ASX falls 5pct in worst day in five weeks

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The Australian share market has suffered its worst day in five weeks as traders continue to sell any rallies.

The S&P/ASX200 benchmark index finished Friday down 276.5 points, or 5.01 per cent, at 5,245.9 points, while the All Ordinaries index closed down 272.7 points, or 4.87 per cent, at 5,325 points.

One Australian dollar was buying 64.60 US cents, down from 65.43 US cents at Thursday’s close.

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Work relaxation amid lockdown fails to convince migrants to stay put

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A day after the government announced the new lockdown norms, which will kick in from May 4, a labour contractor of a firm in Ahmedabad, Gujarat, swung into action to ensure that work begins on schedule.


The contractor reached out to 250-300 living in a residential colony nearby, and told them to move to the site of firm Iconic Shyamal, as the new guidelines announced by the Ministry of Home Affairs allowed activities in urban areas, provided workers stayed on the premises.


However, most workers refused as they were looking to board trains to return home, rather than go back to their workplace. This is the result of paradoxical policy decisions by the Centre, which have, on the one hand opened up transportation lines, such as buses and trains, to ferry back to their villages, while on the other, have eased restrictions on economic activities.


“When we told the contractor that we want to go back home as train services are being resumed, he threatened us saying if we do not report to work, neither will we be allowed to reside in

Buffet’s Berkshire Hathaway posts $50 bn loss in coronavirus impact

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Warren Buffett’s Inc is being hit hard by the pandemic, posting a record quarterly net loss of nearly $50 billion on Saturday and saying performance is suffering in several major operating businesses.


Berkshire said most of its more than 90 businesses have faced “relatively minor to severe” negative effects from Covid-19, the illness caused by the novel coronavirus, with revenue slowing considerably in April even at businesses deemed “essential.”


The BNSF railroad saw shipping volumes fall, Geico set aside money for car insurance premiums it doesn’t expect to collect, and some businesses cut wages and furloughed workers. Retailers such as See’s Candies and the Nebraska Furniture Mart closed stores.


Buffett also allowed Berkshire’s cash stake to rise to a record $137.3 billion from $128 billion at the end of 2019.


That reflected the 89-year-old billionaire’s inability to make large, “elephant” size acquisitions, now in its fifth year, and caution in buying more stocks. Berkshire repurchased $1.7 billion of its own stock.


Berkshire’s first-quarter net loss totaled $49.75 billion, or $30,653 per Class A share, reflecting $54.52 billion of losses from investments, mainly common stocks. A

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