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One in two people globally witnessed a drop in their income due to the ongoing COVID-19 pandemic, new research from Gallup shows. People in low-income countries remained the hardest hit by job losses and cuts to working hours.

US-based polling company Gallup surveyed 300,000 people in 117 countries and found that half the people who were employed now earn less than they earlier did owing to the pandemic. This implies that 1.6 billion working adults across the world witnessed dips in their income.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/brazilian-ngo-helps-low-income-virus-survivors-342486/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

“Worldwide, these percentages ranged from a high of 76% in Thailand to a low of 10% in Switzerland,” researchers announced in a statement.

Massive income drops were reported in Bolivia, Kenya, Myanmar, Indonesia, Uganda, Honduras and Ecuador where over 70 per cent people claimed that they were now taking home less income than before the pandemic. In the United States, the number stood at 34 per cent.

Women were among the worst hit due to the pandemic, who are generally overrepresented in low paying sectors like food, tourism and retail. A study done by Oxfam, the international charity group said that the pandemic cost women $800 billion in income losses around the world.

Also read:&nbsp;<a href="http://13.235.153.162/world/women-lost-nearly-800-billion-in-income-due-to-coronavirus-pandemic-381418" hreflang="en">Women lost nearly $800 billion in income due to coronavirus pandemic</a>

In 57 countries including Zimbabwe, the Philippines, India, Kenya, El Salvador, Bangladesh, over 65 per cent people said that they were forced to stop working at one point during the pandemic. The Gallup poll found that over 50 per cent of people had to temporarily stop working. This figure amounts for over 1.7 billion adults worldwide.

Countries that reported the least change among people who were already working were mostly develop high-income nations like Austria, Switzerland and Germany. Less than one out of 10 people in these countries said that they had to temporarily stop working due to the pandemic. In the US, 39 per cent people had to stop working due to the pandemic.

Also read:&nbsp;<a href="http://13.235.153.162/world/coronavirus-pandemic-reduced-worldwide-income-by-about-10-per-cent-ilo-329962" hreflang="en">Coronavirus pandemic reduced worldwide income by about 10 per cent: ILO</a>

According to the poll, one in three people across the world lost their job due to the pandemic implying over one billion people globally were left unemployed due to the pandemic.

But this figure varies from country to country. Lower income countries like the Philippines, Kenya and Zimbabwe reported that 60 per cent people their jobs while 13 per cent people in the United States reported the same. In Switzerland, the number remained as low as 3 per cent.

(With inputs from agencies)

One in two people globally witnessed a drop in their income due to the ongoing COVID-19 pandemic, new research from Gallup shows. People in low-income countries remained the hardest hit by job losses and cuts to working hours.

One in two people globally witnessed a drop in their income due to the ongoing COVID-19 pandemic, new research from Gallup shows. People in low-income countries remained the hardest hit by job losses and cuts to working hours. US-based polling company Gallup surveyed 300,000 people in 117 countries and found that half the people who were employed now earn less than they earlier did owing to the pandemic. This implies that 1.6 billion working adults across the world witnessed dips in their income. “Worldwide, these percentages ranged from a high of 76% in Thailand to a low of 10% in Switzerland,” researchers announced in a statement. Massive income drops were reported in Bolivia, Kenya, Myanmar, Indonesia, Uganda, Honduras and Ecuador where over 70 per cent people claimed that they were now taking home less income than before the pandemic. In the United States, the number stood at 34 per cent. Women were among the worst hit due to the pandemic, who are generally overrepresented in low paying sectors like food, tourism and retail. A study done by Oxfam, the international charity group said that the pandemic cost women $800 billion in income losses around the world. Also read: Women lost nearly $800 billion in income due to coronavirus pandemic In 57 countries including Zimbabwe, the Philippines, India, Kenya, El Salvador, Bangladesh, over 65 per cent people said that they were forced to stop working at one point during the pandemic. The Gallup poll found that over 50 per cent of people had to temporarily stop working. This figure amounts for over 1.7 billion adults worldwide. Countries that reported the least change among people who were already working were mostly develop high-income nations like Austria, Switzerland and Germany. Less than one out of 10 people in these countries said that they had to temporarily stop working due to the pandemic. In the US, 39 per cent people had to stop working due to the pandemic. Also read: Coronavirus pandemic reduced worldwide income by about 10 per cent: ILO According to the poll, one in three people across the world lost their job due to the pandemic implying over one billion people globally were left unemployed due to the pandemic. But this figure varies from country to country. Lower income countries like the Philippines, Kenya and Zimbabwe reported that 60 per cent people their jobs while 13 per cent people in the United States reported the same. In Switzerland, the number remained as low as 3 per cent. (With inputs from agencies)

One in two people witnessed dip in income due to COVID-19 pandemic: Poll

Indian equity markets began deep in red on Monday morning but staged an intra-day recovery to close flat.

The BSE barometer S&amp;P BSE Sensex settled the day at 48,718.5 levels, down 64 points or 0.13 per cent. The index hit a low of 48,028 in the opening deals but rose swiftly through the day to touch a high of 48,863 in late noon deals.

The 50-stock NSE Nifty index gained 3 points and closed at 14,634.&nbsp;

Titan, Reliance Industries Ltd, and bank stocks were among the top drag on the index. Bharti Airtel, Maruti Suzuki India, and HUL were the best-performing stocks.&nbsp;

Bank Nifty closed with losses while broader markets ended with gains, outperforming benchmarks. Volatility gained and closed above 23 levels.

(With inputs from agencies)

Indian equity markets began deep in red on Monday morning but staged an intra-day recovery to close flat. The BSE barometer S&P BSE Sensex settled the day at 48,718.

Indian equity markets began deep in red on Monday morning but staged an intra-day recovery to close flat. The BSE barometer S&P BSE Sensex settled the day at 48,718.5 levels, down 64 points or 0.13 per cent. The index hit a low of 48,028 in the opening deals but rose swiftly through the day to touch a high of 48,863 in late noon deals. The 50-stock NSE Nifty index gained 3 points and closed at 14,634. Titan, Reliance Industries Ltd, and bank stocks were among the top drag on the index. Bharti Airtel, Maruti Suzuki India, and HUL were the best-performing stocks. Bank Nifty closed with losses while broader markets ended with gains, outperforming benchmarks. Volatility gained and closed above 23 levels. (With inputs from agencies)

Sensex falls over 60 points, Nifty ends flat at 14,634

A former Airbus subsidiary has been ordered to pay more than $42 million after pleading guilty to corruption over contracts to provide military communications services for the Saudi Arabian National Guard.

World Business Watch: Airbus subsidiary pleads guilty in Saudi Arabia bribery case

General Motors is planning a recall of nearly 69,000 Chevrolet Bolt Electric Vehicles citing risk of fire and replacing cars battery module assemblies also. GM said that the vehicles pose a fire risk when charged to full, or nearly full capacity.

World Business Watch: General Motors recalling nearly 69,000 Bolt EVs for fire risks

The gross domestic product (GDP) of the United States grew 6.4% in the first fiscal quarter of 2021 compared to the same period in the previous year. The US economy expanded 4.3% in the fourth quarter of 2020.

World Business Watch: US economy soared in the first quarter, growing at a 6.4% rate

Amid growing pressure by the US administration on reclassifying ride-hail and food delivery workers as employees, gig economy companies are pushing to keep their drivers' independent contractor status.&nbsp;

These companies that include Uber, Instacart argue that surveys suggest that most of their workers do not want to be employees.

They also said that these workers want to remain flexible with the amount and type of work.&nbsp;

Gig companies also hope that US President Joe Biden will able to understand their point and drop the idea of reclassification, reports Al Jazeera.&nbsp;

However, US Secretary of Labor Marty Walsh on Thursday in an interview said that "a lot of gig workers should be classified as employees", reports news agency Reuters.&nbsp;

There was a fall of as much as 12 per cent on shares of Uber Technologies Inc, Lyft Inc and DoorDash after Walsh's remarks.&nbsp;

Uber, Lyft, DoorDash, Instacart and Postmates came together to form the App-Based Work Alliance less than two weeks after Biden was declared the winner of the presidential election 2020.&nbsp;

After Walsh's comments, the group on Thursday said it looked forward to working with the secretary to have "much-needed discussions about advancing modern policies that protect worker independence and flexibility while strengthening benefits and protections."

 
&nbsp;

Amid growing pressure by the US administration on reclassifying ride-hail and food delivery workers as employees, gig economy companies are pushing to keep their drivers' independent contractor status.

Amid growing pressure by the US administration on reclassifying ride-hail and food delivery workers as employees, gig economy companies are pushing to keep their drivers' independent contractor status. These companies that include Uber, Instacart argue that surveys suggest that most of their workers do not want to be employees. They also said that these workers want to remain flexible with the amount and type of work. Gig companies also hope that US President Joe Biden will able to understand their point and drop the idea of reclassification, reports Al Jazeera. However, US Secretary of Labor Marty Walsh on Thursday in an interview said that "a lot of gig workers should be classified as employees", reports news agency Reuters. There was a fall of as much as 12 per cent on shares of Uber Technologies Inc, Lyft Inc and DoorDash after Walsh's remarks. Uber, Lyft, DoorDash, Instacart and Postmates came together to form the App-Based Work Alliance less than two weeks after Biden was declared the winner of the presidential election 2020. After Walsh's comments, the group on Thursday said it looked forward to working with the secretary to have "much-needed discussions about advancing modern policies that protect worker independence and flexibility while strengthening benefits and protections."

Gig companies seek to convince US govt over worker status reclassification

A week of&nbsp;blockbuster&nbsp;earnings&nbsp;reports&nbsp;from&nbsp;Big&nbsp;Tech&nbsp;culminated Thursday with&nbsp;Amazon&nbsp;crushing forecasts of how much money it would rake in from pandemic-revved online shopping and growing reliance on internet-hosted services.

The e-commerce colossus is among the internet giants whose businesses thrived as precautions against <a href="https://www.wionews.com/search?q=Coronavirus">COVID-19</a> led people around the world to go online for work, school, shopping and socialising.

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Amazon&nbsp;reported that its profit in the recently ended quarter tripled as online sales boomed.

Revenue soared to $108.5 billion, an increase of 44 per cent from the same period a year earlier, as the <a href="https://www.wionews.com/search?q=Coronavirus">pandemic</a> fueled a trend of shopping online instead of in real-world stores.

Profit in the quarter was $8.1 billion, compared with $2.5 billion in the first three months of last year.

The&nbsp;Amazon&nbsp;Web Services unit that hosts services and data in the internet cloud saw revenue in the quarter climb to $13.5 billion.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-to-raise-pay-for-500000-workers-after-failed-unionisation-drive-381459">Amazon to raise pay for 500,000 workers after failed unionisation drive</a>

People and businesses turning to the internet have boosted the cloud computing market where&nbsp;Amazon&nbsp;competes with Microsoft and Google.

Apple and Facebook this week reported soaring quarterly profits that essentially doubled over the previous year at $23.6 billion and $9.5 billion respectively.

Apple was lifted by strong gains in sales of iPhones and assorted products and services, while Facebook saw robust increases in digital advertising, reflecting people's rising internet usage during the ongoing pandemic.

The results followed what one analyst called a "monster" quarter for Google and its parent firm Alphabet, which along with Facebook dominates online advertising. They also come after a robust&nbsp;report&nbsp;from Microsoft, a powerhouse in cloud computing and video games.

The latest round of results is likely to prompt more scrutiny over the growing dominance of&nbsp;Big&nbsp;Tech, particularly with their services seemingly ready-made for locked-down consumers.

"The large&nbsp;tech&nbsp;companies are in the right place at the right time," said Darrell West, a fellow at the Brookings Institution's Center for Technology Innovation.

"Covid has accelerated digital transformation in education, health care, remote work and e-commerce, and that has boosted the profitability of those firms."

The surging influence of&nbsp;Big&nbsp;Tech&nbsp;has led to calls for increased regulation, higher taxes and stronger antitrust enforcement to foster more competition and counter economic inequality.

Covid 'shock'&nbsp;

Robert Atkinson, president of the Information Technology &amp; Innovation Foundation, a think tank that often reflects views of the sector, said the&nbsp;tech&nbsp;giants are benefitting from the massive digital shift that has accelerated during Covid-19.

He maintained that corporations have long reaped such profits, it is just that now they are internet titans.

"I've hardly been to the grocery store and I haven't been on a plane in a long time," he said. "But I'm using more social media and streaming services. When you have a&nbsp;big&nbsp;shock to the system, it leads to some sectors doing poorly and others doing well."

Countering 'techlash'&nbsp;

Still, the massive firms are facing a growing "techlash" in Congress and elsewhere as their power and influence grow.

Apple this week said it would boost its US investment plan to $430 billion over the next five years, aiming to create some 20,000 new jobs.&nbsp;Amazon&nbsp;said it would increase wages for some 500,000 US workers after it staved off a unionization drive at one warehouse.

"The companies are making more money but putting at least some of that back into the US economy, which could mitigate the negative impact," Atkinson said.

Facebook reported its user ranks increased despite persistent criticism over its efforts to protect user privacy and stem misinformation.

The number of people using the leading social network monthly climbed 10 per cent to 2.85 billion, according to the Silicon Valley giant. And monthly usage of the "family" of Facebook apps including Instagram, WhatsApp and Messenger was pegged at 3.45 billion.

On Tuesday, Alphabet said profit in the first quarter leapt to $17.9 billion from $6.8 billion in the same period a year ago, led by gains in advertising and cloud computing services.

"Google had an absolute monster quarter," said Patrick Moorhead at Moor Insights &amp; Strategies.

Apple, meanwhile, said Wednesday that revenue was the best ever for its fiscal second quarter, up 54 per cent to $89.6 billion.

Apple reported gains in sales of iPhones, iPads, Mac computers, wearables and accessories, as well as its array of services from digital payments to music.

A week of blockbuster earnings reports from Big Tech culminated Thursday with Amazon crushing forecasts of how much money it would rake in from pandemic-revved online shopping and growing reliance on internet-hosted services.

A week of blockbuster earnings reports from Big Tech culminated Thursday with Amazon crushing forecasts of how much money it would rake in from pandemic-revved online shopping and growing reliance on internet-hosted services. The e-commerce colossus is among the internet giants whose businesses thrived as precautions against COVID-19 led people around the world to go online for work, school, shopping and socialising. Also read | Facebook allows advertisers to reach children interested in smoking, gambling: Research Amazon reported that its profit in the recently ended quarter tripled as online sales boomed. Revenue soared to $108.5 billion, an increase of 44 per cent from the same period a year earlier, as the pandemic fueled a trend of shopping online instead of in real-world stores. Profit in the quarter was $8.1 billion, compared with $2.5 billion in the first three months of last year. The Amazon Web Services unit that hosts services and data in the internet cloud saw revenue in the quarter climb to $13.5 billion. Also read | Amazon to raise pay for 500,000 workers after failed unionisation drive People and businesses turning to the internet have boosted the cloud computing market where Amazon competes with Microsoft and Google. Apple and Facebook this week reported soaring quarterly profits that essentially doubled over the previous year at $23.6 billion and $9.5 billion respectively. Apple was lifted by strong gains in sales of iPhones and assorted products and services, while Facebook saw robust increases in digital advertising, reflecting people's rising internet usage during the ongoing pandemic. The results followed what one analyst called a "monster" quarter for Google and its parent firm Alphabet, which along with Facebook dominates online advertising. They also come after a robust report from Microsoft, a powerhouse in cloud computing and video games. The latest round of results is likely to prompt more scrutiny over the growing dominance of Big Tech, particularly with their services seemingly ready-made for locked-down consumers. "The large tech companies are in the right place at the right time," said Darrell West, a fellow at the Brookings Institution's Center for Technology Innovation. "Covid has accelerated digital transformation in education, health care, remote work and e-commerce, and that has boosted the profitability of those firms." The surging influence of Big Tech has led to calls for increased regulation, higher taxes and stronger antitrust enforcement to foster more competition and counter economic inequality. Covid 'shock' Robert Atkinson, president of the Information Technology & Innovation Foundation, a think tank that often reflects views of the sector, said the tech giants are benefitting from the massive digital shift that has accelerated during Covid-19. He maintained that corporations have long reaped such profits, it is just that now they are internet titans. "I've hardly been to the grocery store and I haven't been on a plane in a long time," he said. "But I'm using more social media and streaming services. When you have a big shock to the system, it leads to some sectors doing poorly and others doing well." Countering 'techlash' Still, the massive firms are facing a growing "techlash" in Congress and elsewhere as their power and influence grow. Apple this week said it would boost its US investment plan to $430 billion over the next five years, aiming to create some 20,000 new jobs. Amazon said it would increase wages for some 500,000 US workers after it staved off a unionization drive at one warehouse. "The companies are making more money but putting at least some of that back into the US economy, which could mitigate the negative impact," Atkinson said. Facebook reported its user ranks increased despite persistent criticism over its efforts to protect user privacy and stem misinformation. The number of people using the leading social network monthly climbed 10 per cent to 2.85 billion, according to the Silicon Valley giant. And monthly usage of the "family" of Facebook apps including Instagram, WhatsApp and Messenger was pegged at 3.45 billion. On Tuesday, Alphabet said profit in the first quarter leapt to $17.9 billion from $6.8 billion in the same period a year ago, led by gains in advertising and cloud computing services. "Google had an absolute monster quarter," said Patrick Moorhead at Moor Insights & Strategies. Apple, meanwhile, said Wednesday that revenue was the best ever for its fiscal second quarter, up 54 per cent to $89.6 billion. Apple reported gains in sales of iPhones, iPads, Mac computers, wearables and accessories, as well as its array of services from digital payments to music.

Amazon caps blockbuster Big Tech earnings reports, with profits tripling in first quarter

The domestic stock market indices, Sensex and Nifty ended sharply lower dragged by heavy selling in banking and financial stocks.&nbsp;

The Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.5 points.

NSE's 50-share index erased 264 points to close at 14,631 levels dragged mainly by HDFC (down 4.2 per cent), HDFC Bank (4 per cent), ICICI Bank, Kotak Mahindra Bank, Asian Paints, &nbsp;M&amp;M, TCS, Tata Motors, and Adani Ports.&nbsp;

HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&amp;M, HUL, TCS and Maruti. 
 
On the other hand, ONGC, Sun Pharma, Dr Reddy's and Bajaj Auto were the gainers.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities fell sharply on weak global cues and heavy sell-off in financial stocks. Asian markets traded weak on emerging concerns about growth after China's factory activity expanded slower than expected in April.

Barring pharma, metals and IT, most of the key sectoral indices saw selling pressure.

"Persistent rise in daily caseload and higher number of deaths continue to remain a matter of concerns for central and state governments and therefore any possibility of further economic restrictions cannot be ruled out by the state governments. The market is expected to be volatile until we see a clear reversal in COVID-19 cases," he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note.

Bourses in Europe were trading with marginal gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.31 per cent lower at USD 67.15 per barrel.&nbsp;

(With inputs from agencies)

The domestic stock market indices, Sensex and Nifty ended sharply lower dragged by heavy selling in banking and financial stocks. The Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.

The domestic stock market indices, Sensex and Nifty ended sharply lower dragged by heavy selling in banking and financial stocks. The Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.5 points. NSE's 50-share index erased 264 points to close at 14,631 levels dragged mainly by HDFC (down 4.2 per cent), HDFC Bank (4 per cent), ICICI Bank, Kotak Mahindra Bank, Asian Paints, M&M, TCS, Tata Motors, and Adani Ports. HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti. On the other hand, ONGC, Sun Pharma, Dr Reddy's and Bajaj Auto were the gainers. According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities fell sharply on weak global cues and heavy sell-off in financial stocks. Asian markets traded weak on emerging concerns about growth after China's factory activity expanded slower than expected in April. Barring pharma, metals and IT, most of the key sectoral indices saw selling pressure. "Persistent rise in daily caseload and higher number of deaths continue to remain a matter of concerns for central and state governments and therefore any possibility of further economic restrictions cannot be ruled out by the state governments. The market is expected to be volatile until we see a clear reversal in COVID-19 cases," he said. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note. Bourses in Europe were trading with marginal gains in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 1.31 per cent lower at USD 67.15 per barrel. (With inputs from agencies)

Sensex plunges 984 points, ends below 49,000, Nifty gives up 14,650

US Federal Reserve has held its key interest rates near zero and said it plans to continue supporting economic recovery. Fed is maintaining the policies until the economy heals further from the effects of COVID-19 pandemic.

World Business Watch: Powell waves inflation worries away as Fed holds rates near zero

Heathrow, Britain's biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.4 billion pounds as travel continues to be hammered.

It said only 1.7 million passengers travelled through the London airport in the three months to March 31, down 91 per cent compared to the first quarter of 2019.

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Heathrow, which during the <a href="https://www.wionews.com/topics/coronavirus?page=1">pandemic</a> lost its crown as Europe's busiest hub to Paris, said continuing uncertainty over British government policy meant it had reduced its passenger forecast for the year to a range of between 13 million and 36 million, compared to 81 million in 2019.

Britain's aviation industry is hoping that flying will rebound in late May once COVID-19 restrictions are eased, but uncertainty remains about where people will be able to go, and how digital vaccine passports will work.

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British transport secretary Grant Shapps has said he will chair a meeting of G7 transport ministers next week to discuss vaccine passports before announcing which countries would be open to Britons for travel in early May.

Heathrow reiterated that Britain's summer economic recovery depended on travel restarting from May 17.

It said it would be ready to scale-up operations as demand returned but repeated concerns about the UK Border Force's ability to prevent a long wait for arriving passengers at passport checks.

"Ministers will need to ensure every desk is staffed to avoid unacceptable queues," it said.

Britain's aviation regulator said on Tuesday that Heathrow could charge airlines 30 pence more per passenger to help recover up to 3 billion pounds of pandemic losses, a fraction of what Heathrow had asked for but enough to infuriate the owner of British Airways.

Heathrow is owned by investors including Spain's Ferrovial the Qatar Investment Authority and China Investment Corp.

Heathrow, Britain's biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.

Heathrow, Britain's biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.4 billion pounds as travel continues to be hammered. It said only 1.7 million passengers travelled through the London airport in the three months to March 31, down 91 per cent compared to the first quarter of 2019. Also read | As UN laments aid fund cuts, UK PM Boris Johnson pleads people to 'understand' Heathrow, which during the pandemic lost its crown as Europe's busiest hub to Paris, said continuing uncertainty over British government policy meant it had reduced its passenger forecast for the year to a range of between 13 million and 36 million, compared to 81 million in 2019. Britain's aviation industry is hoping that flying will rebound in late May once COVID-19 restrictions are eased, but uncertainty remains about where people will be able to go, and how digital vaccine passports will work. Also read | Young people who recovered from COVID-19 face risk of reinfection: Study British transport secretary Grant Shapps has said he will chair a meeting of G7 transport ministers next week to discuss vaccine passports before announcing which countries would be open to Britons for travel in early May. Heathrow reiterated that Britain's summer economic recovery depended on travel restarting from May 17. It said it would be ready to scale-up operations as demand returned but repeated concerns about the UK Border Force's ability to prevent a long wait for arriving passengers at passport checks. "Ministers will need to ensure every desk is staffed to avoid unacceptable queues," it said. Britain's aviation regulator said on Tuesday that Heathrow could charge airlines 30 pence more per passenger to help recover up to 3 billion pounds of pandemic losses, a fraction of what Heathrow had asked for but enough to infuriate the owner of British Airways. Heathrow is owned by investors including Spain's Ferrovial the Qatar Investment Authority and China Investment Corp.

London's Heathrow Airport sees first quarter loss of over 300 million pounds amid pandemic

Samsung&nbsp;Electronics Co Ltd reclaimed its crown as the world's biggest&nbsp;smartphone&nbsp;maker from&nbsp;Apple&nbsp;in the first quarter, cornering a fifth of overall global&nbsp;shipments.

China's&nbsp;Xiaomi&nbsp;Corp rounded out the top three positions with its best quarterly performance ever as&nbsp;shipments&nbsp;surged 62 per cent&nbsp;to 49 million phones and its market share rose to 14 per cent, market research firm Canalys said.

Overall, global&nbsp;shipments&nbsp;surged 27&nbsp;per cent&nbsp;to 347 million units in the first quarter as the Chinese economy opened up after the pandemic and a swift vaccine rollout in the United States raised hopes of an economic recovery.

South Korea's&nbsp;Samsung&nbsp;shipped 76.5 million&nbsp;smartphones in the quarter to grab a 22&nbsp;per cent&nbsp;share of the market, Canalys said. The company on Thursday reported a 66&nbsp;per cent&nbsp;surge in quarterly profit in its mobiles business, thanks to robust sales of its flagship Galaxy S21&nbsp;smartphone&nbsp;series.

Canalys said&nbsp;Apple&nbsp;shipped 52.4 million iPhones in the January-March period, falling to the second spot with a 15 per cent&nbsp;share of the market.

Apple&nbsp;still grabbed record market share in the United States, China, India and Japan, Counterpoint analyst Varun Mishra said, adding that the iPhone Pro Max was a top seller in the United States.

Smartphone&nbsp;sales have surged over the past year as people stayed and worked from home. But the shopping frenzy has fuelled a global shortage in semiconductor chips that has roiled industries including autos and large appliances.

"Supply of critical components, such as chipsets, has quickly become a major concern, and will hinder&nbsp;smartphone&nbsp;shipments&nbsp;in the coming quarters," Canalys analyst Ben Stanton said.

Apple&nbsp;said on Wednesday that the chip shortage could cost the company $3 billion to $4 billion in revenue in the April-June quarter, affecting primarily iPads and Macbooks.

March-quarter&nbsp;smartphone&nbsp;shipments&nbsp;for China's Oppo and Vivo brands also surged, Canalys said. But Huawei, the former No. 1 that remains shackled by U.S. sanctions, took only seventh place after selling its Honor brand last year.

Samsung Electronics Co Ltd reclaimed its crown as the world's biggest smartphone maker from Apple in the first quarter, cornering a fifth of overall global shipments.

Samsung Electronics Co Ltd reclaimed its crown as the world's biggest smartphone maker from Apple in the first quarter, cornering a fifth of overall global shipments. China's Xiaomi Corp rounded out the top three positions with its best quarterly performance ever as shipments surged 62 per cent to 49 million phones and its market share rose to 14 per cent, market research firm Canalys said. Overall, global shipments surged 27 per cent to 347 million units in the first quarter as the Chinese economy opened up after the pandemic and a swift vaccine rollout in the United States raised hopes of an economic recovery. South Korea's Samsung shipped 76.5 million smartphones in the quarter to grab a 22 per cent share of the market, Canalys said. The company on Thursday reported a 66 per cent surge in quarterly profit in its mobiles business, thanks to robust sales of its flagship Galaxy S21 smartphone series. Canalys said Apple shipped 52.4 million iPhones in the January-March period, falling to the second spot with a 15 per cent share of the market. Apple still grabbed record market share in the United States, China, India and Japan, Counterpoint analyst Varun Mishra said, adding that the iPhone Pro Max was a top seller in the United States. Smartphone sales have surged over the past year as people stayed and worked from home. But the shopping frenzy has fuelled a global shortage in semiconductor chips that has roiled industries including autos and large appliances. "Supply of critical components, such as chipsets, has quickly become a major concern, and will hinder smartphone shipments in the coming quarters," Canalys analyst Ben Stanton said. Apple said on Wednesday that the chip shortage could cost the company $3 billion to $4 billion in revenue in the April-June quarter, affecting primarily iPads and Macbooks. March-quarter smartphone shipments for China's Oppo and Vivo brands also surged, Canalys said. But Huawei, the former No. 1 that remains shackled by U.S. sanctions, took only seventh place after selling its Honor brand last year.

Samsung overtakes Apple in smartphone shipments as Xiaomi closes in

Amazon&nbsp;will increase&nbsp;pay&nbsp;between 50 cents to $3 an hour for more than half a million&nbsp;workers&nbsp;on its fulfillment, delivery and sorting teams, the US tech giant announced Wednesday.&nbsp;

The raises, which will take effect between May and June, come ahead of a federal hearing over a defeated&nbsp;unionisation&nbsp;drive&nbsp;and&nbsp;after&nbsp;President Joe Biden singled out&nbsp;Amazon&nbsp;for avoiding federal income taxes.

The Seattle-based e-commerce empire has gone on a hiring spree during the pandemic, adding&nbsp;500,000&nbsp;people last year. It now employs around 1.3 million people globally.&nbsp;

Typically, the company reevaluates salaries every fall, ahead of the holiday shopping bonanza. But it moved the annual review forward this year as it seeks to additionally hire "for tens of thousands of jobs across our operations in the US," Darcie Henry, a worldwide operations vice president said in a statement.&nbsp;

The&nbsp;pay&nbsp;boost will be doled out to employees on the customer fulfillment, delivery, package sortation and specialty fulfillment teams, while other teams will see their annual compensation reviewed throughout the year, the statement added.&nbsp;

In 2018,&nbsp;Amazon&nbsp;raised its minimum wage to $15 an hour for all US employees and has recently joined several other large corporations in advocating the federal minimum be increased to the same amount.&nbsp;

Amazon&nbsp;touted its starting hourly wage,&nbsp;among other benefits, as it fended off a bitterly contested and ultimately unsuccessful effort to create the company's first union at a US-based facility earlier this month.&nbsp;

Unions and political leaders had maintained that&nbsp;Amazon&nbsp;employees face constant pressure and monitoring, with little job protection, highlighting the need for collective bargaining.

Organisers of the&nbsp;failed&nbsp;union&nbsp;drive&nbsp;accused the company of intimidating&nbsp;workers&nbsp;before the mail-in vote and have filed a case with the National Labor Relations Board.&nbsp;

Defending&nbsp;Amazon's treatment of employees&nbsp;after&nbsp;the union vote, company founder and Chief Executive Jeff Bezos promised a better "vision" for&nbsp;workers.&nbsp;

In a letter, he laid out a new goal for the company to be "Earth's best employer and Earth's safest place to work".

Amazon&nbsp;announced its latest&nbsp;pay&nbsp;raise&nbsp;the day before it is scheduled to release its first-quarter earnings.&nbsp;

Amazon will increase pay between 50 cents to $3 an hour for more than half a million workers on its fulfillment, delivery and sorting teams, the US tech giant announced Wednesday.

Amazon will increase pay between 50 cents to $3 an hour for more than half a million workers on its fulfillment, delivery and sorting teams, the US tech giant announced Wednesday. The raises, which will take effect between May and June, come ahead of a federal hearing over a defeated unionisation drive and after President Joe Biden singled out Amazon for avoiding federal income taxes. The Seattle-based e-commerce empire has gone on a hiring spree during the pandemic, adding 500,000 people last year. It now employs around 1.3 million people globally. Typically, the company reevaluates salaries every fall, ahead of the holiday shopping bonanza. But it moved the annual review forward this year as it seeks to additionally hire "for tens of thousands of jobs across our operations in the US," Darcie Henry, a worldwide operations vice president said in a statement. The pay boost will be doled out to employees on the customer fulfillment, delivery, package sortation and specialty fulfillment teams, while other teams will see their annual compensation reviewed throughout the year, the statement added. In 2018, Amazon raised its minimum wage to $15 an hour for all US employees and has recently joined several other large corporations in advocating the federal minimum be increased to the same amount. Amazon touted its starting hourly wage, among other benefits, as it fended off a bitterly contested and ultimately unsuccessful effort to create the company's first union at a US-based facility earlier this month. Unions and political leaders had maintained that Amazon employees face constant pressure and monitoring, with little job protection, highlighting the need for collective bargaining. Organisers of the failed union drive accused the company of intimidating workers before the mail-in vote and have filed a case with the National Labor Relations Board. Defending Amazon's treatment of employees after the union vote, company founder and Chief Executive Jeff Bezos promised a better "vision" for workers. In a letter, he laid out a new goal for the company to be "Earth's best employer and Earth's safest place to work". Amazon announced its latest pay raise the day before it is scheduled to release its first-quarter earnings.

Amazon to raise pay for 500,000 workers after failed unionisation drive

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at $ 295 million (Rs 2,190 crore) for the fourth quarter ended March 31, riding on strong volume growth across categories.&nbsp;

The company had posted a consolidated net profit of around $ 261 million (Rs 1,938 crore) in the same period of the previous fiscal, HUL said in a regulatory filing.&nbsp;

Consolidated total income in the fourth quarter stood at $ 1693 million (Rs 12,542 crore), as against $ 1651.5 million (Rs 12,235) crore in the year-ago period.&nbsp;

During the quarter, HUL said it witnessed an "underlying volume growth of 16 per cent". Home care category saw a growth of 15 per cent driven by a robust recovery in fabric wash, while household care continued its strong performance delivering double-digit growth.

Foods and refreshment segment grew by 36 per cent, the company said adding, "all our tea brands continue to grow in high double-digits. Ketchups, soups and ice creams also performed well with double-digit growths".

"Nutrition volumes grew in double digits and we launched Rs 2 sachets in Horlicks and Boost. Our goal remains to drive penetration in this category," HUL said.

In the fourth quarter, beauty and personal care grew by 20 per cent with skin cleansing, hair care and oral care achieving high double-digit growths. Skin cleansing performance was led by 'Lifebuoy' and the premium segment, it added.

On the impact of rising commodity prices, HUL said, "a calibrated approach towards price increase has helped protect our business model even as vegetable oils continue to inflate at record levels."

For the fiscal 2020-21, the company said its consolidated net profit was at $1079.7 million&nbsp;(Rs 7,999 crore), as compared to $ 911.9 million&nbsp;(Rs 6,756 crore) in 2019-20, a growth of 18 per cent.

Consolidated total income for FY21 was at $ 6403.5 million (Rs 47,438 crore), as against $ 5455.5 million&nbsp;(Rs 40,415 crore) in FY20, the company said.

"Our in-quarter performance was strong on both the top-line and bottom-line. Despite challenging times, in FY'21 our business ecosystem has withstood the disruption and demonstrated agility and resilience across the value chain," HUL Chairman and Managing Director Sanjiv Mehta said.

Addressing a virtual press conference, he said despite the second wave of the coronavirus pandemic hitting India, rural growth has managed to keep up its momentum.

"In the last two weeks there has been turbulence but it is not as bad as what we saw last April, because containment has been localised and we have not gone in for a general lockdown (this time)," Mehta said.

All the company's factories are running. The supply chain is still operating but there could be some disruptions because of mobility issues, he added.

Mehta said HUL would continue with its planned investments as it is bullish on India in the long term.

"We have (after what happened last year) built in resilience within our system, so that if there is fluctuation in demand, we can cope with it. Also, there is an organic expansion with the growth that we see. That investment is going to go in as scheduled. We have no plans to pull it back," he said.

Stating that the company has delivered on its multi-stakeholder business model, he said, "our purpose-led brands and capabilities were further strengthened during the year and this positions us well to serve our consumers during this turbulent period."

The company's focus firmly remains behind delivering volume-led competitive growth, Mehta added.

"The recent surge in COVID cases is of serious concern and ensuring safety and wellbeing of people remains our top priority," he said adding HUL would continue to work closely with governments, health authorities and its partners to support the needs of the society and the nation to overcome this adversity.

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at $ 295 million (Rs 2,190 crore) for the fourth quarter ended March 31, riding on strong volume growth across categories.

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at $ 295 million (Rs 2,190 crore) for the fourth quarter ended March 31, riding on strong volume growth across categories. The company had posted a consolidated net profit of around $ 261 million (Rs 1,938 crore) in the same period of the previous fiscal, HUL said in a regulatory filing. Consolidated total income in the fourth quarter stood at $ 1693 million (Rs 12,542 crore), as against $ 1651.5 million (Rs 12,235) crore in the year-ago period. During the quarter, HUL said it witnessed an "underlying volume growth of 16 per cent". Home care category saw a growth of 15 per cent driven by a robust recovery in fabric wash, while household care continued its strong performance delivering double-digit growth. Foods and refreshment segment grew by 36 per cent, the company said adding, "all our tea brands continue to grow in high double-digits. Ketchups, soups and ice creams also performed well with double-digit growths". "Nutrition volumes grew in double digits and we launched Rs 2 sachets in Horlicks and Boost. Our goal remains to drive penetration in this category," HUL said. In the fourth quarter, beauty and personal care grew by 20 per cent with skin cleansing, hair care and oral care achieving high double-digit growths. Skin cleansing performance was led by 'Lifebuoy' and the premium segment, it added. On the impact of rising commodity prices, HUL said, "a calibrated approach towards price increase has helped protect our business model even as vegetable oils continue to inflate at record levels." For the fiscal 2020-21, the company said its consolidated net profit was at $1079.7 million (Rs 7,999 crore), as compared to $ 911.9 million (Rs 6,756 crore) in 2019-20, a growth of 18 per cent. Consolidated total income for FY21 was at $ 6403.5 million (Rs 47,438 crore), as against $ 5455.5 million (Rs 40,415 crore) in FY20, the company said. "Our in-quarter performance was strong on both the top-line and bottom-line. Despite challenging times, in FY'21 our business ecosystem has withstood the disruption and demonstrated agility and resilience across the value chain," HUL Chairman and Managing Director Sanjiv Mehta said. Addressing a virtual press conference, he said despite the second wave of the coronavirus pandemic hitting India, rural growth has managed to keep up its momentum. "In the last two weeks there has been turbulence but it is not as bad as what we saw last April, because containment has been localised and we have not gone in for a general lockdown (this time)," Mehta said. All the company's factories are running. The supply chain is still operating but there could be some disruptions because of mobility issues, he added. Mehta said HUL would continue with its planned investments as it is bullish on India in the long term. "We have (after what happened last year) built in resilience within our system, so that if there is fluctuation in demand, we can cope with it. Also, there is an organic expansion with the growth that we see. That investment is going to go in as scheduled. We have no plans to pull it back," he said. Stating that the company has delivered on its multi-stakeholder business model, he said, "our purpose-led brands and capabilities were further strengthened during the year and this positions us well to serve our consumers during this turbulent period." The company's focus firmly remains behind delivering volume-led competitive growth, Mehta added. "The recent surge in COVID cases is of serious concern and ensuring safety and wellbeing of people remains our top priority," he said adding HUL would continue to work closely with governments, health authorities and its partners to support the needs of the society and the nation to overcome this adversity.

Hindustan Unilever reports 13 per cent rise in consolidated net profits

Royal&nbsp;Dutch&nbsp;Shell&nbsp;swung back into profit in the first quarter as oil prices recovered strongly from a year earlier, the company said Thursday.

The Anglo-Dutch&nbsp;group posted net profit of $5.7 billion (4.7 billion euros) in the first three months of the year,&nbsp;Shell&nbsp;said in a statement.

That compared with a loss after tax of $24 million in the first quarter of 2020 when the coronavirus pandemic began to slam the price of crude.

The first-quarter performance this year benefitted also from a $1.4-billion gain following the sale of assets, the statement added.&nbsp;

"Shell&nbsp;has made a strong start to 2021, generating over $8 billion of cash in the quarter," said chief executive Ben van Beurden.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-oil-inches-lower-on-concerns-over-covid-19-surge-in-india-japan-380453/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Our... model is ideally positioned to benefit from recovering demand."

Shell&nbsp;had dived into net loss of $21.7 billion last year as factories shut and planes were grounded.

As a result, it decided to axe more than 10 per cent of its global workforce, or up to 9,000 jobs.

Its losses and steep job cuts mirrored the situation elsewhere in the energy sector last year.&nbsp;

After lockdowns began to spread towards the end of the first quarter in 2020, oil prices dropped off a cliff, even briefly turning negative.

Prices then rebounded sharply, however, with benchmark Brent North Sea oil contract currently trading around $67 per barrel.

Shell&nbsp;rival BP also recovered in the first quarter, announcing this week net profit of $4.7 billion, which compared with a year-earlier loss of $4.4 billion.

France's Total, meanwhile, posted a net profit of $3.3 billion in the first quarter that was even higher than pre-pandemic levels.

On Thursday in the wake of its own results, shares in&nbsp;Shell&nbsp;climbed around 1.0 per cent in early London deals.

"Fortunately for investors these latest results come without the drama seen this time last year when&nbsp;Shell&nbsp;cut its dividend for the first time since the Second World War," said Keith Bowman, equity analyst at Interactive Investor.

Shell&nbsp;this time around increased its dividend payout by about 4.0 per cent compared with the final quarter of last year.

Bowman meanwhile noted that extreme winter weather hitting&nbsp;Shell's US Texas operations had dragged on adjusted earnings, "although, as with rivals, an upturn in energy prices has aided profit generation".&nbsp;

Shell&nbsp;said this year's deadly Texas winter storm cost the group $200 million in the first quarter on reduced oil output.

February's polar vortex storm killed dozens of people, left millions without electricity and water, caused billions of dollars of damage to the sector and forced several Texas electric firms to file for bankruptcy.

The freezing temperatures also caused outages at energy installations...natural gas-fired power plants, wind turbines and nuclear plants, which are not typically insulated as they are in other states with colder climates.

Royal Dutch Shell swung back into profit in the first quarter as oil prices recovered strongly from a year earlier, the company said Thursday. The Anglo-Dutch group posted net profit of $5.

Royal Dutch Shell swung back into profit in the first quarter as oil prices recovered strongly from a year earlier, the company said Thursday. The Anglo-Dutch group posted net profit of $5.7 billion (4.7 billion euros) in the first three months of the year, Shell said in a statement. That compared with a loss after tax of $24 million in the first quarter of 2020 when the coronavirus pandemic began to slam the price of crude. The first-quarter performance this year benefitted also from a $1.4-billion gain following the sale of assets, the statement added. "Shell has made a strong start to 2021, generating over $8 billion of cash in the quarter," said chief executive Ben van Beurden. "Our... model is ideally positioned to benefit from recovering demand." Shell had dived into net loss of $21.7 billion last year as factories shut and planes were grounded. As a result, it decided to axe more than 10 per cent of its global workforce, or up to 9,000 jobs. Its losses and steep job cuts mirrored the situation elsewhere in the energy sector last year. After lockdowns began to spread towards the end of the first quarter in 2020, oil prices dropped off a cliff, even briefly turning negative. Prices then rebounded sharply, however, with benchmark Brent North Sea oil contract currently trading around $67 per barrel. Shell rival BP also recovered in the first quarter, announcing this week net profit of $4.7 billion, which compared with a year-earlier loss of $4.4 billion. France's Total, meanwhile, posted a net profit of $3.3 billion in the first quarter that was even higher than pre-pandemic levels. On Thursday in the wake of its own results, shares in Shell climbed around 1.0 per cent in early London deals. "Fortunately for investors these latest results come without the drama seen this time last year when Shell cut its dividend for the first time since the Second World War," said Keith Bowman, equity analyst at Interactive Investor. Shell this time around increased its dividend payout by about 4.0 per cent compared with the final quarter of last year. Bowman meanwhile noted that extreme winter weather hitting Shell's US Texas operations had dragged on adjusted earnings, "although, as with rivals, an upturn in energy prices has aided profit generation". Shell said this year's deadly Texas winter storm cost the group $200 million in the first quarter on reduced oil output. February's polar vortex storm killed dozens of people, left millions without electricity and water, caused billions of dollars of damage to the sector and forced several Texas electric firms to file for bankruptcy. The freezing temperatures also caused outages at energy installations...natural gas-fired power plants, wind turbines and nuclear plants, which are not typically insulated as they are in other states with colder climates.

Shell swings back to profit on oil price recovery

Domestic stock market indices ended marginally higher on Thursday amid high volatility on F&amp;O expiry. The midcap index ended lower, while smallcap index closed over half a per cent higher.

Sensex leapt 642 points to hit a high of 50,376 in the intra-day deals. On the NSE, the Nifty touched a peak of 15,044. However, profit-booking at higher levels dragged indices down to 49,536 and 14,814, respectively.

On the other hand, Bajaj Auto, HDFC, HCL Tech and L&amp;T were among the laggards. “Domestic equities traded mostly in positive territory amid high volatility on futures and options (F&amp;O) expiry. Notably, benchmark Nifty breached 15,000 levels during initial hours, but it could not sustain to those levels, said Binod Modi, Head Strategy at Reliance Securities.

Metal stocks were in focus on account of sustained price increase in ferrous and non-ferrous metals. Further, Reliance Industries remained in focus for the second consecutive day ahead of 4QFY21 results. Barring metals, financials and pharma, most of the key sectoral indices were in red, he noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

(With inputs from agencies)

Domestic stock market indices ended marginally higher on Thursday amid high volatility on F&O expiry. The midcap index ended lower, while smallcap index closed over half a per cent higher.

Domestic stock market indices ended marginally higher on Thursday amid high volatility on F&O expiry. The midcap index ended lower, while smallcap index closed over half a per cent higher. Sensex leapt 642 points to hit a high of 50,376 in the intra-day deals. On the NSE, the Nifty touched a peak of 15,044. However, profit-booking at higher levels dragged indices down to 49,536 and 14,814, respectively. On the other hand, Bajaj Auto, HDFC, HCL Tech and L&T were among the laggards. “Domestic equities traded mostly in positive territory amid high volatility on futures and options (F&O) expiry. Notably, benchmark Nifty breached 15,000 levels during initial hours, but it could not sustain to those levels, said Binod Modi, Head Strategy at Reliance Securities. Metal stocks were in focus on account of sustained price increase in ferrous and non-ferrous metals. Further, Reliance Industries remained in focus for the second consecutive day ahead of 4QFY21 results. Barring metals, financials and pharma, most of the key sectoral indices were in red, he noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red. (With inputs from agencies)

Sensex, Nifty end marginally higher amid volatility on F&O expiry

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities. 
 
With online consumer activity remaining elevated in the first quarter, Alphabet beat analysts` revenue estimates and nearly surpassed the sales record it set in the fourth quarter. 
 
Google ad sales jumped 32% in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7%, in line with estimates. 
 
Alphabet shares rose about 4.3% to $2,390.10 in extended trading. 
 
The results provided the first sign that Google services such as search and YouTube may hold on to gains made since lockdowns and other pandemic restrictions forced people to shop and communicate online over the last year. 
 
About 17% of people in the United States, Alphabet`s top region by revenue, were fully vaccinated against COVID-19 by the end of the first quarter. Activities including in-person dining resumed in big cities in March, and security screenings at US&nbsp;airports had their busiest day in a year. 
 
But Alphabet Chief Financial Officer Ruth Porat told analysts on Tuesday, "it`s too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure." 
 
Google Chief Business Officer Philipp Schindler and Porat declined to comment on whether Google had seen a recovery in spending by travel and other industries that were major customers before the pandemic. 
 
Alphabet`s overall quarterly sales rose 34% to $55.3 billion, above analysts` estimate of 26% growth from a year ago and close to the $56.9 billion it reported in the fourth quarter. Revenue benefited by an unspecified amount from Google`s acquisition of smartwatch maker Fitbit in January. 
 
Alphabet`s quarterly profit was $17.9 billion, or $26.29 per share, beating estimates of $15.88 per share and topping its previous-high of $15.2 billion last quarter. 
 
But nearly $4 billion of earnings came from unrealized gains in venture capital investments and recalculating depreciation of some data center equipment. 
 
The high sales pushed operating margins up to 30% for the first time since incorporating as Alphabet in 2015 even as its costs began to pick up again for hiring, legal matters and building out new facilities. Alphabet in 2020 suffered its slowest sales growth in 11 years but posted record profit and boosted its cash hoard by $17 billion after slowing hiring and construction. 
 
The share repurchase authorization by Alphabet`s board follows a $25 billion buyback program announced in 2019. Jefferies analyst Brent Thill estimated Alphabet now has $56 billion left to spend buying its shares. 
 
Advertising rebound 
 
Google`s ad business, the global market leader as measured in sales, accounted for 81% of Alphabet`s first-quarter revenue. 
 
Schindler said retail, technology and consumer product companies were among big search advertisers in the quarter. 
 
Google Cloud, a distant rival to the cloud businesses of Amazon.com Inc and Microsoft Corp, narrowed its operating loss to 44% to $974 million in the first quarter. But Porat told analysts not to glean too much from the drop because one-time factors, including the depreciation, were at play. 
 
Shares of Alphabet, 184th among companies in the S&amp;P 500 index, have surged 80% in the last year. Shares of top rival Facebook Inc, which had been up 62% during the last year entering Tuesday, rose 1.7% after hours. 
 
Though several concerns about Google`s long-term prospects have emerged in recent years, none have significantly affected sales. 
 
Resolution likely remains years away in privacy and antitrust lawsuits against Google that could result in changes to its ad operations. 
 
Discussions about changing US&nbsp;and European laws to impose new oversight on Google, Facebook and other companies, especially regarding privacy and artificial intelligence, have lagged as legislators have been distracted by the pandemic. 
 
Still, issues continue to emerge. On Monday, streaming TV technology company Roku Inc accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses. YouTube called them "baseless claims."

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities.

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities. With online consumer activity remaining elevated in the first quarter, Alphabet beat analysts` revenue estimates and nearly surpassed the sales record it set in the fourth quarter. Google ad sales jumped 32% in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7%, in line with estimates. Alphabet shares rose about 4.3% to $2,390.10 in extended trading. The results provided the first sign that Google services such as search and YouTube may hold on to gains made since lockdowns and other pandemic restrictions forced people to shop and communicate online over the last year. About 17% of people in the United States, Alphabet`s top region by revenue, were fully vaccinated against COVID-19 by the end of the first quarter. Activities including in-person dining resumed in big cities in March, and security screenings at US airports had their busiest day in a year. But Alphabet Chief Financial Officer Ruth Porat told analysts on Tuesday, "it`s too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure." Google Chief Business Officer Philipp Schindler and Porat declined to comment on whether Google had seen a recovery in spending by travel and other industries that were major customers before the pandemic. Alphabet`s overall quarterly sales rose 34% to $55.3 billion, above analysts` estimate of 26% growth from a year ago and close to the $56.9 billion it reported in the fourth quarter. Revenue benefited by an unspecified amount from Google`s acquisition of smartwatch maker Fitbit in January. Alphabet`s quarterly profit was $17.9 billion, or $26.29 per share, beating estimates of $15.88 per share and topping its previous-high of $15.2 billion last quarter. But nearly $4 billion of earnings came from unrealized gains in venture capital investments and recalculating depreciation of some data center equipment. The high sales pushed operating margins up to 30% for the first time since incorporating as Alphabet in 2015 even as its costs began to pick up again for hiring, legal matters and building out new facilities. Alphabet in 2020 suffered its slowest sales growth in 11 years but posted record profit and boosted its cash hoard by $17 billion after slowing hiring and construction. The share repurchase authorization by Alphabet`s board follows a $25 billion buyback program announced in 2019. Jefferies analyst Brent Thill estimated Alphabet now has $56 billion left to spend buying its shares. Advertising rebound Google`s ad business, the global market leader as measured in sales, accounted for 81% of Alphabet`s first-quarter revenue. Schindler said retail, technology and consumer product companies were among big search advertisers in the quarter. Google Cloud, a distant rival to the cloud businesses of Amazon.com Inc and Microsoft Corp, narrowed its operating loss to 44% to $974 million in the first quarter. But Porat told analysts not to glean too much from the drop because one-time factors, including the depreciation, were at play. Shares of Alphabet, 184th among companies in the S&P 500 index, have surged 80% in the last year. Shares of top rival Facebook Inc, which had been up 62% during the last year entering Tuesday, rose 1.7% after hours. Though several concerns about Google`s long-term prospects have emerged in recent years, none have significantly affected sales. Resolution likely remains years away in privacy and antitrust lawsuits against Google that could result in changes to its ad operations. Discussions about changing US and European laws to impose new oversight on Google, Facebook and other companies, especially regarding privacy and artificial intelligence, have lagged as legislators have been distracted by the pandemic. Still, issues continue to emerge. On Monday, streaming TV technology company Roku Inc accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses. YouTube called them "baseless claims."

Google parent Alphabet sets profit record, plans $50 billion buyback

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. 
 
Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. 
 
In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. 
 
According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. 
 
Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. 
 
The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. 
 
India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. 
 
However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. 
 
Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. 
 
Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic

Russia has fined Apple $12 million for its monopolistic activities and alleged that it is abusing dominance in the mobile applications market. The Federal Antimonopoly Service (FAS) said that US tech giant Apple's distribution of apps through its iOS operating system gave its own products a competitive advantage.

World Business Watch: Russia fines Apple $12 million for alleged app market abuse

Saudi Arabia's Crown Prince Mohammed bin Salman said that kingdom is in discussions with the leading global energy firm to sell 1 percent of state oil firm Saudi Aramco's share holding to boost its sales.

World Business Watch: Prince Salman says Saudi Arabia in talks to sell 1% stake in Aramco

Credit rating agency S&amp;P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country`s economic recovery and expose other nations to further waves of outbreaks. 
 
"In addition to the substantial loss of life and significant humanitarian concerns, S&amp;P Global Ratings believes the outbreak poses downside risks to GDP and heightens the possibility of business disruptions," the rating agency said in a note. 
 
India`s healthcare system has been overwhelmed, with the world`s second most populous country reporting more than 300,000 new COVID-19 cases daily over the past six days and the death toll set to cross 200,000. 
 
S&amp;P, which has a long-term credit rating of `BBB-` on India, just one notch above junk, said it may have to revise its base-case assumption of 11% growth over fiscal 2021/2022, especially if wider containment measures are re-imposed. 
 
S&amp;P expects the consumer retail and airport sectors to have a dragged out recovery with localized lockdowns and curfews in several parts of the country, and said the Indian banking sector continued to face a "high level of systemic risk". 
 
The rating agency noted that the pace and scale of recovery from the second wave of COVID-19 infections will have implications for India`s sovereign credit rating. 
 
The Asia-Pacific region is susceptible to contagion from the highly infectious COVID-19 variants present in India, given the low ratios of vaccination in the region, S&amp;P said.

Credit rating agency S&P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country`s economic recovery and expose other nations to further waves of outbreaks.

Credit rating agency S&P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country`s economic recovery and expose other nations to further waves of outbreaks. "In addition to the substantial loss of life and significant humanitarian concerns, S&P Global Ratings believes the outbreak poses downside risks to GDP and heightens the possibility of business disruptions," the rating agency said in a note. India`s healthcare system has been overwhelmed, with the world`s second most populous country reporting more than 300,000 new COVID-19 cases daily over the past six days and the death toll set to cross 200,000. S&P, which has a long-term credit rating of `BBB-` on India, just one notch above junk, said it may have to revise its base-case assumption of 11% growth over fiscal 2021/2022, especially if wider containment measures are re-imposed. S&P expects the consumer retail and airport sectors to have a dragged out recovery with localized lockdowns and curfews in several parts of the country, and said the Indian banking sector continued to face a "high level of systemic risk". The rating agency noted that the pace and scale of recovery from the second wave of COVID-19 infections will have implications for India`s sovereign credit rating. The Asia-Pacific region is susceptible to contagion from the highly infectious COVID-19 variants present in India, given the low ratios of vaccination in the region, S&P said.

India's second COVID-19 wave may impede economic recovery, says S&P

Electric car maker Tesla has made a record profit in the first quarter of this year despite shortages of semiconductor and chips. Tesla has surpassed Wall Street expectations marginally and booked a record income of $438 million.

World Business Watch: Tesla posts record net income, revenue surges by 74%

Domestic stock market indices ended a per cent higher on Tuesday led by gains in metals, financials, realty stocks even amid mixed global cues.&nbsp;

Sensex opened in the green and gained further momentum during the session. It finally finished at 48,944.14, up 557.63 points or 1.15 per cent.

Similarly, the broader NSE Nifty surged 168.05 points or 1.16 per cent to end at 14,653.05.&nbsp;

Among stocks, Hindalco moved up by 5 per cent to Rs 366 per share while Tata Steel rose by 4.36 per cent. Index heavyweight Reliance Industries lifted by 2.6 per cent to Rs 1,988.80 per share.

Larsen &amp; Toubro rose by 3.6 per cent, Bajaj Finance by 3.1 per cent, State Bank of India by 2.8 per cent, IndusInd Bank by 2.7 per cent, Adani Ports by 2.4 per cent and Tata Motors by 2.2 per cent.

However, Maruti Suzuki slipped by 1.3 per cent to close at Rs 6,552 per share after reporting an 11 per cent fall in its Q4 net profit at Rs 1,166 crore despite a 32 per cent jump in revenue from operations.&nbsp;

The others which lost were HDFC Life, SBI Life, Kotak Mahindra Bank, Nestle India and Dr Reddy's.

Meanwhile, Asian shares fell as caution ahead of a US Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from Covid-19 blow.&nbsp;

Stocks in Tokyo edged 0.46 per cent lower as earnings fall short of investor expectations.&nbsp;

South Korea`s Kospi fell by 0.07 per cent on foreign outflows. Analysts said some investors may be taking profits on equities but the sentiment remains positive due to rising coronavirus vaccination rates in many countries.

(With inputs from agencies)

Domestic stock market indices ended a per cent higher on Tuesday led by gains in metals, financials, realty stocks even amid mixed global cues. Sensex opened in the green and gained further momentum during the session.

Domestic stock market indices ended a per cent higher on Tuesday led by gains in metals, financials, realty stocks even amid mixed global cues. Sensex opened in the green and gained further momentum during the session. It finally finished at 48,944.14, up 557.63 points or 1.15 per cent. Similarly, the broader NSE Nifty surged 168.05 points or 1.16 per cent to end at 14,653.05. Among stocks, Hindalco moved up by 5 per cent to Rs 366 per share while Tata Steel rose by 4.36 per cent. Index heavyweight Reliance Industries lifted by 2.6 per cent to Rs 1,988.80 per share. Larsen & Toubro rose by 3.6 per cent, Bajaj Finance by 3.1 per cent, State Bank of India by 2.8 per cent, IndusInd Bank by 2.7 per cent, Adani Ports by 2.4 per cent and Tata Motors by 2.2 per cent. However, Maruti Suzuki slipped by 1.3 per cent to close at Rs 6,552 per share after reporting an 11 per cent fall in its Q4 net profit at Rs 1,166 crore despite a 32 per cent jump in revenue from operations. The others which lost were HDFC Life, SBI Life, Kotak Mahindra Bank, Nestle India and Dr Reddy's. Meanwhile, Asian shares fell as caution ahead of a US Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from Covid-19 blow. Stocks in Tokyo edged 0.46 per cent lower as earnings fall short of investor expectations. South Korea`s Kospi fell by 0.07 per cent on foreign outflows. Analysts said some investors may be taking profits on equities but the sentiment remains positive due to rising coronavirus vaccination rates in many countries. (With inputs from agencies)

Sensex rises 557 points, Nifty closes above 14,650 

Lyft will sell its self-driving division to a unit of Toyota Motor for $550 million, a move the ride-hailing giant said will help it turn a profit sooner than previously expected.

World Business Watch: Lyft sells self-driving unit to Toyota's woven planet

As COVID-19 second wave has ravaged India, the insurance industry is seeing a marked rise in the number of health insurance premiums. WION brings you the answers of all questions rising in the your mind regarding health insurance policy.

World Business Watch: Health insurance policy sale on rise amid COVID-19 pandemic

Volkswagen has warned managers to prepare for a bigger production hit in the second quarter than the first due to a global chip shortage. Wayne Griffiths, president of Volkswagen's Spanish brand Seat called the shortage the "biggest challenge" the company faces at the moment.

World Business Watch: Volkswagen warns less production over chip shortage

Oil prices eased slightly on Monday on concerns that a resurgence of COVID-19 infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.

World Business Watch: Oil inches lower on concerns over COVID-19 surge in India, Japan