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News Wrap Jan 5: 'Omicron not mild for those at high risk'; Cairn withdraws lawsuits against India; BPCL divestment delayed and more

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News Wrap Jan 5: 'Omicron not mild for those at high risk'; Cairn withdraws lawsuits against India; BPCL divestment delayed and more
While several experts have said the Omicron variant of COVID-19 is mild when compared to the Delta strain, top virologist Dr SK Sarin on Wednesday said such may not be the case for those at high health risks. The Maharashtra government has, however, ruled out the possibility of a lockdown now and other states have imposed a slew of restrictions to curb the spread of coronavirus. In the stock market, the shares of IT companies witnessed a slump in an otherwise positive trading session. Cairn Energy has withdrawn all lawsuits against India to get a tax refund of Rs 7,900 crore. Here are some more top news of the day
BUSINESS/ECONOMY
Privatisation of BPCL delayed, may happen next fiscal: Report
Privatisation of Bharat Petroleum Corporation Limited (BPCL) is a huge part of the Centre's disinvestment plan. However, with just three months left in the current fiscal, it is unlikely it would be able to wrap up the privatisation in time. Read more
Cairn withdraws all lawsuits against India, to get Rs 7,900 cr tax refund
Britain's Cairn Energy has dropped all lawsuits against the Indian government and its entities in courts from the US to France and to Singapore, to now be entitled to about Rs 7,900 crore refund of taxes that were collected to enforce a retrospective tax demand. Read more
India questions China’s claim of being a developing nation
India has questioned China’s claim that it is a developing country in the latest round of its trade policy review at the World Trade Organisation (WTO). Check more details
MARKET
At record $3 trillion, Apple’s market cap is higher than the GDP of UK, India
Apple made history earlier this week by becoming the first IT company to break the $3 trillion market valuation barrier when the iPhone manufacturer's stocks briefly hit $182.86. Read more
TCS, Infosys, Wipro, other IT stocks drop; worst day for Nifty IT in 2 weeks
IT stocks from the likes of Tata Consultancy Services (TCS), Infosys and Wipro succumbed to selling pressure, as investors geared up for the onset of the quarterly earnings season. Read more
AU Small Finance Bank hits 10% upper circuit
Shares of AU Small Finance Bank jumped 10 percent hitting the upper circuit at Rs 1204.10 on BSE after the lender reported good provisional figures. Read more
INDIA
Omicron not mild for those at high health risk, says top virologist
According to the assessment of the pandemic situation by Dr SK Sarin, Vice Chancellor at the Institute of Liver and Biliary Sciences, the number of cases are likely to double up, maybe every two to three days and the reasons are two-fold. Dig deeper
Maharashtra govt rules out lockdown, mulls augmented restrictions
Maharashtra Health Minister Rajesh Tope has said there will be restrictions to curb the spread of coronavirus but a lockdown is not needed as of now. The home quarantine has been reduced to seven days from 10 days earlier. Read more
PM Modi skips Punjab rally over ‘serious' security lapse
The Ministry of Home Affairs said Prime Minister Narendra Modi has skipped a rally in Punjab’s Ferozepur over a 'serious' security lapse and a detailed report has been sought from the state government. Read more
WORLD
North Korea fires suspected ballistic missile in first launch of 2022
North Korea fired a suspected ballistic missile off its east coast on Wednesday, underscoring leader Kim Jong Un's New Year vow to bolster the military to counter an unstable international situation. Read more
Multivariant COVID vaccine booster shows promise, early data suggests
A COVID-19 vaccine booster aimed at tackling multiple coronavirus variants shows promise in inducing a comprehensive immune response, early data suggests. More details here
Joe Biden urges concern, not alarm as Omicron rises
US President Joe Biden urged concern but not alarm as the US set new records for daily reported COVID-19 cases and his administration struggled to ease concerns about testing shortages, school closures and other disruptions. Read more
YOU & ME
What should gold investors do when US Fed starts raising rates?
Many analysts believe gold prices have an inverse relationship with interest rates. When the interest rates fall, people don’t get good returns on their deposits causing an increase in gold demand and so the price. Here's what you can do
How multi-asset allocation can emerge as effective strategy for 2022
Multi-asset allocation is an investment style where investors diversify by investing in different uncorrelated asset classes. Here's why it may be effective in 2022
Key benefits of choosing EMI option for health insurance policy
Health insurance policy, a vital investment, is still far from most people in India owing to high one-time payment against the coverage. To make it cost-effective for all, in 2019, the Insurance Regulatory and Development Authority of India (IRDAI) directed coverage companies to start accepting premium payments in EMI. Here's how it helps
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