Almost 1.6 billion workers in the informal economy, nearly half of the global workforce, face an immediate danger of losing their livelihoods due to the continued sharp decline in working hours because of the COVID-19 outbreak, the International Labour Organisation (ILO) has said. Over 430 million enterprises in hard-hit sectors such as retail and manufacturing risk "serious disruption", the UN agency added. The findings appear in the ILO Monitor third edition released on Wednesday.

Globally, there are some 3.3 billion workers. Two billion have jobs in the informal economy, the most vulnerable workers in the labour market. ILO said 1.6 billion in the informal economy "have suffered massive damage to their capacity to earn a living" as a result of the economic meltdown triggered by the COVID-19 pandemic.

Due to lockdowns or because they work in hard-hit sectors, these workers globally have seen a 60 per cent drop in income during the first month of the crisis. This translates into a over 80 per cent decline in Africa and the Americas, 70 per cent in Europe and Central Asia, and 21.6 per cent in Asia and the Pacific, the ILO said.

The ILO called for "urgent, targeted and flexible measures" to support both workers and business, particularly smaller enterprises and those in the informal economy.

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With the Coronavirus outbreak wreaking havoc across the globe with millions of people being infected and scores of lives claimed, government have made wearing face masks mandatory for people. The decision has made face masks a prized commodity for people.

Traffic in California came to brief halt after drivers had stopped to pick up face masks that were littered on the road. Although it is not clear how the masks ended up spilled on the highway, CBS reported that a man was spotted throwing boxes of masks on the road from a white truck.

The California Highway Patrol-Hayward posted pictures of the incident on their Facebook page where scores of masks were found lying on the southbound lanes of Interstate 880. “Multiple individuals stopped in lanes and stepped out of their vehicles to pick up masks,” read the post, adding that debris has been cleared and the lanes were opened.

The post also appealed drivers not to step out of their vehicle on an active freeway. Many users commenting on the post criticized the driver who reportedly threw the mask on the road, instead of donating it. One user said, “Just terrible! That person has no respect.” Another user said, “The highway does not have a need for medical masks. Therefore, I would have donated to an entity that did! A user said, “What a waste of something necessary now.”

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China, where the deadly coronavirus first emerged in December last, reported just one COVID-19 case, the National Health Commission (NHC) said on Saturday. The death toll remained at 4,633 with no new fatality. As of Friday, the total confirmed cases on the mainland were 82,875. As many as 77,685 patients have been recovered, the NHC said.

One new imported coronavirus case was reported on Friday with no new local infection, it said. China has reported a total of 1,671 imported COVID-19 cases, including seven in critical condition. The Hubei province and its capital Wuhan, the epicentre of the virus, have not reported any coronavirus case for 28 consecutive days since April 4, local health commission said on Saturday. Hubei also lowered its COVID-19 emergency response from the highest level to the second-highest on Saturday.

The lowering of the emergency level shows a major breakthrough in Hubei's prevention and control against the coronavirus, Hubei Vice-Governor Yang Yunyan told media. Meanwhile, 20 new asymptomatic cases were reported on Friday, taking the total number of such patients to 989. Asymptomatic cases refer to people who are tested COVID-19 positive but develop no symptoms such as fever, cough or sore throat. However, they pose a risk of spreading the disease to others.

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Australian flag carrier, Qantas on Tuesday extended international flight cancellations till the end of July, but said that it was in a strong position to endure disruptions caused by the COVID-19 pandemic.

The company said that domestic flights would be cancelled till the end of June and international services until the end of July, adding that domestic and trans-Tasman services could be quickly reinstated should restrictions ease in coming weeks, reports Xinhua news agency.

"Australia has done an amazing job of flattening the curve and we're optimistic that domestic travel will start returning earlier than first thought, but we clearly won't be back to pre-coronavirus levels anytime soon," Group CEO Alan Joyce said.

"With the possible exception of New Zealand, international travel demand could take years to return to what it was."

The company, which includes budget branch Jetstar, also revealed it had secured a further A$550 million ($354 million) in debt funding, placing it in a stronger position to endure the COVID-19 crisis.

According to Qantas, by reducing expenditure and borrowing against its fleet of aircraft, the company could survive several recovery scenarios, including one where current travel restrictions persisted until December 2021.

The reduction in expenditure is largely due to the standing down of more than 25,000 staff who were forced to use leave entitlements before receiving delayed financial assistance from the government.

"The impact of this stand down is deeply regrettable but has been greatly softened by the Australian Government's JobKeeper program, which the Group commenced paying several weeks ahead of the official payment start date," the airline said in a statement.

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India is projected to record the highest number of births in the 9 months since COVID-19 was declared a pandemic in March, with more than 20 million babies expected to be born in the country between March and December, according to top UN body. The United Nations Children's Fund (UNICEF) warned that pregnant mothers and babies born during the pandemic across the world were threatened by strained health systems and disruptions in services. An estimated 116 million babies will be born under the shadow of COVID-19 pandemic, UNICEF said on Wednesday, ahead of Mother's Day, observed on May 10.

These babies are projected to be born up to 40 weeks after COVID-19 was recognised as a pandemic on March 11. The highest numbers of births in the 9 months since the pandemic was declared are expected to occur in India, where 20.1 million babies are projected to be born between March 11 and December 16. Other countries with the expected highest numbers of births during this period are China (13.5 million), Nigeria (6.4 million), Pakistan (5 million) and Indonesia (4 million), it said. "Most of these countries had high neonatal mortality rates even before the pandemic and may see these levels increase with COVID-19 conditions," UNICEF said.

It is estimated that there will be 24.1 million births in India for the January-December 2020 period. UNICEF warned that COVID-19 containment measures can disrupt life-saving health services such as childbirth care, putting millions of pregnant mothers and their babies at great risk. Even wealthier countries are affected by this crisis. In the US, the sixth highest country in terms of expected number of births, over 3.3 million babies are projected to be born between March 11 and December 16.
"New mothers and newborns will be greeted by harsh realities," UNICEF said, adding they include global containment measures such as lockdowns and curfews; health centres overwhelmed with response efforts; supply and equipment shortages; and a lack of sufficient skilled birth attendants as health workers, including midwives, are redeployed to treat COVID-19 patients.

"Millions of mothers all over the world embarked on a journey of parenthood in the world as it was. They now must prepare to bring a life into the world as it has become ¿ a world where expecting mothers are afraid to go to health centres for fear of getting infected, or missing out on emergency care due to strained health services and lockdowns," UNICEF Executive Director Henrietta Fore said. "It is hard to imagine how much the coronavirus pandemic has recast motherhood" Fore said.
UNICEF said its analysis was based on data from World Population Prospects 2019 of the UN Population Division.

An average full-term pregnancy typically lasts a complete 9 months, or 39 to 40 weeks. For the purposes of this estimate, the number of births for a 40-week period in 2020 was calculated. The 40-week period of March 11 to December 16 is used in this estimate based upon the WHO's March 11 assessment that COVID-19 can be characterised as a pandemic. UNICEF warned that although evidence suggests that pregnant mothers are not more affected by COVID-19 than others, countries need to ensure they still have access to antenatal, delivery and postnatal services.

Similarly, sick newborns need emergency services as they are at high risk of death. New families require support to start breastfeeding, and to get medicines, vaccines and nutrition to keep their babies healthy, it said. "This is a particularly poignant Mother's Day, as many families have been forced apart during the coronavirus pandemic, but it is also a time for unity, a time to bring everyone together in solidarity. We can help save lives by making sure that every pregnant mother receives the support she needs to give birth safely in the months to come," Fore said.

Issuing an urgent appeal to governments and health care providers to save lives in the coming months, UNICEF said efforts must be made to help pregnant women receive antenatal checkups, skilled delivery care, postnatal care services, and care related to COVID-19 as needed. Ensure health workers are provided with the necessary personal protective equipment and get priority testing and vaccination once a COVID-19 vaccine becomes available so that can deliver high quality care to all pregnant women and newborn babies during the pandemic, it said.

While it is not yet known whether the virus is transmitted from a mother to her baby during pregnancy and delivery, UNICEF advised all pregnant women to follow precautions to protect themselves from exposure to the virus. Closely monitor themselves for symptoms of COVID-19 and seek advice from the nearest designated facility if they have concerns or experience symptoms. Pregnant women should also take the same precautions to avoid COVID -19 infection as other people: practice physical distancing, avoid physical gatherings and use online health services, it said.

UNICEF said even before COVID-19 pandemic, an estimated 2.8 million pregnant women and newborns died every year, or 1 every 11 seconds, mostly of preventable causes.
The agency called for immediate investment in health workers with the right training, who are equipped with the right medicines to ensure every mother and newborn is cared for by a safe pair of hands to prevent and treat complications during pregnancy, delivery and birth.

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Four top Republican senators have urged President Donald Trump to suspend all new guest worker visas for 60 days and certain categories of new guest worker visas, including the H-1B, for at least a year or until unemployment figures return to normal levels in the US amidst the coronavirus pandemic. The pandemic, which has so far claimed 76,000 lives and infected over 1,256,000 in the US, has ravaged the labour market, and 1 in 5 American workers have filed for first-time unemployment benefits since mid-March, when the lockdown hit businesses across the country, the world's largest economy.

1/5th workforce out of work

The letter to president Trump, dated May 7, has been signed by Senators Ted Cruz, Tom Cotton, Chuck Grassley and Josh Hawley. "More than 33 million Americans have filed for unemployment coverage just since mid-March, and approximately one-fifth of the American workforce is currently out of work. "This is a stunning difference compared with the historically-low nationwide unemployment rate of just 3.5 per cent in February this year," the senators said in their letter.

"To protect unemployed Americans in the early stages of economic recovery, we urge you to suspend all non-immigrant guest worker visas for the next 60 days," the senators said.

'Suspend EB-5 visa too'

"That suspension should, at a minimum, include H-2B visas (non-agricultural seasonal workers), H-1B visas (specialty occupation workers) and the Optional Practical Training programme (extension of foreign student visas after graduation). We also urge you to suspend the EB-5 immigrant visa programme, effective immediately," the lawmakers wrote. The H-1B work visa for foreign technology professionals is highly popular among Indians and a large number of Indians also opt for the EB-5 investors visa.

Worst monthly record

The US unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.

The collapse of the job market has occurred with stunning speed. The government's report Friday noted that many people who lost jobs in April but didn't look for another one weren't even counted in the unemployment rate. The impact of those losses was reflected in the drop in the proportion of working-age Americans who have jobs: Just 51.3%, the lowest on record.

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[Source: Research & Innovation] ‘For Europe to come out stronger after the Corona crisis, we need to already direct our investments towards game-changing innovations that create a sustainable and human centric digital future’, according to the vision statement of the European Innovation Council Advisory Board published today.

[Source: Research & Innovation] A total of 117 innovative solutions to tackle the coronavirus have been selected as winners of the European Innovation Council-led #EUvsVirus Hackathon.

[Source: Research & Innovation] The European Innovation Council (EIC) Accelerator Pilot will work with an extra €150 million to support game-changing innovations to tackle the coronavirus crisis. The additional budget, approved by the European Commission today, will fund the best start-ups and SMEs who applied under the March cut-off.

Members of the European Parliament have preliminarily agreed to continue with the aviation industry's current treatment under the EU's emissions trading scheme to allow for the development of a new industry-specific carbon tax arrangement.

A new study by PwC has concluded that abolishing Germany's flight ticket tax would provide a substantial boost to the German economy.

The Dutch Government has begun a public consultation exercise on plans to introduce a new tax on air travel by 2021.

NAVIN FLUORINE share price has plunged 5% and is presently trading at Rs 1,532.

Meanwhile, the BSE 500 Index is at 12,146 (up 0.3%).

Among the top losers in the BSE 500 Index today are NAVIN FLUORINE (down 5.1%) and TIMKEN INDIA (down 5.2%).

E.I.D. PARRY (up 10.0%) and TV18 BROADCAST (up 7.1%) are among the top gainers today.

Over the last one year, NAVIN FLUORINE has moved up from Rs 684 to Rs 1,532, registering a gain of Rs 848 (up 124.0%)..

The BSE 500 has moved down from 14,958 to 12,146, loss of 2,812 points (down 18.8%) during the last 12 months.

The top gainers among the BSE 500 Index stocks during this same period were ADANI GREEN ENERGY (up 434.2%), ABBOTT INDIA (up 142.3%) and NAVIN FLUORINE (up 107.8%).

What About the Benchmark Indices?

The BSE Sensex is at 32,089 (up 0.5%). The top gainers among the BSE Sensex stocks today are HUL (up 5.0%). The most traded stocks in the BSE Sensex are RELIANCE IND. and ONGC.

In the meantime, NSE Nifty is at 9,383 (up 0.5%). HUL (up 5.0%) and DR. REDDYS LAB (up 4.0%) are among the top gainers in NSE Nifty.

Over the last 12 months, the BSE Sensex has moved down from 38,277 to 32,089, registering a loss of 6,188 points (down 17.44%).

NAVIN FLUORINE Financial Update...

NAVIN FLUORINE net profit stood at Rs 453 million for the quarter ended December 2019, compared to a profit of Rs 388 million a year ago. Net Sales rose 11.3% to Rs 2.5 billion during the period as against Rs 2.3 billion in October-December 2018.

For the year ended March 2019, NAVIN FLUORINE reported 19.2% decrease in net profit to Rs 1.5 billion compared to net profit of Rs 1.8 billion during FY18.

Revenue of the company grew 7.6% to Rs 10 billion during FY19.

The current Price to earnings ratio of NAVIN FLUORINE, based on rolling 12 month earnings, stands at 8.4x.

This article (NAVIN FLUORINE Plunges by 5%; BSE 500 Index Up 0.3%) is authored by Equitymaster.

Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.

On December 18, 2018, Luxembourg's parliament approved legislation that will implement the European Union Anti-Tax Avoidance Directive.

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Among patients given hydroxychloroquine, 32.3% ended up needing a ventilator or dying, compared with 14.9% of patients who were not given the drug

The company has also resumed operations at its global research and development hub located in Mysore, Karnataka

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Coronavirus impact: IndiGo CEO Ronojoy Dutta told the employees that they are left with no option but to implement pay-cuts. The airline had earlier rolled back its decision to cut pay

The findings, published in the Lancet medical journal, showed that on average, people who got the triple drug reached the point of no detectable virus five days earlier than those in the control group - at 7 days versus 12 days

Canada's Revenue Minister has provided an update on the progress made by the Government in addressing tax evasion and aggressive tax avoidance.

Experts believe there was already a visible turnaround in the pharma sector, both on the domestic as well as on the exports side even before any traces of COVID-19

The crisis served as a wake-up call for banks whose digital operations were growing at a snail's pace. They have started embracing the change

Coronavirus news: Fears ran amok that Franklin Templeton closing its six debt mutual fund schemes may trigger outflows from debt mutual funds. However, net outflows were only seen in credit risk and medium duration categories

Lack of emergency funds will force you to either go for distress selling of your investments or high-cost borrowing, which will jeopardise all your future goals. One should ideally have an emergency fund which can take care of at least 6 months of expenses

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