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US Trade Representative Katherine Tai said today that the Biden administration is focused on finding a "multilateral solution" on issues related to international taxation, including concerns over digital services taxes.

Watch:

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The US government announced that it will suspend punitive tariffs on India, Britain and four European nations for six months as it works to resolve the digital services taxes issue.

The previous Trump administration had begun investigations on the digital services tax issue which it said was in use in several countries as a way to tax commerce on the internet which it said unfairly targeted US companies.

The Trump regime had threatened to impose 100 per cent tariffs on $2.4 billion French imports alleging that the Macron government unfairly targeted US tech companies namely Apple and Google with the new digital services tax.&nbsp;

The previous US government was investigating whether countries implemented discriminatory taxes against big US tech companies like Apple, Amazon, Google and Facebook.

Last month, the Boris Johnson government had welcomed the US proposal to reach a solution over the issue. 
&nbsp; 
German Finance Minister Olaf Scholz had earlier said that the US proposal for a global corporate minimum tax of at least 15 per cent will help to reach an agreement as French finance minister Bruno Lemaire also backed the US proposal but added that agreement should be reached by July 10.

"The United States remains committed to reaching a consensus on international tax issues through the OECD and G20 processes," Tai said, adding, "today's actions provide time for those negotiations to continue to make progress while maintaining the option of imposing tariffs... if warranted in the future."

(With inputs from Agencies) 
&nbsp;

US Trade Representative Katherine Tai said today that the Biden administration is focused on finding a "multilateral solution" on issues related to international taxation, including concerns over digital services taxes.

US Trade Representative Katherine Tai said today that the Biden administration is focused on finding a "multilateral solution" on issues related to international taxation, including concerns over digital services taxes. Watch: The US government announced that it will suspend punitive tariffs on India, Britain and four European nations for six months as it works to resolve the digital services taxes issue. The previous Trump administration had begun investigations on the digital services tax issue which it said was in use in several countries as a way to tax commerce on the internet which it said unfairly targeted US companies. The Trump regime had threatened to impose 100 per cent tariffs on $2.4 billion French imports alleging that the Macron government unfairly targeted US tech companies namely Apple and Google with the new digital services tax. The previous US government was investigating whether countries implemented discriminatory taxes against big US tech companies like Apple, Amazon, Google and Facebook. Last month, the Boris Johnson government had welcomed the US proposal to reach a solution over the issue. German Finance Minister Olaf Scholz had earlier said that the US proposal for a global corporate minimum tax of at least 15 per cent will help to reach an agreement as French finance minister Bruno Lemaire also backed the US proposal but added that agreement should be reached by July 10. "The United States remains committed to reaching a consensus on international tax issues through the OECD and G20 processes," Tai said, adding, "today's actions provide time for those negotiations to continue to make progress while maintaining the option of imposing tariffs... if warranted in the future." (With inputs from Agencies)

US suspends tariffs on India, UK, EU over digital services tax dispute

Indian stock market indices, Sensex and Nifty recouped losses to end flat on Wednesday. Broader markets outperformed the benchmarks as the midcap and smallcap indices closed over a per cent higher each. 
 
Among sectors, strong gains were seen in PSU Banks, metals, auto and realty indices, while Nifty FMCG and Nifty IT ended in the red.

BSE Sensex ended at 51,849 levels, down 85 points or 0.16 per cent, with ITC (down 3 per cent), Asian Paints, HDFC, Axis Bank, Tech M, HCL Tech, and TCS leading the list of losers. This was countered by gains in IndusInd Bank, Reliance Industries, SBI, Power Grid, Bajaj Auto, and Maruti Suzuki, which rallied up to 2 per cent.

On the NSE, the Nifty50 index settled at 15,576 levels, up 1 point. Both the indices hit their respective lows of 51,450 and 15,460 earlier in the day. &nbsp;

Meanwhile, the Indian rupee ended lower at 73.08 per dollar, amid volatility in the domestic equity market. The local currency opened 18 paise lower at 73.08 per dollar against Tuesday's close of 72.90 and traded in the range of 73.04-73.31.

(With inputs from agencies)

Indian stock market indices, Sensex and Nifty recouped losses to end flat on Wednesday. Broader markets outperformed the benchmarks as the midcap and smallcap indices closed over a per cent higher each.

Indian stock market indices, Sensex and Nifty recouped losses to end flat on Wednesday. Broader markets outperformed the benchmarks as the midcap and smallcap indices closed over a per cent higher each. Among sectors, strong gains were seen in PSU Banks, metals, auto and realty indices, while Nifty FMCG and Nifty IT ended in the red. BSE Sensex ended at 51,849 levels, down 85 points or 0.16 per cent, with ITC (down 3 per cent), Asian Paints, HDFC, Axis Bank, Tech M, HCL Tech, and TCS leading the list of losers. This was countered by gains in IndusInd Bank, Reliance Industries, SBI, Power Grid, Bajaj Auto, and Maruti Suzuki, which rallied up to 2 per cent. On the NSE, the Nifty50 index settled at 15,576 levels, up 1 point. Both the indices hit their respective lows of 51,450 and 15,460 earlier in the day. Meanwhile, the Indian rupee ended lower at 73.08 per dollar, amid volatility in the domestic equity market. The local currency opened 18 paise lower at 73.08 per dollar against Tuesday's close of 72.90 and traded in the range of 73.04-73.31. (With inputs from agencies)

Sensex falls 85 points, Nifty closes flat at 15,576

Shares in Chinese toy makers, diaper producers and companies that make infant food surged for a consecutive second day on Tuesday, benefitting from the country’s new three-child policy. On Monday, the country announced that all married couples would now be able to have upto three children, up from the previous limit of two.

After the announcement, many brokerage analysts were seen scrambling to recommend the right stocks. Even then, analysts believe change in policy won’t have any impact on China’s falling birth rights.

Toy maker Goldlok Holdings (Guangdong) Co's shares jumped by over 10 per cent their daily limit for a second day. Shares in Jinfa Labi Maternity &amp; Baby Articles Co also jumped. Other products that cater to babies, including milk powder maker Beingmate Co’s shares also went up. Shanghai Aiyingshi Co and Ningbo David Medical Device Co shares also surged after the announcement.

Called the “third baby concept” stocks by many, the index complied by Hithink RoyalFlush Information Network Co jumped by 2.5 per cent on Tuesday.

Also read:&nbsp;<a href="http://13.235.153.162/world/china-abolishes-two-child-policy-allows-three-children-per-couple-388548" hreflang="en">China abolishes two-child policy, allows three children per couple</a>

Even though the cap on births has been lifted given the rapidly ageing population in the country, analysts believe that the policy alone will not be able to produce desirable results, given the high costs of childcare.

China introduced the one-child policy in the late 1970s in a dramatic effort to slow rapid population growth, before reversing it in 2016 to allow families to have two children as fears grew about the country's fast-ageing population and shrinking workforce.

But the change has not yet resulted in a baby boom, with empowered Chinese women often delaying or avoiding childbirth and young couples blaming rising costs and insufficient policy support for families.

Many Chinese couples weren’t convinced that two were better than one, childbirths in 2019 fell to the lowest level in almost six decades.

(With inputs from agencies)

Shares in Chinese toy makers, diaper producers and companies that make infant food surged for a consecutive second day on Tuesday, benefitting from the country’s new three-child policy.

Shares in Chinese toy makers, diaper producers and companies that make infant food surged for a consecutive second day on Tuesday, benefitting from the country’s new three-child policy. On Monday, the country announced that all married couples would now be able to have upto three children, up from the previous limit of two. After the announcement, many brokerage analysts were seen scrambling to recommend the right stocks. Even then, analysts believe change in policy won’t have any impact on China’s falling birth rights. Toy maker Goldlok Holdings (Guangdong) Co's shares jumped by over 10 per cent their daily limit for a second day. Shares in Jinfa Labi Maternity & Baby Articles Co also jumped. Other products that cater to babies, including milk powder maker Beingmate Co’s shares also went up. Shanghai Aiyingshi Co and Ningbo David Medical Device Co shares also surged after the announcement. Called the “third baby concept” stocks by many, the index complied by Hithink RoyalFlush Information Network Co jumped by 2.5 per cent on Tuesday. Also read: China abolishes two-child policy, allows three children per couple Even though the cap on births has been lifted given the rapidly ageing population in the country, analysts believe that the policy alone will not be able to produce desirable results, given the high costs of childcare. China introduced the one-child policy in the late 1970s in a dramatic effort to slow rapid population growth, before reversing it in 2016 to allow families to have two children as fears grew about the country's fast-ageing population and shrinking workforce. But the change has not yet resulted in a baby boom, with empowered Chinese women often delaying or avoiding childbirth and young couples blaming rising costs and insufficient policy support for families. Many Chinese couples weren’t convinced that two were better than one, childbirths in 2019 fell to the lowest level in almost six decades. (With inputs from agencies)

China's new three-child policy boosts shares in toy, diaper makers

Intel CEO Pat Gelsinger has said that it could take several years for a global shortage of semiconductors to be resolved completely, a problem that has shuttered some auto production lines and is also being felt in other areas, including consumer electronics.

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As producers balance expectations of a recovery in demand against a possible increase in Iranian supply, OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday.

World Business Watch: OPEC+ likely to stick with current supply plan, sees orderly Iran return

The Indian stock market indices jumped higher in Monday's late morning deals after a volatile start, with a major contribution from heavyweight Reliance Industries.

BSE Sensex traded around 51,740 levels, up 300 points and the Nifty50 index logged a fresh lifetime high in intra-day deals and topped the 15,500-mark.

At 12 pm, the 30-share BSE index was trading 352 points or 0.68 per cent higher at 51,774.97 in initial deals, and the broader NSE Nifty jumped 98.25 points or 0.64 per cent to 15,533.90.

Healthy buying was witnessed in oil and gas and energy stocks.

Investors' sentiment has improved in recent days due to a steady decline in daily COVID-19 cases in India. Last week, the country reported its lowest daily rise of cases in more than a month.

In the broader Asian market, shares were trying to extend their recent rally to a third week in the hope that U.S. jobs figures show the expected revival in hiring in May and keep the global recovery on track.

(With inputs from agencies)

The Indian stock market indices jumped higher in Monday's late morning deals after a volatile start, with a major contribution from heavyweight Reliance Industries.

The Indian stock market indices jumped higher in Monday's late morning deals after a volatile start, with a major contribution from heavyweight Reliance Industries. BSE Sensex traded around 51,740 levels, up 300 points and the Nifty50 index logged a fresh lifetime high in intra-day deals and topped the 15,500-mark. At 12 pm, the 30-share BSE index was trading 352 points or 0.68 per cent higher at 51,774.97 in initial deals, and the broader NSE Nifty jumped 98.25 points or 0.64 per cent to 15,533.90. Healthy buying was witnessed in oil and gas and energy stocks. Investors' sentiment has improved in recent days due to a steady decline in daily COVID-19 cases in India. Last week, the country reported its lowest daily rise of cases in more than a month. In the broader Asian market, shares were trying to extend their recent rally to a third week in the hope that U.S. jobs figures show the expected revival in hiring in May and keep the global recovery on track. (With inputs from agencies)

Nifty crosses 15,500 for the first time, Sensex at day's high

India’s Mahindra & Mahindra expects it will take at least another two years for car sales to return to their pre-pandemic peaks, but a slow pace of vaccinations could hurt recovery prospects.

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Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance.

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India's economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month.

Gross domestic product grew 1.6% in January-March compared with the same period a year earlier, mainly driven by manufacturing sector growth, data from the statistics ministry showed on Monday.

That compared with revised growth of 0.5% in the previous three months and 1.0% according to a Reuters poll of economists.

India also revised its annual GDP estimates for the fiscal year, predicting a 7.3% contraction, less than its earlier estimate of -8.0%.

A slow vaccination drive and local restrictions after a massive second wave of infections and deaths across the country have hit economic activities like retail, transport and construction while putting millions out of work.

India has recorded 28 million COVID-19 infections, behind only the United States, and 329,100 deaths as of Monday, although the rise has begun to slow.

Economists said the economy, which was facing a slowdown even before the pandemic, may now see a collapse in consumer demand, which accounts for more than 55% of the economy, as household incomes and jobs have declined.

Garima Kapoor, economist at Institutional Equities, Elara Capital Mumbai, said the March GDP numbers reflected the impact of the unlocking of the economy before the second wave hit.

"The rebound in consumer spending would hence be more gradual than the first wave, with vaccination being the key driver."

The central bank, which has kept monetary policy loose while boosting liquidity to the economy, said last week the prospects will depend on how fast India can arrest infections.

Analysts warn that the slow rollout could pose medium-term risks to growth, especially if the country were to experience a third wave of COVID-19.

Unemployment soared to a near one-year high of 14.7% in the week ending May 23, according to the Centre for Monitoring Indian Economy, a Mumbai-based private think tank.

India's economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month.

India's economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month. Gross domestic product grew 1.6% in January-March compared with the same period a year earlier, mainly driven by manufacturing sector growth, data from the statistics ministry showed on Monday. That compared with revised growth of 0.5% in the previous three months and 1.0% according to a Reuters poll of economists. India also revised its annual GDP estimates for the fiscal year, predicting a 7.3% contraction, less than its earlier estimate of -8.0%. A slow vaccination drive and local restrictions after a massive second wave of infections and deaths across the country have hit economic activities like retail, transport and construction while putting millions out of work. India has recorded 28 million COVID-19 infections, behind only the United States, and 329,100 deaths as of Monday, although the rise has begun to slow. Economists said the economy, which was facing a slowdown even before the pandemic, may now see a collapse in consumer demand, which accounts for more than 55% of the economy, as household incomes and jobs have declined. Garima Kapoor, economist at Institutional Equities, Elara Capital Mumbai, said the March GDP numbers reflected the impact of the unlocking of the economy before the second wave hit. "The rebound in consumer spending would hence be more gradual than the first wave, with vaccination being the key driver." The central bank, which has kept monetary policy loose while boosting liquidity to the economy, said last week the prospects will depend on how fast India can arrest infections. Analysts warn that the slow rollout could pose medium-term risks to growth, especially if the country were to experience a third wave of COVID-19. Unemployment soared to a near one-year high of 14.7% in the week ending May 23, according to the Centre for Monitoring Indian Economy, a Mumbai-based private think tank.

India's economic growth picks up in Jan-March, before huge COVID-19 wave

Corporate India's business confidence sharply deteriorated due to the devastating second COVID-19 wave, with nearly three-fourths of the participants reporting weak demand conditions, according to a leading industry group`s latest survey. 
 
The steep drop from a decade-high reading in the previous round follows a record surge in infections in April and May, which has seen many states reintroduce limited lockdowns and multiple brokerages cutting economic growth expectations. 
 
The overall Business Confidence Index nosedived to 51.5 in the current round compared with 74.2 in the previous round, the Federation of Indian Chambers of Commerce and Industry (FICCI) said on Monday. 
 
"Since a much larger proportion of the population has been impacted in the current wave, measures to support demand revival will be crucial for the economy to recover from the latest pandemic induced shock," FICCI said. 
 
The survey, which gauged expectations of the respondents for the period April to September, drew responses from about 180 companies across a wide array of sectors with a turnover ranging from 10 million rupees to 600 billion rupees ($137,839.78-$8.27 billion). 
 
India`s earnings season for the fourth quarter ended March 31 has been a mixed bag, with only 18 of the 42 Nifty 50 companies that have reported so far beating estimates, according to Refinitiv Eikon data. 
 
However, rating agency Fitch on Monday said it expects the impact of the second wave to be less severe on corporates than in 2020, with most companies` credit profiles being supported by their strong market positions. 
 
India is set to announce gross domestic product data for the January-to-March quarter at 1200 GMT on Monday.

Corporate India's business confidence sharply deteriorated due to the devastating second COVID-19 wave, with nearly three-fourths of the participants reporting weak demand conditions, according to a leading industry group`s latest survey.

Corporate India's business confidence sharply deteriorated due to the devastating second COVID-19 wave, with nearly three-fourths of the participants reporting weak demand conditions, according to a leading industry group`s latest survey. The steep drop from a decade-high reading in the previous round follows a record surge in infections in April and May, which has seen many states reintroduce limited lockdowns and multiple brokerages cutting economic growth expectations. The overall Business Confidence Index nosedived to 51.5 in the current round compared with 74.2 in the previous round, the Federation of Indian Chambers of Commerce and Industry (FICCI) said on Monday. "Since a much larger proportion of the population has been impacted in the current wave, measures to support demand revival will be crucial for the economy to recover from the latest pandemic induced shock," FICCI said. The survey, which gauged expectations of the respondents for the period April to September, drew responses from about 180 companies across a wide array of sectors with a turnover ranging from 10 million rupees to 600 billion rupees ($137,839.78-$8.27 billion). India`s earnings season for the fourth quarter ended March 31 has been a mixed bag, with only 18 of the 42 Nifty 50 companies that have reported so far beating estimates, according to Refinitiv Eikon data. However, rating agency Fitch on Monday said it expects the impact of the second wave to be less severe on corporates than in 2020, with most companies` credit profiles being supported by their strong market positions. India is set to announce gross domestic product data for the January-to-March quarter at 1200 GMT on Monday.

India's second COVID-19 wave rattles business confidence: Survey

US&nbsp;President Joe Biden`s proposed budget includes $750 million for the government agencies hit by the SolarWinds hack to pay for cybersecurity improvements to prevent another attack. 
 
The money comes on top of a $500 million fund for federal cybersecurity as the US&nbsp;government recovers from the cyber attack that hit nine agencies including the State Department and Treasury. 
 
The United States and Britain have blamed Russia`s Foreign Intelligence Service (SVR), successor to the foreign spying operations of the KGB, for the attack. 
 
The hack of information technology company SolarWinds, which was identified in December, gave access to thousands of companies and government offices that used its products. Microsoft President Brad Smith described the attack as "the largest and most sophisticated attack the world has ever seen". 
 
The group behind the SolarWinds cyber attack identified late last year is now targeting government agencies, think tanks, consultants, and non-governmental organisations, Microsoft said on Thursday.

US President Joe Biden`s proposed budget includes $750 million for the government agencies hit by the SolarWinds hack to pay for cybersecurity improvements to prevent another attack.

US President Joe Biden`s proposed budget includes $750 million for the government agencies hit by the SolarWinds hack to pay for cybersecurity improvements to prevent another attack. The money comes on top of a $500 million fund for federal cybersecurity as the US government recovers from the cyber attack that hit nine agencies including the State Department and Treasury. The United States and Britain have blamed Russia`s Foreign Intelligence Service (SVR), successor to the foreign spying operations of the KGB, for the attack. The hack of information technology company SolarWinds, which was identified in December, gave access to thousands of companies and government offices that used its products. Microsoft President Brad Smith described the attack as "the largest and most sophisticated attack the world has ever seen". The group behind the SolarWinds cyber attack identified late last year is now targeting government agencies, think tanks, consultants, and non-governmental organisations, Microsoft said on Thursday.

Biden budget sets aside $750 million for SolarWinds response

President Joe Biden’s $6 trillion budget proposal represents the largest increase in federal spending since World War II and offers the most detailed look to date at the White House’s economic priorities.

The administration is in negotiations with lawmakers over how to enact the next phases of its agenda, and many of the provisions in the budget will be met with resistance from Republicans. But the proposal offers a new view into the costs of the Biden administration’s infrastructure and jobs plans and the effect that this broad expansion of the social safety net would have on the economy over the next decade.

The budget also underscores the Biden administration’s belief that the fiscal situation is manageable and that, given historically low interest rates, now is the time to make major investments to combat climate change and reduce income inequality. White House officials see that spending as crucial to making the U.S. economy more competitive in the long run.

The proposal, which will be formally released Friday, will further fuel the political debate over whether the country can afford such ambitious plans given the ballooning budget deficit.

“It is not the president’s fault that he inherited such a terrible debt situation, but it will fall to him to provide leadership on how to fix it,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “It is quite welcome that they talk about paying for all the new initiatives, but the huge amount of upfront borrowing calls into question whether the promised savings would ever actually materialize.”

Here’s a look at some of the economic aspects of Biden’s plan:

The debt is not a hill to die on

The national debt surpassed the size of the economy last year, and it shows no sign of shrinking. The president’s budget projects that the total debt held by the public would more than exceed the annual value of economic output, rising to 117% of the size of the economy in 2031.

The administration believes that this is not the best metric for understanding the nation’s debt burden, which it acknowledges needs to be addressed in the long term. Much of the spending in the budget is “mandatory” for programs such as Social Security, Medicare and Medicaid.

Treasury Secretary Janet Yellen said Thursday that her preferred metric was how much the United States paid in interest on the money it had borrowed when compared with the overall economy. She noted that this burden would eventually rise, as interest rates do, but that the United States was expending relatively few resources to pay interest on the debt.

Net interest costs are $303 billion this year, or 1.4% of gross domestic product. That is well below the 2% of gross domestic product that they have averaged over the past 50 years, according to the Committee for a Responsible Federal Budget.

“It remains well within and under historic norms, and I think it needs to stay that way,” Yellen said of interest costs at a House hearing Thursday. “That’s a metric that I am looking at to judge the sustainability of federal finances.”

Bringing growth forecasts back to Earth

Administrations have long used overly rosy economic growth projections as a way to make their fiscal promises appear feasible. During the Trump administration, the White House envisioned years of sustained growth at 3% or beyond, making it possible for its $1.5 trillion tax cuts to pay for themselves and to provide a balanced budget.

The Biden White House avoids such gimmicks in its budget. It assumes that the economy will rebound to grow 5.2% this year and 4.3% in 2022 before settling to grow 1.8% to 2% for the rest of the decade. Those rates are in line with what the Congressional Budget Office has forecast.

The projections could open up the Biden administration to criticism that its policies are setting the United States up for years of sluggish growth — the same type of criticism that the Obama administration faced from Republicans. However, some economists argued Thursday that gross domestic product was not the best gauge of the economy’s health.

“Most importantly, a lot of the benefits of the President’s policies are improving inclusion, opportunity, climate,” Jason Furman, a Harvard professor and chair of the Council of Economic Advisers during the Obama administration, wrote on Twitter. “So even if they didn’t add anything to growth, they would still likely be an improvement.”

No inflation worries here

The biggest critique of the Biden economic agenda is whether the economy is overheating. Prices of nearly everything have been picking up in recent months, but the White House insists this is the “transitory” result of an economy that is starting to reopen. It blames signs of inflation on logistical issues such as shortages and supply chain bottlenecks rather than more fundamental matters.

The Biden budget largely sticks to this script. It projects that the consumer price index will rise to 2.1% this year, reach 2.2% percent in 2023 and then settle in at 2.3% annually from 2025 through 2031.

The steadiness of the numbers belies the fact that some Biden administration officials, including Yellen, have acknowledged as recently as Thursday that there would be high rates of inflation throughout the rest of the year.

The inflation bench mark in the budget will be a key one to watch as Republicans, including former President Donald Trump, have seized on the rising prices to argue that Biden has been bad for consumers.

Corporations will pick up the tab

To help pay for its proposals, the Biden administration is preparing an overhaul of the tax code, the brunt of which will be felt by large corporations.

The budget details the White House’s plan for a $2 trillion corporate tax hike, which would be achieved by raising the corporate income tax rate to 28% from 21% and imposing tougher measures to curb offshoring. The proposals for the corporate tax code reverse or change many of the provisions in the 2017 Tax Cuts and Jobs Act, which was Trump’s signature legislative achievement.

One key provision in that law that is not addressed, however, is the fate of the individual income tax cuts for low- and middle-income taxpayers that are set to expire before 2026. Biden’s budget proposal assumes that they will, in fact, sunset.

That puts the onus on the administration to propose a plan for additional tax cuts in order to keep the president’s pledge that no taxpayer who earns less than $400,000 will have their taxes go up.

The Republicans on the House Ways and Means Committee, which led the drafting of the 2017 law, took note of the omission.

“This is the latest example of President Biden abandoning his lofty promise that he can fund trillions of dollars in new spending simply by taxing the wealthy or corporations alone,” they said in a statement.

President Joe Biden’s $6 trillion budget proposal represents the largest increase in federal spending since World War II and offers the most detailed look to date at the White House’s economic priorities.

President Joe Biden’s $6 trillion budget proposal represents the largest increase in federal spending since World War II and offers the most detailed look to date at the White House’s economic priorities. The administration is in negotiations with lawmakers over how to enact the next phases of its agenda, and many of the provisions in the budget will be met with resistance from Republicans. But the proposal offers a new view into the costs of the Biden administration’s infrastructure and jobs plans and the effect that this broad expansion of the social safety net would have on the economy over the next decade. The budget also underscores the Biden administration’s belief that the fiscal situation is manageable and that, given historically low interest rates, now is the time to make major investments to combat climate change and reduce income inequality. White House officials see that spending as crucial to making the U.S. economy more competitive in the long run. The proposal, which will be formally released Friday, will further fuel the political debate over whether the country can afford such ambitious plans given the ballooning budget deficit. “It is not the president’s fault that he inherited such a terrible debt situation, but it will fall to him to provide leadership on how to fix it,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “It is quite welcome that they talk about paying for all the new initiatives, but the huge amount of upfront borrowing calls into question whether the promised savings would ever actually materialize.” Here’s a look at some of the economic aspects of Biden’s plan: The debt is not a hill to die on The national debt surpassed the size of the economy last year, and it shows no sign of shrinking. The president’s budget projects that the total debt held by the public would more than exceed the annual value of economic output, rising to 117% of the size of the economy in 2031. The administration believes that this is not the best metric for understanding the nation’s debt burden, which it acknowledges needs to be addressed in the long term. Much of the spending in the budget is “mandatory” for programs such as Social Security, Medicare and Medicaid. Treasury Secretary Janet Yellen said Thursday that her preferred metric was how much the United States paid in interest on the money it had borrowed when compared with the overall economy. She noted that this burden would eventually rise, as interest rates do, but that the United States was expending relatively few resources to pay interest on the debt. Net interest costs are $303 billion this year, or 1.4% of gross domestic product. That is well below the 2% of gross domestic product that they have averaged over the past 50 years, according to the Committee for a Responsible Federal Budget. “It remains well within and under historic norms, and I think it needs to stay that way,” Yellen said of interest costs at a House hearing Thursday. “That’s a metric that I am looking at to judge the sustainability of federal finances.” Bringing growth forecasts back to Earth Administrations have long used overly rosy economic growth projections as a way to make their fiscal promises appear feasible. During the Trump administration, the White House envisioned years of sustained growth at 3% or beyond, making it possible for its $1.5 trillion tax cuts to pay for themselves and to provide a balanced budget. The Biden White House avoids such gimmicks in its budget. It assumes that the economy will rebound to grow 5.2% this year and 4.3% in 2022 before settling to grow 1.8% to 2% for the rest of the decade. Those rates are in line with what the Congressional Budget Office has forecast. The projections could open up the Biden administration to criticism that its policies are setting the United States up for years of sluggish growth — the same type of criticism that the Obama administration faced from Republicans. However, some economists argued Thursday that gross domestic product was not the best gauge of the economy’s health. “Most importantly, a lot of the benefits of the President’s policies are improving inclusion, opportunity, climate,” Jason Furman, a Harvard professor and chair of the Council of Economic Advisers during the Obama administration, wrote on Twitter. “So even if they didn’t add anything to growth, they would still likely be an improvement.” No inflation worries here The biggest critique of the Biden economic agenda is whether the economy is overheating. Prices of nearly everything have been picking up in recent months, but the White House insists this is the “transitory” result of an economy that is starting to reopen. It blames signs of inflation on logistical issues such as shortages and supply chain bottlenecks rather than more fundamental matters. The Biden budget largely sticks to this script. It projects that the consumer price index will rise to 2.1% this year, reach 2.2% percent in 2023 and then settle in at 2.3% annually from 2025 through 2031. The steadiness of the numbers belies the fact that some Biden administration officials, including Yellen, have acknowledged as recently as Thursday that there would be high rates of inflation throughout the rest of the year. The inflation bench mark in the budget will be a key one to watch as Republicans, including former President Donald Trump, have seized on the rising prices to argue that Biden has been bad for consumers. Corporations will pick up the tab To help pay for its proposals, the Biden administration is preparing an overhaul of the tax code, the brunt of which will be felt by large corporations. The budget details the White House’s plan for a $2 trillion corporate tax hike, which would be achieved by raising the corporate income tax rate to 28% from 21% and imposing tougher measures to curb offshoring. The proposals for the corporate tax code reverse or change many of the provisions in the 2017 Tax Cuts and Jobs Act, which was Trump’s signature legislative achievement. One key provision in that law that is not addressed, however, is the fate of the individual income tax cuts for low- and middle-income taxpayers that are set to expire before 2026. Biden’s budget proposal assumes that they will, in fact, sunset. That puts the onus on the administration to propose a plan for additional tax cuts in order to keep the president’s pledge that no taxpayer who earns less than $400,000 will have their taxes go up. The Republicans on the House Ways and Means Committee, which led the drafting of the 2017 law, took note of the omission. “This is the latest example of President Biden abandoning his lofty promise that he can fund trillions of dollars in new spending simply by taxing the wealthy or corporations alone,” they said in a statement.

Biden’s budget sees low inflation, rising debt and slow economic growth

India`s economic outlook has weakened again, albeit slightly, with worst-case scenario forecasts suggesting the toll from the coronavirus pandemic could be much deeper, stoking fears the job crisis may worsen over the coming year, a Reuters poll found. 
 
Renewed restrictions to curb the current coronavirus wave have stalled economic activity, leaving many millions out of work and pushing economists - who have broadly been bullish - to downgrade their views for the second time since early April. 
 
The May 20-27 poll showed the outlook for the current quarter was lowered to 21.6% annually, and to 9.8% on average for this fiscal year, down from 23.0% and 10.4% respectively a month ago. The economy was then forecast to grow 6.7% next fiscal year, compared to 6.5% predicted previously. 
 
While the consensus pointed to healthy growth figures later this year, all 29 economists, in response to an additional question, warned the outlook was either "weak and prone to further downgrades" or "fragile, with a limited downside". 
 
None expected a "strong recovery, followed by an upgrade". 
 
"Recovery in India was strong in the months before the second wave. This leads us to believe the recovery can rebound quickly after the number of new infections have come down. But vaccination implementation needs to pick up pace in order to have an effect this year," said Wouter van Eijkelenburg, an economist at Rabobank. 
 
"Therefore new surges of the virus hang above recovery like the sword of Damocles. Until a large share of the population is vaccinated there remains this downside risk of new waves and subsequent lockdowns hampering the recovery." 
 
Underscoring concerns that a slow vaccine rollout may make a bigger dent in the economy, the consensus showed in a worst-case scenario the economy would average just 6.8% growth this fiscal year after its deepest ever recession last year. 
 
"Let`s hope (the situation) doesn`t go there. If it does and we do have another wave ... after this one, maybe the government will learn some lessons - that it is better to lock down the economy sooner, rather than later," said Gareth Leather, senior Asia economist at Capital Economics. 
 
"The threat of further waves will hang over the economic outlook so long as India`s vaccination progress remains lacklustre." 
 
India`s unemployment rate soared to a near one-year high of 14.73% in the week ending May 23, according to the Center for Monitoring Indian Economy (CMIE), reflecting the impact of the economic slowdown. 
 
When asked if there was a risk that India`s unemployment situation could worsen over the coming year, more than 85%, or 25 of 29 respondents, said it was high, including four who said very high. The remaining four said the risk was low. 
 
"There is going to be a significant demand shock to the economy, some of that could be permanent demand destruction, thereby pushing more out of the jobs market and keeping the unemployment rate elevated over the coming year," said Prakash Sakpal, senior Asia economist at ING. 
 
The Reserve Bank of India has kept its monetary policy loose, including several liquidity measures, and was expected to stay on an easy course for this fiscal year. 
 
While calls have increased for more fiscal stimulus to speed up the economic healing, the government has limited space to respond to challenges posed by the health crisis. 
 
"If the Indian government increases spending ... it will probably prevent a loss in economic output in the short term, but this simultaneously puts more pressure on the sustainability of debt in the longer term, essentially mortgaging their future," said Rabobank`s Eijkelenburg. 
 
"India`s policymakers find themselves between a rock and a hard place when it comes to decisions on additional fiscal stimulus."

India`s economic outlook has weakened again, albeit slightly, with worst-case scenario forecasts suggesting the toll from the coronavirus pandemic could be much deeper, stoking fears the job crisis may worsen over the coming year, a Reuters poll found.

India`s economic outlook has weakened again, albeit slightly, with worst-case scenario forecasts suggesting the toll from the coronavirus pandemic could be much deeper, stoking fears the job crisis may worsen over the coming year, a Reuters poll found. Renewed restrictions to curb the current coronavirus wave have stalled economic activity, leaving many millions out of work and pushing economists - who have broadly been bullish - to downgrade their views for the second time since early April. The May 20-27 poll showed the outlook for the current quarter was lowered to 21.6% annually, and to 9.8% on average for this fiscal year, down from 23.0% and 10.4% respectively a month ago. The economy was then forecast to grow 6.7% next fiscal year, compared to 6.5% predicted previously. While the consensus pointed to healthy growth figures later this year, all 29 economists, in response to an additional question, warned the outlook was either "weak and prone to further downgrades" or "fragile, with a limited downside". None expected a "strong recovery, followed by an upgrade". "Recovery in India was strong in the months before the second wave. This leads us to believe the recovery can rebound quickly after the number of new infections have come down. But vaccination implementation needs to pick up pace in order to have an effect this year," said Wouter van Eijkelenburg, an economist at Rabobank. "Therefore new surges of the virus hang above recovery like the sword of Damocles. Until a large share of the population is vaccinated there remains this downside risk of new waves and subsequent lockdowns hampering the recovery." Underscoring concerns that a slow vaccine rollout may make a bigger dent in the economy, the consensus showed in a worst-case scenario the economy would average just 6.8% growth this fiscal year after its deepest ever recession last year. "Let`s hope (the situation) doesn`t go there. If it does and we do have another wave ... after this one, maybe the government will learn some lessons - that it is better to lock down the economy sooner, rather than later," said Gareth Leather, senior Asia economist at Capital Economics. "The threat of further waves will hang over the economic outlook so long as India`s vaccination progress remains lacklustre." India`s unemployment rate soared to a near one-year high of 14.73% in the week ending May 23, according to the Center for Monitoring Indian Economy (CMIE), reflecting the impact of the economic slowdown. When asked if there was a risk that India`s unemployment situation could worsen over the coming year, more than 85%, or 25 of 29 respondents, said it was high, including four who said very high. The remaining four said the risk was low. "There is going to be a significant demand shock to the economy, some of that could be permanent demand destruction, thereby pushing more out of the jobs market and keeping the unemployment rate elevated over the coming year," said Prakash Sakpal, senior Asia economist at ING. The Reserve Bank of India has kept its monetary policy loose, including several liquidity measures, and was expected to stay on an easy course for this fiscal year. While calls have increased for more fiscal stimulus to speed up the economic healing, the government has limited space to respond to challenges posed by the health crisis. "If the Indian government increases spending ... it will probably prevent a loss in economic output in the short term, but this simultaneously puts more pressure on the sustainability of debt in the longer term, essentially mortgaging their future," said Rabobank`s Eijkelenburg. "India`s policymakers find themselves between a rock and a hard place when it comes to decisions on additional fiscal stimulus."

COVID-19 toll on Indian economy deepens, jobs crisis to worsen

Indian stock market indices ended higher Friday with the Nifty posting a record closing high led by gains in financials and metal stocks. The midcap index ended lower. Selling was seen in pharma and IT indices.&nbsp;

By the close, the Sensex index was quoting at 51,423 levels, up 308 points or 0.6 per cent while the Nifty50 was at 15,436-mark, up 98 points or 0.64 per cent.&nbsp;

Among sectors, the Nifty Energy index rose around 1.5 per cent while auto, financial services, metal and FMCG sectors were also in the green.

Reliance Industries was the biggest contributor towards the indices' rally today after the stock clocked its sharpest intra-day rally in two months and zoomed 6.4 per cent.&nbsp;

Global markets

European shares rose to a record high on Friday as UK-exposed financial stocks gained following a hawkish comment from a Bank of England official, with the prospects of increased US fiscal spending boosting market sentiment. That apart, European economic sentiment and consumer confidence data, which is due later in the day, is also expected to show an improvement in May. 
 
(With inputs from agencies)

Indian stock market indices ended higher Friday with the Nifty posting a record closing high led by gains in financials and metal stocks. The midcap index ended lower.

Indian stock market indices ended higher Friday with the Nifty posting a record closing high led by gains in financials and metal stocks. The midcap index ended lower. Selling was seen in pharma and IT indices. By the close, the Sensex index was quoting at 51,423 levels, up 308 points or 0.6 per cent while the Nifty50 was at 15,436-mark, up 98 points or 0.64 per cent. Among sectors, the Nifty Energy index rose around 1.5 per cent while auto, financial services, metal and FMCG sectors were also in the green. Reliance Industries was the biggest contributor towards the indices' rally today after the stock clocked its sharpest intra-day rally in two months and zoomed 6.4 per cent. Global markets European shares rose to a record high on Friday as UK-exposed financial stocks gained following a hawkish comment from a Bank of England official, with the prospects of increased US fiscal spending boosting market sentiment. That apart, European economic sentiment and consumer confidence data, which is due later in the day, is also expected to show an improvement in May. (With inputs from agencies)

Nifty ends at a fresh record high, Sensex at closing high

India's economy has not moderated to the extent it did during the first wave but uncertainties can act as a deterrent in the short term, the Reserve Bank of India said on Thursday. 
 
In its annual report, the central bank said the country`s growth prospects now essentially depend on how fast India can arrest the second wave of COVID-19 infections. 
 
"The recovery of the economy from the COVID-19 will critically depend on the robust revival of private demand that may be led by the consumption in the short-run but will require acceleration of investment to sustain the recovery," the central bank said in its annual report. 
 
It also added that reform measures in various areas were likely to improve India`s growth potential on a sustainable basis.

India's economy has not moderated to the extent it did during the first wave but uncertainties can act as a deterrent in the short term, the Reserve Bank of India said on Thursday.

India's economy has not moderated to the extent it did during the first wave but uncertainties can act as a deterrent in the short term, the Reserve Bank of India said on Thursday. In its annual report, the central bank said the country`s growth prospects now essentially depend on how fast India can arrest the second wave of COVID-19 infections. "The recovery of the economy from the COVID-19 will critically depend on the robust revival of private demand that may be led by the consumption in the short-run but will require acceleration of investment to sustain the recovery," the central bank said in its annual report. It also added that reform measures in various areas were likely to improve India`s growth potential on a sustainable basis.

Indian economy not as hard hit as first wave but uncertainties remain, says RBI

Indian stock market benchmarks BSE Sensex and Nifty 50 ended flat with a positive bias on Thursday, led by gains in banking stocks.&nbsp;

BSE Sensex gained 98 points or 0.19 per cent to end at 51,115, while the broader Nifty 50 index jumped 36 points or 0.24 per cent to settle at 15,338.

Global markets

World stocks were pinned down on Thursday as investors awaited US data expected to offer clues on inflation. The Euro STOXX 600 lost 0.2 per cent, with German shares down 0.5 per cent and London's main index making slim losses. France gained 0.1 per cent.

The MSCI world equity index, which tracks shares in 49 countries, was flat. Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan clawed back losses to trade flat at 695.37.

Japan's Nikkei, South Korea's Kospi, and Hong Kong's Hang Seng slipped 0.3 per cent, 0.1 per cent, and 0.2 per cent, respectively.

(With inputs from Reuters)

Indian stock market benchmarks BSE Sensex and Nifty 50 ended flat with a positive bias on Thursday, led by gains in banking stocks. BSE Sensex gained 98 points or 0.

Indian stock market benchmarks BSE Sensex and Nifty 50 ended flat with a positive bias on Thursday, led by gains in banking stocks. BSE Sensex gained 98 points or 0.19 per cent to end at 51,115, while the broader Nifty 50 index jumped 36 points or 0.24 per cent to settle at 15,338. Global markets World stocks were pinned down on Thursday as investors awaited US data expected to offer clues on inflation. The Euro STOXX 600 lost 0.2 per cent, with German shares down 0.5 per cent and London's main index making slim losses. France gained 0.1 per cent. The MSCI world equity index, which tracks shares in 49 countries, was flat. Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan clawed back losses to trade flat at 695.37. Japan's Nikkei, South Korea's Kospi, and Hong Kong's Hang Seng slipped 0.3 per cent, 0.1 per cent, and 0.2 per cent, respectively. (With inputs from Reuters)

Sensex ends 98 points higher, Nifty at record closing high

Amazon&nbsp;has agreed to buy the storied MGM&nbsp;studios&nbsp;for $8.45 billion, the companies said Wednesday, giving the US tech giant a vast content library to further its ambitions in streaming.

The deal bolsters&nbsp;Amazon&nbsp;Prime Video, which competes with Netflix and others in the fast-evolving market, with some 4,000 films, including the James Bond franchise, and 17,000 television shows.

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/hollywood/news-movie-studio-behind-james-bond-franchise-explores-sale-351579">Movie studio behind James Bond franchise explores sale</a>

"The real financial value behind this deal is the treasure trove of IP (intellectual property) in the deep catalog that we plan to reimagine and develop together with MGM's talented team," said Mike Hopkins, senior vice president of Prime Video and&nbsp;Amazon&nbsp;Studios.&nbsp;

The deal comes with&nbsp;Amazon&nbsp;experiencing surging growth in online retail and cloud computing while making a push into entertainment as more consumers turn to streaming media.

It gives&nbsp;Amazon&nbsp;the fabled Metro Goldwyn Mayer&nbsp;studios, an iconic name in Hollywood that has been through a series of ownership changes and bankruptcy in recent years.

In addition to the James Bond franchise, MGM owns the rights to film productions including "Rocky", "Legally Blonde" and "Tomb Raider," and television shows such as "The Handmaid's Tale" and "Real Housewives Of Beverly Hills."

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/hollywood/news-the-handmaids-tale-season-4-teaser-first-look-and-the-wait-for-normalcy-366364">'The Handmaid's Tale' season 4 teaser: First look and the wait for normalcy</a>

"MGM has nearly a century of filmmaking history and complements the work of&nbsp;Amazon&nbsp;Studios, which has primarily focused on producing TV show programming," a statement from the companies said.

"Amazon&nbsp;will help preserve MGM's heritage and catalog of films, and provide customers with greater access to these existing works. Through this acquisition,&nbsp;Amazon&nbsp;would empower MGM to continue to do what they do best: great storytelling."

Streaming gains steam

The tie-up marks a new twist in a fast-evolving media landscape increasingly dominated by streaming giants such as Netflix, a trend which has accelerated during the coronavirus pandemic.

In recent updates, Netflix said its subscriber base has grown to 208 million worldwide, while Disney has 159 million for its various streaming services.

Netflix is investing as much as $17 billion in content this year in an effort to stay ahead of rivals.

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/woody-allen-sues-amazon-studios-for-quitting-movie-deal-195953">Woody Allen sues Amazon Studios for quitting movie deal</a>

The MGM deal "definitely helps&nbsp;Amazon&nbsp;because consumers want more content," said Dan Rayburn, a media analyst with Frost &amp; Sullivan.

Additionally,&nbsp;Amazon&nbsp;will be acquiring a fabled Hollywood name with a reputation in the cinema business, Rayburn noted.

"MGM is all about making movies, and that’s not really what&nbsp;Amazon&nbsp;does," the analyst said. "So it gives them a company in the business of making movies."

Rayburn added that&nbsp;Amazon&nbsp;may also be able to use the deal to increase its "brand and messaging," with ads in movie theaters, and that this "helps&nbsp;Amazon&nbsp;further their worldwide dominance of everything."

The deal could increase scrutiny for&nbsp;Amazon, one of the Big Tech firms gaining unprecedented economic power in recent years and in the crosshairs of antitrust enforcers around the world.&nbsp;

Amazon&nbsp;was sued this week by US capital city Washington for allegedly abusing its dominance of online retail

Last week, telecom giant AT&amp;T said it was spinning off its WarnerMedia division, owner of the Warner Bros&nbsp;studios&nbsp;-- in a combination with Discovery, creating a new entity to focus on streaming and competing with the rapidly growing Disney+ and new entrants such as Apple TV+.

Amazon&nbsp;has said its Prime Video is used by some 175 million people worldwide. Its "Manchester by the Sea" in 2017 became the first film from a streaming service to be nominated for the best picture Oscar.

MGM&nbsp;studios, which is known for its roaring lion mascot but has struggled to&nbsp;make recent box office hits, is not connected to the MGM Resorts group&nbsp;that owns hotels and casinos around the world.

For&nbsp;Amazon, the deal is its second-largest acquisition after its purchase in 2017 of the Whole Foods grocery chain for $13.7 billion.

Amazon has agreed to buy the storied MGM studios for $8.45 billion, the companies said Wednesday, giving the US tech giant a vast content library to further its ambitions in streaming.

Amazon has agreed to buy the storied MGM studios for $8.45 billion, the companies said Wednesday, giving the US tech giant a vast content library to further its ambitions in streaming. The deal bolsters Amazon Prime Video, which competes with Netflix and others in the fast-evolving market, with some 4,000 films, including the James Bond franchise, and 17,000 television shows. Also Read | Movie studio behind James Bond franchise explores sale "The real financial value behind this deal is the treasure trove of IP (intellectual property) in the deep catalog that we plan to reimagine and develop together with MGM's talented team," said Mike Hopkins, senior vice president of Prime Video and Amazon Studios. The deal comes with Amazon experiencing surging growth in online retail and cloud computing while making a push into entertainment as more consumers turn to streaming media. It gives Amazon the fabled Metro Goldwyn Mayer studios, an iconic name in Hollywood that has been through a series of ownership changes and bankruptcy in recent years. In addition to the James Bond franchise, MGM owns the rights to film productions including "Rocky", "Legally Blonde" and "Tomb Raider," and television shows such as "The Handmaid's Tale" and "Real Housewives Of Beverly Hills." Also Read | 'The Handmaid's Tale' season 4 teaser: First look and the wait for normalcy "MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming," a statement from the companies said. "Amazon will help preserve MGM's heritage and catalog of films, and provide customers with greater access to these existing works. Through this acquisition, Amazon would empower MGM to continue to do what they do best: great storytelling." Streaming gains steam The tie-up marks a new twist in a fast-evolving media landscape increasingly dominated by streaming giants such as Netflix, a trend which has accelerated during the coronavirus pandemic. In recent updates, Netflix said its subscriber base has grown to 208 million worldwide, while Disney has 159 million for its various streaming services. Netflix is investing as much as $17 billion in content this year in an effort to stay ahead of rivals. Also Read | Woody Allen sues Amazon Studios for quitting movie deal The MGM deal "definitely helps Amazon because consumers want more content," said Dan Rayburn, a media analyst with Frost & Sullivan. Additionally, Amazon will be acquiring a fabled Hollywood name with a reputation in the cinema business, Rayburn noted. "MGM is all about making movies, and that’s not really what Amazon does," the analyst said. "So it gives them a company in the business of making movies." Rayburn added that Amazon may also be able to use the deal to increase its "brand and messaging," with ads in movie theaters, and that this "helps Amazon further their worldwide dominance of everything." The deal could increase scrutiny for Amazon, one of the Big Tech firms gaining unprecedented economic power in recent years and in the crosshairs of antitrust enforcers around the world. Amazon was sued this week by US capital city Washington for allegedly abusing its dominance of online retail Last week, telecom giant AT&T said it was spinning off its WarnerMedia division, owner of the Warner Bros studios -- in a combination with Discovery, creating a new entity to focus on streaming and competing with the rapidly growing Disney+ and new entrants such as Apple TV+. Amazon has said its Prime Video is used by some 175 million people worldwide. Its "Manchester by the Sea" in 2017 became the first film from a streaming service to be nominated for the best picture Oscar. MGM studios, which is known for its roaring lion mascot but has struggled to make recent box office hits, is not connected to the MGM Resorts group that owns hotels and casinos around the world. For Amazon, the deal is its second-largest acquisition after its purchase in 2017 of the Whole Foods grocery chain for $13.7 billion.

Amazon boosts streaming ambitions with deal for MGM studios

Indian shares extended gains on Tuesday, as investor sentiment remained upbeat due to strong corporate earnings and some decline in domestic cases of the novel coronavirus. 
 
The blue-chip NSE Nifty 50 index rose 0.54% to 15,270.25 by 0355 GMT, while the benchmark S&amp;P BSE Sensex was 0.48% higher at 50,920.06. 
 
Infosys Ltd and Asian Paints Ltd were the top boosts to the Nifty 50, gaining 0.86% and 2.68%, respectively. 
 
Investors` appetite has been aided by a steady decline in daily COVID-19 cases in India. The country on Tuesday posted 196,427 new cases over the last 24 hours, its lowest daily rise in infections since April 14, while deaths rose by 3,511. 
 
In the broader Asian markets, shares climbed following a Wall Street rally overnight, while the dollar held near a fourth-month low as investors tempered fears about inflation-driven rate hikes.

Indian shares extended gains on Tuesday, as investor sentiment remained upbeat due to strong corporate earnings and some decline in domestic cases of the novel coronavirus.

Indian shares extended gains on Tuesday, as investor sentiment remained upbeat due to strong corporate earnings and some decline in domestic cases of the novel coronavirus. The blue-chip NSE Nifty 50 index rose 0.54% to 15,270.25 by 0355 GMT, while the benchmark S&P BSE Sensex was 0.48% higher at 50,920.06. Infosys Ltd and Asian Paints Ltd were the top boosts to the Nifty 50, gaining 0.86% and 2.68%, respectively. Investors` appetite has been aided by a steady decline in daily COVID-19 cases in India. The country on Tuesday posted 196,427 new cases over the last 24 hours, its lowest daily rise in infections since April 14, while deaths rose by 3,511. In the broader Asian markets, shares climbed following a Wall Street rally overnight, while the dollar held near a fourth-month low as investors tempered fears about inflation-driven rate hikes.

Indian shares gain on strong earnings; Asian Paints, Infosys shine

Bitcoin dipped 11.33% to $33,250 at 16:00 GMT on Sunday, losing $4,248.98 from its previous close.

Bitcoin, the world's biggest and best-known cryptocurrency, is down 48% from the year's high of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 16.59 % to $1,915.34 on Sunday, losing $380.97 from its previous close.

Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

"Many point to Bitcoin’s volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings."

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.

In addition, on Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.

China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more.

The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country's push to stamp out speculation and fraud in virtual currencies.

China's latest campaign against crypto came after the U.S. Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

Bitcoin dipped 11.33% to $33,250 at 16:00 GMT on Sunday, losing $4,248.98 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 48% from the year's high of $64,895.

Bitcoin dipped 11.33% to $33,250 at 16:00 GMT on Sunday, losing $4,248.98 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 48% from the year's high of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, dropped 16.59 % to $1,915.34 on Sunday, losing $380.97 from its previous close. Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours. "Many point to Bitcoin’s volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings." Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment. In addition, on Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks. China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more. The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country's push to stamp out speculation and fraud in virtual currencies. China's latest campaign against crypto came after the U.S. Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

Bitcoin falls 11.3 per cent to USD 33,250, ether down 16.6 per cent

Equity benchmark Sensex advanced 111 points on Monday, tracking gains in HDFC twins, SBI and L&amp;T amid mixed cues from global markets.

The 30-share BSE index climbed 111.42 points or 0.22 per cent to finish at 50,651.90. The broader NSE Nifty rose 22.40 points or 0.15 per cent to 15,197.70.

SBI was the top gainer in the Sensex pack, advancing over 2 per cent, followed by L&amp;T, ITC, Dr Reddy's, Axis Bank and PowerGrid.

On the other hand, IndusInd Bank, UltraTech Cement, Titan and Bajaj Finserv were among the losers.

Domestic equities remained positive despite mixed global cues as a persistent decline in daily caseload and improvement in recovery rate in second wave of COVID-19 continued to lift investors' sentiments, said Binod Modi, Head - Strategy at Reliance Securities.

Elsewhere in Asia, bourses in Shanghai and Tokyo ended on a positive note, while Hong Kong and Seoul were in the red.

Equities in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.81 per cent higher at USD 67.55 per barrel.

Equity benchmark Sensex advanced 111 points on Monday, tracking gains in HDFC twins, SBI and L&T amid mixed cues from global markets. The 30-share BSE index climbed 111.

Equity benchmark Sensex advanced 111 points on Monday, tracking gains in HDFC twins, SBI and L&T amid mixed cues from global markets. The 30-share BSE index climbed 111.42 points or 0.22 per cent to finish at 50,651.90. The broader NSE Nifty rose 22.40 points or 0.15 per cent to 15,197.70. SBI was the top gainer in the Sensex pack, advancing over 2 per cent, followed by L&T, ITC, Dr Reddy's, Axis Bank and PowerGrid. On the other hand, IndusInd Bank, UltraTech Cement, Titan and Bajaj Finserv were among the losers. Domestic equities remained positive despite mixed global cues as a persistent decline in daily caseload and improvement in recovery rate in second wave of COVID-19 continued to lift investors' sentiments, said Binod Modi, Head - Strategy at Reliance Securities. Elsewhere in Asia, bourses in Shanghai and Tokyo ended on a positive note, while Hong Kong and Seoul were in the red. Equities in Europe were largely trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 1.81 per cent higher at USD 67.55 per barrel.

Sensex closes at over 50k as HDFC, SBI, L&T gain; Nifty ends near 15,200

SoftBank-backed office-sharing startup WeWork reported a first-quarter net loss of $2.06 billion, as it was hit by restructuring charges while it prepares to go public through a merger with a blank-check firm.

World Business Watch: WeWork reports quarterly loss of $2 bn ahead of public listing

China's internet watchdog said on Friday that companies including ByteDance, Baidu and Kuaishou had improperly collected user data. 
 
China Cyberspace Administration also named American tech giant Microsoft and its two products Bing and LinkedIn in a statement.

China's internet watchdog said on Friday that companies including ByteDance, Baidu and Kuaishou had improperly collected user data. China Cyberspace Administration also named American tech giant Microsoft and its two products Bing and LinkedIn in a statement.

China says ByteDance, Baidu, Microsoft improperly collected user data

US based fast-food giant McDonald's has been sued for at least $10 billion by two companies owned by media entrepreneur Byron Allen, who accused the fast-food chain of racial discrimination for not advertising enough with Black-owned media outlets.

World Business Watch: McDonald's sued for alleged bias against Black-owned media

The US Treasury Department has offered to accept a global minimum corporate tax of at least 15% during international negotiations, a rate significantly below its proposed 21% minimum for US MNC's.

World Business Watch: US Treasury floats global corporate tax of at least 15%

Sensex and Nifty ended with strong gains Friday led by broad-based buying across sectors amid positive global cues. All sectoral indices closed in the green with Nifty Bank surging over 3 per cent followed by financial services, IT, auto and realty indices.&nbsp;

Sensex gained 950 points, or 1.92 per cent, at 50,520 levels and the Nifty50 index topped the 15,150-mark. IndusInd Bank, State Bank of India, and ICICI Bank rose 4 per cent, each, and were the top Sensex gainers.

The Nifty sectoral indices were painted green, with the Nifty Bank index trading 3.5 per cent higher.

In the broader markets, the S&amp;P BSE MidCap and SmallCap indices traded 0.8 per cent and 0.7 per cent higher, respectively.

(With inputs from agencies)

Sensex and Nifty ended with strong gains Friday led by broad-based buying across sectors amid positive global cues. All sectoral indices closed in the green with Nifty Bank surging over 3 per cent followed by financial services, IT, auto and realty indices.

Sensex and Nifty ended with strong gains Friday led by broad-based buying across sectors amid positive global cues. All sectoral indices closed in the green with Nifty Bank surging over 3 per cent followed by financial services, IT, auto and realty indices. Sensex gained 950 points, or 1.92 per cent, at 50,520 levels and the Nifty50 index topped the 15,150-mark. IndusInd Bank, State Bank of India, and ICICI Bank rose 4 per cent, each, and were the top Sensex gainers. The Nifty sectoral indices were painted green, with the Nifty Bank index trading 3.5 per cent higher. In the broader markets, the S&P BSE MidCap and SmallCap indices traded 0.8 per cent and 0.7 per cent higher, respectively. (With inputs from agencies)

Sensex surges 975 points, Nifty ends above 15,150 led by banks

The women whose age group range between 23 to 64, accused Amazon of favoring men over women in career growth, allowing supervisors to treat women inappropriately and retaliating after they issued a complain.

Amazon faces five new lawsuits on Gender and Racial Bias