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Germany in recession as economy takes biggest hit since crash

Germany in recession as economy takes biggest hit since crash

Business
Germany is officially in recession after its economy shrank by 2.2% in the first quarter of the year as the global coronavirus shutdown began to bite.The latest official data gives an insight into the damage caused by the COVID-19 pandemic to Europe's biggest economy, with worse expected to come. Chancellor warns of a 'significant recession' The fall over the three months to March was the second-biggest quarter...
UK rich list: Lloyd Webber takes £20m COVID hit – as Rihanna could become ‘first music billionaire’

UK rich list: Lloyd Webber takes £20m COVID hit – as Rihanna could become ‘first music billionaire’

Entertainment
Andrew Lloyd Webber is expected to take a £20m hit to his fortune due to the coronavirus pandemic, according to the Sunday Times Rich List - as new entry Rihanna could become the first British-based billionaire musician.The annual countdown of the UK's wealthiest musicians has been revealed ahead of the full list being released at the weekend. With a calculated wealth of £800m, Lord Lloyd Webber still comes joint top alongside Sir Paul McCartney, despite the composer apparently standing to lose millions due to the closure of his theatres in the West End and on Broadway. Image: Paul McCartney tops the list alongside Lord Lloyd Webber And now that she is based in London, singer Rihanna has jumped straight into third place after amassing
RBI asks HDFC Bank to submit proposal on two appts after new CEO takes over

RBI asks HDFC Bank to submit proposal on two appts after new CEO takes over

Finance
MUMBAI: The Reserve Bank of India has directed HDFC Bank to keep in abeyance the appointment of two directors from among its executives saying that the choice of candidates should be left to the incoming chief executive. The bank had proposed the appointment of Sashdhar Jagdishan as an additional director and Bhavesh Zaveri as Executive Director. The two will however continue as additional directors till the shareholders meet the date for which is yet to be fixed. The Reserve Bank of India has said, ``since these are important positions in the Bank, the Bank is advised to examine and submit the proposal after a new MD and CEO assumes charge later this year,’’ the bank said in a filing. Jagdishan, whom the bank termed a `Change Agent’ is in the reckoning to succeed Puri as the CEO. Zaveri,
Pound takes hit as investors fret over PM Johnson’s virus fight

Pound takes hit as investors fret over PM Johnson’s virus fight

Business
The pound has taken a hit against the safe haven dollar on news of Boris Johnson's deterioration as he battles coronavirus in intensive care.Sterling lost six tenths of a cent against the greenback late on Monday evening when it was confirmed the PM's condition had taken a turn for the worse. Market analysts warned that the UK currency was likely to be pegged to developments on Mr Johnson's health as Dominic Raab, the foreign secretary, steps up to assume some of his responsibilities. Image: Pound reacts to news of Boris Johnson's health The pound had been trading at around $ 1.23 in advance of the Downing Street statement, and had recovered some of the ground lost during Asia trading overnight.Its fortunes were in stark contrast to t...