Covid-19: Remittances to India to drop by 9% in 2020, says World Bank

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The on Thursday said to India would fall this year by nine per cent to $76 billion due to the ongoing coronavirus pandemic and global economic recession.


India followed by China, Mexico, the Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances, the said in its latest report.



As the Covid-19 pandemic and economic crisis continues, the amount of money migrant workers send home is projected to decline 14 per cent by 2021 compared to the pre-Covid-19 levels in 2019, according to the latest estimates published in the World Bank’s Migration and Development Brief.


The impact of Covid-19 is pervasive when viewed through the lens of migration as it affects migrants and their families who rely on remittances, said Mamta Murthi, Vice President for Human Development and Chair of the Migration Steering Group of the


Remittance flows to low and middle-income countries (LMICs) are projected to fall by 7 per cent to $508 billion in 2020, followed by a further decline of 7.5 per cent to $470 billion in 2021.


The

Vodafone Idea Q2 net loss narrows to Rs 7,218 crore on lower provisioning

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Vodafone Idea’s net loss narrowed to Rs 7,218 crore in the second quarter of financial year 2021 on account of lower provisioning but flat revenue, and subscriber loss. Limited 4G conversions also continued to weigh on its performance.


In the same quarter last year, had posted a record Rs 50,921 crore net loss due to Rs 25,677-crore-plus provisioning for adjusted gross revenue dues. Exceptional items in the preceding quarter were Rs 767 crore on account of integration and merger-related costs and impairment of assets.



While rival Bharti Airtel reported highest-ever quarterly revenue due to customer additions and high data volumes, Vodafone Idea’s revenue remained flat on sequential and year-on-year basis. The reported revenue of Rs 10,791 crore in the second quarter of FY21.


Also, finance costs grew 26 per cent to Rs 4,700 crore on year-on-year. Lenders are seeking an increase in interest rate because of rating downgrades and the company said its ability to continue as going concern depends on successful negotiations with banks for refinancing of loans and guarantees.


Operationally, it was a weak quarter as Vodafone Idea’s subscriber base declined

Netflix Shares Rise As It Lifts Prices On US Subscriptions

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Shares of Netflix jumped Thursday after the streaming service raised prices in the US for two of its subscription offerings.

The new prices, listed on the company’s website, increase the monthly price for its “standard” service by $1 to $13.99, and raised the “premium” service $2 to $17.99.

The products allow subscribers to view or download shows on more than one screen at the same time and provide high definition broadcast.

These features are not available on the “basic” streaming service, for which the price remained unchanged at $8.99 a month.

Netflix did not immediately respond to a request for comment.





Netflix increased prices on two of its US subscriptions, boosting shares
 AFP / Olivier DOULIERY

The streaming service, which has been seen as a big winner during the coronavirus pandemic with more consumers at home, hinted that higher prices could be coming during an earnings conference call earlier this month.

Company officials said at the time that Netflix had resumed production for hit shows including “Stranger Things” and “The Witcher,” as well as on an action film starring Gal Gadot, Dwayne Johnson, and Ryan Reynolds.

On Tuesday, Netflix announced a deal with video game company Ubisoft to create shows

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