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Indian Oil reports first quarterly loss in 4 years

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Coronavirus crisis: WHO chief warns of oxygen shortage as cases set to reach 10 million
The world faces a shortage of oxygen concentrators as the number of worldwide cases of coronavirus infection nears the 10 million mark, the World Health Organization head said on Wednesday. The new coronavirus has hit 9.3 million people and killed more than 480,000 so far and is rising by about 1 million cases per week. This has pushed oxygen demand to 88,000 large cylinders per day, or 620,000 cubic metres of oxygen.

Coronavirus effect: Indian Oil reports first quarterly loss in 4 years
Indian Oil Corp Ltd, the country's top refiner, on Wednesday reported its first quarterly loss in more than four years in the March quarter, after a surge in inventory losses following a sharp fall in crude oil prices. Chairman Sanjiv Singh said the fall in global prices impacted the group's financial performance for the January-March quarter as the company holds about 45 days inventory.

Coronavirus fallout: IMF lowers forecast for 2020 global economic growth
The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9 per cent this year, significantly worse than the 3 per cent drop it had estimated in its previous report in April.

Govt calls in army to manage health facilities as coronavirus cases surge in Delhi
India reported 16,000 new coronavirus cases on Wednesday, its highest daily increase since the outbreak began, and the government called in the army to manage new treatment centres with thousands of additional hospital beds in New Delhi. The city government estimates it will have 550,000 COVID-19 cases by the end of July, and will require 150,000 beds by then.

Days after bloody clash, Chinese come up with new build-up at Galwan Valley
Barely days after a bloody clash at the Galwan valley of Ladakh, the Chinese are back at the disputed site and have started raising tent-like structures, destroyed by the Indian Army on June 15, again. All this is happening when both the sides are engaging in military-level talks to disengage the troops from the disputed areas. Commanders from both the sides held the second round of discussions for almost 11 hours on Monday.

Railways to generate 8 lakh man days of employment for migrants in next 125 days
The Ministry of Railways on Wednesday said it will generate 8 lakh man days of employment opportunity for migrants in various infrastructure projects worth Rs 1,800 crore in the next 125 days till October 31. Reviewing the progress of 'Garib Kalyan Rojgar Abhiyaan', the Railway Ministry has instructed Zonal Railways to expedite execution of all ongoing infrastructure works in the identified 116 districts across six states.