India likely to record a current account surplus in 2020-21: CEA
India is likely to record a current account surplus in 2020-21, Chief Economic Advisor Krishnamurthy Subramanian said on Monday, terming it a sign of ‘under-heating’ in the economy.
“The COVID crisis is different from typical emerging market crises (where the economy is overheated, imports exceed exports as demand outstrips domestic supply and inflation shoots up) … this is a crisis of demand primarily due to a negative shock to demand,” Mr. Subramanian said at a national MNCs’ conference hosted by the CII.
“That is reflected in the current account surplus we may have this year. In Q1, we had a $19.8 billion surplus and even if we do not see that kind of performance in subsequent quarters, we would still likely have a current account surplus,” he said.
Vodafone says German mobile network operations returning to normal
BERLIN (Reuters) – Vodafone said on Monday that operations on its German mobile network were returning to normal after the failure of control equipment caused a widespread outage lasting more than three hours.
Five-Year Note Auction Attracts Below Average Demand
After announcing the results of the two-year note auction earlier in the day, the Treasury Department revealed later Monday that its sale of $57 billion worth of five-year notes attracted below average demand.
The five-year note auction drew a high yield of 0.397 percent and a bid-to-cover ratio of 2.38.
The Treasury sold $55 billion worth five-year notes last month, drawing a high yield of 0.330 percent and a bid-to-cover ratio of 2.38.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The ten previous five-year note auctions had an average bid-to-cover ratio of 2.49.
Netflix Says ‘Queen’s Gambit’ Draws Record 62 Million Households
“The Queen’s Gambit,” the buzzy, female-led drama set in the 1960s chess world, has becomeNetflix Inc.’s most popular limited scripted series ever.
Some 62 million households watched the show in its first 28 days, Netflix said Monday. In the streaming giant’s typical practice, it provided no direct context for the figure, and Netflix shows have no independent ratings figures.
Still, “The Queen’s Gambit” is clearly among Netflix’s more culturally resonant programs of recent years. Since its debut in October, searches for chess sets on eBay are up 250%, and Walter Tevis’s 1983 novel that inspired the series has returned to bestseller lists, Netflix said in ablog post.
The seven-episode series is ranked in the top 10 most watched on Netflix in 92 countries, including first in 63, the company said.
The show follows an orphaned female chess prodigy, played by Anya Taylor-Joy, who struggles with drug addiction as she rises to become one of the world’s best players.
New York Opens Overflow Ward on Staten Island With Covid Soaring
Coronavirus hospitalizations are rapidly rising in New York, already straining capacity on Staten Island, Governor Andrew Cuomo said on Monday.
Of the more than 191,000 tests reported Sunday, 5,906 — or 3.08% — were positive, according to state data. There were 2,724 new hospitalizations and 33 virus-related deaths.
“It’s a dangerous situation,” Cuomo told reporters.
Daily Covid hospitalizations went to 2,700, a 122% increase from about 1,200 three weeks ago, he said. At that rate, the state will be at 6,000 daily hospitalizations in the next three weeks, he said.
The state will re-open an emergency surge facility for Covid-19 patients at South Beach on Staten Island, he said.
“Hospitalization is a nice way of saying ‘more people die,’” he said.
Coronavirus cases statewide topped 600,000 since the start of the pandemic, having added 100,000 since late October. New York has had more than 5,000 new cases daily for the past seven days.
Ahead of Thanksgiving, the state is increasing restrictions for several parts of the state including Staten Island, Manhattan, Erie County, Long Island and the Finger Lakes.
“This is a toxic cocktail of dynamics and facts,” Cuomo said.
— With assistance by Bill Austin
Ted Cruz Gets His Election Predictions Thrown Back In His Face
Sen. Ted Cruz took a stab at forecasting the presidential election in July, and ended up wrong on so many levels, people noticed on Twitter Monday.
In the clip reposted Sunday, the Texas Republican said he didn’t think President-elect Joe Biden would win, but if he did, “I’ll guarantee you the week after the election suddenly all those Democratic governors, all those Democratic mayors will say everything’s magically better. Go back to work. Go back to school. Suddenly the problems are solved.”
Twitter reminded Cruz that nothing is better ― coronavirus is surging almost everywhere in the country and has now infected more than 12.3 million in the U.S. and killed at least 256,000. Democratic and Republican governors alike are instituting tighter COVID-19 safety restrictions repeatedly dismissed by lame-duck President Donald Trump and the GOP.
Biden won the election, and Trump is trying to make Democracy magically disappear by baselessly claiming victory was stolen from him.
A soothsayer you aren’t, Ted.
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