The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Specifically, as worded in the Act, “no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting […]
Archives for March 2020
Sheltering at home means more game and app time, with a recent 200% uptick in usage
The latest data shows a marked increase in mobile app and game usage during the ongoing coronavirus crisis. London-based Gismart, developer and publisher of entertainment apps and games, shared data that outlined the increase in mobile app and game usage while people are staying inside and self-isolating because of the coronavirus pandemic. More about Mobility […]
BigBasket ropes in laid off restaurant workers amid Covid-19 lockdown
BigBasket has partnered with the National Restaurant Association of India and Retail Association of India to offer jobs to those laid off due to the Covid-19 lockdown. The online grocer is offering temporary job opportunities for restaurant staff and retail employees registered on these platforms. The Bengaluru-based company has also set up a call centre […]
Health-tech companies and social networks offer relief for older Americans during the coronavirus pandemic
Uniper-Care Technologies, Vital Vio, Porchlight, and others step up efforts to address isolation and loneliness. There wasn’t a lot of warning when Americans were advised—and then instructed—to isolate at home. But what about older adults? That demographic has been hardest hit by COVID-19. The CDC reported “Older adults, 65 years and older, are at higher […]
Ted Cruz, other senators, warn Saudis to stop using oil in ‘economic warfare’ against the US
Sen. Ted Cruz told CNBC on Monday he and eight other GOP senators recently ripped into the Saudi ambassador in a conference call over the oil price war with Russia that has threatened to put American producers out of business. In a “Squawk Box” interview, Cruz said the call with Princess Reema bint Bandar bin Sultan […]
Exclusive: India may slash borrowing from market in April amid lockdown – sources
MUMBAI/NEW DELHI (Reuters) – India may slash or even cancel its planned borrowings from the market for April, looking at its options amid a nationwide lockdown prompted by the coronavirus outbreak, two finance ministry sources told Reuters. The travel curbs have disrupted routine bond market trading and volumes and prompted primary dealers, underwriters to bond […]
Online retailers ramp up capacity to move goods faster
Illustration: Rahul Awasthi E-commerce, logistics and ride-hailing firms are putting in place several measures to ramp up capacity to deliver essentials to customers. These include procuring permissions to stock food at their warehouses, use railway freight to move goods and cabs to enable last-mile deliveries. Around 125 fulfilment centres and hubs of Walmart-owned e-commerce company […]
India’s vertical ecommerce majors feel the squeeze post Covid-19 outbreak
Illustration: Rahul Awasthi Vertical online goods and services companies, including Urban Company, BookMyShow, Pepperfry and Nykaa, which do not feature in the government’s list of notified essential services, have been hit hard by the Covid-19 pandemic, with businesses plummeting to near zero in some cases. This comes at a time when India’s leading online marketplaces […]
IAMAI writes to Health Ministry against new rules allowing doorstep delivery of medicines
The new restrictions on online sale of drugs will make doorstep delivery of medicines difficult, according to an industry body which represents various e-pharmacy startups. The Internet and Mobile Association of India (IAMAI) expressed concerns over the Ministry of Health and Family Welfare’s (MoHFW) circular issued on March 26. The notification lays down these conditions: […]
Facebook commits $100 million to support news media hurt by virus crisis
Facebook on Monday pledged $100 million in financing and advertising spending to support news organizations, including local publishers in the United States, reeling from pressure due to the coronavirus pandemic. News publishers, especially print media, have taken the brunt as many advertisers pulled their marketing budgets to rein in costs because of virus-related uncertainty. Vatican’s […]