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Rishi Sunak says GDP may fall 30 per cent due to COVID-19

Britain's gross domestic product (GDP) could fall by up to 30 per cent between April and June, finance minister Rishi Sunak told his colleagues as members of the cabinet call for easing lockdown restrictions amid the COVID-19 outbreak, reports said.

Sunak discussed the possibility of a 25 per cent to 30 per cent fall in GDP in the second quarter.


Reports revealed that ten ministers were pressing for the lockdown to be eased in May.

The report, however, did not identify those ministers.

"It's important that we don't end up doing more damage with the lockdown. We're looking at another three weeks of lockdown and then we can start to ease it," a minister said.

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NMC founder BR Shetty found liable in $5.4bn fraud case

Highlights

  • Abu Dhabi court finds BR Shetty and former NMC chief executive Prasanth Manghat liable for fraud.
  • The case involves a $5.4bn (£4.1bn) claim linked to NMC's collapse.
  • Judge finds Shetty knowingly received improperly transferred funds and helped conceal company debts.
  • NMC's administrators say the ruling supports their efforts to recover money for creditors.

AN ABU DHABI court has found Indian businessman Bavaguthu Raghuram Shetty (BR Shetty), founder of collapsed healthcare group NMC Health, and its former chief executive Prasanth Manghat liable for knowingly participating in fraud involving billions of dollars.

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