Chevron ready for NWSV exit


Chevron may have fired the starter’s pistol on a major ownership reshuffle of the North West Shelf Venture, after it announced it would put its 16.7 per cent stake in the operation, which includes a 16.9 million tonnes per year LNG facility near Karratha, on the market.

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Fears about India’s retail loan defaults overblown, says Macquarie


The volume of Indian loans subject to moratorium is dropping, suggesting that fears about large-scale defaults on banks’ retail lending books may be overblown, according to analysts at Group Ltd.

Based on soundings with home lending specialist Housing Development Finance Corp. and Indian banks, “the unanimous feedback has been that there has been a decline in the total loan book under moratorium from the 25–30% numbers reported as of end-May,” analysts led by Suresh Ganapathy wrote in a note.

It’s too early to calculate the new figure, but at the proportion of the retail loan book subject to deferral fell to 7% as of June 15 from 21% in May, the note said.

“Hence, we believe worries about large-scale retail defaults are exaggerated,” the analysts wrote.

The Reserve Bank of India has allowed borrowers to delay monthly payments on their loans until the end of August, to provide some relief from a prolonged that has shuttered businesses and left millions jobless.

ALSO READ: NPAs in corporate loans now under control, says SBI’s Rajnish Kumar

A key reason for the decline in loans

Mukesh Ambani nears deal to buy stake in some units of Future Group


Reliance Industries is closing in on a deal that would see it acquire stakes in some units of Future Group, people familiar with the matter said, a move that would bolster the e-commerce ambitions of the conglomerate and its billionaire Chairman

An agreement between Ambani’s Reliance and Future, which already has a partnership with com Inc., could be announced as early as next month, the people said, asking not to be identified as the information isn’t public. Though unit Ltd. has attracted suitors, including Amazon, Reliance’s offer to buy into the group’s holding company is likely to sway the outcome in its favour, the people said.

The has five main listed units including Future Consumer, which sells food, home and personal care products, and Future Lifestyle Fashions that operates fashion discount chain Brand Factory. No final decision has been made and the talks could still get delayed or fail to result in a transaction, the people said.

A representative for Reliance Industries said the company “evaluates various opportunities on an ongoing basis” and declined to comment further. A spokesman for declined to comment.

China Races To Prevent Virus Second Wave


China imposed travel restrictions on nearly half a million people near its capital on Thursday to contain a fresh coronavirus outbreak as deaths surged in other parts of the world.

The threat of a second wave hitting China, which had largely brought the virus under control, and rising tolls in Latin America and South Asia underscore the global challenge in slowing down the pandemic that has killed more than 450,000 people.

The world economy has also taken a hit, with the US Labor Department saying another 1.5 million American workers filed for unemployment benefits last week, bringing the number of people laid off, at least temporarily, by COVID-19 to 45.7 million.

With scientists around the globe racing to find a vaccine, the World Health Organization said it hoped that a few hundred million COVID-19 vaccine doses could be produced this year, and two billion by the end of 2021.

“If we’re very lucky, there will be one or two successful candidates before the end of this year,” WHO chief scientist Soumya Swaminathan said, adding that priority would be given to key workers and vulnerable people.

Europe meanwhile saw further restrictions lifted after months of confinement, with the restart of English

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