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Uber Technologies Inc will let employees work half their hours from wherever they want as part of its revamped return-to-office strategy, the transport app company plans to announce on Tuesday, according to a person familiar with the matter. 
 
In one of the most flexible policies offered yet by a big US&nbsp;tech company as the COVID-19 pandemic eases, Uber plans to say that those working in offices need to spend at least 50% of their time there. 
 
But unlike many other companies the policy does not mean at least three days per week in the office, the source said. Instead, workers can show up five days one week and zero the next. 
 
The plan is a reversal from April when Uber said that from September 'employees can work from home up to two days a week, but with a clear expectation that they also come into the office three days a week'. 
 
When working remotely, employees can be wherever, including at home, with family or even more exotic destinations. They will be encouraged to try working away from their regular home for four weeks a year, the source said. 
 
The company on Tuesday also is expected to say it will begin allowing more employees to work remotely all the time. 
 
Online news outlet Insider first reported details of the plan on Monday.

Uber Technologies Inc will let employees work half their hours from wherever they want as part of its revamped return-to-office strategy, the transport app company plans to announce on Tuesday, according to a person familiar with the matter.

Uber Technologies Inc will let employees work half their hours from wherever they want as part of its revamped return-to-office strategy, the transport app company plans to announce on Tuesday, according to a person familiar with the matter. In one of the most flexible policies offered yet by a big US tech company as the COVID-19 pandemic eases, Uber plans to say that those working in offices need to spend at least 50% of their time there. But unlike many other companies the policy does not mean at least three days per week in the office, the source said. Instead, workers can show up five days one week and zero the next. The plan is a reversal from April when Uber said that from September 'employees can work from home up to two days a week, but with a clear expectation that they also come into the office three days a week'. When working remotely, employees can be wherever, including at home, with family or even more exotic destinations. They will be encouraged to try working away from their regular home for four weeks a year, the source said. The company on Tuesday also is expected to say it will begin allowing more employees to work remotely all the time. Online news outlet Insider first reported details of the plan on Monday.

Uber to let office staff work up to half their time from anywhere: Source

The Small Industries Development Bank of India (SIDBI) and the Global Alliance for Mass Entrepreneurship (GAME) have entered into an MoU to help the MSMEs address their challenges that were accentuated during the pandemic, along with the longstanding capacity gaps in the sector. 
 
The broad themes covered under the MoU include expanding credit access, increasing formalisation, building competitive clusters, and improving the legal framework for ease of doing business. 
 
The two organisations committed that at least 25 per cent of beneficiaries from the partnership would be women entrepreneurs.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/india-suffers-record-job-losses-in-april-amid-second-wave-384823">India suffers record job losses in April amid second wave</a> 
 
"This long-standing experience combined with the force of GAME`s 80+diverse partner alliance should ease the access to credit and a range of new support services for MSMEs at large scale," GAME Co-founder Mekin Maheshwari said. 
 
Some of the focus areas of the partnership will be scaling up Udyam Registration as a unique ID for an MSME to access schemes across the entire MSME universe, leveraging SIDBI`s financial schemes to further formalise enterprises, among others. 
 
"We hope the power of the Alliance can be leveraged for nation building efforts such as formalising MSMEs, and substantially improving access to credit&amp; non-financial services," SIDBI Chairman and Managing Director, Sivasubramanian Raman, said.

The Small Industries Development Bank of India (SIDBI) and the Global Alliance for Mass Entrepreneurship (GAME) have entered into an MoU to help the MSMEs address their challenges that were accentuated during the pandemic, along with the longstanding capacity gaps in the sector.

The Small Industries Development Bank of India (SIDBI) and the Global Alliance for Mass Entrepreneurship (GAME) have entered into an MoU to help the MSMEs address their challenges that were accentuated during the pandemic, along with the longstanding capacity gaps in the sector. The broad themes covered under the MoU include expanding credit access, increasing formalisation, building competitive clusters, and improving the legal framework for ease of doing business. The two organisations committed that at least 25 per cent of beneficiaries from the partnership would be women entrepreneurs. Also read | India suffers record job losses in April amid second wave "This long-standing experience combined with the force of GAME`s 80+diverse partner alliance should ease the access to credit and a range of new support services for MSMEs at large scale," GAME Co-founder Mekin Maheshwari said. Some of the focus areas of the partnership will be scaling up Udyam Registration as a unique ID for an MSME to access schemes across the entire MSME universe, leveraging SIDBI`s financial schemes to further formalise enterprises, among others. "We hope the power of the Alliance can be leveraged for nation building efforts such as formalising MSMEs, and substantially improving access to credit& non-financial services," SIDBI Chairman and Managing Director, Sivasubramanian Raman, said.

SIDBI ties up with Global Alliance for Mass Entrepreneurship to help MSMEs revive

Indian economy is going through many ups and downs. Various rating agency's including Moody's have slashed growth projection for India. Moody's Vice President- Senior Credit Officer, Madhavi Bokil talks to WION on India's economic revival and major challenges to its growth this fiscal?

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The US Federal Aviation Administration (FAA) has told Boeing that its planned 777X is not yet ready for a significant certification step and warned it "realistically" will not certify the airplane until mid-to-late 2023.

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Panasonic Corp sold its stake in electric car maker&nbsp;Tesla&nbsp;Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday.

The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on&nbsp;Tesla&nbsp;and raise cash for investments.

Panasonic's battery business is dominated by Elon Musk's&nbsp;Tesla, but the two firms have had a tense relationship at times with executives trading barbs publicly.

Panasonic bought 1.4 million&nbsp;Tesla&nbsp;shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The shares have gained almost seven fold since then and closed up 3.5 per cent&nbsp;at $679.82 apiece on Thursday.

"The impact of crypto assets may have pushed&nbsp;Tesla's share price above its intrinsic value, making it a good time to sell," said Hideki Yasuda, an analyst at Ace Research Institute.

Musk said in February his firm bought bitcoin and would take payment in the cryptocurrency, a decision he later reversed, and his comments on Twitter drive swings in the price of such assets.

While Panasonic gave financial backing to&nbsp;Tesla&nbsp;when it was smaller, the automaker's expansion means there's no need for capital ties, Yasuda added. Panasonic's shares closed up 4.9&nbsp;per cent&nbsp;&nbsp;on Friday.

The stake sale will not affect the partnership with&nbsp;Tesla, the Panasonic spokesperson said, and was made as part of a review of shareholdings in line with corporate governance guidelines.

The sale comes as the automaker is diversifying its own battery supply chain.

Tesla&nbsp;has struck deals with South Korea's LG Energy Solution, a unit of LG Chem, and China's CATL, with Reuters reporting the latter is planning a plant in Shanghai near the automaker's production base.

Panasonic said earlier this year it would buy the shares&nbsp;of US&nbsp;supply-chain software company Blue Yonder that it does not already own, in a $7.1 billion deal. Its biggest such deal in a decade, the price raised the eyebrows of analysts who pointed to the firm's spotty M&amp;A track record.

Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday.

Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investments. Panasonic's battery business is dominated by Elon Musk's Tesla, but the two firms have had a tense relationship at times with executives trading barbs publicly. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The shares have gained almost seven fold since then and closed up 3.5 per cent at $679.82 apiece on Thursday. "The impact of crypto assets may have pushed Tesla's share price above its intrinsic value, making it a good time to sell," said Hideki Yasuda, an analyst at Ace Research Institute. Musk said in February his firm bought bitcoin and would take payment in the cryptocurrency, a decision he later reversed, and his comments on Twitter drive swings in the price of such assets. While Panasonic gave financial backing to Tesla when it was smaller, the automaker's expansion means there's no need for capital ties, Yasuda added. Panasonic's shares closed up 4.9 per cent on Friday. The stake sale will not affect the partnership with Tesla, the Panasonic spokesperson said, and was made as part of a review of shareholdings in line with corporate governance guidelines. The sale comes as the automaker is diversifying its own battery supply chain. Tesla has struck deals with South Korea's LG Energy Solution, a unit of LG Chem, and China's CATL, with Reuters reporting the latter is planning a plant in Shanghai near the automaker's production base. Panasonic said earlier this year it would buy the shares of US supply-chain software company Blue Yonder that it does not already own, in a $7.1 billion deal. Its biggest such deal in a decade, the price raised the eyebrows of analysts who pointed to the firm's spotty M&A track record.

Panasonic sells Tesla stake for $3.6 billion

India is particularly vulnerable as any increase in global prices can affect its import bill, stoke inflation, and widen trade deficit.

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The aviation and tourism industry has been hammered since the start of the pandemic, after governments were forced to close down international leisure travel to try to stop passengers importing the virus.

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In a global economy defined by extreme forms of inequality, the pandemic has widened the divide.

Now, fears that the world may emerge from the pandemic more unequal than ever have prompted a substantial effort to close the gap: Under a proposal nearing completion, the International Monetary Fund would issue $650 billion worth of reserve funds, essentially creating money that troubled countries could use to purchase vaccines, finance health care and pay down debt.

The IMF’s executive board is expected to advance the proposal during a meeting Friday before forwarding it for final approval to its board of governors, which comprises representatives of the fund’s 190 member nations. Officials hope it will gain final passage by August.

The International Monetary Fund’s approach involves not money but so-called special drawing rights — reserve funds that the institution credits to the accounts of its member nations. Governments can swap these SDRs for regular currency, to spend as needed.

Under the rules governing the IMF, member nations contribute to the institution’s coffers, with their obligations determined largely by the size of their economies. The new reserves would be distributed according to this ranking, meaning that the largest economic powers like the United States would gain the biggest tranche.

Fund officials are crafting a plan under which wealthier member countries would transfer some of their reserves to poorer countries to allow an expansion of debt reduction and poverty-fighting programs.

IMF managing director Kristalina Georgieva said the fund’s plan would rely on “encouraging voluntary channeling of some of the SDRs,” with a goal of yielding “$100 billion for the poorest and most vulnerable countries.”

The United States is prepared to make available about one-fifth of its allocation, worth approximately $20 billion, said a Treasury official who spoke on condition of anonymity. The Biden administration is seeking to persuade other members of the Group of 7 to contribute similar shares.

In Washington, the universal nature of the proposed allocation has stirred up opposition from Republicans, who argue that it would burnish the finances of U.S. adversaries like China, Russia and Iran while doing little to help poor countries.

Sen. John Kennedy, R-La., this month introduced a bill that would block special drawing rights allocations from going to “perpetrators of genocide and state sponsors of terrorism” without approval from Congress.

In a global economy defined by extreme forms of inequality, the pandemic has widened the divide. Now, fears that the world may emerge from the pandemic more unequal than ever have prompted a substantial effort to close the gap: Under a proposal nearing completion, the International Monetary Fund would issue $650 billion worth of reserve funds, essentially creating money that troubled countries could use to purchase vaccines, finance health care and pay down debt.

In a global economy defined by extreme forms of inequality, the pandemic has widened the divide. Now, fears that the world may emerge from the pandemic more unequal than ever have prompted a substantial effort to close the gap: Under a proposal nearing completion, the International Monetary Fund would issue $650 billion worth of reserve funds, essentially creating money that troubled countries could use to purchase vaccines, finance health care and pay down debt. The IMF’s executive board is expected to advance the proposal during a meeting Friday before forwarding it for final approval to its board of governors, which comprises representatives of the fund’s 190 member nations. Officials hope it will gain final passage by August. The International Monetary Fund’s approach involves not money but so-called special drawing rights — reserve funds that the institution credits to the accounts of its member nations. Governments can swap these SDRs for regular currency, to spend as needed. Under the rules governing the IMF, member nations contribute to the institution’s coffers, with their obligations determined largely by the size of their economies. The new reserves would be distributed according to this ranking, meaning that the largest economic powers like the United States would gain the biggest tranche. Fund officials are crafting a plan under which wealthier member countries would transfer some of their reserves to poorer countries to allow an expansion of debt reduction and poverty-fighting programs. IMF managing director Kristalina Georgieva said the fund’s plan would rely on “encouraging voluntary channeling of some of the SDRs,” with a goal of yielding “$100 billion for the poorest and most vulnerable countries.” The United States is prepared to make available about one-fifth of its allocation, worth approximately $20 billion, said a Treasury official who spoke on condition of anonymity. The Biden administration is seeking to persuade other members of the Group of 7 to contribute similar shares. In Washington, the universal nature of the proposed allocation has stirred up opposition from Republicans, who argue that it would burnish the finances of U.S. adversaries like China, Russia and Iran while doing little to help poor countries. Sen. John Kennedy, R-La., this month introduced a bill that would block special drawing rights allocations from going to “perpetrators of genocide and state sponsors of terrorism” without approval from Congress.

This is the plan to rescue poor countries from the pandemic

In the face of mixed global indications, India's stock market indices, the Sensex and Nifty closed higher on Thursday, led by robust gains in the IT and metal sectors. 
Broader markets ended mixed, with the midcap index falling and the smallcap index rising marginally.&nbsp;

Sensex ended up 392.92 points or 0.75% at 52699.00, and the Nifty jumped 103.50 points or 0.66% at 15790.50.&nbsp;

IT stocks rallied led by TCS, Infosys and Tech Mahindra. On the other hand, Reliance Industries, Coal India and Indian Oil Corporation are the top losers. About 1415 shares have advanced, 1717 shares declined, and 135 shares are unchanged.

Among the sectors, Nifty IT jumped over 2 per cent followed by metals and banks. Pharma and energy stocks dragged the most.

(With inputs from agencies)

In the face of mixed global indications, India's stock market indices, the Sensex and Nifty closed higher on Thursday, led by robust gains in the IT and metal sectors.

In the face of mixed global indications, India's stock market indices, the Sensex and Nifty closed higher on Thursday, led by robust gains in the IT and metal sectors. Broader markets ended mixed, with the midcap index falling and the smallcap index rising marginally. Sensex ended up 392.92 points or 0.75% at 52699.00, and the Nifty jumped 103.50 points or 0.66% at 15790.50. IT stocks rallied led by TCS, Infosys and Tech Mahindra. On the other hand, Reliance Industries, Coal India and Indian Oil Corporation are the top losers. About 1415 shares have advanced, 1717 shares declined, and 135 shares are unchanged. Among the sectors, Nifty IT jumped over 2 per cent followed by metals and banks. Pharma and energy stocks dragged the most. (With inputs from agencies)

Sensex jumps 393 points, Nifty ends above 15,750 led by IT, metals

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Microsoft Corporation on Tuesday became the second US public company to hit $2 trillion in&nbsp; market value, briefly joining the league of Apple Inc. The company’s value was elevated due to its dominance in cloud computing and enterprise software, which is expected to keep improving in the post-Covid world.

In New York, Microsoft’s shares rose by as much as 1.2 per cent on Tuesday, allowing the company to sit on the elite table with Apple. But before closing, the company fell short of the mark at $265.51. In December 2019, Saudi Aramco almost touched that threshold and currently boasts a market value of $1.9 trillion.

Microsoft’s resurgence to glory has largely been credited to its Chief Executive Officer Satya Nadella who took over in 2014. Under his watch, the company has become the largest seller of cloud-computing software taking into account both is Office application and infrastructure cloud units.

Interestingly enough, Microsoft is perhaps the only giant technology company in the US to have escaped the watchful eye of American antitrust regulators, due to which the company has been able to acquire and expand on its own terms. This year, Microsoft has clocked in 19 per cent, much higher than Apple and Amazon (dot) com Inc.

Also read:&nbsp;<a href="http://13.235.153.162/technology/unable-to-travel-home-microsoft-staff-slept-in-data-centres-during-covid-19-lockdown-executive-391530" hreflang="en">Unable to travel home, Microsoft staff slept in data centres during COVID-19 lockdown: Executive</a>

Microsoft is doing it all - be it gaming through its Xbox offerings, cloud services, automation, artificial intelligence and even analytics.

The company was founded by Bill Gates and Paul Allen in 1975 and is largely credit for creating the computer software industry as we know today. But it has not always had a smooth sailing. In 1998, the company was hit with an antitrust lawsuit by the US government for bundling its product with Microsoft software in a bid to rival browsers like Netscape.&nbsp; In 2000, a federal judge found the company guilty.

To reach $1 trillion value, the company took 33 years from its IPO. For the next trillion, it only took two years! Apple, too made history by reaching $2 trillion last year. Amazon has a market cap of $1.8 trillion while Google’s parent company Alphabet has a valuation of $1.6 trillion.

Also read:&nbsp;<a href="http://13.235.153.162/technology/microsoft-names-ceo-satya-nadella-as-chairman-of-the-board-392058" hreflang="en">Microsoft names CEO Satya Nadella as chairman of the board</a>

Microsoft Corporation on Tuesday became the second US public company to hit $2 trillion in market value, briefly joining the league of Apple Inc. The company’s value was elevated due to its dominance in cloud computing and enterprise software, which is expected to keep improving in the post-Covid world.

Microsoft Corporation on Tuesday became the second US public company to hit $2 trillion in market value, briefly joining the league of Apple Inc. The company’s value was elevated due to its dominance in cloud computing and enterprise software, which is expected to keep improving in the post-Covid world. In New York, Microsoft’s shares rose by as much as 1.2 per cent on Tuesday, allowing the company to sit on the elite table with Apple. But before closing, the company fell short of the mark at $265.51. In December 2019, Saudi Aramco almost touched that threshold and currently boasts a market value of $1.9 trillion. Microsoft’s resurgence to glory has largely been credited to its Chief Executive Officer Satya Nadella who took over in 2014. Under his watch, the company has become the largest seller of cloud-computing software taking into account both is Office application and infrastructure cloud units. Interestingly enough, Microsoft is perhaps the only giant technology company in the US to have escaped the watchful eye of American antitrust regulators, due to which the company has been able to acquire and expand on its own terms. This year, Microsoft has clocked in 19 per cent, much higher than Apple and Amazon (dot) com Inc. Also read: Unable to travel home, Microsoft staff slept in data centres during COVID-19 lockdown: Executive Microsoft is doing it all - be it gaming through its Xbox offerings, cloud services, automation, artificial intelligence and even analytics. The company was founded by Bill Gates and Paul Allen in 1975 and is largely credit for creating the computer software industry as we know today. But it has not always had a smooth sailing. In 1998, the company was hit with an antitrust lawsuit by the US government for bundling its product with Microsoft software in a bid to rival browsers like Netscape. In 2000, a federal judge found the company guilty. To reach $1 trillion value, the company took 33 years from its IPO. For the next trillion, it only took two years! Apple, too made history by reaching $2 trillion last year. Amazon has a market cap of $1.8 trillion while Google’s parent company Alphabet has a valuation of $1.6 trillion. Also read: Microsoft names CEO Satya Nadella as chairman of the board

Microsoft becomes second US company after Apple to touch $2 trillion market value

Indian stock markets closed in the red on Wednesday. Benchmark indices opened in the green but failed to hold at the highs and slumped.

The S&amp;P BSE Sensex index closed at 52,306 levels, down 282.6 points or 0.54 per cent while the Nifty50 index ended at 15,687 levels, down 86 points or 0.54 per cent.

Maruti Suzuki, Titan Company, Bajaj Finserv, M&amp;M, Ultratech Cement, Hero MotoCorp, and ONGC were the top gainers in the large-cap space while Adani Ports, Wipro, JSW Steel, Divis Labs, Shree Cement, L&amp;T, Kotak Bank, and TCS were the top laggards.

(With inputs from agencies)

Indian stock markets closed in the red on Wednesday. Benchmark indices opened in the green but failed to hold at the highs and slumped. The S&P BSE Sensex index closed at 52,306 levels, down 282.

Indian stock markets closed in the red on Wednesday. Benchmark indices opened in the green but failed to hold at the highs and slumped. The S&P BSE Sensex index closed at 52,306 levels, down 282.6 points or 0.54 per cent while the Nifty50 index ended at 15,687 levels, down 86 points or 0.54 per cent. Maruti Suzuki, Titan Company, Bajaj Finserv, M&M, Ultratech Cement, Hero MotoCorp, and ONGC were the top gainers in the large-cap space while Adani Ports, Wipro, JSW Steel, Divis Labs, Shree Cement, L&T, Kotak Bank, and TCS were the top laggards. (With inputs from agencies)

Sensex ends at 52,306, Nifty below 15,700

The Japanese government recently released its annual economic policy guidelines, which include new recommendations that companies allow employees to work four days per week instead of the conventional five.&nbsp;

The coronavirus pandemic has already caused major changes in the way Japanese firms conduct business, many of which are still conservative and traditional.&nbsp;

However, as part of the government's drive to enhance the nation's work-life balance, Japan's famously hardworking workers will be urged to spend less time in the office environment.&nbsp;

Political leaders now aim to influence top corporate executives that flexible working hours, remote employment, increased interconnection, and plenty of other changes might be useful even when the deadly crisis is over.&nbsp;

Experts are split on whether the new programme, which aims to address the country's labour shortfall, will be universally embraced, with workers and management both expressing concerns about unforeseen effects.&nbsp;

Employers should be aware that while persons working four days a week may become more motivated, their output may not increase enough to compensate for the lost workday. Employees, on the other hand, are concerned about salary cuts.

The Japanese government recently released its annual economic policy guidelines, which include new recommendations that companies allow employees to work four days per week instead of the conventional five.

The Japanese government recently released its annual economic policy guidelines, which include new recommendations that companies allow employees to work four days per week instead of the conventional five. The coronavirus pandemic has already caused major changes in the way Japanese firms conduct business, many of which are still conservative and traditional. However, as part of the government's drive to enhance the nation's work-life balance, Japan's famously hardworking workers will be urged to spend less time in the office environment. Political leaders now aim to influence top corporate executives that flexible working hours, remote employment, increased interconnection, and plenty of other changes might be useful even when the deadly crisis is over. Experts are split on whether the new programme, which aims to address the country's labour shortfall, will be universally embraced, with workers and management both expressing concerns about unforeseen effects. Employers should be aware that while persons working four days a week may become more motivated, their output may not increase enough to compensate for the lost workday. Employees, on the other hand, are concerned about salary cuts.

To improve work-life balance, Japan proposes four-day working week 

Bitcoin prices have gone down below $30,000 for the first time in nearly five months as China's latest crackdown on cryptocurrencies weighed.

Bitcoin drops below $30,000 for first time since January

Activity for the private sector as a whole contracted for a second straight month due to the weaker reading for manufacturing and continued shrinking in the services sector, clouding the outlook for second-quarter economic growth in the country.

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At a time Indian economy is facing unprecedented challenges due to COVID-19 pandemic, Industry Federation CII has demanded Rs 3 trillion package additional stimulus. Watch this report to know more.

CII pitches for Rs 3 trillion fiscal stimulus

Aston Martin is suing a Swiss car dealer that it says withheld customer payments for its $3 million Valkyrie sports car, the luxury carmaker said on Tuesday. 
 
The London-listed company has also ended its commercial agreement with the dealer, Nebula Project AG, saying it would now take customer deposits directly for special vehicles, such as the Valkyrie rather than involve a third party. 
 
Aston Martin is also ending agreements with AF Cars AG, which runs the British carmaker's St&nbsp;Gallen dealership in Switzerland and is led by Nebula board members, saying that some cars were sold in breach of dealership agreements. 
 
Nebula and one of its board members, Andreas Baenziger, did not respond immediately to emailed requests for comment. Florian Kamelger, another board member, said in an email that Nebula would release a statement later on Tuesday. 
 
"Both Aston Martin and its customers have been impacted by Nebula Project AG and its board members' behaviour," Aston Martin said in a statement. 
 
A source close to Aston Martin said the case will be filed in a Swiss court on Tuesday, though neither the source nor the company disclosed the size of damages being sought. 
 
Aston Martin's statement said it could face a 15 million pound ($21 million) hit to its 2021 results because of the alleged withheld payments but added that it was on course to meet financial expectations for the year. 
 
Shares in the FTSE 250 company were down 1.9% at 1897.5 pence by 0747 GMT. 
 
The Valkyrie is a limited-edition supercar that utilises Formula One technology and sells for about $3 million, though the company hasn't listed an official price. First deliveries are on track for the second half of this year, the company said. 
 
Aston Martin said it would work to ensure affected customers receive their Valkyrie cars as scheduled despite the company not having received all of their money.

Aston Martin is suing a Swiss car dealer that it says withheld customer payments for its $3 million Valkyrie sports car, the luxury carmaker said on Tuesday. The London-listed company has also ended its commercial agreement with the dealer, Nebula Project AG, saying it would now take customer deposits directly for special vehicles, such as the Valkyrie rather than involve a third party.

Aston Martin is suing a Swiss car dealer that it says withheld customer payments for its $3 million Valkyrie sports car, the luxury carmaker said on Tuesday. The London-listed company has also ended its commercial agreement with the dealer, Nebula Project AG, saying it would now take customer deposits directly for special vehicles, such as the Valkyrie rather than involve a third party. Aston Martin is also ending agreements with AF Cars AG, which runs the British carmaker's St Gallen dealership in Switzerland and is led by Nebula board members, saying that some cars were sold in breach of dealership agreements. Nebula and one of its board members, Andreas Baenziger, did not respond immediately to emailed requests for comment. Florian Kamelger, another board member, said in an email that Nebula would release a statement later on Tuesday. "Both Aston Martin and its customers have been impacted by Nebula Project AG and its board members' behaviour," Aston Martin said in a statement. A source close to Aston Martin said the case will be filed in a Swiss court on Tuesday, though neither the source nor the company disclosed the size of damages being sought. Aston Martin's statement said it could face a 15 million pound ($21 million) hit to its 2021 results because of the alleged withheld payments but added that it was on course to meet financial expectations for the year. Shares in the FTSE 250 company were down 1.9% at 1897.5 pence by 0747 GMT. The Valkyrie is a limited-edition supercar that utilises Formula One technology and sells for about $3 million, though the company hasn't listed an official price. First deliveries are on track for the second half of this year, the company said. Aston Martin said it would work to ensure affected customers receive their Valkyrie cars as scheduled despite the company not having received all of their money.

Aston Martin sues Swiss dealer over Valkyrie sports car payments

Indian stock markets began the day at or near all-time highs, but witnessed turbulence during the dying hours of trade.&nbsp;

BSE Sensex hit a fresh record high of 53,057 level in early deals but pared gains to end at 52,589 levels, up 14 points or 0.03 per cent. On the NSE, the Nifty50 index ended at 15,773 levels, up 26 points or 0.17 per cent.

In the broader market, small-cap stocks dazzled on the bourses and ended 0.83 cent higher on the BSE while the BSE MidCap index closed 0.33 per cent up.

Global markets

European shares gave up early gains on Tuesday, with growth-linked technology and healthcare stocks leading declines, as signs of rising inflation fanned fears of a sooner-than-expected tightening in global monetary policies. The pan-European STOXX 600 was down 0.1 per cent.&nbsp;

Meanwhile, Futures of all three main Wall Street indices indicated at a flat-to-negative start later today.

Earlier in Asia, Japan's Nikkei zoomed over 3 per cent, South Korea's Kospi added 0.7 per cent, and China's Shanghai Composite rallied 0.8 per cent.&nbsp;

(With inputs from Reuters)

Indian stock markets began the day at or near all-time highs, but witnessed turbulence during the dying hours of trade. BSE Sensex hit a fresh record high of 53,057 level in early deals but pared gains to end at 52,589 levels, up 14 points or 0.

Indian stock markets began the day at or near all-time highs, but witnessed turbulence during the dying hours of trade. BSE Sensex hit a fresh record high of 53,057 level in early deals but pared gains to end at 52,589 levels, up 14 points or 0.03 per cent. On the NSE, the Nifty50 index ended at 15,773 levels, up 26 points or 0.17 per cent. In the broader market, small-cap stocks dazzled on the bourses and ended 0.83 cent higher on the BSE while the BSE MidCap index closed 0.33 per cent up. Global markets European shares gave up early gains on Tuesday, with growth-linked technology and healthcare stocks leading declines, as signs of rising inflation fanned fears of a sooner-than-expected tightening in global monetary policies. The pan-European STOXX 600 was down 0.1 per cent. Meanwhile, Futures of all three main Wall Street indices indicated at a flat-to-negative start later today. Earlier in Asia, Japan's Nikkei zoomed over 3 per cent, South Korea's Kospi added 0.7 per cent, and China's Shanghai Composite rallied 0.8 per cent. (With inputs from Reuters)

Sensex ends flat with positive bias, Nifty closes at 15,772.75

Bitcoin regained some ground on Tuesday, a day after touching a two-week low after China's central bank reaffirmed a crackdown on cryptocurrencies and restricted trading channels for Chinese residents. 
 
The world's largest crypto currency was last up 4.58% at $33,000, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 5.05% at $1,983 after hitting a five-week low the day before. 
 
Monday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading. 
 
"It basically says now OTC transactions are not legitimate... we are not allowed by the banks to transfer money for cryptocurrency purchases and sales," said Bobby Lee, founder and CEO of Ballet, a cryptocurrency wallet app, and formerly CEO of BTC China, China's first bitcoin exchange. 
 
Crypto exchanges were effectively pushed out of China by a 2017 rule change, but over the counter (OTC) platforms based-overseas sprung up to act as middlemen, receiving payment from people based in China and buying cryptocurrencies on their behalf. 
 
"Essentially this puts all the OTC platforms out of business," Lee said. 
 
However, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news. 
 
"A Chinese ban on cryptocurrencies isn't something new. The one that came out yesterday was almost a copy of a previous announcement, earlier this year," said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX. 
 
"As always, leverage, large participants and fundamental events mean crypto can move dramatically," he said. Last month, three industry associations issued a ban on crypto-related financial services, but these bodies have much less clout than the PBOC.&nbsp;

Market participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments. However, following Monday's PBOC statement, banks including Agricultural Bank of China and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions. 
 
China's crackdown has also had a dramatic effect on bitcoin mining. The hashrate, which measures the processing power of the bitcoin network and shows how much mining is taking place, on Monday hit its lowest level since late 2020. 
 
Cryptomining is a big business in China, which accounts for over half of global bitcoin production. However, since the State Council's statement, bans on cryptomining have been issued in major bitcoin mining hubs, including Sichuan, Xinjiang, and Inner Mongolia.

Bitcoin regained some ground on Tuesday, a day after touching a two-week low after China's central bank reaffirmed a crackdown on cryptocurrencies and restricted trading channels for Chinese residents.

Bitcoin regained some ground on Tuesday, a day after touching a two-week low after China's central bank reaffirmed a crackdown on cryptocurrencies and restricted trading channels for Chinese residents. The world's largest crypto currency was last up 4.58% at $33,000, having dropped more than 10% on Monday. Ether, the second-biggest crypto currency, was up 5.05% at $1,983 after hitting a five-week low the day before. Monday's sell-off was sparked by an announcement from the Peoples Bank of China saying it had summoned China's largest banks and payment firms urging them to crack down harder on cryptocurrency trading. "It basically says now OTC transactions are not legitimate... we are not allowed by the banks to transfer money for cryptocurrency purchases and sales," said Bobby Lee, founder and CEO of Ballet, a cryptocurrency wallet app, and formerly CEO of BTC China, China's first bitcoin exchange. Crypto exchanges were effectively pushed out of China by a 2017 rule change, but over the counter (OTC) platforms based-overseas sprung up to act as middlemen, receiving payment from people based in China and buying cryptocurrencies on their behalf. "Essentially this puts all the OTC platforms out of business," Lee said. However, Tuesday's price moves suggested Asian traders thought markets overnight had overreacted to the news. "A Chinese ban on cryptocurrencies isn't something new. The one that came out yesterday was almost a copy of a previous announcement, earlier this year," said Justin d'Anethan, head of exchange sales at crypto exchange operator EQONEX. "As always, leverage, large participants and fundamental events mean crypto can move dramatically," he said. Last month, three industry associations issued a ban on crypto-related financial services, but these bodies have much less clout than the PBOC. Market participants said at the time that the earlier ban would be hard to enforce as banks and payment firms would struggle to identify crypto-related payments. However, following Monday's PBOC statement, banks including Agricultural Bank of China and Alipay, the ubiquitous payment platform owned by fintech giant Ant Group, said they would step up monitoring to root out crypto transactions. China's crackdown has also had a dramatic effect on bitcoin mining. The hashrate, which measures the processing power of the bitcoin network and shows how much mining is taking place, on Monday hit its lowest level since late 2020. Cryptomining is a big business in China, which accounts for over half of global bitcoin production. However, since the State Council's statement, bans on cryptomining have been issued in major bitcoin mining hubs, including Sichuan, Xinjiang, and Inner Mongolia.

Bitcoin recoups some losses in Asia after plunging on Chinese crackdown

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources. 
 
The US&nbsp;and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former US&nbsp;President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity. 
 
Iran sits on the world’s fourth-largest oil reserves and relies heavily on oil revenues. If and when the administration of US&nbsp;President Joe Biden and the Iranian government agree a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million barrels per day (bpd) from the current 2.1 million bpd, according to oil ministry officials. 
 
That would return the country’s production level to where it was before the sanctions, but would take time because of years of low investment in mature oilfields and heavily reduced output. 
 
As a stopgap measure while it works on boosting production, the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrel, according to energy consultancy and monitoring firms. &nbsp; 
 
This could allow the country to export an extra 1 million bpd, or 1% of global supply, for more than six months. 
 
"Iran will be using its nearly 60 million barrels of crude inventory, of which 30-35 million barrels are built during the past two years, within a few months of sanctions removal," said Iman Nasseri, managing director for the Middle East with FGE consultancy. 
 
An increase of 1 million bpd of Iranian crude would put downward pressure on benchmark global oil prices, but investment bank Goldman Sachs said last month that the global oil market should be able to absorb the additional supply relatively quickly. 
 
Fuel demand is rising as global economic activity recovers from the impact of the COVID-19 &nbsp;pandemic, and OPEC producers and their allies have been cautious about increasing supply to the market in part to avoid a shock should Iranian supply return.

"From a macro perspective, a return of Iranian barrels to the market should not derail OPEC+ intentions to gradually increase production as long as demand in Europe and the United States continues to recover," said Florian Thaler, the CEO and co-founder of consultancy OilX. 
 
Iran has boosted the volume of crude it has stored on oil tankers in recent months, according to data intelligence firm Kpler, in what may be a preparation for a restart to exports. Some of those tankers are already in Asia, historically the biggest market for Iran’s oil. 
 
"We currently estimate around 78 million barrels of oil and condensate are stored on water and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler. 
 
"A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added.

(With inputs from agencies)

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources.

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources. The US and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former US President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity. Iran sits on the world’s fourth-largest oil reserves and relies heavily on oil revenues. If and when the administration of US President Joe Biden and the Iranian government agree a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million barrels per day (bpd) from the current 2.1 million bpd, according to oil ministry officials. That would return the country’s production level to where it was before the sanctions, but would take time because of years of low investment in mature oilfields and heavily reduced output. As a stopgap measure while it works on boosting production, the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrel, according to energy consultancy and monitoring firms. This could allow the country to export an extra 1 million bpd, or 1% of global supply, for more than six months. "Iran will be using its nearly 60 million barrels of crude inventory, of which 30-35 million barrels are built during the past two years, within a few months of sanctions removal," said Iman Nasseri, managing director for the Middle East with FGE consultancy. An increase of 1 million bpd of Iranian crude would put downward pressure on benchmark global oil prices, but investment bank Goldman Sachs said last month that the global oil market should be able to absorb the additional supply relatively quickly. Fuel demand is rising as global economic activity recovers from the impact of the COVID-19 pandemic, and OPEC producers and their allies have been cautious about increasing supply to the market in part to avoid a shock should Iranian supply return. "From a macro perspective, a return of Iranian barrels to the market should not derail OPEC+ intentions to gradually increase production as long as demand in Europe and the United States continues to recover," said Florian Thaler, the CEO and co-founder of consultancy OilX. Iran has boosted the volume of crude it has stored on oil tankers in recent months, according to data intelligence firm Kpler, in what may be a preparation for a restart to exports. Some of those tankers are already in Asia, historically the biggest market for Iran’s oil. "We currently estimate around 78 million barrels of oil and condensate are stored on water and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler. "A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added. (With inputs from agencies)

Iran stores more oil on tankers as it counts days to enter markets

The Australian government has rejected plans for a $36 billion wind, solar and hydrogen project in a remote area of Western Australia, leaving what would have been one of the world's largest green energy projects in limbo for now. 
 
In a decision dated June 15, published on the environment department's website, Environment Minister Sussan Ley ruled that the project, the Asian Renewable Energy Hub (AREH), 'will have clearly unacceptable impacts' on internationally recognised wetlands and migratory bird species. 
 
The AREH project, located in the state's Pilbara region, was designed to initially build 15 gigawatts (GW) of renewable energy capacity, eventually to be expanded to 26 GW and produce green hydrogen and ammonia for export. 
 
The government had awarded the project fast-track approval status last September, touting the jobs, clean energy for local industry and large-scale export opportunity that it would bring. AREH is being developed by privately owned InterContinental Energy, renewables developer CWP Energy Asia, top global wind turbine maker Vestas and a Macquarie Group fund. 
 
The environment minister cited the expansion plan in the rejection decision. The project's original plan won environmental approval last December. 
 
The proposed enlargement came with a port facility for ammonia; a town that would be home to 8,000 people including project workers; expanded solar arrays; ammonia, hydrogen and desalination plants and storage facilities; and a pipeline route for transporting ammonia, seawater and brine through wetlands. 
 
"We are now working to understand the minister's concerns, and will engage further with the minister and her department as we continue to work on the detailed design and engineering aspects of the project," the AREH consortium said in a statement. The project, on the drawing board since 2014, originally planned to generate wind and solar power and transmit it via an undersea cable to Asia, but last year changed plans, aiming to use clean power to split water to produce hydrogen and ammonia for export. 
 
Australia's Clean Energy Council on Monday said it expects the government will work with AREH to assess and address any environmental impacts. "If the government is to be taken seriously on developing a hydrogen economy, companies prioritising genuinely zero emissions projects should be assisted to reach a final investment decision," said Dan Gocher, climate and environment director at the Australasian Centre for Corporate Responsibility. 
 
(With inputs from agencies)

The Australian government has rejected plans for a $36 billion wind, solar and hydrogen project in a remote area of Western Australia, leaving what would have been one of the world's largest green energy projects in limbo for now.

The Australian government has rejected plans for a $36 billion wind, solar and hydrogen project in a remote area of Western Australia, leaving what would have been one of the world's largest green energy projects in limbo for now. In a decision dated June 15, published on the environment department's website, Environment Minister Sussan Ley ruled that the project, the Asian Renewable Energy Hub (AREH), 'will have clearly unacceptable impacts' on internationally recognised wetlands and migratory bird species. The AREH project, located in the state's Pilbara region, was designed to initially build 15 gigawatts (GW) of renewable energy capacity, eventually to be expanded to 26 GW and produce green hydrogen and ammonia for export. The government had awarded the project fast-track approval status last September, touting the jobs, clean energy for local industry and large-scale export opportunity that it would bring. AREH is being developed by privately owned InterContinental Energy, renewables developer CWP Energy Asia, top global wind turbine maker Vestas and a Macquarie Group fund. The environment minister cited the expansion plan in the rejection decision. The project's original plan won environmental approval last December. The proposed enlargement came with a port facility for ammonia; a town that would be home to 8,000 people including project workers; expanded solar arrays; ammonia, hydrogen and desalination plants and storage facilities; and a pipeline route for transporting ammonia, seawater and brine through wetlands. "We are now working to understand the minister's concerns, and will engage further with the minister and her department as we continue to work on the detailed design and engineering aspects of the project," the AREH consortium said in a statement. The project, on the drawing board since 2014, originally planned to generate wind and solar power and transmit it via an undersea cable to Asia, but last year changed plans, aiming to use clean power to split water to produce hydrogen and ammonia for export. Australia's Clean Energy Council on Monday said it expects the government will work with AREH to assess and address any environmental impacts. "If the government is to be taken seriously on developing a hydrogen economy, companies prioritising genuinely zero emissions projects should be assisted to reach a final investment decision," said Dan Gocher, climate and environment director at the Australasian Centre for Corporate Responsibility. (With inputs from agencies)

Australia rejects $36 billion wind, solar, hydrogen project