Gamblers are Back π
Economy reopening, Jio investments, and spike in unemployment.
Hi π,Β TanviΒ here.
Filter Coffee is a newsletter that hits your inbox every morning with notable tech and business news scoops to jump start your day. Sign up below for free π
Letβs go ahead and get started:
Stock market summary:Β π
US - S&P 500 up 2.62% πΌ
India - Sensex up 0.9% πΌ
Unlock India 1.0 π
Phased re-openings begin in non containment zones. Even malls, restaurants, and theaters that were shuttered to curtail the coronavirus will be reopened from 8 June in these designated areas across the country.
The Health Ministry has placed guidelines for the resumption of activities.
Masks mandatory in public places
people above 65 years, pregnant women and kids asked to stay home
Restaurant asked to maintain 6 ft. distance between tables
Sanitizers to be placed at all entrances and used regularly
Thermal screening before entering public places
Encourage takeaways and provide disposable menus
Cinemas and gaming arcades to remain closed in malls
No distribution of prasad in religious places
Outside of non-containment zones, similar places will continue to remain shut in COVID hotspots with only essential services allowed.
The lockdown had a very harsh effect on the countryβs economy and the phased re-openings are baby steps taken to revive it. Despite efforts to jump start things, the whole experience of going out and participating in the world is set to undergo a radical change.
Trying your luck in times of corona β οΈ
After almost 2 months of being shut completely, casinos in Vegas and broader Nevada have reopened on Thursday for business as usual. Their grand opening was marked by a fountain show at The Bellagio - the famed casino that has been a movie set for countless blockbusters.
However, Vegas was different this time. According to reports things werenβt business as usual as gamblers lined up outside the casinos to get their temperatures checked and bartenders danced wearing lingerie and face masks.π
The usually jam packed casinos now saw a scattered crowd and the seating capacity at table games was downsized to limit players. The owners are hoping that safety measures, hand sanitizers and the 6 ft. distance will prevent a spike in cases.
The CDC in its guidelines advised casinos to ensure that the customers wore masks too but employees were the only ones wearing masks with patrons often rebelling.
According to the state health officials more than 9,000 people tested positive for the virus in Nevada with 429 deaths.
Jio continues to attract investors π
Mukesh Ambaniβs Jio has landed a $1.2 billion from Abu Dhabiβs Sovereign Wealth Fund, Mubadala, in-exchange for 1.85% equity stake in the business.
This deal has brought the Jioβs fundraising tally to $11.6 billion, with recently Facebook investing $5.76 billion for a 10% stake. Even Microsoft added on to the list of investors recently.
According to analysts, Ambani is looking to turn Jio into a domestic technology giant similar to western internet companies and the money raised will be used to fuel product and consumer services investments in media, financial services, and ecommerce.
Also, the cash will liquidate some ownership of Mr. Ambani, offering him some relief from the pain felt in his oil and energy businesses during the pandemic.
Unemployment spikes π
According to the US department of labor, another 1.9 million workers filed for unemployment benefits which brings the total to 42.6 million people since the pandemic began.
In similar events:
Indiaβs official unemployment rate fell to 5.8% in 2018-2019 from 6.1% in 2017-2018 according to National Statistics Office.
Statisticians however anticipate that these numbers will go up in 2020 due to the economic disruption caused by the pandemic. Recent data from third parties showed that unemployment for month of April and May was already above 20%.
The auto industry layoffs wonβt stop π
Luxury car maker Bently is the latest of the pack to let workers go. The company will layoff 1,000 workers in the UK with immediate effect. The car production halt as well as sales pauses due to the virus has really hurt the company.
In similar cost cutting events:
Aston Martin is planning to let go 500 workers. Read more
Some good news though:
Amidst all these layoffs, Iffco Tokio has hired 400 employees between March and May in India in a bid to expand its network and get fresh talent for the new financial year. It seems like financial services sector in India is starting to see some light at the end of the tunnel.
Tweet of the day:
Sometimes the education we receive in school can often fake us into thinking we are actually learning new things. But more often than not, our retention is low or we forget things as soon as the exams are done.Β
Well, education that stays with us for life generally starts with curiosity, and is solidified by practice. Topics we go after because we are passionate about are the best topics to study.Β
Well, I guess we are lucky that the internet has made it so simple today to learn a new thing. So go follow your curiosity, and make it a habit to try to learn something outside of your daily curriculum.Β
Pick a topic that is exciting only to you. And tell us about it in the comments.
This weekend can be a great time to start something!
What else are we SnackinβπΏ
π·9,851 new COVID cases and 273 deaths in last 24 hours in India - as testing is rapidly increasing, new cases reported are spiking too. Weβre far from seeing an inflection point in the curve.Β
βοΈAmerican Airline stocks soar 41% - with some hope of business returning back to normal, investors sent American Airlines stock up almost 50% in a couple of days, adding 40%+ on one day alone. Better than expected job addition numbers in the US also helped boost investor sentiment.
πͺTime to break up Amazon, says Elon Musk - Elon Musk tripping on Twitter isnβt anything new, and this time the maverick builder took on Amazon. Musk criticized the companyβs scale of operation and called from regulators to break it up into smaller parts. Regulators have been for years debating if internet companies have become too big to control.
π4,800 girls apply to Sainik schools - Β the defense ministry last year opened enrollment to Sainik schools for women, and this year about 5000 young girls have applied to start during the next academic year.Β
πGrindr removes feature allows people to sort by race - complying with the current sentiment, the dating app Grindr has eliminated a feature that allowed for race based filtering. Corporations are moving swiftly to do their part with donations, hiring, or updates to discriminatory products as a show of solidarity towards the BLM movement.
Hope you took a thing or two away from todayβs edition. π
If you like it, show us some love by clicking the heart icon below. And donβt forget to invite your friends.