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Goldman Sachs has said the United Kingdom looks set to see faster economic growth than the United States this year as the country races ahead with its vaccination programme after its slump in 2020.

World Business Watch: Goldman Sachs expects UK to beat US in economic recovery

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets. Bitcoin, the most popular currency fell below USD 50,000 mark for the first time since March and slumped to USD 47,555.

News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

Other cryptocurrencies felt the heat of the negative sentiment too. Ether and XRP fell 3.5 per cent and 6.7 per cent respectively. while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko.&nbsp;

"With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment," said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days.

Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%.

But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary.

"I don't think Biden's taxes plans will have a big impact on bitcoin," said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. "Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings."

Others also remained bullish on bitcoin's long term prospects, but noted it might take time before prices start increasing again.

"Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins," said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price.

(With inputs from agencies)

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets.

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets. Bitcoin, the most popular currency fell below USD 50,000 mark for the first time since March and slumped to USD 47,555. News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. Other cryptocurrencies felt the heat of the negative sentiment too. Ether and XRP fell 3.5 per cent and 6.7 per cent respectively. while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko. "With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment," said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days. Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%. But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary. "I don't think Biden's taxes plans will have a big impact on bitcoin," said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. "Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings." Others also remained bullish on bitcoin's long term prospects, but noted it might take time before prices start increasing again. "Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins," said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price. (With inputs from agencies)

Bitcoin, other cryptocurrencies tumble over Biden tax plan fears

According to Reuters polls of over 500 economists, the global economy will recover this year from its Coronavirus slump at a pace not seen since the 1970s as strong momentum builds in most major economies.

World economy to stage vigorous recovery, jobs growth to lag: Reuters Poll

Jaguar Land Rover is to temporarily shut down production at two of its main UK factories over a shortage of computer chips or semi-conductors. The global semiconductor shortage is an ongoing issue caused by the COVID-19 pandemic that’s affecting multiple industries, including the automotive sector.

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We have seen many pandemic success stories unravel this year and it’s not just countries but also corporates that have been negatively affected by it.

The latest victim to this pandemic is Netflix. Last year was an absolute bonus for them as people were stuck at home and couldn't go out for movies or concerts. So entertainment had to come home.

Therefore, Netflix was on a roll last year. Adding 15.8 million new customers in the first quarter of 2020, this momentum continued through the year.

However, 2021 is a whole new challenge. The world is emerging from the pandemic, cinema halls are reopening and entertainment has gone virtual.&nbsp;So, the world doesn't need a Netflix subscription to keep busy and the numbers reflect this.

<a href="https://www.wionews.com/videos/gravitas-post-lockdown-world-unsubscribes-netflix-379342">Watch |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-post-lockdown-world-unsubscribes-netflix-379342/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Netflix added 3.98 million customers in the first quarter of 2021 and although this might sound impressive, the company still fell short of its six million target — by more than 30 per cent.

This led to their shares sinking. Netflix plunged 13 per cent in Tuesday's trade and their investors lost a lot of money.

The future doesn’t look much better too. The company is expecting just one million new users in the next quarter, but analysts are expecting more than four million.

So the company could be looking at another quarter of underperformance.

This happened as Netflix made more money during the pandemic lockdowns but now that the countries have opened up their economies, they are losing money.

Businesses that bank on disruptions rarely survive those events and Netflix is a prime example.

The market has also changed a lot since last year. Video streaming is not a monopoly any more and there are new players that are coming with some bold ideas.

The likes of HBO Max and Disney Plus have very different shows than Netflix which leaves the audience in confusion. Disney Plus has racked up 100 million subscribers and Netflix stands at 207 million.

However, every time Netflix faces a crisis, they have one go-to strategy — messing up regional content. However, it can be a one-way ticket out of the market and is essentially a gamble for Netflix.

Will companies that profited from the pandemic extend their dream run? Services such as Zoom video calls, food delivery apps, liquor companies and such had massive demands in 2020, but the pandemic year was an aberration and not the norm.

So, as and when we emerge from this pandemic, fortunes will reverse. When employees return to work, Zoom will feel the pinch. When the curfews are lifted, delivery apps will suffer.

Most of our consumption patterns will return to normal even if it's a new normal. This is will be a new challenge for these pandemic success stories.

The takeaway from these examples is that a sustainable business model is based on flexibility and it may thrive on disruptions but it should also survive once the disruption fizzles out. It is pretty clear now that whether it is a country or company, far-sightedness is the key to beating this pandemic.

We have seen many pandemic success stories unravel this year and it’s not just countries but also corporates that have been negatively affected by it. The latest victim to this pandemic is Netflix.

We have seen many pandemic success stories unravel this year and it’s not just countries but also corporates that have been negatively affected by it. The latest victim to this pandemic is Netflix. Last year was an absolute bonus for them as people were stuck at home and couldn't go out for movies or concerts. So entertainment had to come home. Therefore, Netflix was on a roll last year. Adding 15.8 million new customers in the first quarter of 2020, this momentum continued through the year. However, 2021 is a whole new challenge. The world is emerging from the pandemic, cinema halls are reopening and entertainment has gone virtual. So, the world doesn't need a Netflix subscription to keep busy and the numbers reflect this. Watch | Netflix added 3.98 million customers in the first quarter of 2021 and although this might sound impressive, the company still fell short of its six million target — by more than 30 per cent. This led to their shares sinking. Netflix plunged 13 per cent in Tuesday's trade and their investors lost a lot of money. The future doesn’t look much better too. The company is expecting just one million new users in the next quarter, but analysts are expecting more than four million. So the company could be looking at another quarter of underperformance. This happened as Netflix made more money during the pandemic lockdowns but now that the countries have opened up their economies, they are losing money. Businesses that bank on disruptions rarely survive those events and Netflix is a prime example. The market has also changed a lot since last year. Video streaming is not a monopoly any more and there are new players that are coming with some bold ideas. The likes of HBO Max and Disney Plus have very different shows than Netflix which leaves the audience in confusion. Disney Plus has racked up 100 million subscribers and Netflix stands at 207 million. However, every time Netflix faces a crisis, they have one go-to strategy — messing up regional content. However, it can be a one-way ticket out of the market and is essentially a gamble for Netflix. Will companies that profited from the pandemic extend their dream run? Services such as Zoom video calls, food delivery apps, liquor companies and such had massive demands in 2020, but the pandemic year was an aberration and not the norm. So, as and when we emerge from this pandemic, fortunes will reverse. When employees return to work, Zoom will feel the pinch. When the curfews are lifted, delivery apps will suffer. Most of our consumption patterns will return to normal even if it's a new normal. This is will be a new challenge for these pandemic success stories. The takeaway from these examples is that a sustainable business model is based on flexibility and it may thrive on disruptions but it should also survive once the disruption fizzles out. It is pretty clear now that whether it is a country or company, far-sightedness is the key to beating this pandemic.

As countries battle coronavirus, Netflix struggles to earn profits in new normal

US President Joe Biden will soon roll out plan to raise taxes for the wealthiest Americans, said Reuters quoting sources familiar with the proposal. This proposal is likely to include largest-ever increase in levies on investment gains. The increased revenue is likely to be used in childcare, universal pre-kindergarten education and paid leave for workers.

These measures are part of White House's push for overhaul of the US tax system that will make rich people and big companies pay more in taxes. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

This would be the highest tax rate on investment gains. The rate has not exceeded 33.8 per cent after Second World War.

Also Read | <a href="https://www.wionews.com/india-news/biden-administration-applauds-india-for-stepping-up-its-climate-change-commitment-379363">Biden administration applauds India for stepping up its climate change commitment</a>

Wall Street reacted to the news of the proposal. The news triggered sharp declines with the benchmark S&amp;P 500 index down 1% in early afternoon. This was its steepest drop in more than a month.

The tax hike would need to pass through US Congress. Biden's Democratic Party holds narrow majorities in US Congress. The proposal is expected to face tough resistance from the Republican Party.

Sources said details would be released next week before Biden's address to Congress on Wednesday. Details of the plan may change in coming days. White House officials are debating other possible tax increases that could ultimately be included such as capping deductions for wealthy taxpayers or increasing the estate tax, sources told Reuters.

(With inputs from agencies)

US President Joe Biden will soon roll out plan to raise taxes for the wealthiest Americans, said Reuters quoting sources familiar with the proposal. This proposal is likely to include largest-ever increase in levies on investment gains.

US President Joe Biden will soon roll out plan to raise taxes for the wealthiest Americans, said Reuters quoting sources familiar with the proposal. This proposal is likely to include largest-ever increase in levies on investment gains. The increased revenue is likely to be used in childcare, universal pre-kindergarten education and paid leave for workers. These measures are part of White House's push for overhaul of the US tax system that will make rich people and big companies pay more in taxes. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million. This would be the highest tax rate on investment gains. The rate has not exceeded 33.8 per cent after Second World War. Also Read | Biden administration applauds India for stepping up its climate change commitment Wall Street reacted to the news of the proposal. The news triggered sharp declines with the benchmark S&P 500 index down 1% in early afternoon. This was its steepest drop in more than a month. The tax hike would need to pass through US Congress. Biden's Democratic Party holds narrow majorities in US Congress. The proposal is expected to face tough resistance from the Republican Party. Sources said details would be released next week before Biden's address to Congress on Wednesday. Details of the plan may change in coming days. White House officials are debating other possible tax increases that could ultimately be included such as capping deductions for wealthy taxpayers or increasing the estate tax, sources told Reuters. (With inputs from agencies)

Joe Biden to unveil historic tax increase for the rich

American Airlines announced in a memo on Tuesday that all of the pilots that were "recalled" during the COVID-19 pandemic will be returning to work.

American Airlines bringing more pilots back

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The hearing marked an escalation of lawmakers’ antitrust scrutiny on smartphone makers, and particularly Apple.

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The U.S. Transportation Department's Office of Inspector General said on Tuesday it will audit the Federal Aviation Administration's (FAA) November decision to unground the Boeing 737 MAX and other agency decisions.

US watchdog will review FAA decision to unground Boeing 737 MAX

Since December 2020, the country's merchandise exports are recording positive growth. In March this year, the exports rose by 60.29% to $34.45 billion.

India's exports to be in positive territory In 2021-22: Commerce ministry

The US Transportation Department`s Office of Inspector General said on Tuesday it will audit the Federal Aviation Administration`s (FAA) November decision to unground the Boeing 737 MAX and other agency decisions. 
 
The 737 MAX was grounded in March 2019 after two crashes in Indonesia and Ethiopia within five months killed 346 people. The FAA approved its return to service after significant safety enhancements developed during the plane`s 20-month grounding. 
 
The new audit will examine the FAA’s actions following the two accidents, including the agency`s risk assessments, the grounding of the aircraft and the subsequent recertification, the inspector general`s office said. Boeing declined to comment. 
 
The inspector general`s office added, "its objective is to evaluate FAA’s processes and procedures for grounding aircraft and implementing corrective actions." 
 
The FAA said it "will cooperate fully with the Inspector General’s audit, as it has with all other outside reviews of the agency’s oversight of the Boeing 737 MAX." 
 
FAA Administrator Steve Dickson told Reuters in November he was "100% confident" in the safety of the 737 MAX. 
 
The FAA imposed new training requirements to deal with a key safety system called MICAS that was blamed for the two fatal crashes as well as significant new safeguards and other software changes to ensure the system does not erroneously activate. 
 
The inspector general issued two prior reports on the 737 MAX including one in February that outlined "weaknesses" in the FAA`s certification of the aircraft. 
 
Legislation signed into law in December revamped the FAA’s aircraft certification program and required an independent review of Boeing`s safety culture. 
 
Boeing agreed to a $2.5 billion settlement with the Justice Department in January as part of a deferred prosecution agreement after the government said the crashes "exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial aeroplane manufacturers."

The US Transportation Department`s Office of Inspector General said on Tuesday it will audit the Federal Aviation Administration`s (FAA) November decision to unground the Boeing 737 MAX and other agency decisions.

The US Transportation Department`s Office of Inspector General said on Tuesday it will audit the Federal Aviation Administration`s (FAA) November decision to unground the Boeing 737 MAX and other agency decisions. The 737 MAX was grounded in March 2019 after two crashes in Indonesia and Ethiopia within five months killed 346 people. The FAA approved its return to service after significant safety enhancements developed during the plane`s 20-month grounding. The new audit will examine the FAA’s actions following the two accidents, including the agency`s risk assessments, the grounding of the aircraft and the subsequent recertification, the inspector general`s office said. Boeing declined to comment. The inspector general`s office added, "its objective is to evaluate FAA’s processes and procedures for grounding aircraft and implementing corrective actions." The FAA said it "will cooperate fully with the Inspector General’s audit, as it has with all other outside reviews of the agency’s oversight of the Boeing 737 MAX." FAA Administrator Steve Dickson told Reuters in November he was "100% confident" in the safety of the 737 MAX. The FAA imposed new training requirements to deal with a key safety system called MICAS that was blamed for the two fatal crashes as well as significant new safeguards and other software changes to ensure the system does not erroneously activate. The inspector general issued two prior reports on the 737 MAX including one in February that outlined "weaknesses" in the FAA`s certification of the aircraft. Legislation signed into law in December revamped the FAA’s aircraft certification program and required an independent review of Boeing`s safety culture. Boeing agreed to a $2.5 billion settlement with the Justice Department in January as part of a deferred prosecution agreement after the government said the crashes "exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial aeroplane manufacturers."

The global grocery sector grew a record 10% in 2020, industry data showed on Wednesday, as people stuck at home under COVID-19 restrictions cooked, baked and drank more. 
 
Market researcher Kantar said everything from canned meat and beer to sugar and bleaches flew off the shelves, with the United States accounting for the largest chunk of the spending, followed by&nbsp;Western Europe, Latin America,&nbsp;Eastern Europe&nbsp;and Asia. 
 
Data for the report was collected from households in 42 countries, representing 66% of the global population and 83% of gross domestic product (GDP), Kantar said. 
 
Beverages, dairy and food, which typically account for almost two-thirds of global grocery sales, saw the biggest gains, with 15 of the top 20 categories most positively impacted by COVID-19 coming from these sectors, according to Kantar`s 2021 global FMCG Omnichannel report released on Wednesday. 
 
Growth in scratch cooking and home baking powered sales of canned meat up 26%, sugar and sweeteners up 15% and herbs and seasonings up 13%, the Kantar report showed, with Latin American customers driving the gains in most of the food categories. 
 
Western Europeans, who had dealt with some of the most prolonged lockdowns, nursed their boredom with alcohol, pushing up sales more than five times in 2020, compared with 2019. 
 
Western Europe and Latin America&nbsp;alcohol sales grew 25% and 20%, respectively, while Asians were soberer in their approach to the pandemic with sales falling 10% in the region last year from 2019.&nbsp;&nbsp; 
 
The pandemic also led to a big shift in where people shopped. 
 
E-commerce as a channel saw the highest growth in sales, followed by cash-and-carry stores and discounters. E-commerce on the whole now accounts for 6.5% of grocery sales globally, the report said. 
 
Among retailers, supermarkets saw strong share gains in the United States while discounters grew in Eastern Europe.

The global grocery sector grew a record 10% in 2020, industry data showed on Wednesday, as people stuck at home under COVID-19 restrictions cooked, baked and drank more.

The global grocery sector grew a record 10% in 2020, industry data showed on Wednesday, as people stuck at home under COVID-19 restrictions cooked, baked and drank more. Market researcher Kantar said everything from canned meat and beer to sugar and bleaches flew off the shelves, with the United States accounting for the largest chunk of the spending, followed by Western Europe, Latin America, Eastern Europe and Asia. Data for the report was collected from households in 42 countries, representing 66% of the global population and 83% of gross domestic product (GDP), Kantar said. Beverages, dairy and food, which typically account for almost two-thirds of global grocery sales, saw the biggest gains, with 15 of the top 20 categories most positively impacted by COVID-19 coming from these sectors, according to Kantar`s 2021 global FMCG Omnichannel report released on Wednesday. Growth in scratch cooking and home baking powered sales of canned meat up 26%, sugar and sweeteners up 15% and herbs and seasonings up 13%, the Kantar report showed, with Latin American customers driving the gains in most of the food categories. Western Europeans, who had dealt with some of the most prolonged lockdowns, nursed their boredom with alcohol, pushing up sales more than five times in 2020, compared with 2019. Western Europe and Latin America alcohol sales grew 25% and 20%, respectively, while Asians were soberer in their approach to the pandemic with sales falling 10% in the region last year from 2019. The pandemic also led to a big shift in where people shopped. E-commerce as a channel saw the highest growth in sales, followed by cash-and-carry stores and discounters. E-commerce on the whole now accounts for 6.5% of grocery sales globally, the report said. Among retailers, supermarkets saw strong share gains in the United States while discounters grew in Eastern Europe.

Home cooking, booze demand fire up global grocery sales in 2020: Report

United airlines plans to operate more than half its pre-pandemic capacity in the three-month period, which will be 45% than the same period in 2019

United Airlines reports $2.4 billion loss in Q1

India is battling second wave of Coronavirus. The ailing economy has recently witnessed green shoots but the state govt's are again gradually heading towards the imposition of lockdown to restrict the spread of virus. The Chief Minister of Delhi yesterday imposed a week long lockdown with some guidelines to manufacturing sectors. Is the manufacturing sector is ready to tackle another lockdown? We have today the President of ACMA, Mr. Deepak Jain who says 'The manufacturing sector is hopeful of managing lockdowns'. Watch the full conversation

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The Biden administration will set aside 6,000 seasonal guest worker visas for people from Guatemala, Honduras and El Salvador in the coming months, the US&nbsp;Department of Homeland Security (DHS) said on Tuesday, a small step toward establishing more legal pathways to the United States from the region.

The 6,000-visa allotment would be part of an additional 22,000 H-2B visas made available to employers in the current fiscal year, which ends on September&nbsp;30, DHS said in a statement.

The increase has been sought by business groups but opposed by labor unions amid high unemployment related to the coronavirus pandemic.

President Joe Biden has grappled in recent months with a rising number of migrants arriving at the US-Mexico border, including families and unaccompanied children. In March, about 85,000 of the 172,000 migrants caught at the border came from Guatemala, Honduras and El Salvador.

Biden officials have urged migrants not to travel to the border while systems are established that allow them to seek asylum from their home countries or come to the United States through other legal pathways.

The extra H-2B visas would be in addition to the annual allotment of 66,000 visas for the fiscal year, a tally that was exhausted in February. The visas are used for landscaping, food processing and hotel work, among other seasonal jobs.

If the 6,000 visas are not used by companies seeking to hire people from Guatemala, Honduras and El Salvador, they will go back to the general visa pool sometime before September&nbsp;30, a DHS official and a second person familiar with the matter told Reuters.

The visa carve-out for the so-called Northern Triangle countries "demonstrates DHS’s commitment" to creating more legal avenues for migration from the region, Secretary Alejandro Mayorkas said in a statement.

The Biden administration will set aside 6,000 seasonal guest worker visas for people from Guatemala, Honduras and El Salvador in the coming months, the US Department of Homeland Security (DHS) said on Tuesday, a small step toward establishing more legal pathways to the United States from the region.

The Biden administration will set aside 6,000 seasonal guest worker visas for people from Guatemala, Honduras and El Salvador in the coming months, the US Department of Homeland Security (DHS) said on Tuesday, a small step toward establishing more legal pathways to the United States from the region. The 6,000-visa allotment would be part of an additional 22,000 H-2B visas made available to employers in the current fiscal year, which ends on September 30, DHS said in a statement. The increase has been sought by business groups but opposed by labor unions amid high unemployment related to the coronavirus pandemic. President Joe Biden has grappled in recent months with a rising number of migrants arriving at the US-Mexico border, including families and unaccompanied children. In March, about 85,000 of the 172,000 migrants caught at the border came from Guatemala, Honduras and El Salvador. Biden officials have urged migrants not to travel to the border while systems are established that allow them to seek asylum from their home countries or come to the United States through other legal pathways. The extra H-2B visas would be in addition to the annual allotment of 66,000 visas for the fiscal year, a tally that was exhausted in February. The visas are used for landscaping, food processing and hotel work, among other seasonal jobs. If the 6,000 visas are not used by companies seeking to hire people from Guatemala, Honduras and El Salvador, they will go back to the general visa pool sometime before September 30, a DHS official and a second person familiar with the matter told Reuters. The visa carve-out for the so-called Northern Triangle countries "demonstrates DHS’s commitment" to creating more legal avenues for migration from the region, Secretary Alejandro Mayorkas said in a statement.

US to set aside 6,000 guest worker visas for Central Americans

Domestic stock market indices, Sensex and Nifty ended Tuesday's volatile session lower dragged by selling in IT, banks and FMCG stocks.&nbsp;

Midcap and smallcap indices ended higher outperforming the benchmarks. Gains were seen in pharma, auto and metals stocks. &nbsp;

The Sensex ended 244 points lower at 47,706 while the Nifty fell 63 points to settle at 14,296.

Broader markets, however, outperformed benchmarks, with the midcap index up 0.3 per cent and smallcap index up 1 per cent.

On the Nifty50 index, Dr Reddy's, Bajaj Finserv, Bajaj Finance, HDFC Life and Tata Consumer were the top gainers.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty ended Tuesday's volatile session lower dragged by selling in IT, banks and FMCG stocks. Midcap and smallcap indices ended higher outperforming the benchmarks.

Domestic stock market indices, Sensex and Nifty ended Tuesday's volatile session lower dragged by selling in IT, banks and FMCG stocks. Midcap and smallcap indices ended higher outperforming the benchmarks. Gains were seen in pharma, auto and metals stocks. The Sensex ended 244 points lower at 47,706 while the Nifty fell 63 points to settle at 14,296. Broader markets, however, outperformed benchmarks, with the midcap index up 0.3 per cent and smallcap index up 1 per cent. On the Nifty50 index, Dr Reddy's, Bajaj Finserv, Bajaj Finance, HDFC Life and Tata Consumer were the top gainers. (With inputs from agencies)

Sensex plunges 773 points from high, ends 244 points lower

Volkswagen AG, China’s biggest foreign automaker which wants to sell over four million vehicles in the country, said the impact of the shortage remains unabated in the second quarter this year.

Chip shortage casts shadow on China's auto industry recovery

In the Covid-ravaged 2020-21 fiscal (April 2020 to March 2021), the economy is projected to have contracted by up to 8 per cent.

Brokerages downgrade India's GDP growth projections for FY'22

India’s foreign exchange reserves rose by $4.344 billion during the week ended April 9. According to the Reserve Bank of India’s (RBI) weekly statistical supplement

India’s foreign exchange reserves increase by $4.34 billion

A huge spike in fresh coronavirus infection cases spooked investors on Dalal Street with the benchmark indices ending nearly 2 per cent on Monday.&nbsp;

The Sensex closed at 47,949.42, down 882.61 points, or 1.81%, while the Nifty was at 14,359.45, down 258.40 points, or 1.77%. All sectors, except pharma, closed in the red.

Power Grid, ONGC and banking stocks were among the top drags on the day. Bank Nifty recovered some losses to close 2.4% lower after having tanked over 4% earlier in the day. Among other sectoral indices, only Nifty Pharma closed the day with gains.

(With inputs from agencies)

A huge spike in fresh coronavirus infection cases spooked investors on Dalal Street with the benchmark indices ending nearly 2 per cent on Monday. The Sensex closed at 47,949.

A huge spike in fresh coronavirus infection cases spooked investors on Dalal Street with the benchmark indices ending nearly 2 per cent on Monday. The Sensex closed at 47,949.42, down 882.61 points, or 1.81%, while the Nifty was at 14,359.45, down 258.40 points, or 1.77%. All sectors, except pharma, closed in the red. Power Grid, ONGC and banking stocks were among the top drags on the day. Bank Nifty recovered some losses to close 2.4% lower after having tanked over 4% earlier in the day. Among other sectoral indices, only Nifty Pharma closed the day with gains. (With inputs from agencies)

Sensex closes 882 points lower, Nifty ends at 14,359

Non-life insurer SBI General Insurance Company Ltd was fined Rs.25 lakh (2.5 million) by the Insurance Regulatory and Development Authority (IRDAI) for violation of regulations relating to motor third party insurance obligations. 
 
According to the IRDAI, the insurer did not fulfil its minimum obligation relating to underwriting motor third party insurance during 2017-18. 
 
In its order, the IRDAI had said that considering the repetitive nature of the violation and the magnitude of violation, a penalty of Rs.25 lakh is levied on SBI General Insurance. 
 
According to IRDAI, the penalty should be paid online after debiting the company shareholder`s account.

Non-life insurer SBI General Insurance Company Ltd was fined Rs.25 lakh (2.5 million) by the Insurance Regulatory and Development Authority (IRDAI) for violation of regulations relating to motor third party insurance obligations.

Non-life insurer SBI General Insurance Company Ltd was fined Rs.25 lakh (2.5 million) by the Insurance Regulatory and Development Authority (IRDAI) for violation of regulations relating to motor third party insurance obligations. According to the IRDAI, the insurer did not fulfil its minimum obligation relating to underwriting motor third party insurance during 2017-18. In its order, the IRDAI had said that considering the repetitive nature of the violation and the magnitude of violation, a penalty of Rs.25 lakh is levied on SBI General Insurance. According to IRDAI, the penalty should be paid online after debiting the company shareholder`s account.

Indian insurance regulator IRDAI slaps 2.5 million rupees of fines on SBI General

<article>
When Graham Brooks received his ballot in early February asking whether he wanted to form a union at the Amazon warehouse in Alabama where he works, he did not hesitate. He marked the NO box and mailed the ballot in.

After almost six years of working at nearby newspapers, Brooks, 29, makes about $1.55 more an hour at Amazon and is optimistic he can move up.

“I personally didn’t see the need for a union,” he said. “If I was being treated differently, I may have voted differently.”

Brooks is one of almost 1,800 employees who handed Amazon a runaway victory in the company’s hardest-fought battle to keep unions out of its warehouses. The result — announced last week, with 738 workers voting to form a union — dealt a crushing blow to labor and Democrats when conditions appeared ripe for them to make advances.

For some workers at the warehouse, like Brooks, the minimum wage of $15 an hour is more than they made in previous jobs and provided a powerful incentive to side with the company. Amazon’s health insurance, which kicks in on the first day of employment, also encouraged loyalty, workers said.

Carla Johnson, 44, said she had learned she had brain cancer just a few months after starting work last year at the warehouse, which is in Bessemer, Alabama. Amazon’s health care covered her treatment.

“I was able to come in day one with benefits, and that could have possibly made the difference in life or death,” Johnson said at a press event that Amazon organised after the vote.

Patricia Rivera, who worked at the Bessemer warehouse from September until January, said many of her co-workers in their 20s or younger had opposed the union because they felt pressured by Amazon’s anti-union campaign and felt that the wages and benefits were solid.

“For a younger person, it’s the most money they ever made,” said Rivera, who would have voted in favour of the union had she stayed. “I give them credit. They start you out and you get insurance right away.”

Rivera left Amazon because she felt she was not adequately compensated for time she had to take off while quarantining after exposure to COVID-19 at work, she said.

Amazon, in a statement after the election, said, “We’re not perfect, but we’re proud of our team and what we offer, and will keep working to get better every day.”

Other workers said in interviews that they or their co-workers did not trust unions or had confidence in Amazon’s anti-union message that the workers could change the company from within. Often, in explaining their position, they echoed the arguments that Amazon had made in mandatory meetings, where it stressed its pay, raised doubts about what a union could guarantee and said benefits could be reduced if workers unionised.

When a union representative called her about the vote, Johnson said, he could not answer a pointed question about what the union could promise to deliver.

“He hung up on me,” she said. “If you try to sell me something, I need you to be able to sell that product.”

Danny Eafford, 59, said he had taken every opportunity to tell co-workers at the warehouse that he strongly opposed the union, arguing that it would not improve their situation. He said he had told colleagues about how a union let him down when he lost a job years ago at the Postal Service.

His job, which involves ordering cardboard, tape and other supplies, did not make him eligible to cast a ballot. But when the company offered “VOTE NO” pins, he gladly put one on his safety vest.

“The union’s job is not to keep you; it is to keep everybody,” he said he had told colleagues. “If you are looking for the individual help, it will not be there.”

Pastor George Matthews of New Life Interfaith Ministries said numerous members of his congregation worked at the warehouse, just a few miles away, and had expressed gratitude for the job. But he was still surprised and disappointed that more did not vote to unionize, even in the traditionally anti-union South, given how hard they described the work as being.

In talking with congregants, Matthews said, he has come to believe that workers were too scared to push for more and risk what they have.

“You don’t want to turn over the proverbial apple cart because those apples are sweet — larger than the apples I had before — so you don’t mess with it,” he said.

With its mandatory meetings and constant messaging, Amazon used its advantages to run a more successful campaign than the union, said Alex Colvin, dean of Cornell’s School of Industrial and Labor Relations.

“We know campaigns change positions,” he said.

Stuart Appelbaum, president of the retail workers union that led the organising effort, cited several factors to explain the loss beyond Amazon’s anti-union efforts.

He pointed to the high rate of turnover among employees, estimating that up to 25% of Amazon workers who would have been eligible to vote in early January had left by the end of voting in late March — potentially more than the company’s entire margin of victory. Appelbaum surmised that people who had left would have been more likely to support the union because they were typically less satisfied with their jobs.

Many of the workers at the warehouse have complaints about Amazon, wanting shorter hours or less obtrusive monitoring of their production. Brooks and others said they wished their 10-hour shift had a break period longer than 30 minutes because in the vast warehouse, they can spend almost half their break just walking to and from the lunchroom.

Turnout for the vote was low, at only about half of all eligible workers, suggesting that neither Amazon nor the union had overwhelming support.

Jeff Bezos, Amazon’s chief executive, said Thursday in his annual letter to investors that the outcome in Bessemer did not bring him “comfort.”

“It’s clear to me that we need a better vision for how we create value for employees — a vision for their success,” he wrote.
</article>

When Graham Brooks received his ballot in early February asking whether he wanted to form a union at the Amazon warehouse in Alabama where he works, he did not hesitate.

When Graham Brooks received his ballot in early February asking whether he wanted to form a union at the Amazon warehouse in Alabama where he works, he did not hesitate. He marked the NO box and mailed the ballot in. After almost six years of working at nearby newspapers, Brooks, 29, makes about $1.55 more an hour at Amazon and is optimistic he can move up. “I personally didn’t see the need for a union,” he said. “If I was being treated differently, I may have voted differently.” Brooks is one of almost 1,800 employees who handed Amazon a runaway victory in the company’s hardest-fought battle to keep unions out of its warehouses. The result — announced last week, with 738 workers voting to form a union — dealt a crushing blow to labor and Democrats when conditions appeared ripe for them to make advances. For some workers at the warehouse, like Brooks, the minimum wage of $15 an hour is more than they made in previous jobs and provided a powerful incentive to side with the company. Amazon’s health insurance, which kicks in on the first day of employment, also encouraged loyalty, workers said. Carla Johnson, 44, said she had learned she had brain cancer just a few months after starting work last year at the warehouse, which is in Bessemer, Alabama. Amazon’s health care covered her treatment. “I was able to come in day one with benefits, and that could have possibly made the difference in life or death,” Johnson said at a press event that Amazon organised after the vote. Patricia Rivera, who worked at the Bessemer warehouse from September until January, said many of her co-workers in their 20s or younger had opposed the union because they felt pressured by Amazon’s anti-union campaign and felt that the wages and benefits were solid. “For a younger person, it’s the most money they ever made,” said Rivera, who would have voted in favour of the union had she stayed. “I give them credit. They start you out and you get insurance right away.” Rivera left Amazon because she felt she was not adequately compensated for time she had to take off while quarantining after exposure to COVID-19 at work, she said. Amazon, in a statement after the election, said, “We’re not perfect, but we’re proud of our team and what we offer, and will keep working to get better every day.” Other workers said in interviews that they or their co-workers did not trust unions or had confidence in Amazon’s anti-union message that the workers could change the company from within. Often, in explaining their position, they echoed the arguments that Amazon had made in mandatory meetings, where it stressed its pay, raised doubts about what a union could guarantee and said benefits could be reduced if workers unionised. When a union representative called her about the vote, Johnson said, he could not answer a pointed question about what the union could promise to deliver. “He hung up on me,” she said. “If you try to sell me something, I need you to be able to sell that product.” Danny Eafford, 59, said he had taken every opportunity to tell co-workers at the warehouse that he strongly opposed the union, arguing that it would not improve their situation. He said he had told colleagues about how a union let him down when he lost a job years ago at the Postal Service. His job, which involves ordering cardboard, tape and other supplies, did not make him eligible to cast a ballot. But when the company offered “VOTE NO” pins, he gladly put one on his safety vest. “The union’s job is not to keep you; it is to keep everybody,” he said he had told colleagues. “If you are looking for the individual help, it will not be there.” Pastor George Matthews of New Life Interfaith Ministries said numerous members of his congregation worked at the warehouse, just a few miles away, and had expressed gratitude for the job. But he was still surprised and disappointed that more did not vote to unionize, even in the traditionally anti-union South, given how hard they described the work as being. In talking with congregants, Matthews said, he has come to believe that workers were too scared to push for more and risk what they have. “You don’t want to turn over the proverbial apple cart because those apples are sweet — larger than the apples I had before — so you don’t mess with it,” he said. With its mandatory meetings and constant messaging, Amazon used its advantages to run a more successful campaign than the union, said Alex Colvin, dean of Cornell’s School of Industrial and Labor Relations. “We know campaigns change positions,” he said. Stuart Appelbaum, president of the retail workers union that led the organising effort, cited several factors to explain the loss beyond Amazon’s anti-union efforts. He pointed to the high rate of turnover among employees, estimating that up to 25% of Amazon workers who would have been eligible to vote in early January had left by the end of voting in late March — potentially more than the company’s entire margin of victory. Appelbaum surmised that people who had left would have been more likely to support the union because they were typically less satisfied with their jobs. Many of the workers at the warehouse have complaints about Amazon, wanting shorter hours or less obtrusive monitoring of their production. Brooks and others said they wished their 10-hour shift had a break period longer than 30 minutes because in the vast warehouse, they can spend almost half their break just walking to and from the lunchroom. Turnout for the vote was low, at only about half of all eligible workers, suggesting that neither Amazon nor the union had overwhelming support. Jeff Bezos, Amazon’s chief executive, said Thursday in his annual letter to investors that the outcome in Bessemer did not bring him “comfort.” “It’s clear to me that we need a better vision for how we create value for employees — a vision for their success,” he wrote.

Why Amazon’s workers sided with the company over a union

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