bank of india economist calculated that the economic fallout of the lockdown causes more harm and deaths than the actual coronavirus itself. from the lock down means his dream of building a little recycling factory one day with the money he's made he's on hold but it least he has the support of his family during these awfully grim times. so high youth unemployment no job prospects lack of infrastructure in rural areas and now 19 making all of that wes for more on the economic fallout of this pandemic in india i'm joined by. don in delhi good to have you with us how visible is this crisis where you are. so i mean delhi it is slowly starting to have the cities slowly starting to house and the streets are really are small vendors are back but it's just not the same city only in law you know like any given. sort of economic activity that you'd see in a city with a population of almost 20000000 people it was unfathomable but now even the markets are open you don't see that much for to follow the street people are of course not coming out on the streets as much because of the fear are the bias

bank of india economist calculated that the economic fallout of the lockdown causes more harm and deaths than the actual coronavirus itself. from the lock down means his dream of building a little recycling factory one day with the money he's made he's on hold but it least he has the support of his family during these awfully grim times. of pandemic has also had a big impact of course on other economies the german economy and that's what they just figures suggest shrank by almost 10 percent in the 2nd quarter and one of the biggest casualties of the coronavirus pandemic certainly has been our confidence in global supply chains more companies here in germany want to end their risk of dependence on those supply chains but is that even possible and how possible are the german government's current plans for securing such supply chains. since the beginning of the corona virus pandemic market being clear has been in constant stress will components like this fan even arrive asking such questions is being closed job the only spheres production disruptions. endemic has definitely had an impact on

the bank of india sees business consideration. at the position there with this lockdown and various parts of india still going on. also just the effects of the pandemic. has there been a material impact on liquidity and has the rbi done enough in that regard? the centralhink bank of india would need to ensure more liquidity and the banking system. this is more from the medical world, hence the uncertainty element. the central bank will keep liquidity comfortable. they will ensure that they leave no stone unturned. is in the short end of bond yields and india. haslinda: what do you expect the rbi to say about the prospects for the economy for growth? do you expect it to forecast a deeper contraction and what it did back in may? gold is definitely a concern. there could still be a similar trend. there is a very broad band ranging from -6%. that this is not coming back in a very big hurry. haslinda: clearly the demand side has recovered. the supply side has recovered, the demand side has been struggling. reports are suggesting that 1

of zambia central bank and that's right yes . by the way i also say if there's a deputy governor of the central bank of india so understand exactly what you don't know about yours i think it's correct to feel that. their central bank independence is being threatened there's a 4 because of the monitor which they are running has been fired. and that we all feel it will doing a good job for it we're going to run ition. 3 not shows that there's no difference but you also believe that some of the states and it's not the government may have been issuing in the last few days of course in their government to put their name to go down. the flooring. that major annoys the government but even diminish the funds has been saying this incentives been stating the same things that there is need for government to me through orange because my goodness of control that the leader of your party mr hockey in the heat to name a will challenge president a guy who wrote in a column that the sacking of the central bank governor he called it a now this sad development for zambia what is happening in zambia. it is an honest i don't mistrust everyone knows n

let's start with the river -- reserve bank of india. d of more stimulus. what is the answer? kathleen: it is not such an uncertainty. it is just that they cannot start cutting rates now, or cut them more, because of their inflation path. they do not know how long it is going to keep going, how high it is going to get. a lot of the comments are optimistic it will slow down soon enough that they can move ahead, but right now the reserve bank of india is in a corner. they are stuck between growth that is cratering now because of the shut down to contain the virus, versus inflation that is being pushed up by food prices. a fact, if we move to bloomberg chart to take a look at the reserve bank of india and what is happening thewre, you -- there, you can see stubbornly high and rising the inflation inflationto 6%, and because of this rise in vegetable prices, it may be seasonable, but look how the headline and the core is higher. it is what is standing in the reserve bank of india's way. at the same time when second-quarter gdp comes out, it i

bank of india economist calculates that the economic fallout of the lockdown causes more harm and debts than the actual coronavirus itself. from the lock down means his dream of building a little recycling factory one day with the money he's made he's on hold but at least he has the support of his family during these awfully grim times. as his day w. nears life from up next we'll let you in on some secret bundling of facts not saying kick off in just a little. pick up. some sunshine. what makes more good live on dusty so consistent. and who can use their heads when the time is right. and other secrets in a strictly scientific manner of course. and share our answers with you. beethoven is for me it. is for. beethoven is for help beethoven is for her. and beethoven is for. beethoven is for everyone. beethoven 2020 vision the 50th anniversary here on d w. 19 years ago german chancellor on the american made a famous claim visited us when germany opened its borders to refugees. 5 years later we take an in-depth look at what happened then. what followed. and the consequences of the refugee cr

perhaps thet likely reserve bank of india, they cut. t the other banks, including australia, will continue to stay where they are. given the turn of events, particularly with regards to more stringent lockdowns in victoria, that is clearly going to be weighing on the outlook. shery: we also have the bank of england announcing the rate decision. really interesting that they usually unveil their new growth projections, but they are refusing to do that, insisting they will give out scenarios. how difficult has it become for policymakers to gauge where their economies are going at a time when we really don't know where the resurgence of the virus will occur? anne: that is so true. i mean, the shocking numbers that we have seen with gdp, the plunge, and then we are seeing the rebound with the reinfection rate in various economies, including potentially london. it is really very hard to forecast. and i think a scenario approach is the most credible way forward, it gives them the flexibility to adapt as things change. haidi: how strong can any

formerleen hays with the central bank of india governor.oinsahead, walmart microsoft in the bid for tiktok. we have the latest next. this is bloomberg. ♪ ♪ you are watching "daybreak: asia." the u.s. has parked on another grim milestone with the number of deaths topping 180,000 euros -- 180,000 deaths. france reported its largest number of daily cases since march as the european union seeks to avoid a new lockdown. japan says its recent wave of infections is showing signs of subsiding. president trump will accept the republican nomination later, asking voters for another four years in office. he will speak from the white house saying the u.s. cannot trust joe biden or the democrats to handle the coronavirus and the racial divide. the president was ready to cancel his speech because of hurricane laura but will go ahead as the storm moves away. don't miss our coverage of the public and national -- number public and national convention. blican national convention. nba aent trump the political organization as players protested the shooting of j

sun pharmaceutical as well, and state bank of india out with earnings too.e are with them as we head towards that open, coming up right now. the nifty index, let's have a quick look at what it is doing. currently the benchmark is on the way down by 0.5%, haslinda. haslinda: staying with india, coming up, a close colleague of indians per -- india's prime minister has tested positive for coronavirus as the nation's total cases head towards 2 million. we will have the latest from new delhi. this is bloomberg. ♪ haslinda: general motors is working with an electric vehicle charging operator. the gm president spoke exclusively to bloomberg. >> the energy source for that tv charge network -- for the evgo charge network is 100% renewable, so that is a powerful thought you think about that. that's why we are proud to ittner with ev-go, because is very competitive with general motors. -- obviously it is going to serve you well as you roll out general motors. electric roll out motors. what about tesla? >> tesla made a decision to do something different from a conn

of further weakness, shrinking 16 .5 percent from a year ago. india recovering from one of the world's biggest lockdowns. the rbi's hands are tied as well. the central banked yesterday and instead are focused on allowing small businesses to restructure loans and adding more liquidity into the system. >> let's return to congress. u.s. house speaker nancy pelosi speaking about the u.s. stimulus. take a listen. we are listening to speaker nancy pelosi talking about the stimulus negotiations she has had with senator chuck schumer, as well as treasury secretary steve mnuchin and white house chief of staff mark meadows. the understanding right now is that there are still significant differences between republicans and democrats. take a listen. it seems we don't have the feed right now. basically we have been hearing secretary mnuchin saying the administration and democrats are so far apart -- still far apart on top line figures. there has been a discrepancy of $2 trillion in the democrat controlled house bill and republican-controlled senate bill. they are trying to work out those differences. senator chuck schumer speaking right now. let's see if we can liste

that is a very important part of india's economy so you have to be very happy to see that. interesting that the reserve bankcement, making it clear, looking at the bond market, how they will make people market their bond holdings. their sovereign bond purchases and sales, etc.. they want to do an operation twist and this is making people more confident that there will be some relief in the move up in yields. 30 basis points in august for adia's key benchmark bond so note of maybe some optimism that even though the budget is constrained for india, that there's some things they can do in the bond market to get some relief to the economy. bloomberg'shays, policy editor, with all of the eco-numbers out of asia today. here in the u.s., efforts to reopen u.s. schools continue. this as the coronavirus infections across the country now top 6 million. we spoke to the vice dean of the johns hopkins school of public health for his thoughts on the safety of getting students back in the classroom. >> it has been pretty remarkable. universities doing very different things. some all online, some, everybody back. also at t

was the last time india out of recession because of the negative shocks to consumer as the corporate sector is also suffering very badly a major concern is india's already fragile banking sector banks are now facing a wave of soured loans as businesses and consumers struggle to pay back debt and india already had a banking sector crisis even before the pandemic began so if many small to medium enterprises and even bigger companies face rising bad debts this is problems for the banking sector and that's a downside risk that could go on long after the pandemic ends. it's the grim dilemma of being faced around the world and he hopes it can stop the spread of the virus without inflicting permanent damage on its economy. and let's take a look at some of the other business stories making headlines around the world. united states has put sanctions on one of them bob noyce most prominent business men. weary citing his opaque dealings to query is a former partner of commodities trader traffic europe which is accused of using political connections to gain its dominant position in the country. virgin australia is shedding $3000.00 jobs that's a 3rd of its staff carrier is bracing

sector banks are now facing a wave of soured loans as businesses and consumers struggle to pay back debt and india already had a banking sector crisis even before the pandemic began so if many small to medium enterprises and even bigger companies face rising bad debts this is problems for the banking sector and that's a downside risk that could go on long after the pandemic ends. it's the grim dilemma of being faced around the world and he hopes it can stop the spread of the virus without inflicting permanent damage on its economy. let's take a look now at some of the other business stories making headlines around the world . facebook instagram has launched a new video sharing feature reels which take steady aim at popular talk like tech talk reels lets users edits and share short videos a chinese own firm behind tick-tock is currently negotiating a cell of its u.s. business to avoid a ban in the country. new auto sales in germany picked up last month fresh data shows nearly 315000 cars added to registries it's a glimmer of hope but the figures for the lucrative export market remain weak exports b

of india. on the banks of the solder you've ever people gather to pray in the ancient town of. preparations underway ahead of the construction of a temple at the site that hindus believe is the birthplace of their god from. the rom temple is supported by all indians only some who wanted to spread hate were opposed to a. controversy over the site has led to some of the worst religious violence in india's history and security has been heightened. in 1992 thousands of hindus from around the country came for the town and destroyed the 16th century baba the mosque and 22 others 18 of the muslims living in the town were killed including relatives of and muhammad childhood we lost everything in the violence my sawmill was here we had thousands of dollars worth of wood they set everything on fire they killed my husband and brother in. the koran in a mosque and started stomping on the beaches we tried collecting the beaches. kept getting worse started attacking people here. the religious violence spread beyond iowa with yet muhammad childhood's father and uncle of more than 2000 people

of pressure on. her private bank has already helped more than half a 1000000 women across india. demand is very high for these micro loans. even though the interest rates are comparable to those of a conventional bank. the process is simple customers apply for a loan online using an app. every customer gets that are in digital account. and then your bella maintains that she's not a charity. i think we are a catalyst for their growth and that's what i would like to see because they repay us with principal and interest when i helping them in any way we're just trying to provide them with a broad out that would support them to grow. this is a chance for people to break free from poverty a chance that they might not have got from anyone else. that report was made before the coronavirus pandemic hit of course i think shows that the business world doesn't only consist of frauds and greedy venturous there's also some good to there let's not forget that that's all for made this week for me in the team thanks for watching. come. on her body passed on her blazers morse the law rising temper

the risk of the nonperforming asset for the bank -- the simulators -- similarities between the two countries. indiana, the starting position is weaker. but the impact of covid on the banking sector will not be visible immediately. as we go forward, i think this will play out in the next one or two years, we will see banks raising the provisioning requirement, needing to raise more capital, and the risk then is perhaps the banking system could turn more risk-averse all. this is something to monitor closely. shery: always great having you with us. up next, our exclusive interview with the chairman and founder of one of chinese biggest conglomerates. he will talk about his outlook for chinese economy and their expansion plans around the world. this is bloomberg. ♪ shery: the billionaire founder of one of china's biggest conglomerates is optimistic about the country's economy, even admitted escalating signs of u.s. tensions. he spoke with tom mackenzie. first of all, we cover a wide range of business but concentrate on family consumption, happiness, health, wealth. in recent years we have been more foc

of these banks. explicitomething less is happening in india as well. on from some pressure being put on the banks to help out in terms of struggling creditors. in addition to that we are having the impact of that slow down itself. all in all, in both of these countries, banking sectors are facing a lot of pressure on their balance sheets. also a lot ofe is pressure on consumption and that recovery, the uneven especially for china. when do you see consumption coming back materially? louis: yeah. it really has been a two track economy, two track recovery. we saw a pretty impressive rebound in industry and investment. forly, the usual recipe china's recovery was also used by the government, of course, in terms of how do we stimulate the economy, putting a lot of emphasis on infrastructure investment, other kinds of investment. china has been remarkably frugal as it concerns fiscal support for the housing sector. that is true also if you compare it to what is happening in many other countries. and that, i would say, combined with people's worries about job

accelerated dramatically because of the pandemic and because of the actions from central banks and governments earn coma in new delhi india traditionally has valued gold for a very very long time you're looking quite small right well. reserves of gold seem to quite huge yes you know goldman is one of the assets in the portfolio i think that people who are and when there is uncertainty people shift toward gore so the pandemic has created a huge uncertainty and that's why people are shifting to our court with 2nd thing is that you know there are cultural values associated with poor so in india and china people voted large amount of poor because of you know reasons of waiting and you know this law and so forth but also let me say the gold price in india is determined by the international price because india hardship uses any quarter and i think what's happened is that the demand is shot up but the supply of gold is limited because the mind only in a few countries knows how to go straight to russia. so they go short fall in that supply of gold but the demand has shot up a lot of people shipping clerk buying gold and that's wh

banks of the pad. they also said that india is committed to maintaining peace through dialogue but equally determined to protect its territorial integrity and that there are now commanded level talks going on to try and resolve the issue now talks have been going on between the 2 sides since may 2 there's all these escalation in tensions and the border dispute between india and china goes back decades they both have territorial claims to read a half 1000 kilometers of land they often have soldiers often have clashes along that unofficial boarded the line of actual control but what changed was despite these talks going on despite a military buildup being seen in satellite imagery there was a very violent clash on the 15th of june and 20 indian soldiers and an unknown number of chinese soldiers were killed in mid june and since then these talks between the 2 sides have really ramped up and yet the latest statement from the indian army would indicate that there is still far from a resolution to this the. security forces. near there were sure muslims holding a religious procession. right. back. on their car

not just to the b j p and its supporters but in fact to many of india's nearly 1000000000 hindus. on the banks of the solder you the people gather to pray in the ancient town of io theah preparations underway ahead of the construction of a temple at the site that hindus believe is the birthplace of their god from. the rom temple is supported by all indians only some who wanted to spread hate were opposed to it. controversy over the side has led to some of the worst religious violence in india's history and security has been heightened. in 1992 thousands of hindus from around the country came to the town and destroyed the 16th century baba the mosque and 22 others 18 of the muslims living in the town were killed including relatives of and muhammad childhood we lost everything in the violence my son was here we had thousands of dollars worth of wood they set everything on fire they killed my husband and brother in. the koran in a mosque and started stomping on the beaches we tried collecting the. kept getting worse started attacking people here. the religious violence spread beyond iowa with the

the stock of tesla but obviously it's specially younger people are really attracted to all the all electric place where tesla clearly belongs to mind body india and yet quite a new york banks have ever. and finally a modern but unique find a baseball card featuring mike trice of the law fantasy angels has been put up for auction with betting starting as a $1000000.00 and initial offers have blown past that figure are ready with the auction only to end on august 22nd that's already a tidy profit for so called a vacancy dave a sports betting consultant who said he bought the card for 400000 dollars 2 years ago. but an investment and that's all we have time for thanks for watching. has been working in at least feel. he has no legal protection no rights and barely enough to live on. in june a new law came into effect. for him and about 350000 other mind men told. their dreams of legal status. in. 60 minutes on. my boards. for the russians. dear st nicholas claims. that i'm so many different walks of life. some are on pain and oddly troubling but all of them come straight from the heart to explain or cd or even one just got more delusional school in chunks from playing for most

parliament he said that india would embark on a policy of demographic change and. following the same lines that were doing on the west bank and saying that pakistan would never accept india unilaterally moved so indeed strong rhetoric and strong show of support by pakistan needs to cross the country. in the pakistani capital islamabad i think school let's go to elizabeth for all the india correspondent and. new delhi india obviously has been the focal point for not just the media but for the international community for quite some time. the mark down has been described as an open prison for those in kashmir allowed any freedom of movement or assembly especially today. good evening so how so people in kashmir are under a complete lockdown they have been for a number of weeks now the government said it was to stop the spread of the coronavirus well on monday the indian government said that the region would be put under curfew putting in even more restrictions on tuesday and wednesday citing the possibility of protests to mark one year since the regions or tommy was for a vote the government went back on that all but joining

certainly accelerated dramatically because of the pandemic and because of the actions from central banks and governments. in new delhi india traditionally has valued gold for a very very long time you're looking quite smart right well on your reserves or gold into quite huge. yes you know gold is one of the assets in the portfolio i think that people who are and then there is uncertainty people shift toward gore so the pandemic has created a huge uncertainty and that's why people are shifting toward gore the 2nd thing is that you know there are cultural values associated with gore so in india and china people voted argemone of gore because up you know reasons of waiting and you know was so on and so forth but also let me say the gold price in india is determined by the international price because india are cheap you see they need gold and i think what's happened is that the demand is shot up but the supply of gold is limited because it mine only you know every 2 countries it was how to we go straight russia . will they go short fall in that supply of gold but the demand has shot up i think that a lot of people are shipping

the stock of tesla but obviously it's specially younger people are really attracted to all the all electric place where tesla clearly belongs to mind body india and yet quite a new york banks have ever. and finally a modern but unique find a baseball card featuring mike trice of the law front of us angels has been put up for auction with bidding starting at a $1000000.00 initial offers have blown past that figure are ready with the auction only to end on august 22nd that's already a tidy profit for so called a vegas dave a sports betting consultant who said he bought the card for 400000 dollars 2 years ago. but an investment and that all we have time for thanks for watching. right to us to see people in particular. is that. on youtube. how does a virus spread. why do we panic and when will all of this. just 3 of the topics covered in the weekly radio show is called spectrum if you would like any information on the coronavirus or any other science topic you should really check out our podcast you can get it wherever you get your podcast you can also find us at g.w. dot com slash science. the power of sports. where i come from and i never saw the sun when it did. have gone u

of religious functions in india. yes welling smoke rings emblematic of hopes prayers and deference. but these activities made right here on the banks of the river ganges are perhaps most special. they recycled from the waste of flowers offered at temples every morning as they burn to the ground they take a substantial portion of potential river pollutants with them. right this very place and user goes generally when 15 of us are going on there's a chick friend who had come to visit me in concord and we started talking wise the war w. would be. spoke about. issues because of the company we spoke of or the issues of the band that we spoke about deceiving and so on and then we saw a lot of people coming in and throwing the religious waste in and then there was a small boy from one nearby village came and dumped all the flowers that was the point i realized. no one has ever done anything. in a pitch that led both. and karen cantore residents who grew up in this town along the ganges to develop an idea that is today a successful and sustainable business model. help us green works towards upcycling temple waste going by conservative esti

of banking rich. you're watching news still to come. probes in distress thousands of the directors face starvation at a crocodile park in india as they are asleep stain visitors. but 1st 2 marriages where urgent efforts are being made to pump 2 and a half 1000 tonnes of oil out of a grounded japanese bulk carrier before it breaks up already more than a 1000 tons of fuel have washed up on the eastern coast polluting coral reefs protected lagoons and the shoreline. it's a race against time thousands of residents of marriages are working around the clock their mission to prevent a 2nd disasters oil spill off the picture perfect coastline devastating for one of the world's most popular tourist destinations it's very sad for us all our work the fisherman the boat men there's no work at the moment it's finished for us now. the japanese own vessel a kushal ran aground 2 weeks ago carrying 4000 tons of fuel which started leaking last week the government has declared an environmental emergency conservationist call it an unprecedented catastrophe these satellite images show the enormous scale of the disaster huge stretches of pristine sea water ar

of asia. currently down .3%. indian consumer stocks in particular have suffered badly as the r. dimbings rate -- down .3%. a big drag in india now are the banksave? david: yeah. suddenly it is it canning off isn't it? let's get you to the headlines. the profits are not helping. fauge expected. second quarter earnings. loan loss soaring. lending shrank during this pandemic. income down to 730 million singapore dollars. alf a billion u.s. they join local rivals in upporting their profit drop. 30 million after the pandemic rippled genting. the virus closed their resorts and casinos. travel was pretty much shut down all across the world. here in hong kong, the sprawling conglomerate saw profits slump 29% in the first half. the second half will be worse. . has profited for decades they are hunksering down on controls in spending. the group has cut its planned nterim dividend. haslinda: the economy reported its deepest contraction and is down for during the course of he year. despite strict measures, it has surged almost 120,000. what is the outlook for the economy? oining us from manila, domingas. what he says h has no more mr money to give the pe

. ♪ shery: let's get a quick check of the latest business flash headlines. india's bankal placement joining a number of indian lenders boosting funds as the coronavirus pandemic threatens to push out bad loans. the nation's second-largest private sector bank. singapore's sovereign wealth fund picked up 11%. morgan stanley bought 7%. singapore investor thomas ike holdings invests in blackrock after adding a stake worth around $3.5 million -- $3.5 billion. temasek bought the shares earlier this year. the two companies have worked together in the past with talks underway for rate joint venture in china. reports from japan say the government tried and failed to push a merger between nissan and honda. and cite sources in tokyo say the idea was promoted toward the end of 2019. it was rejected before the plan could be put to directors. nissan, honda, and the prime minister's office declined to comment. ofdi: bain's resurrection virgin australia is facing mounting legal opposition as creditors from ubs and deutsche bank. a court will be hearing the bond makers bit here in sydney

bank i.m.f. then we turned to the rest and to india no chance of forthcoming so we had to turn to the one country that had spac and china and it doesn't mean that we. get the children ages check it gave us the france we use the concept to put up and said it briefly i'm going to go to go and then i have to go now to get hand to hand is this something which is going to win by the p.p. is it going to further bolster the status of china interlinked. i mean the government hasn't made any. is not made a mystery of its relationship with china we've definitely seen an increase in that relationship being put on display i think there's no doubt that that's one of the unique selling points of this government its close relationship with china but of course i do think that it has also displayed a close affinity to india and there is that balancing act that is taking place. in the region so i don't think that there would be a gravitation to words china at the expense of the relationship with india the president himself has expressed a lot of admiration for the prime minister in india so i think there will be a

of months in consumer spending up to vittie. but clearly the impact is very severe and india already had a banking sector crisis even before the pandemic began so if many small to medium enterprises and even bigger companies face rising bad debts this hides problems for the banking sector and that's a downside risk that could go on long enough to depend on the ends of the banking sector accumulates very large mountain of debts ling will shift failures of small enterprises quick question quick answer if you can what what's the best way out of this health crisis then i think the way things look right now for india and also for many other developing countries in africa for example the result is the vaccine there's a lot of progress now in the final phase trials of vaccines for india survives seen as the best hope because it's almost at the end of its final trials and because india has an agreement should produce a 1000000000 doses so i think at the moment a lot of hopes are being pinned that maybe a successful boxing insurer india and india itself is currently testing the vaccine to make sure it is affective cable luckily that bus h s mar

status quo they said that indian troops preempted this activity on the southern banks of the path leg they also said that india is committed to maintaining peace through dialogue but equally determined to protect its territorial integrity and that there are now commanded level talks going on to try and resolve the issue now talks have been going on between the 2 sides since may 2 this all of these escalating tensions and the border dispute between india and china goes back decades they both have territorial claims to read a half 1000 kilometers of land they often have soldiers often have clashes along that unofficial boarded the line of actual control but what changed was despite these talks going on despite a military buildup being seen in satellite imagery there was a very violent clash on the 15th of june and 20 indian soldiers and an unknown number of chinese soldiers were killed in mid june and since then these talks between the 2 sides have really ramped up and yet the latest statement from the indian army would indicate that there is still far from a resolution to this dozens of people have been injured

bank of the u.a.e. ordered the seizure of his family's assets in the country. miss hell approached by now in india for comment he directed al-jazeera to a statement issued 2 days after his assets had been seized in the u.a.e. . the statement read. the series of events is december $29000.00 have shocked me as much as anyone else including the ellis fraud and misconduct at n m c as well as the existence and extent of undisclosed company debts. to see everything that my family and i have a strived to build over the past 45 years eroded over the course of a few short months and mainly due to the misconduct and wrongdoing of people i put so much trust in saddens me beyond words. i intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them in sewer that misappropriated are missing funds returned by the perpetrators to their rightful owners. on the 24th of july 2020 al-jazeera email dr shetty to see if he had any further comment but he did not reply. dr shetty claims innocence in the events that have taken place he is portraying himself as a victim he is s