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As per the numbers that appeared in&nbsp;government data released on Monday, India's wholesale price inflation increased to 12.94 per cent year-on-year in May, up from 10.49 per cent in April, owing primarily to a rise in energy prices.

Fuel prices increased 37.61 per cent year over year in May, according to data from the Ministry of Commerce and Industry. 
 
According to the government, the high rate of inflation in May was caused by a low base effect and increases in the prices of crude petroleum, mineral oils, and manufactured goods. 
 
The wholesale price index (WPI)-based inflation has risen for the fifth month in a row.WPI inflation reached double digits in April 2021, at 10.49 per cent.&nbsp;

"The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May 2021 (over May 2020) as compared to (-) 3.37 per cent in May 2020. The high rate of inflation in May 2021 is primarily due to the low base effect and rise in prices of crude petroleum, mineral oils viz. Petrol, diesel, naphtha, furnace oil etc. And manufactured products as compared to the corresponding month of the previous year," the Commerce and Industry Ministry said. 
 
(With inputs from agencies)

As per the numbers that appeared in government data released on Monday, India's wholesale price inflation increased to 12.94 per cent year-on-year in May, up from 10.

As per the numbers that appeared in government data released on Monday, India's wholesale price inflation increased to 12.94 per cent year-on-year in May, up from 10.49 per cent in April, owing primarily to a rise in energy prices. Fuel prices increased 37.61 per cent year over year in May, according to data from the Ministry of Commerce and Industry. According to the government, the high rate of inflation in May was caused by a low base effect and increases in the prices of crude petroleum, mineral oils, and manufactured goods. The wholesale price index (WPI)-based inflation has risen for the fifth month in a row.WPI inflation reached double digits in April 2021, at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May 2021 (over May 2020) as compared to (-) 3.37 per cent in May 2020. The high rate of inflation in May 2021 is primarily due to the low base effect and rise in prices of crude petroleum, mineral oils viz. Petrol, diesel, naphtha, furnace oil etc. And manufactured products as compared to the corresponding month of the previous year," the Commerce and Industry Ministry said. (With inputs from agencies)

India's wholesale price inflation hits record high of 12.94% in May on costlier fuel

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The Indian stock market indices, Sensex and Nifty recovered early losses to end marginally higher Monday amid mixed global cues. Broader markets, smallcap and midcap indices closed lower. Among sectors, selling was seen in metals, private banks, realty and financial services indices, while Nifty IT and Nifty PSU Bank ended in the green.&nbsp;

BSE Sensex gained 76.77 points to end at a record high closing at 52,551.53, while the Nifty 50 index settled above 15,800 for the first time ever, at 15,811.85. Reliance Industries Ltd (RIL), Bajaj Finance, Power Grid Corporation of India, ONGC, Infosys, L&amp;T, TCS, SBI were among top Sensex gainers.&nbsp;

However, positive cues from global peers coupled with healthy buying in IT, PSU Bank, and select pharma and FMCG counters, helped the indices end the session in the positive territory.

Global markets

European shares hit a record high on Monday as investors bet on global central banks sticking to an accommodative stance on monetary policy even as the post-pandemic economic recovery gathers pace.

In Asia, investors were seen taking a wait-and-see stance ahead of the Federal Reserve's meeting and economic indicators from the United States and China. Japan's Nikkei gained 0.74 per cent, and South Korea's Kospi added 0.09 per cent. China and Australian markets were shut for holidays.

Meanwhile, futures of all three main Wall Street indices indicated a positive start later in the day.

(With inputs from Reuters)

The Indian stock market indices, Sensex and Nifty recovered early losses to end marginally higher Monday amid mixed global cues. Broader markets, smallcap and midcap indices closed lower.

The Indian stock market indices, Sensex and Nifty recovered early losses to end marginally higher Monday amid mixed global cues. Broader markets, smallcap and midcap indices closed lower. Among sectors, selling was seen in metals, private banks, realty and financial services indices, while Nifty IT and Nifty PSU Bank ended in the green. BSE Sensex gained 76.77 points to end at a record high closing at 52,551.53, while the Nifty 50 index settled above 15,800 for the first time ever, at 15,811.85. Reliance Industries Ltd (RIL), Bajaj Finance, Power Grid Corporation of India, ONGC, Infosys, L&T, TCS, SBI were among top Sensex gainers. However, positive cues from global peers coupled with healthy buying in IT, PSU Bank, and select pharma and FMCG counters, helped the indices end the session in the positive territory. Global markets European shares hit a record high on Monday as investors bet on global central banks sticking to an accommodative stance on monetary policy even as the post-pandemic economic recovery gathers pace. In Asia, investors were seen taking a wait-and-see stance ahead of the Federal Reserve's meeting and economic indicators from the United States and China. Japan's Nikkei gained 0.74 per cent, and South Korea's Kospi added 0.09 per cent. China and Australian markets were shut for holidays. Meanwhile, futures of all three main Wall Street indices indicated a positive start later in the day. (With inputs from Reuters)

Sensex posts record closing, Nifty ends above 15,800 for first time

Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin has gyrated to Musk's views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said on Twitter on Sunday.

Bitcoin rallied more than 9% after that message, breaking above its 20-day moving average, and it climbed a tiny bit further in Asia to hit $39,838.92.

"The market had been going through another round of correction over the weekend ... until Elon Musk's tweet of accepting BTC again for Tesla purchases changed sentiment," said Bobby Ong, co-founder of crypto analytics website CoinGecko.

He said the market was also supported by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin.

Bitcoin is up about 33% this year but has collapsed from a record peak above $60,000 amid a regulatory crackdown in China and Musk's apparently wavering enthusiasm for it. Telsa stock is down about 30% since the company's bitcoin purchase.

Musk's tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia, who in a radio interview last week accused him of "price manipulation" and selling a "big part" of his exposure.

"This is inaccurate," Musk said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market."

Musk had tweeted in May that Tesla "will not be selling any bitcoin" and "has not sold any bitcoin," but investors are keenly awaiting Tesla's next earnings update - due next month - for any disclosure of changes to its position.

Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin.

Other cryptocurrencies were steady after weekend gains, with ether at $2,491 and one-time Musk darling dogecoin buying about 32 U.S. cents on crypto exchange Binance.

Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk's views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change. "When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said on Twitter on Sunday. Bitcoin rallied more than 9% after that message, breaking above its 20-day moving average, and it climbed a tiny bit further in Asia to hit $39,838.92. "The market had been going through another round of correction over the weekend ... until Elon Musk's tweet of accepting BTC again for Tesla purchases changed sentiment," said Bobby Ong, co-founder of crypto analytics website CoinGecko. He said the market was also supported by software company and major bitcoin-backer MicroStrategy raising half a billion dollars to buy bitcoin. Bitcoin is up about 33% this year but has collapsed from a record peak above $60,000 amid a regulatory crackdown in China and Musk's apparently wavering enthusiasm for it. Telsa stock is down about 30% since the company's bitcoin purchase. Musk's tweet was made in response to an article based on remarks from Magda Wierzycka, head of cybersecurity firm Syngia, who in a radio interview last week accused him of "price manipulation" and selling a "big part" of his exposure. "This is inaccurate," Musk said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market." Musk had tweeted in May that Tesla "will not be selling any bitcoin" and "has not sold any bitcoin," but investors are keenly awaiting Tesla's next earnings update - due next month - for any disclosure of changes to its position. Musk has taken issue with the vast computing power required to process bitcoin transactions and in early June posted messages appearing to lament a breakup with bitcoin. Other cryptocurrencies were steady after weekend gains, with ether at $2,491 and one-time Musk darling dogecoin buying about 32 U.S. cents on crypto exchange Binance.

Bitcoin jumps after Musk says Tesla could use it again

The US economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago. The Labor Department said last month’s increase in the consumer-price index was the largest since August 2008, when the reading rose 5.4%.

World Business Watch: US inflation highest in 13 years as prices surge 5% in May

The European Central Bank raised its growth and inflation projections on Thursday but pledged a steady flow of stimulus over the summer, fearing that a retreat now would accelerate a concerning rise in borrowing costs and choke off the recovery.

World Business Watch: ECB projects brighter outlook but maintains steady flow of stimulus

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World Business Watch: French carmaker Citroen charged in 'dieselgate' scandal

After California passed a law in 2019 that effectively gave gig workers the legal standing of employees, companies like Uber and Lyft spent some $200 million on a ballot initiative exempting their drivers.

To avoid such threats in other states, the companies have pressed for legislation that classifies drivers as contractors, meaning they are not entitled to protections like a minimum wage and unemployment benefits.

The most serious initiative in this vein, in New York state, has stalled while facing opposition from labour groups as the state’s legislative session winds down this week.

But the effort seems certain to be revived, and the negotiations — in which the companies offered to grant workers bargaining rights and certain benefits but not all the protections of employment — have indicated what an eventual deal could look like in New York and beyond.

Gig companies like Uber and Lyft have long resisted classifying workers as employees, stating in regulatory filings that doing so would force them to alter their business model and risk a financial hit. Industry officials have estimated that making drivers employees could raise labour costs 20% to 30%.

As California considered a bill under which gig drivers were likely to be classified as employees in 2019, the companies met repeatedly with a few large unions, including the Service Employees International Union and the Teamsters, to discuss a deal along the lines of what they have proposed in New York. But the talks collapsed because many in the labour movement refused to make significant concessions while holding the legislative upper hand. The bill passed in September of that year.

After the ballot initiative that exempted drivers was approved last fall, however, some in labour became more amenable to a deal. New York, where discussions were already underway, was a natural place to seek one.

Some of the companies had a relationship with labour in the state, chiefly the International Association of Machinists, with which Uber created and funded a driver organization in 2016, known as the Independent Drivers Guild. In some ways the drivers guild foreshadowed the arrangement the companies are seeking today: It provided a way for drivers to address concerns with the company but agreed not to contest drivers’ contractor status.

At the same time, labour had leverage. A number of rulings in New York granted gig drivers conventional unemployment benefits in the state, potentially leading to hundreds of millions of dollars in liabilities for the companies. And there were New York City regulations — like a minimum pay standard for drivers amounting to over $17 an hour after expenses — that some gig companies have sought to ease.

A legislative draft, produced by industry officials in consultation with labour groups, deemed gig workers to be “network workers.” That would essentially have made them contractors with certain protections and the right to join a labour organization that would bargain on a sectoral basis, meaning all at once with the major companies. The arrangement would have created more than 150,000 new union members in the state.

The bargaining would have happened separately for drivers and for delivery workers and would have covered a minimum wage, “portable benefits” like retirement contributions, and a process for appealing terminations.

But the details of the proposed unions raised eyebrows. As laid out in the draft, the companies would have signed an agreement with a single union giving it access to workers through corporate email systems. Once the union signed up 10% of the industry’s eligible workers and the state labour commissioner certified the arrangement, the union would have become the exclusive agent of all workers in the industry. No other union would have had a chance to represent them.

Critics complained that the gig companies did not consult widely enough beyond some of the labour groups that stood to benefit — among them the machinists, which appeared likely to be the first to get email access to drivers, and the Transport Workers Union of America, which appeared to be first in line to get email access to delivery workers.

“The companies’ sectoral bargaining bill was drafted without workers’ input,” said Ligia Guallpa of the nonprofit Workers Justice Project, whose group has helped delivery workers build an organization that claims more than 10,000 members. “They don’t get to decide their own representation. It’s prearranged.”

Guallpa, like other labour leaders and worker organizers, said she found out about the proposal only in mid-May, after Bloomberg reported on its existence.

Aziz Bah, organizing director of the Independent Drivers Guild, said in a statement that “the choices about which union or unions to join rests with the workers.”

Critics also complained that funding for the union — potentially more than $20 million a year for the drivers union alone — would have come from the companies through a fee on rides that they collect, making workers feel beholden to the companies. And under the initial proposal, workers would have been prohibited from striking while they were bargaining with the companies, depriving them of a crucial source of leverage.

According to Kate Andrias, a professor at the University of Michigan Law School, some of those features were at odds with federal labour law, which typically bars unions that companies effectively select, fund or control. The law does not apply to contractors, however.

The proposal would have also replaced the conventional unemployment benefits that many drivers are currently eligible for with a new system that could have led to lower benefits and that could have been harder for workers to collect in certain situations.

And the proposal would have largely prohibited municipalities from regulating work done through ride-hailing or delivery apps, rolling back the driver minimum pay standard in New York City, though workers could have bargained for a floor as high as that minimum or higher.

The disclosure of the initial draft of the bill in May created a backlash against any proposal featuring weak unions, or unions effectively selected by the companies.

“They’re talking about the right to bargaining that’s a Trojan horse,” said Bhairavi Desai, executive director of the New York Taxi Workers Alliance, which helped drivers with ride-hailing services win unemployment benefits in the state. “That union would be complicit in giving them cover as they really seek to dominate the industry.”

Some labour groups involved in the discussions, like the state AFL-CIO, became tepid in their support. John Samuelsen, president of the Transport Workers Union, backed away from the proposal, citing concerns that workers would not be allowed to strike and opposition from delivery workers.

An Uber official who was not authorized to speak publicly said the company was open to changes that would make it easier for more than one union to represent workers in the ride-hailing or delivery industries. A subsequent draft eased restrictions on striking during negotiations with the companies.

Uber, Lyft and DoorDash said in statements that they remained interested in working with “stakeholders” on legislation.

But for all the opposition to the proposal, the episode suggested that some sort of deal remains possible in New York and other states where gig companies or industry groups have explored independent contractor legislation, including Illinois, Massachusetts and Connecticut, all with legislatures controlled by Democrats. Some of these states have policies allowing drivers to be deemed employees.

State Sen. Diane Savino, who has been a key participant in the New York legislative efforts, said in an interview on Monday that she had recently reached out to a broader set of groups and that the discussion would continue in the coming weeks.

“The clock may have run out on the legislative session, but it has not run out on the issue,” she said.

Critically, even many labour groups dismissive of the New York proposal have stopped short of insisting on all the rights and protections of employee status.

“Their priorities are to have a living wage, have the right to organize and have more safety protections,” said Guallpa of the Workers Justice Project when asked how important it is to delivery workers to be classified as employees. “No one’s organizing around that issue.”

If the gig companies make more meaningful concessions, such as ensuring a more independent union, then a number of labour groups may be ready to take them up on it, ceding employee status in exchange.

“If large groups of workers see a pathway to improve their current economic situation by entering into initiatives that would allow them to form unions,” said Samuelsen of the Transport Workers Union, “then I’m with the workers.”

After California passed a law in 2019 that effectively gave gig workers the legal standing of employees, companies like Uber and Lyft spent some $200 million on a ballot initiative exempting their drivers.

After California passed a law in 2019 that effectively gave gig workers the legal standing of employees, companies like Uber and Lyft spent some $200 million on a ballot initiative exempting their drivers. To avoid such threats in other states, the companies have pressed for legislation that classifies drivers as contractors, meaning they are not entitled to protections like a minimum wage and unemployment benefits. The most serious initiative in this vein, in New York state, has stalled while facing opposition from labour groups as the state’s legislative session winds down this week. But the effort seems certain to be revived, and the negotiations — in which the companies offered to grant workers bargaining rights and certain benefits but not all the protections of employment — have indicated what an eventual deal could look like in New York and beyond. Gig companies like Uber and Lyft have long resisted classifying workers as employees, stating in regulatory filings that doing so would force them to alter their business model and risk a financial hit. Industry officials have estimated that making drivers employees could raise labour costs 20% to 30%. As California considered a bill under which gig drivers were likely to be classified as employees in 2019, the companies met repeatedly with a few large unions, including the Service Employees International Union and the Teamsters, to discuss a deal along the lines of what they have proposed in New York. But the talks collapsed because many in the labour movement refused to make significant concessions while holding the legislative upper hand. The bill passed in September of that year. After the ballot initiative that exempted drivers was approved last fall, however, some in labour became more amenable to a deal. New York, where discussions were already underway, was a natural place to seek one. Some of the companies had a relationship with labour in the state, chiefly the International Association of Machinists, with which Uber created and funded a driver organization in 2016, known as the Independent Drivers Guild. In some ways the drivers guild foreshadowed the arrangement the companies are seeking today: It provided a way for drivers to address concerns with the company but agreed not to contest drivers’ contractor status. At the same time, labour had leverage. A number of rulings in New York granted gig drivers conventional unemployment benefits in the state, potentially leading to hundreds of millions of dollars in liabilities for the companies. And there were New York City regulations — like a minimum pay standard for drivers amounting to over $17 an hour after expenses — that some gig companies have sought to ease. A legislative draft, produced by industry officials in consultation with labour groups, deemed gig workers to be “network workers.” That would essentially have made them contractors with certain protections and the right to join a labour organization that would bargain on a sectoral basis, meaning all at once with the major companies. The arrangement would have created more than 150,000 new union members in the state. The bargaining would have happened separately for drivers and for delivery workers and would have covered a minimum wage, “portable benefits” like retirement contributions, and a process for appealing terminations. But the details of the proposed unions raised eyebrows. As laid out in the draft, the companies would have signed an agreement with a single union giving it access to workers through corporate email systems. Once the union signed up 10% of the industry’s eligible workers and the state labour commissioner certified the arrangement, the union would have become the exclusive agent of all workers in the industry. No other union would have had a chance to represent them. Critics complained that the gig companies did not consult widely enough beyond some of the labour groups that stood to benefit — among them the machinists, which appeared likely to be the first to get email access to drivers, and the Transport Workers Union of America, which appeared to be first in line to get email access to delivery workers. “The companies’ sectoral bargaining bill was drafted without workers’ input,” said Ligia Guallpa of the nonprofit Workers Justice Project, whose group has helped delivery workers build an organization that claims more than 10,000 members. “They don’t get to decide their own representation. It’s prearranged.” Guallpa, like other labour leaders and worker organizers, said she found out about the proposal only in mid-May, after Bloomberg reported on its existence. Aziz Bah, organizing director of the Independent Drivers Guild, said in a statement that “the choices about which union or unions to join rests with the workers.” Critics also complained that funding for the union — potentially more than $20 million a year for the drivers union alone — would have come from the companies through a fee on rides that they collect, making workers feel beholden to the companies. And under the initial proposal, workers would have been prohibited from striking while they were bargaining with the companies, depriving them of a crucial source of leverage. According to Kate Andrias, a professor at the University of Michigan Law School, some of those features were at odds with federal labour law, which typically bars unions that companies effectively select, fund or control. The law does not apply to contractors, however. The proposal would have also replaced the conventional unemployment benefits that many drivers are currently eligible for with a new system that could have led to lower benefits and that could have been harder for workers to collect in certain situations. And the proposal would have largely prohibited municipalities from regulating work done through ride-hailing or delivery apps, rolling back the driver minimum pay standard in New York City, though workers could have bargained for a floor as high as that minimum or higher. The disclosure of the initial draft of the bill in May created a backlash against any proposal featuring weak unions, or unions effectively selected by the companies. “They’re talking about the right to bargaining that’s a Trojan horse,” said Bhairavi Desai, executive director of the New York Taxi Workers Alliance, which helped drivers with ride-hailing services win unemployment benefits in the state. “That union would be complicit in giving them cover as they really seek to dominate the industry.” Some labour groups involved in the discussions, like the state AFL-CIO, became tepid in their support. John Samuelsen, president of the Transport Workers Union, backed away from the proposal, citing concerns that workers would not be allowed to strike and opposition from delivery workers. An Uber official who was not authorized to speak publicly said the company was open to changes that would make it easier for more than one union to represent workers in the ride-hailing or delivery industries. A subsequent draft eased restrictions on striking during negotiations with the companies. Uber, Lyft and DoorDash said in statements that they remained interested in working with “stakeholders” on legislation. But for all the opposition to the proposal, the episode suggested that some sort of deal remains possible in New York and other states where gig companies or industry groups have explored independent contractor legislation, including Illinois, Massachusetts and Connecticut, all with legislatures controlled by Democrats. Some of these states have policies allowing drivers to be deemed employees. State Sen. Diane Savino, who has been a key participant in the New York legislative efforts, said in an interview on Monday that she had recently reached out to a broader set of groups and that the discussion would continue in the coming weeks. “The clock may have run out on the legislative session, but it has not run out on the issue,” she said. Critically, even many labour groups dismissive of the New York proposal have stopped short of insisting on all the rights and protections of employee status. “Their priorities are to have a living wage, have the right to organize and have more safety protections,” said Guallpa of the Workers Justice Project when asked how important it is to delivery workers to be classified as employees. “No one’s organizing around that issue.” If the gig companies make more meaningful concessions, such as ensuring a more independent union, then a number of labour groups may be ready to take them up on it, ceding employee status in exchange. “If large groups of workers see a pathway to improve their current economic situation by entering into initiatives that would allow them to form unions,” said Samuelsen of the Transport Workers Union, “then I’m with the workers.”

Uber and Lyft ramp up legislative efforts to shield business model

What are the new technologies that will emerge in the post-Coronavirus world and what will be the job scenario future? Insights lead of World Economic Forum (WEF), Vesselina Stefanova Ratcheva speaks exclusively to WION on these issues.

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Google has bowed to pressure from rivals and will let them compete for free to be the default search engine on Android devices in Europe, widening a pledge to EU antitrust regulators two years ago.

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French carmaker Renault said that it had been charged by prosecutors over claims it cheated on emission tests for diesel vehicles for several years, a scandal that has rocked rivals across the industry.

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Domestic stock market indices ended marginally lower on Tuesday dragged mainly by banking, financials and metal stocks. The sentiment was also lower on the back of global inflation worries.&nbsp;

The BSE-barometer of 30 shares ended at 52,275 levels, down 53 points or 0.10 per cent while the Nifty50 shut shop at 15,740-mark, down 11.5 points or 0.07 per cent.

In Asia, Japan's Nikkei ended 0.3 per cent lower, South Korea's Kospi dipped 0.13 per cent, and China's Shanghai Composite ended 0.5 per cent lower.

Meanwhile, the futures of Wall Street's three main indices were mixed. Dow Jones Futures were down 0.04 per cent while Nasdaq Futures were up 0.25 per cent.

(With inputs from Reuters)

Domestic stock market indices ended marginally lower on Tuesday dragged mainly by banking, financials and metal stocks. The sentiment was also lower on the back of global inflation worries.

Domestic stock market indices ended marginally lower on Tuesday dragged mainly by banking, financials and metal stocks. The sentiment was also lower on the back of global inflation worries. The BSE-barometer of 30 shares ended at 52,275 levels, down 53 points or 0.10 per cent while the Nifty50 shut shop at 15,740-mark, down 11.5 points or 0.07 per cent. In Asia, Japan's Nikkei ended 0.3 per cent lower, South Korea's Kospi dipped 0.13 per cent, and China's Shanghai Composite ended 0.5 per cent lower. Meanwhile, the futures of Wall Street's three main indices were mixed. Dow Jones Futures were down 0.04 per cent while Nasdaq Futures were up 0.25 per cent. (With inputs from Reuters)

Sensex falls 53 points, Nifty ends below 15,750

A group of 50 investors managing more than $4.5 trillion in assets is calling on companies involved in the development and use of facial recognition technology, such as Amazon and Facebook, to do so in an ethical way. 
 
The investor group, which is led by asset manager Candriam, a European division of US&nbsp;financial services company New York Life, said in a statement the technology could infringe on an individual's privacy rights, given the lack of consent of those being identified, and that there is often no official oversight. 
 
The initiative shows how fund managers are increasingly taking up policy issues that were once considered fringe subjects for shareholders as retail investors pour billions of dollars into funds focused on ethical and sustainability criteria. 
 
Human rights advocates say face recognition technology, which can be used to unlock smart phones or verify bank accounts, also has the potential to be used by governments to track citizens and suppress political dissent. 
 
The investor group said it would begin a two-year process of engagement with companies developing or using the technology. It said it considers 34 companies to be leaders in facial recognition, including Amazon, Facebook, and Asian tech companies Alibaba and Huawei. 
 
An Amazon spokesperson declined to comment. The other companies did not immediately comment when contacted. 
 
Amazon said last month it was extending a moratorium it imposed on police use of its facial recognition technology. Civil liberties groups have warned inaccurate matching could lead to unjust arrests. 
 
"For investors to be able to fulfil our own responsibility to respect human rights, we call on companies to proactively assess, disclose, mitigate and remediate human rights risks related to their facial recognition products and services," said Rosa van den Beemt, Responsible Investment Analyst at BMO Global Asset Management, one of the investors that has signed up to the initiative. 
 
The facial recognition technology market is set to grow to around $10 billion in 2020, Candriam said in a report published in March, citing a 2018 survey by Allied Market Research. 
 
Among those to sign up to the investor initiative were Britain's Aviva Investors, Royal London Asset Management, Canada's BMO Global Asset Management, Dutch-based NN Investment Partners and Norway's KLP. 
 
"The increasing deployment and use of facial recognition technologies have human rights implications which are not fully being considered by companies," said Louise Piffaut, Senior ESG analyst at Aviva Investors. 
 
Candriam said there was currently no global framework governing the collection and use of biometric data, but the European Union has proposed its first ever legal framework and China has published a draft standard. 
 
The European Union's privacy watchdog said in April, the technology should be banned in Europe because of its 'deep and non-democratic intrusion' into people's private lives. 
 
(With inputs from agencies)

A group of 50 investors managing more than $4.5 trillion in assets is calling on companies involved in the development and use of facial recognition technology, such as Amazon and Facebook, to do so in an ethical way.

A group of 50 investors managing more than $4.5 trillion in assets is calling on companies involved in the development and use of facial recognition technology, such as Amazon and Facebook, to do so in an ethical way. The investor group, which is led by asset manager Candriam, a European division of US financial services company New York Life, said in a statement the technology could infringe on an individual's privacy rights, given the lack of consent of those being identified, and that there is often no official oversight. The initiative shows how fund managers are increasingly taking up policy issues that were once considered fringe subjects for shareholders as retail investors pour billions of dollars into funds focused on ethical and sustainability criteria. Human rights advocates say face recognition technology, which can be used to unlock smart phones or verify bank accounts, also has the potential to be used by governments to track citizens and suppress political dissent. The investor group said it would begin a two-year process of engagement with companies developing or using the technology. It said it considers 34 companies to be leaders in facial recognition, including Amazon, Facebook, and Asian tech companies Alibaba and Huawei. An Amazon spokesperson declined to comment. The other companies did not immediately comment when contacted. Amazon said last month it was extending a moratorium it imposed on police use of its facial recognition technology. Civil liberties groups have warned inaccurate matching could lead to unjust arrests. "For investors to be able to fulfil our own responsibility to respect human rights, we call on companies to proactively assess, disclose, mitigate and remediate human rights risks related to their facial recognition products and services," said Rosa van den Beemt, Responsible Investment Analyst at BMO Global Asset Management, one of the investors that has signed up to the initiative. The facial recognition technology market is set to grow to around $10 billion in 2020, Candriam said in a report published in March, citing a 2018 survey by Allied Market Research. Among those to sign up to the investor initiative were Britain's Aviva Investors, Royal London Asset Management, Canada's BMO Global Asset Management, Dutch-based NN Investment Partners and Norway's KLP. "The increasing deployment and use of facial recognition technologies have human rights implications which are not fully being considered by companies," said Louise Piffaut, Senior ESG analyst at Aviva Investors. Candriam said there was currently no global framework governing the collection and use of biometric data, but the European Union has proposed its first ever legal framework and China has published a draft standard. The European Union's privacy watchdog said in April, the technology should be banned in Europe because of its 'deep and non-democratic intrusion' into people's private lives. (With inputs from agencies)

Investors call for ethical approach to facial recognition technology

Long-time Tesla Inc executive Jerome Guillen, who oversaw its Semi electric trucks slated to be launched this year, has left the company, Tesla said on Monday, barely three months after taking over the role. 
 
Guillen, who has been with the company for over a decade since starting as a Model S programme director in 2010, oversaw Tesla's entire vehicles business before being named president of the Tesla Heavy Trucking unit in March. He was one of Tesla's top four leadership members, including then CEO Elon Musk. 
 
Dan Levy, a Credit-Suisse analyst said in a note the departure is 'negative given Guillen previously viewed as central to Tesla' as he was 'arguably key in stabilising auto biz post Model 3 launch' in 2017. 
 
Tesla is yet to begin delivering its battery-powered Semi electric commercial truck, with Musk saying in recent months that battery cell supply constraints could delay its mass production to 2022. 
 
Musk also said in January that Tesla would be able to produce the Semi when its new 4680 cells could be produced in volume, alleviating a battery shortage. 
 
Separately, Musk said on Sunday that Tesla has canceled its longest-range Model S Plaid+, which would use 4680 cells and whose production had been delayed to next year. 
 
"They made a big deal about 4680 ... we are just upset the first (car with) 4680 apparently was abruptly canceled. This just raises more questions that they need to address," Louis Navellier, chief investment officer at Navellier, said. 
 
Tesla shares fell 0.7% in after market trading. 
 
Guillen was one of only a few long-serving executives at Tesla, which is known for the high turnover rate of its executives. 
 
RJ Johnson, who headed Tesla's Energy operations to sell solar and energy storage products, left the company after less than two years, according to his LinkedIn profile. He moved to startup Stealth Mode. 
 
(With inputs from agencies)

Long-time Tesla Inc executive Jerome Guillen, who oversaw its Semi electric trucks slated to be launched this year, has left the company, Tesla said on Monday, barely three months after taking over the role.

Long-time Tesla Inc executive Jerome Guillen, who oversaw its Semi electric trucks slated to be launched this year, has left the company, Tesla said on Monday, barely three months after taking over the role. Guillen, who has been with the company for over a decade since starting as a Model S programme director in 2010, oversaw Tesla's entire vehicles business before being named president of the Tesla Heavy Trucking unit in March. He was one of Tesla's top four leadership members, including then CEO Elon Musk. Dan Levy, a Credit-Suisse analyst said in a note the departure is 'negative given Guillen previously viewed as central to Tesla' as he was 'arguably key in stabilising auto biz post Model 3 launch' in 2017. Tesla is yet to begin delivering its battery-powered Semi electric commercial truck, with Musk saying in recent months that battery cell supply constraints could delay its mass production to 2022. Musk also said in January that Tesla would be able to produce the Semi when its new 4680 cells could be produced in volume, alleviating a battery shortage. Separately, Musk said on Sunday that Tesla has canceled its longest-range Model S Plaid+, which would use 4680 cells and whose production had been delayed to next year. "They made a big deal about 4680 ... we are just upset the first (car with) 4680 apparently was abruptly canceled. This just raises more questions that they need to address," Louis Navellier, chief investment officer at Navellier, said. Tesla shares fell 0.7% in after market trading. Guillen was one of only a few long-serving executives at Tesla, which is known for the high turnover rate of its executives. RJ Johnson, who headed Tesla's Energy operations to sell solar and energy storage products, left the company after less than two years, according to his LinkedIn profile. He moved to startup Stealth Mode. (With inputs from agencies)

Tesla veteran and trucking chief leaves company

WION speaks in this exclusive conversation with the Indian-origin chief operating officer of Japan's Nissan Motor. He talks about the new trends that could emerge in the automotive world post-COVID-19, battling global chip shortage, the importance of the market for the Japanese auto major, and the future of electric cars and hybrid cars.

WION Exclusive: Nissan's Global COO Ashwani Gupta on global automaker market

By Rama Venkat BENGALURU (Reuters) - Indian shares rose on Monday to hover near the record highs hit in the previous session, as some states eased lockdowns and daily COVID-19 cases in the country hit a two-month low. The blue-chip NSE Nifty 50 index climbed 0.29% to 15,715.55 and the benchmark S&P BSE Sensex added 0.17% to 52,187.10 by 0446 GMT. Last week, both the indexes rose more than 1% each to notch their third straight weekly gain. Energy and auto stocks also supported the Nifty 50 index, with the Nifty Energy index rising 1.29% and the Nifty Auto index jumping 1.07%. "With lockdowns getting lifted and the economy coming back to normal, we remain optimistic on the market," said Samrat Dasgupta, chief executive of Esquire Capital Investment Advisors. While India`s capital city New Delhi announced a partial easing of a lockdown, Prime Minister Narendra Modi`s home state of Gujarat relaxed curbs on commercial activities. The country`s richest state of Maharashtra, which saw the most infections during the second wave, plans to start easing in stages this week from a strict lockdown imposed in April. Daily COVID-19 cases in India have seen a downward trend since early-May, with data over the weekend showing that fresh infections stayed below the 200,000-mark for over a week. On Monday, it reported 100,636 new cases, the lowest in two months. Among other stocks, Bajaj Finance Ltd fell 4.3% and was the top drag to the Nifty 50. The company said last week it expects the second COVID-19 wave impacting growth in assets under management of 40 billion rupees ($549.77 million) - 50 billion Indian rupees ($687.21 million) for the fiscal year 2022. ($1 = 72.7575 Indian rupees) (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)

By Rama Venkat BENGALURU (Reuters) - Indian shares rose on Monday to hover near the record highs hit in the previous session, as some states eased lockdowns and daily COVID-19 cases in the country hit a two-month low.

By Rama Venkat BENGALURU (Reuters) - Indian shares rose on Monday to hover near the record highs hit in the previous session, as some states eased lockdowns and daily COVID-19 cases in the country hit a two-month low. The blue-chip NSE Nifty 50 index climbed 0.29% to 15,715.55 and the benchmark S&P BSE Sensex added 0.17% to 52,187.10 by 0446 GMT. Last week, both the indexes rose more than 1% each to notch their third straight weekly gain. Energy and auto stocks also supported the Nifty 50 index, with the Nifty Energy index rising 1.29% and the Nifty Auto index jumping 1.07%. "With lockdowns getting lifted and the economy coming back to normal, we remain optimistic on the market," said Samrat Dasgupta, chief executive of Esquire Capital Investment Advisors. While India`s capital city New Delhi announced a partial easing of a lockdown, Prime Minister Narendra Modi`s home state of Gujarat relaxed curbs on commercial activities. The country`s richest state of Maharashtra, which saw the most infections during the second wave, plans to start easing in stages this week from a strict lockdown imposed in April. Daily COVID-19 cases in India have seen a downward trend since early-May, with data over the weekend showing that fresh infections stayed below the 200,000-mark for over a week. On Monday, it reported 100,636 new cases, the lowest in two months. Among other stocks, Bajaj Finance Ltd fell 4.3% and was the top drag to the Nifty 50. The company said last week it expects the second COVID-19 wave impacting growth in assets under management of 40 billion rupees ($549.77 million) - 50 billion Indian rupees ($687.21 million) for the fiscal year 2022. ($1 = 72.7575 Indian rupees) (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)

Indian shares near record highs as parts of country ease lockdowns

Indian shares inched higher on Monday, hovering near record highs hit in the previous session, as the downward trend of new coronavirus cases raised hopes of more easing of lockdowns across the country. 
 
The blue-chip NSE Nifty 50 index rose 0.25% at 15,709.20 and the benchmark S&amp;P BSE Sensex was up 0.15% at 52,171.70 by 0347 GMT, led by metal stocks and public sector banks. 
 
Both the indexes last week gained more than 1% to notch their third straight week of gains. 
 
The Nifty PSU Bank Index, which tracks state-run banks, was up 0.85%, and the Nifty Metal Index gained 1.44%. 
 
The country has continued to see a decline in daily COVID-19 cases, with data from the health ministry over the weekend showing the daily rise in cases stayed below the 200,000 marks for more than a week. 
 
India on Monday reported 100,636 new coronavirus infections over the past 24 hours, while deaths rose by 2,427.

Indian shares inched higher on Monday, hovering near record highs hit in the previous session, as the downward trend of new coronavirus cases raised hopes of more easing of lockdowns across the country.

Indian shares inched higher on Monday, hovering near record highs hit in the previous session, as the downward trend of new coronavirus cases raised hopes of more easing of lockdowns across the country. The blue-chip NSE Nifty 50 index rose 0.25% at 15,709.20 and the benchmark S&P BSE Sensex was up 0.15% at 52,171.70 by 0347 GMT, led by metal stocks and public sector banks. Both the indexes last week gained more than 1% to notch their third straight week of gains. The Nifty PSU Bank Index, which tracks state-run banks, was up 0.85%, and the Nifty Metal Index gained 1.44%. The country has continued to see a decline in daily COVID-19 cases, with data from the health ministry over the weekend showing the daily rise in cases stayed below the 200,000 marks for more than a week. India on Monday reported 100,636 new coronavirus infections over the past 24 hours, while deaths rose by 2,427.

Indian shares near record highs as daily COVID-19 cases fall

The domestic stock market indices, Sensex and Nifty ended higher Monday boosted by a rally in IT, banks, auto and FMCG sectors.

S&amp;P BSE Sensex hit the day's high of 52,379 while the Nifty50 touched a record peak of 15,773. While the indices came off highs mildly, they still managed to end about 0.4 per cent higher. By the close, the Sensex index was at 52,328.5 levels, up 228 points and the Nifty50 was at 15,751.6 levels, up 81 points.

Global markets

World shares were range-bound on Monday as markets digested Friday’s disappointing US jobs report and a global tax deal between the G7 group of countries, while also looking ahead to inflation data due this week.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.05 per cent, Japan's Nikkei edged up 0.3 per cent, while Taiwan stocks lost 0.4 per cent. Chinese blue chips were also off 0.1 per cent.

In Europe, the pan-European STOXX 600 index was flat in early deals.

(With inputs from Reuters)

The domestic stock market indices, Sensex and Nifty ended higher Monday boosted by a rally in IT, banks, auto and FMCG sectors. S&P BSE Sensex hit the day's high of 52,379 while the Nifty50 touched a record peak of 15,773.

The domestic stock market indices, Sensex and Nifty ended higher Monday boosted by a rally in IT, banks, auto and FMCG sectors. S&P BSE Sensex hit the day's high of 52,379 while the Nifty50 touched a record peak of 15,773. While the indices came off highs mildly, they still managed to end about 0.4 per cent higher. By the close, the Sensex index was at 52,328.5 levels, up 228 points and the Nifty50 was at 15,751.6 levels, up 81 points. Global markets World shares were range-bound on Monday as markets digested Friday’s disappointing US jobs report and a global tax deal between the G7 group of countries, while also looking ahead to inflation data due this week. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.05 per cent, Japan's Nikkei edged up 0.3 per cent, while Taiwan stocks lost 0.4 per cent. Chinese blue chips were also off 0.1 per cent. In Europe, the pan-European STOXX 600 index was flat in early deals. (With inputs from Reuters)

Sensex jumps 228 points, Nifty ends above 15,750 led by IT, banks

HSBC said on Monday that its Asia Pacific Chief Executive Officer (CEO) Peter Wong will retire effective immediately, and is to be replaced by David Liao and Surendra Rosha, who will jointly run the region. 
 
Liao, who was HSBC's head of global banking for Asia Pacific, and Rosha, who was CEO of HSBC India, will continue to run the region as a single entity and be based in Hong Kong. 
 
Wong has been CEO of Asia Pacific since February 2010. Last year, he sparked a backlash from the British and US&nbsp;governments when he signed a petition backing China's imposition of a national security law on Hong Kong, breaking years of neutrality for the UK-based, Asia-focused lender. 
 
Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha.

HSBC said on Monday that its Asia Pacific Chief Executive Officer (CEO) Peter Wong will retire effective immediately, and is to be replaced by David Liao and Surendra Rosha, who will jointly run the region.

HSBC said on Monday that its Asia Pacific Chief Executive Officer (CEO) Peter Wong will retire effective immediately, and is to be replaced by David Liao and Surendra Rosha, who will jointly run the region. Liao, who was HSBC's head of global banking for Asia Pacific, and Rosha, who was CEO of HSBC India, will continue to run the region as a single entity and be based in Hong Kong. Wong has been CEO of Asia Pacific since February 2010. Last year, he sparked a backlash from the British and US governments when he signed a petition backing China's imposition of a national security law on Hong Kong, breaking years of neutrality for the UK-based, Asia-focused lender. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha.

HSBC says Asia Pacific CEO Peter Wong to retire

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. 
 
Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. 
 
Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. 
 
"The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added. 
 
Data showing a 14.6% year-on-year drop in China's crude oil imports in May also weighed on prices. 
 
Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel. 
 
Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say. 
 
A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US&nbsp;rig count also supported oil prices. 
 
Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. 
 
While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead. 
 
Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted. 
 
In the United States, the number of oil and natural gas rigs operating fell for the first time in six weeks as growth in drilling slowed. 
 
This "suggests that US&nbsp;oil drillers are less enthusiastic in adding more US&nbsp;oil production and hence reduces the risk of a supply glut in the global oil market in H2 2021," CMC Markets analyst Kelvin Wong said in emailed comments.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. "The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added. Data showing a 14.6% year-on-year drop in China's crude oil imports in May also weighed on prices. Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel. Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say. A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US rig count also supported oil prices. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead. Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted. In the United States, the number of oil and natural gas rigs operating fell for the first time in six weeks as growth in drilling slowed. This "suggests that US oil drillers are less enthusiastic in adding more US oil production and hence reduces the risk of a supply glut in the global oil market in H2 2021," CMC Markets analyst Kelvin Wong said in emailed comments.

Oil retreats as investors await Iran nuclear talks this week

The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding.<o:p></o:p>

The funds will be raised by preferential allotment of up to 8.88 crore equity shares and / or warrants convertible into equivalent number of shares of the company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP.

The issue price of shares is set at 62 rupees apiece.

The funds will be utilised for long-term resources, for general corporate purposes, fund future growth and to reduce debt, the Indian company said in a release.

The board of directors gave its nod to&nbsp;seeking approval of the members of the company for the proposal through postal ballot, said RInfra, one of India’s largest infrastructure companies.

<o:p></o:p>

RInfra has projects in various infrastructure sectors such as power, roads and Metro Rail, as well as in the defence sector.<o:p></o:p>

<o:p>&nbsp;</o:p>

The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding. The funds will be raised by preferential allotment of up to 8.

The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding. The funds will be raised by preferential allotment of up to 8.88 crore equity shares and / or warrants convertible into equivalent number of shares of the company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP. The issue price of shares is set at 62 rupees apiece. The funds will be utilised for long-term resources, for general corporate purposes, fund future growth and to reduce debt, the Indian company said in a release. The board of directors gave its nod to seeking approval of the members of the company for the proposal through postal ballot, said RInfra, one of India’s largest infrastructure companies. RInfra has projects in various infrastructure sectors such as power, roads and Metro Rail, as well as in the defence sector.

Reliance Infrastructure board approves raising funds of over 550 crore rupees