WASHINGTON/LONDON (Reuters) – The international community must do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries.

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks at an opening news conference during the IMF and World Bank’s 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. REUTERS/Mike Theiler

Some of the key events of the virtual and elongated annual meetings of the IMF and World Bank take place this week, with the most pressing issue how to support struggling countries.

“We are going to continue to push to do even more,” IMF Managing Director Kristalina Georgieva said during an online FT Africa summit.

“I would beg for also more grants

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This article was written by Suvashree Ghosh and Jeanette Rodrigues. It appeared first on the Bloomberg Terminal. 

India has rolled out a fresh plan to tackle an old problem: the mountain of bad loans held by its banks. With the pandemic forecast to push soured assets to a two-decade high, Prime Minister Narendra Modi is struggling to find cash to support the state-run lenders that hold most of it, and to spur credit to a shrinking economy. Most of the risky debt is concentrated in two sectors — telecoms and utilities — that are vulnerable to the economic slowdown, meaning if they face more trouble, then a massive amount of debt goes bad.

1. What’s the plan?

When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the

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With retail sales suffering due to the Coronavirus pandemic, clothing store Marks & Spencer has announced 7000 job losses in the coming months, as people wearing face masks pass a sign outside their shop in the city centre on 18th August 2020 in London, United Kingdom. M&S will cut the jobs over the next three months both in its stores and also management. (photo by Mike Kemp/In PIctures via Getty Images)
In August, M&S announced it would cut jobs over the next three months both in its stores and also management. Photo: Mike Kemp/In PIctures via Getty Images

Marks & Spencer (MKS.L) is preparing for Christmas early this year, aiming to avoid mistakes made last yuletide with its supply chains.

In an effort to tackle food waste, the high street stalwart is looking to its supply chain to crack the issue of waste reduction, according to reports by Reuters this morning.

In January, before the COVID-19 pandemic took hold in the UK, M&S’s chief executive Steve Rowe said that while the company had enjoyed record food sales, profit margins were dented by high levels of waste that are among some of the highest in the industry.

At Christmas, M&S usually sells one in four of all fresh turkeys eaten in the UK, punching above its weight in proportion to the 3%

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Gallery: Which government’s COVID support has been most generous? (Lovemoney)

Caps on excessive salaries should be introduced to save whole industries and redistribute wealth as coronavirus restrictions and changing habits cause large swathes of the economy to shut down, a progressive thinktank has urged.



a group of people standing in front of a sign: Photograph: Amer Ghazzal/REX/Shutterstock


© Provided by The Guardian
Photograph: Amer Ghazzal/REX/Shutterstock

In a landmark report, Autonomy highlighted the fact that incomes in the UK are the ninth most unequal of the 40 most developed countries, and called for the government to ensure existing resources were better managed to create a fairer economy amid growing poverty. The Bank of England predicts that unemployment will double to 2.5 million people by the end of this year.



a man holding a sign: Protesters supported by the PCS union demonstrate outside the Southbank Centre against job losses due to Covid-19.


© Photograph: Amer Ghazzal/REX/Shutterstock
Protesters supported by the PCS union demonstrate outside the Southbank Centre against job losses due to Covid-19.

A majority of the public – 54% – would support plans for a government-mandated

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a truck on a city street filled with lots of traffic: Photograph: Oliver Dixon/Rex/Shutterstock


© Provided by The Guardian
Photograph: Oliver Dixon/Rex/Shutterstock

The first UK climate assembly made up of ordinary members of the public is calling for the economic recovery from Covid-19 to help drive the move to net zero carbon emissions.

In recommendations by UK citizens who took part in meetings to discuss reducing greenhouse gas emissions, the final report of the assembly said recovering from Covid-19 should be used as an opportunity to drive different lifestyles to tackle the climate crisis, including a frequent flyers tax and a reduction in meat and dairy consumption.



a truck on a city street filled with lots of traffic: A key recommendation in the report was reducing car usage.


© Photograph: Oliver Dixon/Rex/Shutterstock
A key recommendation in the report was reducing car usage.

A large majority, 79% of the assembly, strongly agreed, or agreed, that economic recovery after the pandemic must be designed to help drive the country to its 2050 net zero target, which was signed into law last year.

These steps should include limits

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By Gayatri Suroyo, Ed Davies and Tabita Diela

JAKARTA, Sept 9 (Reuters)Indonesia must synchronise monetary and fiscal policies better to tackle economic pressures caused by the pandemic, although the government does not back a proposal for a monetary board to oversee the country’s central bank, a top minister told Reuters.

Coordinating Minister of Economic Affairs Airlangga Hartarto said the government was seeking to strengthen financial reforms to respond to the crisis, which includes ensuring monetary and fiscal policies are more aligned.

“We have to sail to the same direction,” Hartarto said in a virtual interview late on Tuesday.

Financial markets have been rattled by concerns about the independence of Bank Indonesia (BI) after parliament started reviewing proposals from a panel of experts to revise the country’s 1999 central bank law.

The recommendations include creating a Monetary Council, giving ministers voting rights at BI’s policy meetings, allowing BI

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The coronavirus pandemic has shone a spotlight on working conditions worldwide, including a major focus on which employees have had to continue working in person with fewer protections than others. Often, these employees come from marginalized communities that are already disproportionately affected by the virus.

While the pandemic will not be with us forever, many people from marginalized communities will continue to face higher barriers to employment and live with the effects of cycles of poverty long after it is over. Consumers, however, are increasingly taking notice of — and punishing —companies that fail to employ and provide protections to vulnerable populations.

Many companies, Certified B Corporations prominently among them, are strategically hiring people from these communities. These companies are using new and innovative business practices to effectively support their workers, from open

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30-second summary:

  • In the “coexisting with-COVID-19” world, an average user is now spending “Remote” is the new usual.
  • Using the avenue of YouTube for your business can be an open-ended option to help with marketing and product promotions during the COVID-19 crisis.
  • If you think this is an approachable recommendation for your business, here’s how YouTube can help you out in the COVID-19 situation.

The outbreak of COVID-19 has led global businesses to a scenario where business continuity has severely been challenged. All kinds of businesses – be it food and beverage, apparel and footwear, beauty, automotive, travel, or hospitality all have been severely impacted. Opportunities that help businesses navigate the strategic, operational, and financial change through the usual ways of marketing and promoting a business might not work anymore.

In the “coexisting with COVID-19” world, an average user is now spending “Remote” is the new usual. Hence, utilizing the

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When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the offer initially, though this eased to about 18% by the end of June as businesses gradually reopened and some realized that postponing repayments could end up being costlier. The focus then shifted to a one-time debt restructuring allowed by the Reserve Bank of India for borrowers that were on track to repay before the lockdown. Lenders can grant loan extensions of as long as two years with or without a freeze on repayments. They have until the end of the year to pick which loans to overhaul and until June 2021 to get it done, and will also need to set aside higher provisioning.

India’s $1.8 trillion financial system entered the pandemic already weakened by about $140

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When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the offer initially, though this eased to about 18% by the end of June as businesses gradually reopened and some realized that postponing repayments could end up being costlier. The focus then shifted to a one-time debt restructuring allowed by the Reserve Bank of India for borrowers that were on track to repay before the lockdown. Lenders can grant loan extensions of as long as two years with or without a freeze on repayments. They have until the end of the year to pick which loans to overhaul and until June 2021 to get it done, and will also need to set aside higher provisioning.

India’s $1.8 trillion financial system entered the pandemic already weakened by about $140

Read More