“The stock market closing up on a day the nation witnesses the closest thing to a coup and/or modern-day civil war it has ever seen will forever stand as testament to the allure of money printing,” writes Danielle DiMartino Booth bracingly in her Weekly Quill commentary. “The Federal Reserve’s Jerome Powell has already committed to effectively monetize any and all government spending. One could argue, as investors clearly did Wednesday, January 6, 2021, that multiple medium-term threats to the economy have vanished overnight,” she adds.
With both houses of Congress, along with the White House, in the control of the Democrats after their candidates’ dual victories in Tuesday’s Senate runoff elections in Georgia, odds of additional relief spending popped higher. Indeed, President-elect Joe Biden on Friday reiterated his call for boosting the payments to most Americans to $2,000, from the $600 contained in the $900 billion stimulus bill enacted in late December.
Japan extends fresh loan to India to combat socio-economic impacts of Covid
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Synopsis
This yen loan is the latest addition to Japan’s supports to India in its fight against COVID-19. After the outbreak of the pandemic, of Japan provided swift assistance to India.
Agencies
Together with the new loan announced on Friday, Japan’s COVID-19 related assistance to India amounts to more than INR 5,800 Crore (appx.).
2,845,625.0
New Delhi: Japan on Friday decided to assist India by providing a loan of up to 30 billion yen (appx. INR 2,129 Crore) for its efforts to mitigate socio-economic impacts of COVID-19 here.
ICRA maintains negative outlook for airports sector
Credit rating agency ICRA Ltd has maintained negative outlook for the airports sector. Shubham Jain, Senior Vice President, Corporate Ratings, ICRA said, âThe path to recovery in case of airports is longer; domestic air travel is expected to recover back to pre-Covid levels by FY2023 and the international sector by FY2024. The air traffic is expected to pick up gradually reaching to almost 80% of the pre-Covid levels in FY2022, resulting in a revenue growth of 106% in FY2022. Slow ramp up in traffic would affect the cash flows available for debt servicing for airport operators adversely. This, along with large bullet repayments, is expected to result in a thin DSCR cover in FY2022. However, the on-balance sheet liquidity for the airports is strong to meet the debt obligations.â