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10-15% moderation in salaries not to impact lending practice: HDFC Bank

10-15% moderation in salaries not to impact lending practice: HDFC Bank

Finance
MUMBAI: Expecting discretionary spending to return in the next few months, private lender HDFC Bank on Wednesday said a 10-15 per cent moderation in salaries will not lead to an overhaul of consumer lending practices though some prudence might be in order. A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said. Unemployment has touched record highs since the beginning of the lockdown nearly two months ago, and corporates have reportedly adopted measures like wage cuts in the face of the difficulties businesses a...
Oyster farming has a limited impact on vulnerable shorebirds

Oyster farming has a limited impact on vulnerable shorebirds

Science
May 14 (UPI) -- New research suggests oyster farming can safely coexist with four vulnerable shorebirds found along the Delaware Bayshore, including the federally threatened red knot. Every summer, red knots fly thousands of miles from Chile to their breeding grounds in the Arctic. Along the way, the birds stop on the Delaware coastline to feast on the eggs of horseshoe crabs. Conservationists have expressed concerns that oyster aquaculture industry development could make the Delaware Bayshore a less inviting place for shorebirds, including the red knot. For the new study -- published this week in the journal Ecosphere -- scientists analyzed the effects of oyster farming on the presence and behavior of four shorebird species: the red knot, ruddy turnstone, sanderling and semipalmated san...
China’s battered Tesla rival Nio brushes off coronavirus impact, says the worst is over

China’s battered Tesla rival Nio brushes off coronavirus impact, says the worst is over

Finance
The NIO Inc. ES6 electric sport utility vehicle (SUV) stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Tuesday, April 16, 2019.Qilai Shen | Bloomberg | Getty ImagesFor Chinese electric vehicle company Nio, the worst of the coronavirus impact is pretty much over, CEO William Li said Wednesday."Nio hasn't lowered its annual forecast as a result of the virus," Li said in a call with reporters, according to a CNBC translation of his Mandarin-language remarks. "There was certainly some impact in the first quarter, but for the second quarter, right now we don't think there is much of an impact to the original plan."He said the virus had primarily affected Nio's supply chain, which has been fine since the second half of March. The company's product release schedule and...
COVID 19 impact: IRDAI asks insurers to allow travel insurance policies’ extension sans charges

COVID 19 impact: IRDAI asks insurers to allow travel insurance policies’ extension sans charges

Finance
The insurance regulator IRDAI has, in COVID 19 related instructions issued to insurance companies, said that they "may allow travel insurance policyholders to extend the start/end dates of policies valid between March 22, 2020, and April 30, 2020. This means that policyholders may soon get an option from insurers to extend their travel insurance policy dates without paying extra charges to ensure that the impact of the coronavirus pandemic on their travel plans and finances is cushioned. The option to extend dates without extra charges will come as a relief for those policyholders who have or will now have to reschedule their air ticket bookings due to the strict lockdown measures announced by the government to contain the spread of the deadly coronavirus (COVID 19). In a circular issued o...
US companies are still betting on Chinese consumers, despite coronavirus impact

US companies are still betting on Chinese consumers, despite coronavirus impact

Finance
An employee works next to shoes on display inside the flagship store of sporting-goods giant Nike in Shanghai on March 16, 2017.Johannes Eisele | AFP | Getty ImagesAmerican companies in China are still betting on the local consumer, even if business disruptions from the coronavirus are dragging down revenues. A survey of 119 companies from March 13 to 18 by the Beijing-based American Chamber of Commerce in China found that the proportion of respondents saying they are experiencing significant revenue declines increased to 50% — that's up from 28% last month. "The consumer sector as we see in this survey has been particularly hard hit," Alan Beebe, AmCham China president, said on a call with reporters Wednesday morning. "(It's) the sector that had one of the largest reve