Detroit Auto Show canceled
As originally reported by The Detroit Free Press, the annual auto expo has been nixed because the Federal Emergency Management Administration (FEMA) has designated its host venue, the TCF Center, as a coronavirus field hospital site. The Detroit Auto Show is just the latest in a long string of car-related races and gatherings that have been canceled or postponed due to fallout from the coronavirus crisis.
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India may face worst-ever recession, says Goldman Sachs
American investment banking giant Goldman Sachs predicted the worst ever recession for the Indian economy as they expect Indian GDP to contract as much as 5% in the Fiscal Year 2021. “India could see a deep recession compared to all slowdown the economy has ever seen,” says Goldman Sachs. India has now become the hotspot of coronavirus in Asia as the country crossed China in number of cases
india economy covid19
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COVID-19 will reverse globalization
COVID-19 will reverse globalization
According to a report published by Economist Intelligence Unit (EIU) on Wednesday, coronavirus pandemic will reverse globalization as countries will move towards regional supply chains to reduce dependence on Chinese manufacturing. “Covid-19 will push more companies in other sectors to relocate parts of their supply chains,” the report predicted. “The outcome of this will be an Asian supply chain network that is both less China-focused and more diverse"
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Saudi Arabia plans to triple taxes, cuts spending
Saudia Arabia announced that the Government is tripling its Value Added Tax (VAT) in an effort to support the economy after the coronavirus impact. Saudi Arabia's state news agency said VAT will increase from 5% to 15% as of 1 July, while the cost of living allowance will be suspended from 1 June. The government also plans to cut the spending on major projects by $26 billion
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BBC
Saudi Arabia introduced new rules for salary cuts
Saudi Arabia has introduced a new set of rules to cap the wage cut at a maximum of 40%. Saudi newspaper Okaz said that the Saudi Ministry of Human Resource and Social Development has linked the salary cuts to a proportional cut in the working hours. Two conditions are, a direct impact of coronavirus on the organization, secondly, the wage cut should be commensurate with a cut in working hours
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Gulfnews