Day: May 16, 2020

India orders coronavirus tracing app for all workers

By Sankalp Phartiyal

NEW DELHI (Reuters) – India has ordered all public and private sector employees use a government-backed contact tracing app and maintain social distancing in offices as it begins easing some of its lockdown measures in districts less affected by the coronavirus.

Prime Minister Narendra Modi’s government said on Friday India, with the world’s second-largest population after China, would extend nationwide curbs for another two weeks from Monday, but allow “considerable relaxations” in lower-risk areas.

India last month launched the Aarogya Setu (Health Bridge) app, a Bluetooth and GPS-based system that alerts users who may have come in contact with people who later test positive for COVID-19.

“Use of Aarogya Setu shall be made mandatory for all employees, both private and public,” the Ministry of Home Affairs said late on Friday.

Company heads will be held responsible “to ensure 100% coverage” among employees.

Officials at the technology ministry

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Beiersdorf sells more hand cream, less sunscreen

By Emma Thomasson

BERLIN (Reuters) – Nivea-maker Beiersdorf <BEIG.DE> said on Tuesday its La Prairie premium skincare brand and sun care products have been hit by the drop in international travel due to the coronavirus pandemic while sales of hand wash, hand creams and plasters jumped.

Beiersdorf already scrapped its 2020 outlook last month due to the pandemic, and released preliminary first-quarter sales that showed a 3.6% fall from a year earlier.

On Tuesday, it said sales of La Prairie dropped 36% in the quarter due to the collapse in global tourism, which also hit its sun care business. A quarter of La Prairie sales are usually made in travel retail, particularly among Chinese tourists.

Beiersdorf shares were down 2.7% at 0925 GMT, and have now fallen 15.6% since the start of this year.

Beiersdorf would also see a significant impact from the pandemic in the second quarter, Chief Executive

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Scott Galloway predicts Amazon will be the fastest-growing healthcare company by 2025 and many US universities may never reopen, and he says the best time to start a business is in the depths of a recession

  • The New York University professor Scott Galloway is deeply critical of companies that used profits during the bull market for stock buybacks, describing bailouts of such firms as “capitalism on the way up and socialism on the way down.”

  • He told Insider’s Sara Silverstein that every large government program was designed to maintain the wealth of baby boomers at the expense of younger generations.

  • Galloway predicts that Amazon will be the fastest-growing healthcare company in the world by 2025. It’s no accident, he says, that the company is investing a lot of money in better COVID-19 testing.

  • Galloway says the second-most-disruptable industry, after healthcare, is education. He expects the top institutions to see a dip and come back stronger but says many second-tier universities may never reopen.

  • The professor recommends taking a gap year if you are supposed to start your undergraduate or business-school program this fall. He expects it

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Auto-Parts Makers Seek U.S. Loans to Fuel Industry Restart

(Bloomberg) — Auto-parts manufacturers are lobbying for access to federal loans so they can resume making the components necessary for U.S. automobile assembly plants to begin producing cars once more.

The details of such a program, including its size, are still being discussed with lawmakers, but the loans are needed to help cover the initial raw materials purchases and other costs of producing parts after a roughly six-week period of almost zero revenue from components used in new vehicle production, according to Ann Wilson, senior vice president of government affairs at the Motor & Equipment Manufacturers Association.

“We have not produced a light duty vehicle in this country for almost 45 days. That means that the supply base has no money coming in,” she said. “What our industry is interested in is a program of short duration that can provide that necessary funding to the industry so we can get

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