station said, "The reason behind the suicide has not been revealed yet and neither have we found a suicide note. We have registered an Accidental Death Report (ADR) and are investigating the matter."

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Earlier this year, while performing at a military training centre in south Kashmir's Pulwama district, singer Ameya Dabli recalls receiving a disturbing piece of news from the army chief Lt Ranbir Singh. Four terror attacks had taken place at a nearby hillock on the same day. The hill, as he soon learnt, was located less than a kilometre away from the centre.

"The chief said to me, 'Don't worry. We will protect you'. This one reassuring line was enough to allay our fears in that high tension zone," he says. Dabli and his team of musicians went on to deliver a power-packed two-hour performance regaling the audience with musical compositions of poems penned by Kabirdas, Guru Nanak, Amir Khusro and Tulsidas. "We didn't realise how those two hours flew by. You see, that's the power of music," he says. Since then, Dabli has performed at several other conflict regions of the country, including eight districts of Jammu and Kashmir, and four in the Northeast.

Singing for peace
It was three years ago that Dabli, a Bhandup resident, conceptualised Ekam Satt, which are essentially pro bono concerts curated for the Indian Armed Forces and civilians, in order to not just motivate jawans, but also bring peace. Born in a family of music lovers - his mother Anuradha Dabli is a trained classical and light music exponent - the 38-year-old was inducted into singing from the age of seven. "But, the idea to use music as a peace building tool was something that took shape during my last stint as the marketing head of Ronny and Zarina Screvwala's Swades Foundation. Here, I got the opportunity to interact with a lot of non-profits," he says.

Dabli, who holds a robust 15 years of corporate experience as marketing head with the Tata Group, HSBC and Citibank, now straddles a music career along with a venture where he mentors start-ups and NGOs to start their businesses. Till date, he has performed over 1,500 concerts across 15 countries. "Initially, it took us a good six months to curate the songs for Ekam Satt, because we wanted it to be a good blend of sufi, folk and contemporary music. We even got RS Mani, the music arranger of Veer Zaara to help us. But now, it's seamless," he says.

While Dable's pieces comprise the works of legendary poets such as Mirabai, Narsinh Mehta, Khwaja Garib Nawab and Tukaram, the songs are infused with peppy global music styles like hip hop, reggae and opera to make it livelier. "When we approached the Army headquarters in New Delhi with the concept, they loved it and immediately asked us to come on board," he says.

On the shaadi front
Interestingly, Dabli is also a sought-after name when it comes to weddings and sangeet and has performed at the glitzy wedding of Sasha Rawal - sister of Bollywood's leading fashion designer Kunal Rawal - and Samarth Bajaj, and very recently, the engagement of Isha Ambani and Anand Piramal. He has also organised gigs for Kumar Mangalam Birla, David and Lali Dhawan, Aditya Birla and Adi Godrej. "It's not the typical shaadi scene. My forte is the pheras, something that most people don't pay much attention to," he laughs. "I perform something called the signature wedding chants, where I don't just recite mantras, but also provide explanation of the vidhis or rituals," adds Dabli, who perfected his Sanskrit under the tutelage of his father, Professor PV Dabli, a scholar in the language.

Dabli says juggling his entrepreneurial venture with his musical endeavours does test his ability to multi-task. "Sometimes, I don't know which one to focus on more. But that's what happens when you love whatever you do equally," he smiles.

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates

Louiz Banks

I must first establish that jazz is not solely American music. It was born there, no doubt, but gradually it has become a universal musical language, seamlessly integrating with other cultures around the world driven by gifted musicians with an open mind. Thereby becoming a well-loved genre of music. There's a bunch of young and talented musicians in Mumbai and India who are getting into jazz in a serious manner despite the fact that they also play other genres of popular music.

Rhys Sebastian D'Souza

They are versatile, but jazz is their focus, which is great. Because of their commitment, supported by application and daily practice, they are bringing freshness and vitality to the growth and popularity of jazz.

Rhythm Shaw

I am happy about this because it's my dream to bring jazz to the intelligent masses. Among the youngsters who are the driving forces in this amazing movement are Gino Banks, Sheldon D'Silva, Mohini Dey, Anurag Naidu, Andrew Kanga, Rhythm Shaw, Abhinav Khokhar, Rahul Wadhwani, Vasundhara Vee, Sonia Saigal, Isheeta Chakravarty, Harmeet Manseta, Tarun Balani, Ron Cha, Sharik Hassan, Shirish Malhotra and Rhys Sebastian D'Souza, among other talented musicians.

Isheeta Chakravarty

Each of them is bringing his/her own perception and unique individuality to the understanding and 'live' performance of jazz. These artistes are taking the jazz movement forward into the now and beyond. God bless their zeal and may their tribe increase manifold. My dream is becoming a reality.

As told to Soumya Vajpayee Tiwari

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A 3D rendering of what The Bank will look like when complete

This is a scenario that's all too familiar to most millennials: it's the end of the month, and a colleague's farewell party comes up. The next morning, you realise you don't have enough money to last you till your next pay cheque. Turns out, two budding entrepreneurs from the city have a solution - a pub called The Bank.

Harsh Mav and Shaunak Mukherjee

"The concept is born out of the understanding of what being broke towards the end of the month feels like," begins Harsh Mav, who, along with childhood friend Shaunak Mukherjee, is launching a space where you can drink on a loan and repay it in EMIs, among other things. And they've just started a crowdfunding campaign so you can help turn their dream into reality.

Ajit Dhumal at BBC's first outlet in Goregaon. Pic/Sneha Kharabe

Jumping through hoops
"We have been frequenting different pubs in the city for a while, and we realised that most places serve alcohol at prices that are unaffordable to people like us. So, we started thinking of new ways in which bars could make money while keeping it affordable for customers. That's when we thought, 'Why not do this ourselves?'" says Mav.

Right off the bat, they faced a series of hurdles. They were turned down by banks for a loan, and investors weren't keen on the project due to the duo's lack of experience in the industry. Mav finally mortgaged his family home for R90 lakh, while Mukherjee managed to acquire a loan of Rs 43 lakh. They even found a space in Lower Parel's bustling Mathuradas Mills. That's when things took a turn for the worse.

"We had put down the deposit, paid three months' rent, and started work on the interiors. Then, suddenly, the BMC put a halt to everything, claiming there was a stay order on the property, a detail the landlord had failed to mention," says Mav.

Furthermore, the landlord refused to return their money, which meant they were back to where they had started - with nothing. "We're going to take legal action to recover the money, but for now, we want to get the project going. That's why we opted for crowdfunding," says Mav.

Moving forward
Needless to say, not all the funds will come from the Ketto campaign. Opening an eatery in the city requires a far larger sum than the Rs 10 lakh the duo is trying to raise. "Right now, we have most of what we need to get the pub going - food and beverage suppliers, staff, and brand tie-ups. We're looking to gather funds for the interiors," says Mav.

What do you get if you contribute to the campaign? Plenty of rewards, it appears, ranging from free drinks to getting double the return on your investment. The search is now on for a new space, and the campaign has already started catching the attention of interested investors, who, Mav and Mukherjee hope, will look beyond their inexperience and give them a fair chance.

Log on to: ketto.org/fundraiser/thebank

In under 3 years, Yes Bank has gone from being a darling of investors to a pariah. Here's a look at the events that led to the crisis in 10 points.

1. 2017: RBI forces Yes Bank to disclose that there is big divergence in its non-performing loans of Rs 42 billion reported in the company's audited accounts for the year ended March 2016. The divergence further widened to almost Rs 64 billion a year later. To put this in perspective, the RBI audit had pegged its total gross non-performing assets (NPAs) at 5% for FY16, against the bank's own assessment of only 0.8% for the same year.
2. September 19, 2018: Not surprisingly, a year later, RBI refuses to give Yes Bank CEO Rana Kapoor an extension to his term as MD. The apex bank asks Kapoor to step down by end of January 2019. Kapoor fights back...but it always seemed like a battle he was set to lose.
3. November 27, 2018: Rating agency Moody's cuts bank's rating outlook to 'negative' from 'stable' citing concerns over corporate governance. This is a big whammy...for a bank, its credit rating is everything.
4. January 24, 2019: Yes Bank hires the head of Deutsche Bank India, Ravneet Gill, as its new CEO. There's hope...even though Gill has not run a bank of this size before. The stock price rallies 66% in the days following the appointment.
5. May 14, 2019: RBI appoints former central bank Deputy Governor R. Gandhi as additional director to Yes Bank's board - a rare move signaling an increased level of scrutiny on the lender.
   
   Yes Bank reports 91% drop in profit in 1QFY20, provisions surge and gross NPA ratio stands at 5%.
6. October 3, 2019: CEO Gill says bank is in talks with private equity firms, strategic investors and family offices to raise additional capital. Again, this appears to be good news.
7. October 31, 2019: Yes Bank gets binding investment offer of US$ 1.2 billion from a global investor. But this does not go down well as credibility of the likely largest investor is questioned in the media.
8. November 1, 2019: Yes Bank reports bigger-than-expected loss for 2QFY20, NPA to loans ratio swells to 7.4% and provisions swell to Rs 13.4 billion.
9. March 6, 2020: It's been months now and there is little progress on capital raising (other than rumours floating around). RBI takes over Yes Bank's board and imposes a month-long moratorium, imposing a limit of Rs 50,000 on withdrawals.
10. March 7, 2020: Stock price of Yes Bank crashes by nearly 60%. At it's worse the stock was down at Rs 5.7 that day. RBI shares a restructuring plan for Yes Bank...basically a bailout by SBI.

Well, then...that's the Yes Bank timeline. At the time of writing, stock price of Yes Bank was trading up by 31%.

Next time, when you think of buying a banking share...or making a deposit...be sure you understand the risk.

Most sectors in the Indian share markets have been drowning in a sea of red due to the crash led by coronavirus outbreak. The biggest blow, however, has been felt by the banking sector.

The sector was already reeling under pressure due multiple factors for quite some time. And things started getting worse since the start of 2020.

Here's a timeline showing some major events that happened in the Indian banking sector and led to the slowdown we are witnessing in the past few months...

1. Mounting Pile of Bad Loans: Indian banks have for years worked to beat down mounting piles of bad loans of the sort that led to the Yes Bank fallout. The ratio of gross non-performing assets (NPAs) at Indian banks rose to 11% in 2018 from about 2% in 2008, before starting to ease off.
2. IL&FS Crisis Kicks Off the Downward Spiral: Foreign institutional investors (FIIs) were heavily positioned in the Indian banking and financial space, and stocks in the sector witnessed maximum inflows during good times. However, they started noticing cracks with consistent negative performance in the banking and financial sector and started moving out of them. The downward spiral for these sectors began since IL&FS crisis camec out into the open.
3. Credit Quality Deteriorates: After being the most preferred sector for over half a decade, things started changing for stocks in the banking sector since 2020. This came as the sector witnessed a double blow in the form of YES Bank fallout and prolonged economic slowdown. And all this only led to credit quality deterioration for banks.
4. YES Bank Crash: The Yes Bank crisis and the sight of Rana Kapoor being taken to court in early March came in as one of the worst months for India's banking sector.
5. Bailout for Yes Bank: To save Yes Bank, a range of Indian lenders led by the State Bank of India (SBI), infused funds in return for an equity stake. The episode came as a jolt to investors, who worried it could exacerbate vulnerabilities in the financial system.
6. Panic Selling Amid SC Order: Then came another blow. Before the dust settled on Yes Bank, the Supreme Court ruled that telecom operators must pay dues worth billions owed to the government. This caused panic-selling in bank stocks due to their heavy exposure to the telecoms sector.
7. Coronavirus Threat: The challenges now facing India's banking sector have reached another order of magnitude due to the coronavirus threat to the economy. Banking stocks have been among the hardest hit.
8. Sharp Fall for BSE Bankex: The BSE Bankex has fallen about 46% so far this year, outpacing the 32% fall in the BSE Sensex. Shares of Axis Bank and IndusInd Bank have lost the most during this period.
9. Relief Measures: Owing to all these shocks, banks have sought various relief measures. On 27 March 2020, the Reserve Bank of India (RBI) came out all guns blazing to arrest a potential slowdown caused by coronavirus (Covid-19). It did not just lower the cash reserve ratio (CRR) by 1% to 3% but also cut the repo rate by 0.75%. Also, there is a three-month moratorium on payment of loan installments.
10. PSB Merger: Then came the major announcement effective from 1 April 2020. First announced in August 2019, the government's ambitious plan to merge 10 state-owned banks into four came into effect from 1 April 2020. The move, aimed at strengthening the banking system and creating more large institutions with size and scale, has seen...
    • Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank,
    • Andhra Bank and Corporation Bank merged into Union Bank of India,
    • Allahabad Bank merged with Indian Bank, and
    • Syndicate Bank amalgamated into Canara Bank

So, that were some top pointers on what the Indian banking sector has been going through amid the coronavirus led stock market crash.

I reached out to Tanushree Banerjee, who is closely tracking the banking sector in the current scenario. Here's her view on the sector...

• The Covid-19 lockdown has hit cash flows of both individual borrowers and corporates. This, in turn, will impact their loan repayment capability.
  
  The RBI's repo rate cut came as a temporary lifeline for Indian companies with debt on books. It will offer both companies and retail borrowers some breather. If banks use this phase judiciously, it may save the NPA ratios from worsening significantly.
  
  However, only the banks that have adequate capital and provisioning cushion may be able to tide over the economic crisis. Eventually, another round of consolidation in private sector banks, like the one after 2002, cannot be ruled out.

Tanushree's latest StockSelect recommendation is one such midcap bank.

You can read the entire report here (requires subscription).

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As of September 1, 2019, India introduced an obligation for tax to be deducted at source at a two percent rate if a taxpayer's cash withdrawals totaled INR10m (USD138,350) or more in the previous year.