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Most big US banks are expected to report a stunning rebound in quarterly profits next week. With feared pandemic loan losses, they are failing to materialize even as trading income slumps and lending revenue stalls on low-interest rates and weak demand.

World Business Watch: US banks to see big jump in second-quarter profits before normalcy in results

The European Union has handed down more than $1 billion in fines to four major German car manufacturers, saying they colluded to limit the development and rollout of car emission control systems.

World Business Watch: EU fines 4 German carmakers over emission collusion

In a snub to El Salvador’s President Nayib Bukele, more than three-quarters of Salvadorans are skeptical of the maverick leader’s push to adopt the cryptocurrency bitcoin as parallel legal tender, according to a poll released on Thursday.

World Business Watch: Big Salvadoran majority skeptical of bitcoin as standard currency

Dozens of US State attorneys general filed an antitrust lawsuit in federal court against Google. The lawsuit was filed in the US District Court for the Northern District of California.

World Business Watch: Dozens of US States sue Google alleging antitrust violations

Shrugging off growing worries about new COVID-19 variants and the impact of supply bottlenecks on factory production in Germany, the European Commission has upgraded its eurozone growth forecasts.

World Business Watch: EU hikes economic recovery forecast as downside risks emerge

G20 finance ministers meeting in Venice on Friday and Saturday could rally the world's top economies behind a global plan to tax multinationals more fairly, already hashed out among 130 countries representing 90 percent of world output.

World Business Watch: G20 ministers to vote on global tax reform plan this week

Didi's shares slumped 25% in US pre-market trade on Tuesday, ahead of its first session since Chinese regulators ordered that the company's app be taken down days after its $4.4 billion listings on the New York Stock Exchange.

World Business Watch: DiDi's shares fall 25% in US pre-market trade after China cracks down

Brent oil rose above $77 a barrel for the first time since 2018 after OPEC+ failed to reach an agreement on bringing back curtailed output, leaving the market with tighter supplies than expected.

World Business Watch: Brent oil jumps $77 after OPEC+ fails to reach output deal

As Germany lifted a ban on travellers from India, there are chances for the Indian aviation sector to revive soon. What is the overall scenario of aviation in India and how quickly it can be revived? Chief Commercial Officer of Vistara, Vinod Kannan talks to WION on all these issues.

World Business Watch: How is aviation industry going to recover post-pandemic?

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China’s cyberspace regulator ordered app stores to remove Didi Chuxing, dealing a major blow to a country's biggest ride-hailing firm that just days ago pulled off one of the largest US initial public offerings (IPOs) of the past decade.

World Business Watch: China blocks 'Didi' from app stores days after US IPO

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The domestic stock market indices ended higher on Monday, boosted by metals and financials, as investors hoped for a strong corporate earnings season. The sentiment was also lifted on the back of more availability of COVID-19 vaccine doses.

The Sensex rose as much as 416 points and Nifty 50 index touched an intraday high of 15,845.

The Sensex ended 395 points or 0.75 per cent to close at 52,880 and Nifty 50 index climbed 112 points to close at 15,834.

The broader markets were also higher with the midcap and smallcap indices up 0.5 percent and 0.8 percent, respectively.

Meanwhile, Indian rupee ended higher by 43 paise at 74.31 per dollar, amid buying saw in the domestic equity market. It opened 22 paise higher at 74.52 per dollar against Friday's close of 74.74 and traded in the range of 74.30-74.55.

(With inputs from agencies)

The domestic stock market indices ended higher on Monday, boosted by metals and financials, as investors hoped for a strong corporate earnings season. The sentiment was also lifted on the back of more availability of COVID-19 vaccine doses.

The domestic stock market indices ended higher on Monday, boosted by metals and financials, as investors hoped for a strong corporate earnings season. The sentiment was also lifted on the back of more availability of COVID-19 vaccine doses. The Sensex rose as much as 416 points and Nifty 50 index touched an intraday high of 15,845. The Sensex ended 395 points or 0.75 per cent to close at 52,880 and Nifty 50 index climbed 112 points to close at 15,834. The broader markets were also higher with the midcap and smallcap indices up 0.5 percent and 0.8 percent, respectively. Meanwhile, Indian rupee ended higher by 43 paise at 74.31 per dollar, amid buying saw in the domestic equity market. It opened 22 paise higher at 74.52 per dollar against Friday's close of 74.74 and traded in the range of 74.30-74.55. (With inputs from agencies)

Sensex zooms 395 points amid buying in realty, bank stocks; Nifty above 15,800

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China. 
 
Earlier on Sunday, China's cyberspace regulator ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data. 
 
"The company expects that the app takedown may have an adverse impact on its revenue in China," the company said in a statement. 
 
In its filing&nbsp;from June, Didi reported revenue of about 42.2 billion yuan ($6.52 billion) for the three months ended March 31. Of that, 39.2 billion yuan came from China mobility division while about 800 million yuan came from international business. 
 
Didi has a dominant position in the online ride-hailing business in China and operates in 4,000 locations across 16 countries. 
 
Didi said it will strive to rectify any problems, and will protect users' privacy and data security. 
 
The company also said once the app is taken down from app stores, new users will no longer be able to download the app in China, although existing users, who had installed the app prior to the takedown may continue using it. 
 
The takedown comes days after Didi made its trading debut on New York Stock Exchange having raised $4.4 billion in an initial public offering. 
 
A senior Didi executive said on Saturday company stores all China user and roads data at servers in the country and it is 'absolutely not possible' that it passed data to the United States. 
 
(With inputs from agencies)

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China.

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China. Earlier on Sunday, China's cyberspace regulator ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data. "The company expects that the app takedown may have an adverse impact on its revenue in China," the company said in a statement. In its filing from June, Didi reported revenue of about 42.2 billion yuan ($6.52 billion) for the three months ended March 31. Of that, 39.2 billion yuan came from China mobility division while about 800 million yuan came from international business. Didi has a dominant position in the online ride-hailing business in China and operates in 4,000 locations across 16 countries. Didi said it will strive to rectify any problems, and will protect users' privacy and data security. The company also said once the app is taken down from app stores, new users will no longer be able to download the app in China, although existing users, who had installed the app prior to the takedown may continue using it. The takedown comes days after Didi made its trading debut on New York Stock Exchange having raised $4.4 billion in an initial public offering. A senior Didi executive said on Saturday company stores all China user and roads data at servers in the country and it is 'absolutely not possible' that it passed data to the United States. (With inputs from agencies)

Ride hailing firm Didi says app takedown may adversely impact revenue in China

Amazon.com Inc plans to award incoming Chief Executive Andy Jassy more than $200 million in extra stock, which will pay out over 10 years, the company said in a regulatory filing on Friday. 
 
Amazon will record the grant of 61,000 shares on July 5, the filing said. That's the date Jassy succeeds Jeff Bezos in the online retailer's first CEO transition since its founding in 1994. As of Friday's close, those shares are worth about $214 million. 
 
The award's exact value will depend on how the shares are trading when they pay out in future years, encouraging Jassy to grow a company that's worth $1.77 trillion today. Though Amazon did not disclose the vesting schedule, its previous stock grants have not vested right away. 
 
Jassy's base salary has been $175,000, filings show. On top of that, he has $45.3 million in previously awarded stock that is vesting this year and had $41.5 million vest in 2020. 
 
The annual median pay at Amazon was $29,007 last year across full, part-time and temporary employees worldwide, excluding Bezos, whose base salary was $81,840. The founder's outsized stake in Amazon has made him the richest person in the world. 
 
Jassy's vested equity was still smaller than payouts to rival CEOs in the technology industry. Microsoft Corp's Satya Nadella had $215 million in stock vest for the fiscal year ended June 30, 2020, on top of a base salary of $2.5 million, for instance. Apple Inc's Tim Cook had $281.9 million in stock vest, according to its 2021 proxy. 
 
Some governance experts have criticised such pay schemes because they reward executives irrespective of whether they achieve corporate milestones. Stock grants can be more appropriate for startups than for established companies like Amazon, said, John C&nbsp;Coffee Jr, director of the Center on Corporate Governance at Columbia Law School. 
 
“It is rewarding compensation a little prematurely,” Coffee said. “It’s like winning the prize for the race before the race is won.” 
 
Amazon plans to stop its prior biannual stock grants to Jassy, aiming for the latest award to account for most of his compensation in the coming years, a person familiar with the matter said. 
 
(With inputs from agencies)

Amazon.com Inc plans to award incoming Chief Executive Andy Jassy more than $200 million in extra stock, which will pay out over 10 years, the company said in a regulatory filing on Friday.

Amazon.com Inc plans to award incoming Chief Executive Andy Jassy more than $200 million in extra stock, which will pay out over 10 years, the company said in a regulatory filing on Friday. Amazon will record the grant of 61,000 shares on July 5, the filing said. That's the date Jassy succeeds Jeff Bezos in the online retailer's first CEO transition since its founding in 1994. As of Friday's close, those shares are worth about $214 million. The award's exact value will depend on how the shares are trading when they pay out in future years, encouraging Jassy to grow a company that's worth $1.77 trillion today. Though Amazon did not disclose the vesting schedule, its previous stock grants have not vested right away. Jassy's base salary has been $175,000, filings show. On top of that, he has $45.3 million in previously awarded stock that is vesting this year and had $41.5 million vest in 2020. The annual median pay at Amazon was $29,007 last year across full, part-time and temporary employees worldwide, excluding Bezos, whose base salary was $81,840. The founder's outsized stake in Amazon has made him the richest person in the world. Jassy's vested equity was still smaller than payouts to rival CEOs in the technology industry. Microsoft Corp's Satya Nadella had $215 million in stock vest for the fiscal year ended June 30, 2020, on top of a base salary of $2.5 million, for instance. Apple Inc's Tim Cook had $281.9 million in stock vest, according to its 2021 proxy. Some governance experts have criticised such pay schemes because they reward executives irrespective of whether they achieve corporate milestones. Stock grants can be more appropriate for startups than for established companies like Amazon, said, John C Coffee Jr, director of the Center on Corporate Governance at Columbia Law School. “It is rewarding compensation a little prematurely,” Coffee said. “It’s like winning the prize for the race before the race is won.” Amazon plans to stop its prior biannual stock grants to Jassy, aiming for the latest award to account for most of his compensation in the coming years, a person familiar with the matter said. (With inputs from agencies)

Amazon to grant new CEO Jassy over $200 million in stock

OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact. 
 
The standoff could delay plans to pump more oil through to the end of the year to cool oil prices that have soared to 2-1/2 year highs. 
 
Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, more than 40% up this year. Consumers want more crude to aid a global recovery from the COVID-19 pandemic. 
 
The rise in oil prices is contributing to global inflation, slowing the economic recovery from the coronavirus crisis. 
 
OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and their allies, voted on Friday to increase output by around 2 million barrels per day (bpd) from August to December 2021 and to extend remaining cuts to the end of 2022, instead of ending in April 2022, OPEC+ sources said. 
 
The UAE agreed to releasing more oil into the market but refused to support the extension of the cuts. 
 
Talks resume on Monday, OPEC+ said in a statement. 
 
Responding to oil demand destruction caused by the COVID crisis, OPEC+ agreed last year to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd. 
 
If the UAE blocks a deal, the remaining cuts would likely stay in place, although there is a slim chance the pact could fall apart and all countries could pump as much as they wanted. 
 
Alternatively, the group could agree to increase output to the end of 2021 but postpone discussion about extending the deal beyond April 2022. OPEC+ sources said UAE had proposed this. 
 
(With inputs from agencies)

OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact.

OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact. The standoff could delay plans to pump more oil through to the end of the year to cool oil prices that have soared to 2-1/2 year highs. Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, more than 40% up this year. Consumers want more crude to aid a global recovery from the COVID-19 pandemic. The rise in oil prices is contributing to global inflation, slowing the economic recovery from the coronavirus crisis. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and their allies, voted on Friday to increase output by around 2 million barrels per day (bpd) from August to December 2021 and to extend remaining cuts to the end of 2022, instead of ending in April 2022, OPEC+ sources said. The UAE agreed to releasing more oil into the market but refused to support the extension of the cuts. Talks resume on Monday, OPEC+ said in a statement. Responding to oil demand destruction caused by the COVID crisis, OPEC+ agreed last year to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd. If the UAE blocks a deal, the remaining cuts would likely stay in place, although there is a slim chance the pact could fall apart and all countries could pump as much as they wanted. Alternatively, the group could agree to increase output to the end of 2021 but postpone discussion about extending the deal beyond April 2022. OPEC+ sources said UAE had proposed this. (With inputs from agencies)

OPEC+ to resume oil policy talks on Monday after UAE roadblock

In India, wholesale auto despatches saw a sharp jump across segments in June compared to the same month last year as well as the preceding months. The reason for the sharp turnaround in June this year is because dealerships resumed stocking after lockdowns, which started April onwards.

World Business Watch: Auto sales in India sees sharp jump in June

Google is planning to clamp down on financial fraud on its platform in the United Kingdom, saying on Wednesday that all financial services will need to be verified by the regulator before they can advertise.

World Business Watch: Google to clamp down on financial frauds on its platforms in UK

Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules where companies are taxed and a tax rate of at least 15%.

World Business Watch: 130 countries back global minimum corporate tax of 15%

Britain will unveil its blueprint on Thursday for building the world's most advanced financial sector after Brexit largely severed the City of London financial district from the European Union, its biggest export customer.

World Business Watch: FM Sunak promises to sharpen City of London's competitive edge

According to reports, scandal-hit Credit Suisse is considering centralising the management of its bankers to the world's wealthy, reversing a regional structure put in place six years ago, as Swiss bank looks for ways to tighten controls and improve operations.

World Business Watch: Scandal-hit Credit Suisse considers creating single private bank

Apart from the auto industry, another industry that has been hit hard by the global semiconductor shortage is consumer electronics. To understand the dynamics of the global semiconductor shortage, its causes and solutions, WION talks to Dr. Ajit Aras, Executive Vice President of Sharp, Singapore.

Trying to match supply & demand to optimise production: Executive VP of Sharp, Singapore

In UK, fraud and error from a loan scheme to help businesses cope with the COVID-19 pandemic launched during COVID-19 pandemic it could cost British taxpayers up to 37 billion on top of some 60 billion dollars annually which is lost to criminals and mistakes a report has said.

World Business Watch: COVID loan fraud and error will cost UK taxpayers of billions pounds

The International Monetary Fund (IMF) has approved a 2.5 billion dollars loan for Sudan. Watch this report to know more.

World Business Watch: Sudan approved for debt relief, $2.5 billion funding by IMF