News, I read on 4th June

1. The union cabinet on Wednesday cleared the proposal to suspend the Insolvency and Bankruptcy Code for a period of six months, which could be extended up to a year in light of Covid-19 pandemic

https://www.business-standard.com/article/economy-policy/covid-19-govt-clears-plan-to-suspend-ibc-for-6-months-ordinance-soon-120060301307_1.html

2. World shares hit three-month highs on Wednesday and the dollar fell for the sixth day running as easing lockdowns and hopes for more monetary stimulus gave investors confidence.

https://in.reuters.com/article/us-global-markets/global-shares-hit-three-month-highs-on-economic-recovery-hopes-idINKBN23A002

3. Overall exports from the country plummeted 60.3 percent during April 2020, hit by the nationwide lockdown and trade restrictions imposed by other nations amid the Covid-19 crisis.

https://www.business-standard.com/article/economy-policy/covid-19-impact-exports-dip-60-in-apr-iron-ore-pharma-only-bright-spots-120060301056_1.html

4. OPEC+ now faces a fresh challenge of stopping U.S. shale production to control global supply amid recovering demand. 

 https://in.finance.yahoo.com/news/opec-keen-keep-u-shale-151052299.html

5. Public sector banks have sanctioned loans worth Rs 10,361.75 crore under the 100 percent Emergency Credit Line Guarantee Scheme. 

https://www.business-standard.com/article/finance/psbs-sanction-loans-worth-rs-10-362-cr-under-emergency-credit-scheme-120060300578_1.html

6. India is to allow farmers to sell produce directly to bulk buyers such as trading companies, food processors, and large retailers. 

https://in.reuters.com/article/india-farms/india-to-let-farmers-sell-produce-directly-to-traders-retailers-idINKBN23A20M

7. Mutual funds (MFs) have applied for a clutch of new funds to take advantage of the beaten-down valuations and expand their product basket, with markets showing signs of recovery.

https://www.business-standard.com/article/markets/mutual-funds-apply-for-new-funds-to-take-advantage-of-market-recovery-120060301321_1.html

8. India’s enormous services industry endured another month of devastating contraction in May. 

https://in.reuters.com/article/us-india-economy-pmi-services/indias-services-sector-slump-stretched-into-may-pmi-idINKBN23A0JY

9. Three leading West Asian sovereign wealth funds are in advanced talks to invest in Reliance Industries Ltd.’s digital arm. 

https://www.business-standard.com/article/companies/ril-in-talks-with-middle-eastern-sovereign-funds-for-jio-platforms-report-120060300267_1.html

10. On Wednesday, NIFTY closed 82.45 Points higher at 10,061.55.

  VIX drops by 0.27% and closed at 30.04, the usual safe range for VIX is between 12 to 20.

  SGX Nifty trading 7.5 points lower at 8:00 am, Indian Time