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Coronavirus, Michael Flynn, Federal Reserve: Your Thursday Briefing

NYTimes.com Thursday, 14 May 2020
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Coronavirus Coronavirus Subfamily of viruses in the family Coronaviridae

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From former Indian President getting infected to Karnataka Chief Minister recovering from Covid-19, here are the top updates on coronavirus pandemic. Former Indian President Pranab Mukherjee tested positive for Covid-19 on Monday. Mukherjee requested people who came in contact with him to self-isolate. World Health Organisation (WHO) chief Tedros Adhanom Ghebreyesus said there is a need to “suppress, suppress, suppress” the virus. Tedros said there is still hope of conquering Covid-19. Over 90% Covid-19 patients in Delhi have recovered, according to the latest statistics. Delhi Chief Minister Arvind Kejriwal said the people of Delhi are slowly and steadily defeating corona. Also, Karnataka Chief Minister BS Yediyurappa was on Monday discharged from hospital after he recovered from Covid-19. Meanwhile, Paris made it mandatory for tourists to wear a mask in outdoor spaces. WHO chief praised Paris’ move and called it “strong and precise”. Watch the full video for more details.

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Delhi police stepped up security in  and around the capital ahead of the Independence day celebration on August 15. Police were seen checking vehicles in the India gate and Connaught place region. Similar checks are also underway in other regions of the capital. Meanwhile, on Sunday, the Indian Armed Forces (Tri-Service) Band gave a musical performance at the North Block. The Defence Ministry has said that the Independence Day event will be marked by musical performances by the bands from the Army, Navy and the Indian Air Force. 'These performances are intended as gestures of gratitude and appreciation of the nation towards the Corona warriors who have been steadfastly fighting to stop the spread of the Coronavirus in the country even at the risk of their lives,' said the Ministry of Defence in a press statement. Military and Police Bands will also perform in Imphal, Bhopal and Jhansi on August 12. The final performance of the series will be held on August 13 in Lucknow, Faizabad, Shilong, Madurai and Champaran, it stated. Watch the full video for all the details.

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From the testing of Union Home minister Amit Shah, to New Zealand completing 100 days without domestic transmission of the virus - here are the top news updates on the Covid-19 pandemic. Shah is likely to be tested for Covid infection again in the next couple of days. He is currently admitted in a private hospital, Medanta, in Haryana's Gurugram. He reportedly continues to be asymptomatic and is working from his hospital bed. Maharashtra saw another big jump in cases with over 12,200 new infections being reported. This took the state's total tally past the 5.15 lakh-mark. In Madhya Pradesh, minister Vishvas Sarang tested positive for Covid infection. The news came just days after MP Chief Minister Shivraj Singh Chouhan was discharged from hospital after recovering from the disease. India has so far reported a total of 21.53 lakh Covid cases with over 43,300 deaths. A little over 6.28 lakh cases are active, while over 14.8 lakh patients have been discharged. In international news, Paris has tightened rules regarding wearing of face masks. The French capital has reportedly made masks mandatory in certain crowded areas for people aged 11 and above. In the neighbouring United Kingdom, Prime Minister Boris Johnson called reopening of schools in September the government's moral responsibility. Watch the full video for other updates on the spread of the Sars-CoV-2 coronavirus.

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Michael Flynn Michael Flynn US Army general and former US National Security Advisor

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A U.S. appeals court on Thursday agreed to rehear arguments that could potentially lead to the reopening of the case against Michael Flynn, President Donald Trump's former national security adviser. Gavino Garay has more.

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Trump 'very happy' about Flynn decision [Video]

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U.S. President Donald Trump on Wednesday said he was very happy about a U.S. appeals court decision that directed a federal judge to drop a criminal case against the president's former national security adviser Michael Flynn for lying to the FBI.

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Appeals court orders dismissal of Flynn case [Video]

Appeals court orders dismissal of Flynn case

[NFA] A U.S. appeals court on Wednesday directed a federal judge to drop a criminal case against President Donald Trump's former national security adviser Michael Flynn for lying to the FBI, handing a victory to the Justice Department in another twist to the politically charged case. Colette Luke has more.

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Appeals Court Orders Judge To Drop Flynn Case [Video]

Appeals Court Orders Judge To Drop Flynn Case

On Wednesday, a US appeals court in Washington DC ordered the federal judge overseeing Michael Flynn case to dismiss the prosecution. The 2-1 ruling is a major victory for Flynn. Business Insider reports that Flynns's legal team has argued for months that the government unfairly targeted him for political reasons. They also argued that the FBI tried to entrap him into pleading guilty. The Justice Department abruptly moved to drop its prosecution against Flynn last month.

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Federal Reserve Federal Reserve Central banking system of the United States

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Sensex cracks by 335 points but pharma stocks outperform [Video]

Sensex cracks by 335 points but pharma stocks outperform

Equity benchmark indices swung nearly 1 per cent lower during the afternoon session on July 30 ahead of the expiry day of monthly futures and options contracts. At the closing bell, the BSE S and P Sensex was down by 335 points or 0.88 per cent at 37,736 while the Nifty 50 lost 101 points or 0.9 per cent at 11,102. Most sectoral indices at the National Stock Exchange were in the red except for Nifty pharma which gained by 3.1 per cent and IT which crawled up by 0.6 per cent. Nifty bank slipped by 2 per cent, financial service by 1.8 per cent and metal by 1.2 per cent. Among stocks, energy majors were big losers with Bharat Petroleum Corporation down by 8 per cent to Rs 417.80 per share. IndianOil Corporation dipped by 4.1 per cent, ONGC by 2.4 per cent and Power Grid Corporation by 2.3 per cent. Banking scrips too witnessed losses with IndusInd Bank dipping by 5.4 per cent, Axis Bank by 3.4 per cent and State Bank of India by 2.4 per cent while home loan lender lost by 3.6 per cent. Pharma stocks, however, witnessed handsome gains with Dr Reddy's advancing by 4.6 per cent to close at Rs 4,500 per share. Sun Pharma and Cipla were up by 3.7 per cent and 0.8 per cent respectively. Wipro, Infosys, Vedanta, Maruti Suzuki, Britannia and Reliance Industries too traded with a positive bias. Meanwhile, Asian stocks were flat as the US Federal Reserve members voted to leave the target range for short-term rates between 0 and 0.25 per cent to support the country's virus-battered economy. Japan's Nikkei and Hong Kong's Hang Seng were down by 0.26 per cent and 0.69 per cent but South Korea's Kospi moved up by 0.17 per cent.

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Visa And MasterCard May Be Investigated By The Feds [Video]

Visa And MasterCard May Be Investigated By The Feds

US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa. The senator wants an investigation over potentially anticompetitive fees. Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic. The companies have planned major fee changes for US-based merchants. The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.

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Fed will reassure markets - economist

Spartan Capital Securities' Peter Cardillo expects the Fed to say it'll do "whatever it takes" to keep adding liquidity to the markets when policymakers meet this week. But he also tells Reuters' Fred Katayama that he thinks there's a good chance the markets will pull back, regardless of the Fed, because "the economy is faltering."

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Stocks seemed to have been in free-fall mode, before the S&P 500 turned around Thursday, without a clear catalyst.

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