The Singapore Airlines Group (SIA) has reported a record net loss of $3.2 billion for the financial year ended March 31.

Singapore airlines posts record $3.2 billion annual loss

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter.

The virtual currency fell to almost $30,000 — less than half the record value it reached last month — before climbing back over $39,500 around 2000 GMT. It was still above its level at the start of the year.

Bitcoin recovered somewhat following tweets from Musk that featured a diamond and hands emoji, taken as a signal the company had not sold off its huge bitcoin holdings as the CEO appeared to suggest recently.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-halts-bitcoin-purchases-amid-concerns-of-increasing-carbon-emissions-384647" hreflang="en">Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions</a>

At its daily low on Wednesday, the unit lost nearly a third of its value compared to the start of the week and more than half compared to its record, reached just a month ago, on April 14, at $64,869.78.

Making matters worse, Chinese authorities on Wednesday said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world's mining.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering, as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.

Also read |&nbsp;<a href="https://www.wionews.com/world/musk-pokes-fun-at-himself-admits-twitter-puts-him-in-trouble-383862" hreflang="en">Musk pokes fun at himself, admits Twitter puts him in trouble&nbsp;</a>

In a statement, three state-backed industry associations said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded."

The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order," said the statement posted to social media by the People's Bank of China.

The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves," since Chinese law offers no protection to them.&nbsp;

It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.

"This is the latest chapter of China tightening the noose around crypto," said Antoni Trenchev, managing partner and co-founder of London-based crypto lender Nexo.

Linghao Bao, analyst at Trivium China, said that despite the ban, Chinese investors could still find ways to buy cryptocurrencies through illegal vendors.

"There will always be a way to circumvent regulations," he said. "The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions."

Bitcoin had a roller-coaster day on Wednesday, falling from $45,600 to under $40,000, then climbing back before dropping to $30,017 and up again.

"This looks like your typical flash crash, but there seems to be some hesitancy in getting back in," said Edward Moya, senior market analyst at OANDA.

'Here to stay'

Adam Reynolds, of Saxo Markets, added that avoiding use of cryptocurrency, which can be transferred out of the country, is "essential to maintaining capital controls" in China.&nbsp;

Bitcoin has had a torrid few days, in good part because of Musk and Tesla.

Last week Tesla hit the brakes on letting people pay for its electric cars with bitcoin, citing concerns about the harmful effects that mining cryptocurrencies has on the environment.

Then Musk appeared to suggest Tesla was planning to sell its huge holdings of the unit, before clarifying that the company had not sold any bitcoin.

"Elon Musk started the ball rolling," Germany-based crypto analyst Timo Emden told AFP. "It will take some time for them to recover from this shock."

Mining cryptocurrency is a hugely energy-intensive process requiring large amounts of electricity in giant data centers.

China, which powers nearly 80 percent of the global cryptocurrency trade, relies on a particularly polluting type of coal, lignite, to power some of its mining.

"If bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note.

Some Chinese enthusiasts, however, remained unfazed.

"This has happened before and it happens every year...," said trader and ex-tech industry worker Zeng Jiajun. "Crypto is here to stay." &nbsp;

China is in the midst of a wide-ranging regulatory crackdown on its fintech sector. Its biggest players — including Alibaba and Tencent — have been hit with big fines after being found guilty of monopolistic practices.

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter.

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on the cryptocurrency, but its losses were cushioned after Tesla head Elon Musk spoke up on Twitter. The virtual currency fell to almost $30,000 — less than half the record value it reached last month — before climbing back over $39,500 around 2000 GMT. It was still above its level at the start of the year. Bitcoin recovered somewhat following tweets from Musk that featured a diamond and hands emoji, taken as a signal the company had not sold off its huge bitcoin holdings as the CEO appeared to suggest recently. Also read | Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions At its daily low on Wednesday, the unit lost nearly a third of its value compared to the start of the week and more than half compared to its record, reached just a month ago, on April 14, at $64,869.78. Making matters worse, Chinese authorities on Wednesday said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world's mining. Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering, as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector. Also read | Musk pokes fun at himself, admits Twitter puts him in trouble In a statement, three state-backed industry associations said "cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded." The price fluctuations "seriously violate people's asset safety and disrupt normal economic and financial order," said the statement posted to social media by the People's Bank of China. The notice warned consumers against wild speculation, adding that the "losses caused by investment transactions are borne by the consumers themselves," since Chinese law offers no protection to them. It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers. "This is the latest chapter of China tightening the noose around crypto," said Antoni Trenchev, managing partner and co-founder of London-based crypto lender Nexo. Linghao Bao, analyst at Trivium China, said that despite the ban, Chinese investors could still find ways to buy cryptocurrencies through illegal vendors. "There will always be a way to circumvent regulations," he said. "The point of this order is to tell financial institutions to up their game to detect these crypto-related transactions." Bitcoin had a roller-coaster day on Wednesday, falling from $45,600 to under $40,000, then climbing back before dropping to $30,017 and up again. "This looks like your typical flash crash, but there seems to be some hesitancy in getting back in," said Edward Moya, senior market analyst at OANDA. 'Here to stay' Adam Reynolds, of Saxo Markets, added that avoiding use of cryptocurrency, which can be transferred out of the country, is "essential to maintaining capital controls" in China. Bitcoin has had a torrid few days, in good part because of Musk and Tesla. Last week Tesla hit the brakes on letting people pay for its electric cars with bitcoin, citing concerns about the harmful effects that mining cryptocurrencies has on the environment. Then Musk appeared to suggest Tesla was planning to sell its huge holdings of the unit, before clarifying that the company had not sold any bitcoin. "Elon Musk started the ball rolling," Germany-based crypto analyst Timo Emden told AFP. "It will take some time for them to recover from this shock." Mining cryptocurrency is a hugely energy-intensive process requiring large amounts of electricity in giant data centers. China, which powers nearly 80 percent of the global cryptocurrency trade, relies on a particularly polluting type of coal, lignite, to power some of its mining. "If bitcoin was a country, it would use around the same amount of electricity a year to mine as Switzerland does in total," Deutsche Bank analysts said in a note. Some Chinese enthusiasts, however, remained unfazed. "This has happened before and it happens every year...," said trader and ex-tech industry worker Zeng Jiajun. "Crypto is here to stay." China is in the midst of a wide-ranging regulatory crackdown on its fintech sector. Its biggest players — including Alibaba and Tencent — have been hit with big fines after being found guilty of monopolistic practices.

Bitcoin tumble slows with help from Elon Musk

Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world.

The biggest and most popular cryptocurrency rose 9% to a touch below $40,000, after plunging 14% on Wednesday to its lowest since late January. Smaller rival ether was up 11% at $2,700 at 0829 GMT, after its 28% tumble.

Its bounce came after prominent crypto backers such Ark Invest's Cathie Wood and carmaker Tesla's Elon Musk indicated their support on Wednesday. Wood said in an interview with Bloomberg that she was still sticking to her $500,000 forecast.

Musk reiterated that Tesla was holding on to its bitcoin investments.

"People consider this as a 'buy the dip' moment, and many consider this as 'the last chance to buy bitcoin cheap'," said Ruud Feltkamp, chief executive at crypto trading bot Cryptohopper. "The next few months will show if the bull market will continue or if it's the start of the end of its run."

Wednesday's declines in both digital assets were one of their biggest daily percentage moves in more than a year as investors rushed to exit trades that until recently were outperforming traditional markets such as stocks and bonds.

The latest catalyst was a statement by Chinese financial industry bodies banning the use of cryptocurrencies in payment and settlement, and prohibiting institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or foreign currencies.

But bitcoin had already been under pressure for almost a week after a series of tweets from Musk, a major cryptocurrency backer, chiefly his reversal on Tesla accepting bitcoin as payment.

Analysts said the upheaval was far from over.

"It's too early to say if the rebound we’ve seen off the lows in crypto has legs," said Chris Weston, head of research at brokerage Pepperstone in Melbourne.

"I question if we will get a chance to catch our breath or is there more volatility in store?" he said.

Weston pointed to how $9.13 billion of cryptocurrency positions had been liquidated across exchanges over 24 hours, and $532 billion in total volume transacted.

The slide forced some investors to close out leveraged positions in cryptocurrency derivatives, which caused prices to fall further and knocked digital assets down into a lower trading range, traders said.

Coming off a six-fold jump on the back of rising usage in non-fungible tokens on digital art platforms, ether's selloff was far more damaging with the digital currency trading 39% below record highs.

James Quinn, managing director at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the selling reflected huge crowded positions in ether.

"Sometimes a market event is looking for a cause. I think this is about positioning. Over the long term, maybe it’s positive because a very crowded trade from a lot of new entrants means there are a lot of new entrants," Quinn added.

Still, ether is up more than 270% so far this year and bitcoin's year-to-date gains stand at 37%.

While some retail traders saw missed opportunities in the slide, others saw the rout as a chance to pick up digital assets on the cheap.

Milko Markov, an independent London-based trader, said he had been buying ether.

"Those with a bit more experience in the crypto market know two cardinal rules: don't leverage and dollar cost average," he said. (Graphic: Bitcoin slumped 14% on May 19 - worst selloff since March 2020.

Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world.

Bitcoin regained some lost ground to trade near $40,000 on Thursday, a day after a brutal selloff on concerns over tighter regulation in China and unease over the extent of leveraged positions in the cryptocurrency world. The biggest and most popular cryptocurrency rose 9% to a touch below $40,000, after plunging 14% on Wednesday to its lowest since late January. Smaller rival ether was up 11% at $2,700 at 0829 GMT, after its 28% tumble. Its bounce came after prominent crypto backers such Ark Invest's Cathie Wood and carmaker Tesla's Elon Musk indicated their support on Wednesday. Wood said in an interview with Bloomberg that she was still sticking to her $500,000 forecast. Musk reiterated that Tesla was holding on to its bitcoin investments. "People consider this as a 'buy the dip' moment, and many consider this as 'the last chance to buy bitcoin cheap'," said Ruud Feltkamp, chief executive at crypto trading bot Cryptohopper. "The next few months will show if the bull market will continue or if it's the start of the end of its run." Wednesday's declines in both digital assets were one of their biggest daily percentage moves in more than a year as investors rushed to exit trades that until recently were outperforming traditional markets such as stocks and bonds. The latest catalyst was a statement by Chinese financial industry bodies banning the use of cryptocurrencies in payment and settlement, and prohibiting institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or foreign currencies. But bitcoin had already been under pressure for almost a week after a series of tweets from Musk, a major cryptocurrency backer, chiefly his reversal on Tesla accepting bitcoin as payment. Analysts said the upheaval was far from over. "It's too early to say if the rebound we’ve seen off the lows in crypto has legs," said Chris Weston, head of research at brokerage Pepperstone in Melbourne. "I question if we will get a chance to catch our breath or is there more volatility in store?" he said. Weston pointed to how $9.13 billion of cryptocurrency positions had been liquidated across exchanges over 24 hours, and $532 billion in total volume transacted. The slide forced some investors to close out leveraged positions in cryptocurrency derivatives, which caused prices to fall further and knocked digital assets down into a lower trading range, traders said. Coming off a six-fold jump on the back of rising usage in non-fungible tokens on digital art platforms, ether's selloff was far more damaging with the digital currency trading 39% below record highs. James Quinn, managing director at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the selling reflected huge crowded positions in ether. "Sometimes a market event is looking for a cause. I think this is about positioning. Over the long term, maybe it’s positive because a very crowded trade from a lot of new entrants means there are a lot of new entrants," Quinn added. Still, ether is up more than 270% so far this year and bitcoin's year-to-date gains stand at 37%. While some retail traders saw missed opportunities in the slide, others saw the rout as a chance to pick up digital assets on the cheap. Milko Markov, an independent London-based trader, said he had been buying ether. "Those with a bit more experience in the crypto market know two cardinal rules: don't leverage and dollar cost average," he said. (Graphic: Bitcoin slumped 14% on May 19 - worst selloff since March 2020.

Bitcoin's star backers, dip buyers help cryptos recover

Indian stock markets fell sharply in the fag end of trade on Thursday to close lower for the second day in a row.&nbsp;

At closing, Sensex was down 338 points, or 0.68 per cent, at 49,565 levels while the Nifty50 index quoted at 14,906 levels, down 124 points or 0.83 per cent. In the intra-day trade, the indices hit a low of 49,497 and 14,885, respectively.

Among sectors, Nifty Metal fell the most over 3 per cent followed by private banks, financial services, FMCG and IT indices. Gains were seen in PSU Bank and realty sectors.&nbsp;

Global markets

World stocks traded with gains across most regions. In Europe, the pan-European STOXX 600 index added 0.5 per cent while Germany's DAX was up 0.24 per cent. France's CAC 40 index, too, climbed 0.15 per cent in early deals.

In Asia, barring South Korea's Kospi, which slipped 0.34 per cent, all other major indices ended with gains. Japan's Nikkei was last up 0.2 per cent, Australia's S&amp;P/ASX200 advanced 1.3 per cent, and China's CSI300 index rallied 0.3 per cent.&nbsp;

(With inputs from agencies)

Indian stock markets fell sharply in the fag end of trade on Thursday to close lower for the second day in a row. At closing, Sensex was down 338 points, or 0.68 per cent, at 49,565 levels while the Nifty50 index quoted at 14,906 levels, down 124 points or 0.

Indian stock markets fell sharply in the fag end of trade on Thursday to close lower for the second day in a row. At closing, Sensex was down 338 points, or 0.68 per cent, at 49,565 levels while the Nifty50 index quoted at 14,906 levels, down 124 points or 0.83 per cent. In the intra-day trade, the indices hit a low of 49,497 and 14,885, respectively. Among sectors, Nifty Metal fell the most over 3 per cent followed by private banks, financial services, FMCG and IT indices. Gains were seen in PSU Bank and realty sectors. Global markets World stocks traded with gains across most regions. In Europe, the pan-European STOXX 600 index added 0.5 per cent while Germany's DAX was up 0.24 per cent. France's CAC 40 index, too, climbed 0.15 per cent in early deals. In Asia, barring South Korea's Kospi, which slipped 0.34 per cent, all other major indices ended with gains. Japan's Nikkei was last up 0.2 per cent, Australia's S&P/ASX200 advanced 1.3 per cent, and China's CSI300 index rallied 0.3 per cent. (With inputs from agencies)

Sensex falls 337 points, Nifty ends near 14,900

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.

China extends its cryptocurrency ban to banks

A family floater plan of Rs 2-3 lakh will not be enough anymore. Enhance the cover to at least Rs 8-10 lakh. If you haven’t bought health insurance because you are covered by group insurance from your employer, it’s time to take corrective action

Health insurance policy sale on the rise

The net loss came after an exceptional charge of Rs 14,994.30 crore was recognised under JLR's Reimagine strategy.

Tata Motors reports surprise loss for the fourth quarter

Oil is up more than 35% this year amid optimism fuel demand will increase as the vaccination drive accelerates across major economies and boosts mobility.

Oil steady near two-year high on improving U.S. demand outlook

Much of Japan has been under a state of emergency, centered around early closures of restaurants and bars, to curb the spread of the virus at places where crowds gather.

Japan's economy shrinks 5.1% during Jan-March

Indian benchmark indices opened strong tracking gains in Asian stocks. Tata Motors, Aarti Industries, Canara Bank and Minda Corp are in focus as they announce their results today.

S&amp;P BSE Sensex breached the 50,000 mark on the opening bell while the Nifty 50 index was inching closer to 15,100. Banking and Finance sector stocks were once again aiding the rally with IndusInd Bank, SBI, Axis Bank, and ICICI Bank among the top Sensex gainers.&nbsp;

Bank Nifty was up 2%, Nifty Metal was up 2.3%, while India VIX was again slipping. Broader markets were mirroring the up-move.&nbsp;

(With inputs from agencies)

Indian benchmark indices opened strong tracking gains in Asian stocks. Tata Motors, Aarti Industries, Canara Bank and Minda Corp are in focus as they announce their results today.

Indian benchmark indices opened strong tracking gains in Asian stocks. Tata Motors, Aarti Industries, Canara Bank and Minda Corp are in focus as they announce their results today. S&P BSE Sensex breached the 50,000 mark on the opening bell while the Nifty 50 index was inching closer to 15,100. Banking and Finance sector stocks were once again aiding the rally with IndusInd Bank, SBI, Axis Bank, and ICICI Bank among the top Sensex gainers. Bank Nifty was up 2%, Nifty Metal was up 2.3%, while India VIX was again slipping. Broader markets were mirroring the up-move. (With inputs from agencies)

Sensex tops 50,000 at open; Nifty above 15,100; Tata Motors in focus

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.&nbsp;

Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.&nbsp;

"Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order," they said in the statement.&nbsp;

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.&nbsp;

The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.&nbsp;

The statement also highlighted the risks of cryptocurrency trading, saying vitural currencies 'are not supported by real value’, their prices are easily manipulated, and trading contracts are not protected by Chinese law. &nbsp;

The three industry bodies are the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China. &nbsp;

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday. "Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order," they said in the statement. China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies. The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said. The statement also highlighted the risks of cryptocurrency trading, saying vitural currencies 'are not supported by real value’, their prices are easily manipulated, and trading contracts are not protected by Chinese law. The three industry bodies are the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.

China bans financial, payment institutions from cryptocurrency business 

British telecoms giant Vodafone said Tuesday it had rebounded into annual profit, as it cut debt after the flotation of its European phone mast division.

Profit after tax hit 112 million euros ($136 million) in the 12 months to the end of March, Vodafone said in a results statement that also revealed plans for more investment.

The group had suffered a net loss of 920 million euros in 2019/20, when its performance was skewed by a vast legal charge in India.

In 2020/21, Vodafone cut its huge debt pile to 40.5 billion euros, thanks to the initial public offering of the phone mast unit Vantage Towers.

However, sales dipped 2.6 percent to 43.8 billion euros as the coronavirus pandemic slammed demand for global travel and weighed on roaming revenues.

Vodafone meanwhile vowed to refocus on new generation connectivity and digital services in Europe and Africa, in the wake of the Covid-19 crisis.

"The world has changed. The pandemic has shown how critical connectivity and digital services are to society," said chief executive Nick Read.

"Vodafone is strongly positioned and through increased investment, we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create."

The firm's share price slid 5.8 percent to 133.44 pence in midday deals on London's rising FTSE 100.

"These are not results to shoot the lights out, but there are signs of measured progress within an extremely competitive sector," said Interactive Investor analyst Richard Hunter.

Vodafone floated Vantage Towers in Frankfurt in March, valuing the division at around 12 billion euros.

Vodafone raised 2.3 billion euros in the IPO, although it remains a majority shareholder.

Vantage Towers' portfolio includes 82,000 macro sites -- towers, masts and rooftops -- across 10 European countries. 
&nbsp;

British telecoms giant Vodafone said Tuesday it had rebounded into annual profit, as it cut debt after the flotation of its European phone mast division. Profit after tax hit 112 million euros ($136 million) in the 12 months to the end of March, Vodafone said in a results statement that also revealed plans for more investment.

British telecoms giant Vodafone said Tuesday it had rebounded into annual profit, as it cut debt after the flotation of its European phone mast division. Profit after tax hit 112 million euros ($136 million) in the 12 months to the end of March, Vodafone said in a results statement that also revealed plans for more investment. The group had suffered a net loss of 920 million euros in 2019/20, when its performance was skewed by a vast legal charge in India. In 2020/21, Vodafone cut its huge debt pile to 40.5 billion euros, thanks to the initial public offering of the phone mast unit Vantage Towers. However, sales dipped 2.6 percent to 43.8 billion euros as the coronavirus pandemic slammed demand for global travel and weighed on roaming revenues. Vodafone meanwhile vowed to refocus on new generation connectivity and digital services in Europe and Africa, in the wake of the Covid-19 crisis. "The world has changed. The pandemic has shown how critical connectivity and digital services are to society," said chief executive Nick Read. "Vodafone is strongly positioned and through increased investment, we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create." The firm's share price slid 5.8 percent to 133.44 pence in midday deals on London's rising FTSE 100. "These are not results to shoot the lights out, but there are signs of measured progress within an extremely competitive sector," said Interactive Investor analyst Richard Hunter. Vodafone floated Vantage Towers in Frankfurt in March, valuing the division at around 12 billion euros. Vodafone raised 2.3 billion euros in the IPO, although it remains a majority shareholder. Vantage Towers' portfolio includes 82,000 macro sites -- towers, masts and rooftops -- across 10 European countries.

Vodafone edges back into annual profit

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations.

Profits in the quarter ending April 30 came in at $2.7 billion, down 32 percent from the year-ago period. Revenues were $138.3 billion, up three percent.

The world's biggest retailer, Walmart has seen strong sales growth over the last year, having operated during the early days of the pandemic as an "essential" business and notching robust online sales increases throughout the period.

In the most recent quarter, Walmart's US division scored six percent growth in comparable sales -- an impressive level that was above analyst expectations, but which lagged the 10 percent growth in the first quarter of last year.

A similar trend was seen in Walmart's US e-commerce sales, which grew 37 percent in the most recent quarter, half the level in the year-ago period.

Sales were also negatively affected by divestitures in businesses in Britain, Argentina and Japan. 
"We're encouraged by traffic and grocery market share trends," said Walmart Chief Executive Doug McMillon. "In the US customers clearly want to get out and shop."

McMillon said US stimulus payments "had an impact" during the quarter and "we anticipate continued pent-up demand throughout 2021."

Shares rose 3.0 percent to $143.00 in pre-market trading.

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations.

Walmart reported a drop in first-quarter profits Tuesday with pandemic-related sales growth moderating somewhat, but shares rallied as the results still topped expectations. Profits in the quarter ending April 30 came in at $2.7 billion, down 32 percent from the year-ago period. Revenues were $138.3 billion, up three percent. The world's biggest retailer, Walmart has seen strong sales growth over the last year, having operated during the early days of the pandemic as an "essential" business and notching robust online sales increases throughout the period. In the most recent quarter, Walmart's US division scored six percent growth in comparable sales -- an impressive level that was above analyst expectations, but which lagged the 10 percent growth in the first quarter of last year. A similar trend was seen in Walmart's US e-commerce sales, which grew 37 percent in the most recent quarter, half the level in the year-ago period. Sales were also negatively affected by divestitures in businesses in Britain, Argentina and Japan. "We're encouraged by traffic and grocery market share trends," said Walmart Chief Executive Doug McMillon. "In the US customers clearly want to get out and shop." McMillon said US stimulus payments "had an impact" during the quarter and "we anticipate continued pent-up demand throughout 2021." Shares rose 3.0 percent to $143.00 in pre-market trading.

Walmart Q1 profits fall 32 per cent as pandemic sales growth slows

Alphabet Inc's Google on Tuesday launched its Showcase news platform in India with 30 domestic news publishers, at a time when the country is trying to weed out misinformation surrounding a ferocious second COVID-19 wave. 
 
Indians have become increasingly reliant on social media platforms like Twitter, Facebook and Instagram for information related to the crisis amid a shortage of critical medical supplies. 
 
Google will pay the partnering publishers for their online content and allow them to curate it while allowing users limited access to paywalled stories. It did not reveal further financial details. 
 
"Today`s announcement comes at a particularly challenging moment in India, with Indians seeking out authoritative news and information as the COVID-19 crisis deepens," Google said in a blog. 
 
Google`s service was globally launched late last year and has been in use in more than 12 countries, including Germany, Brazil and the United Kingdom. 
 
Content from Indian publisher partners in English and Hindi will begin to appear in News Showcase panels in Google News and on Discover, Google said, adding it would launch additional Indic languages this year. 
 
Google, led by Sundar Pichai, has promised $18 million in new funding for India, including advertising support for public health campaigns.

Alphabet Inc's Google on Tuesday launched its Showcase news platform in India with 30 domestic news publishers, at a time when the country is trying to weed out misinformation surrounding a ferocious second COVID-19 wave.

Alphabet Inc's Google on Tuesday launched its Showcase news platform in India with 30 domestic news publishers, at a time when the country is trying to weed out misinformation surrounding a ferocious second COVID-19 wave. Indians have become increasingly reliant on social media platforms like Twitter, Facebook and Instagram for information related to the crisis amid a shortage of critical medical supplies. Google will pay the partnering publishers for their online content and allow them to curate it while allowing users limited access to paywalled stories. It did not reveal further financial details. "Today`s announcement comes at a particularly challenging moment in India, with Indians seeking out authoritative news and information as the COVID-19 crisis deepens," Google said in a blog. Google`s service was globally launched late last year and has been in use in more than 12 countries, including Germany, Brazil and the United Kingdom. Content from Indian publisher partners in English and Hindi will begin to appear in News Showcase panels in Google News and on Discover, Google said, adding it would launch additional Indic languages this year. Google, led by Sundar Pichai, has promised $18 million in new funding for India, including advertising support for public health campaigns.

Google ties up with 30 Indian publishers for its news showcase partnership

Stock market indices, Sensex and Nifty ended higher Tuesday led by strong gains in auto, IT and metal stocks amid positive global cues.&nbsp;

Midcap and smallcap indices ended over 1.5 per cent each. Selling was seen in PSU Bank, FMCG and pharma indices.&nbsp;

At the closing bell, the 30-share BSE index was quoted 612.60 points or 1.24 per cent higher at 50,193.33.

Similarly, the broader NSE Nifty went past the psychological 15,000-level and closed 184.95 points or 1.24 per cent higher at 15,108.10.

M&amp;M was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid.

Bharti Airtel, ITC, Dr Reddy's and SBI were the laggards.

"Domestic equities extended gains as an early sign of decline in COVID-19 daily caseload and improving prospects of faster economic recovery emboldened investors," said Binod Modi, Head Strategy at Reliance Securities.

Strong cues from Asian markets also supported the rally, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were also trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.82 per cent higher at USD 70.03 per barrel.

(With inputs from agencies)

Stock market indices, Sensex and Nifty ended higher Tuesday led by strong gains in auto, IT and metal stocks amid positive global cues. Midcap and smallcap indices ended over 1.

Stock market indices, Sensex and Nifty ended higher Tuesday led by strong gains in auto, IT and metal stocks amid positive global cues. Midcap and smallcap indices ended over 1.5 per cent each. Selling was seen in PSU Bank, FMCG and pharma indices. At the closing bell, the 30-share BSE index was quoted 612.60 points or 1.24 per cent higher at 50,193.33. Similarly, the broader NSE Nifty went past the psychological 15,000-level and closed 184.95 points or 1.24 per cent higher at 15,108.10. M&M was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid. Bharti Airtel, ITC, Dr Reddy's and SBI were the laggards. "Domestic equities extended gains as an early sign of decline in COVID-19 daily caseload and improving prospects of faster economic recovery emboldened investors," said Binod Modi, Head Strategy at Reliance Securities. Strong cues from Asian markets also supported the rally, he added. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Stock exchanges in Europe were also trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.82 per cent higher at USD 70.03 per barrel. (With inputs from agencies)

Sensex rallies 612 points, Nifty ends above 15,100

Domestic stock market indices, Sensex and Nifty ended with robust gains on Monday led by banking and financial stocks amid positive global cues. Broader markets supported the rally with the midcap and smallcap indices closing over a per cent higher each.

BSE Sensex zoomed 848 points to settle the day at 49,581 levels today lifted largely by financial counters.

Eight of the top 10 index contributors included names like HDFC Bank, ICICI Bank, HDFC, SBI, Axis Bank, and Kotak Mahindra Bank. Reliance Industries and Infosys were the remaining two contributors.&nbsp;

On the NSE, the Nifty50 reclaimed the 14,900-mark and ended at 14,923 levels, up 245 points.&nbsp;

Meanwhile, the Indian rupee ended higher by 7 paise at 73.22 per dollar, amid buying in the domestic equity market. The local currency opened flat at 73.27 per dollar against Friday’s close of 73.29.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty ended with robust gains on Monday led by banking and financial stocks amid positive global cues. Broader markets supported the rally with the midcap and smallcap indices closing over a per cent higher each.

Domestic stock market indices, Sensex and Nifty ended with robust gains on Monday led by banking and financial stocks amid positive global cues. Broader markets supported the rally with the midcap and smallcap indices closing over a per cent higher each. BSE Sensex zoomed 848 points to settle the day at 49,581 levels today lifted largely by financial counters. Eight of the top 10 index contributors included names like HDFC Bank, ICICI Bank, HDFC, SBI, Axis Bank, and Kotak Mahindra Bank. Reliance Industries and Infosys were the remaining two contributors. On the NSE, the Nifty50 reclaimed the 14,900-mark and ended at 14,923 levels, up 245 points. Meanwhile, the Indian rupee ended higher by 7 paise at 73.22 per dollar, amid buying in the domestic equity market. The local currency opened flat at 73.27 per dollar against Friday’s close of 73.29. (With inputs from agencies)

Market closing: Sensex settles at 49,580.73; Nifty soars to 14,923.15

Automakers are now looking at developing direct relationships with semiconductor makers, said Mark Wakefield, co-leader of Alix Partners' global automotive practice.

Chip shortage to cost automakers $110 bln in revenues in 2021

The rise in gold imports pushed the country’s trade deficit to USD 15.1 billion in April 2021 as against USD 6.76 billion in the same month a year ago.

Gold import jumps to USD 6.3 bn in April

Recent reports suggest that Amazon had access to the ballots from the recent union elections which worked out in favour of the company and had the potential to alter the future of workers rights in Amazon warehouses across the world.

Amazon employee Kevin Jackson told National Labour Relations Board that&nbsp;security guards at the Alabama warehouse&nbsp;had access to keys of the mailbox containing ballots of the high-profile union election held earlier this year.

Jackson added that&nbsp;while he was finishing up a night shift, he saw the guards going through the opened mailbox for "a minute or two"&nbsp;as though looking for something.&nbsp;

Also read:&nbsp;<a href="Why Amazon’s workers sided with the company over a union">Why Amazon’s workers sided with the company over a union</a>

If true, this directly breaches the legality imbued in the elections, for only the US Postal Service had the right to open the ballots.&nbsp;Now, many believe such invasion could prompt the National Labor Relations Board to overturn the results.&nbsp;

Also read:&nbsp;<a href="Amazon leads union election by 2-1; count to resume on Friday">Amazon leads union election by 2-1; count to resume on Friday</a>

The mailbox was installed by US Postal Services at Amazon's request. Now,&nbsp;workers have accused the company of spying over them. They found Amazon's interference&nbsp;illegal as law restricts the surveillance of employees’ union election activities.&nbsp;

In an April 16 complaint, Retail Wholesale and Department Store Union accused Amazon of misconduct for issuing anti-union threats, firing an employee for distributing union cards, and pressuring workers to use the mailbox to cast their votes.

Amazon has constantly refused the allegations saying, "This mailbox — which only the USPS had access to — was a simple, secure, and completely optional way to make it easy for employees to vote, no more and no less." However, Jackson's testimony contradicted Amazon's assertion.&nbsp;

Out of 1798 who voted, 738 Amazon employees cast votes&nbsp;against the union with 505 other disputed ballots uncounted. The labour board holds the power of rejecting the polls if this could have altered the outcome and prevented employees from their choice to unionise.

Recent reports suggest that Amazon had access to the ballots from the recent union elections which worked out in favour of the company and had the potential to alter the future of workers rights in Amazon warehouses across the world.

Recent reports suggest that Amazon had access to the ballots from the recent union elections which worked out in favour of the company and had the potential to alter the future of workers rights in Amazon warehouses across the world. Amazon employee Kevin Jackson told National Labour Relations Board that security guards at the Alabama warehouse had access to keys of the mailbox containing ballots of the high-profile union election held earlier this year. Jackson added that while he was finishing up a night shift, he saw the guards going through the opened mailbox for "a minute or two" as though looking for something. Also read: Why Amazon’s workers sided with the company over a union If true, this directly breaches the legality imbued in the elections, for only the US Postal Service had the right to open the ballots. Now, many believe such invasion could prompt the National Labor Relations Board to overturn the results. Also read: Amazon leads union election by 2-1; count to resume on Friday The mailbox was installed by US Postal Services at Amazon's request. Now, workers have accused the company of spying over them. They found Amazon's interference illegal as law restricts the surveillance of employees’ union election activities. In an April 16 complaint, Retail Wholesale and Department Store Union accused Amazon of misconduct for issuing anti-union threats, firing an employee for distributing union cards, and pressuring workers to use the mailbox to cast their votes. Amazon has constantly refused the allegations saying, "This mailbox — which only the USPS had access to — was a simple, secure, and completely optional way to make it easy for employees to vote, no more and no less." However, Jackson's testimony contradicted Amazon's assertion. Out of 1798 who voted, 738 Amazon employees cast votes against the union with 505 other disputed ballots uncounted. The labour board holds the power of rejecting the polls if this could have altered the outcome and prevented employees from their choice to unionise.

Amazon employees say company had access to warehouse ballots in Alabama. What happens now?

Brent crude futures rose 23 cents, or 0.3%, to settle at $68.55 a barrel while U.S. West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6%, to end the session at $65.28.

Crude oil falls on fading pipeline outage fears and India COVID pandemic

Shortly after, the hackers had claimed that they “had never wanted chaos” and were just interested in getting the “ransom”.

Colonial Pipeline paid $5 million as ransom to hackers

The era of Archies gift shops was something. It was a one-stop shop for all gifts, greetings cards and what not. But just after the turn of the millenium and ahead, the popularity of such shops nosedived.

From engraving someone's name on a keychain being a huge thing, we have come to an era in which even a villager can get a photo printed on a mug and get it delivered to his home. And the ideas of gifts are changing as well.

Enter stock cards! These are gift cards for blue-chip stocks. Couples in South Korea are gifting them to each other. One investment bank has sold 20,000 'stock gift cards' in just five months. Another stock provider sold 3.4 million such cards in a matter of 20 days.

3.4 million!

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-south-korean-couples-are-gifting-stocks-to-each-other-384854/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Who are buying these stocks? Mostly couples in their 20s and 30s. Which stock is their favourite? Tesla! Apple is close behind followed by Starbucks and Netflix.

A 23-year-old college student from South Korea gifted four stock cards to his girlfriend on her birthday. How did she react? The girlfriend first thought it was a scam.

Here's what her partner told a media house:&nbsp;"I didn't get beaten up by her, but she did say that I should increase the amount of cash I put into the gift card next time."

How much are these stocks priced at? A stock in Starbucks comes for as much as a latte. Couples who want to spend more can go for Apple stock gift card. They cost around 22 dollars. Then there are Testla stock cards for couples who can afford something a litte more expensive, with each stock selling at 26 dollars.

Believe it or not, the trend of gifting stocks may have something to do with Kim Kardashian. In 2017, she recieved Amazon, Apple, Disney and Netflix stock as Christmas gift. It was from her then-husband Kayne West.

The pair is now separated but their gestures have revolutionised gifting.

Leave alone stock gift cards, Who would have thought of stocks as gifts?

Most of us get confused when it comes to picking the perfect chocolate, or the right flowers. We were not always this spoilt for choice.

The history of gifting goes back to start of the civilisation. There were no cards, no ribbons, no wrapping papers then. Researchers say that back when we lived in caves, gifts were mostly unusual shaped rocks or animal teeth. They were exchanged to express one's love for another.

Time changed, and so did gifts.

Sometime between 605 BC and 562 BC,&nbsp;King Nebuchadnezzar II built the Hanging Garden of Babylon as a gift for his wife Queen Amytis.

In the 16th century, Queen of England Anne Boleyn had a fountain made as a gift for her husband King Henry VIII. They say the fountain was decorated with gold, rubies, pearls and silver.

In 2013, boxer Mike Tyson bought a 24-carat solid gold bathtub for his then-wife Robin Givens. It was a birthday gift worth $2 million.

In 2012, actor Angelina Jolie gifted her then-partner Brad Pitt a waterfall!

Planes and yachts are a common gift among the richie rich.&nbsp;

But what inspires these exorbitant gifting ideas? Researchers say, we humans use gifts to attract or retain mates. Even our nearest relatives the Chimpanzees often give gifts of food to females.

The global gifting market is worth $698 billion, according to a media startup, Bazinga.&nbsp;

It says India is expected to be one of the world's largest gifting markets by 2024. One estimate says India's gifting market is expected to cross $159 million by 2025. India is also home to the world's most famous emblem of love, the Taj Mahal. A gift in memory of Mumtaz Mahal, by her husband, the Mughal Emperor Shah Jahan. The Taj was completed in 1648.&nbsp;

It's been 373 years, and so much has changed. Even in middle of a pandemic, we can send customised cakes and gifts to our partners living thousands of miles away with just a click. What more? They are delivered within hours.

As a gesture of love, you can also name a star after your partner. People gift holidays, hand-made cookies, land, and luxuries.

The list is long.

And just in case you are still struggling to pick the right gift for your partner, you might want to keep stocks as an option!

The era of Archies gift shops was something. It was a one-stop shop for all gifts, greetings cards and what not. But just after the turn of the millenium and ahead, the popularity of such shops nosedived.

The era of Archies gift shops was something. It was a one-stop shop for all gifts, greetings cards and what not. But just after the turn of the millenium and ahead, the popularity of such shops nosedived. From engraving someone's name on a keychain being a huge thing, we have come to an era in which even a villager can get a photo printed on a mug and get it delivered to his home. And the ideas of gifts are changing as well. Enter stock cards! These are gift cards for blue-chip stocks. Couples in South Korea are gifting them to each other. One investment bank has sold 20,000 'stock gift cards' in just five months. Another stock provider sold 3.4 million such cards in a matter of 20 days. 3.4 million! × Who are buying these stocks? Mostly couples in their 20s and 30s. Which stock is their favourite? Tesla! Apple is close behind followed by Starbucks and Netflix. A 23-year-old college student from South Korea gifted four stock cards to his girlfriend on her birthday. How did she react? The girlfriend first thought it was a scam. Here's what her partner told a media house: "I didn't get beaten up by her, but she did say that I should increase the amount of cash I put into the gift card next time." How much are these stocks priced at? A stock in Starbucks comes for as much as a latte. Couples who want to spend more can go for Apple stock gift card. They cost around 22 dollars. Then there are Testla stock cards for couples who can afford something a litte more expensive, with each stock selling at 26 dollars. Believe it or not, the trend of gifting stocks may have something to do with Kim Kardashian. In 2017, she recieved Amazon, Apple, Disney and Netflix stock as Christmas gift. It was from her then-husband Kayne West. The pair is now separated but their gestures have revolutionised gifting. Leave alone stock gift cards, Who would have thought of stocks as gifts? Most of us get confused when it comes to picking the perfect chocolate, or the right flowers. We were not always this spoilt for choice. The history of gifting goes back to start of the civilisation. There were no cards, no ribbons, no wrapping papers then. Researchers say that back when we lived in caves, gifts were mostly unusual shaped rocks or animal teeth. They were exchanged to express one's love for another. Time changed, and so did gifts. Sometime between 605 BC and 562 BC, King Nebuchadnezzar II built the Hanging Garden of Babylon as a gift for his wife Queen Amytis. In the 16th century, Queen of England Anne Boleyn had a fountain made as a gift for her husband King Henry VIII. They say the fountain was decorated with gold, rubies, pearls and silver. In 2013, boxer Mike Tyson bought a 24-carat solid gold bathtub for his then-wife Robin Givens. It was a birthday gift worth $2 million. In 2012, actor Angelina Jolie gifted her then-partner Brad Pitt a waterfall! Planes and yachts are a common gift among the richie rich. But what inspires these exorbitant gifting ideas? Researchers say, we humans use gifts to attract or retain mates. Even our nearest relatives the Chimpanzees often give gifts of food to females. The global gifting market is worth $698 billion, according to a media startup, Bazinga. It says India is expected to be one of the world's largest gifting markets by 2024. One estimate says India's gifting market is expected to cross $159 million by 2025. India is also home to the world's most famous emblem of love, the Taj Mahal. A gift in memory of Mumtaz Mahal, by her husband, the Mughal Emperor Shah Jahan. The Taj was completed in 1648. It's been 373 years, and so much has changed. Even in middle of a pandemic, we can send customised cakes and gifts to our partners living thousands of miles away with just a click. What more? They are delivered within hours. As a gesture of love, you can also name a star after your partner. People gift holidays, hand-made cookies, land, and luxuries. The list is long. And just in case you are still struggling to pick the right gift for your partner, you might want to keep stocks as an option!

Greeting cards are so yesterday, 'stock cards' is the new buzz!

Indian stock market indices, Sensex and Nifty ended Friday's volatile session flat as losses in metal, auto stocks offset a surge in FMCG majors. Broader markets underperformed benchmarks with the midcap and smallcap indices down around 1.5 per cent each for the day.&nbsp;

Sensex culminated the session at 48,732.5 levels, adding 42 points or 0.09 per cent. During the choppy session, the index hit a high and low of 48,899 and 48,473, respectively.&nbsp;

On the NSE, the broader 50-share index defended the 14,650-mark to settle at 14,678 levels, down 19 points or 0.13 per cent.

Meanwhile, The Indian rupee ended higher by 13 paise at 73.29 per dollar. The local currency opened flat at 73.42 per dollar against Wednesday's close of 73.42 and traded in the range of 73.22-73.43.&nbsp;

(With inputs from agencies)

Indian stock market indices, Sensex and Nifty ended Friday's volatile session flat as losses in metal, auto stocks offset a surge in FMCG majors. Broader markets underperformed benchmarks with the midcap and smallcap indices down around 1.

Indian stock market indices, Sensex and Nifty ended Friday's volatile session flat as losses in metal, auto stocks offset a surge in FMCG majors. Broader markets underperformed benchmarks with the midcap and smallcap indices down around 1.5 per cent each for the day. Sensex culminated the session at 48,732.5 levels, adding 42 points or 0.09 per cent. During the choppy session, the index hit a high and low of 48,899 and 48,473, respectively. On the NSE, the broader 50-share index defended the 14,650-mark to settle at 14,678 levels, down 19 points or 0.13 per cent. Meanwhile, The Indian rupee ended higher by 13 paise at 73.29 per dollar. The local currency opened flat at 73.42 per dollar against Wednesday's close of 73.42 and traded in the range of 73.22-73.43. (With inputs from agencies)

Sensex ends flat, Nifty below 14,700

The report from the US Labor Department comes amid fears that rising consumer prices could push up interest rates.

US inflation sees biggest jump since 2008

The price of bitcoin fell about 5 percent to $51,847 after Musk’s comments on Twitter. Tesla’s stock finished Wednesday down 4.4 percent.

Tesla suspends vehicle purchases using Bitcoin

According to data released by the Centre for Monitoring Indian Economy(CMIE), India's unemployment rate jumped to 8 per cent in April.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-records-over-362-lakh-cases-4120-deaths-in-a-day-384710/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Last month&nbsp;the <a href="https://www.wionews.com/india-news/covid-19-india-clocks-more-than-362000-fresh-covid-cases-4120-deaths-384687">second wave</a> became more contagious&nbsp;impacting many parts of Asia's third-largest economy.&nbsp;

The overall rate of unemployment in March 2021 was 6.5 per cent while the urban unemployment in <a href="https://www.wionews.com/india-news/india-will-have-to-invest-heavily-in-infrastructure-for-economy-to-recover-un-expert-384688">India </a>is now nearing 12 per cent, the highest in more than 10 months.

While the labour force shrank by 1.1 million in April, the count of the total employed fell by around 7.35 million last month, although there is no nationwide lockdown currently like last year, micro lockdowns have been announced by many states to curb the spread of the virus.

Some economists believe lockdowns by states which is equal to a quasi-national lockdown will put further pressure on the job market with prospects for jobs bleak during the year as the second wave of COVID-19 impacts economic recovery.

Professional forecasting agencies have already scaled back their GDP growth projections for the year.

Earlier on Tuesday, rating agency Moody’s investors' service had slashed its F22 growth forecast for India to 9.3 per cent from 13.7 per cent estimated earlier, joining others, including Nomura&nbsp;which also cut projection from 12.6 per cent to 10.8 per cent.

A Reuters report said<a href="https://www.wionews.com/india-news/covid-19-more-ventilators-oxygen-cylinders-arrive-in-india-from-europe-384685"> India's</a> inflation&nbsp;had eased to a three-month low last month as food costs rose slowly even as several parts of the country went into lockdown due to a surge in virus cases.

Annual retail inflation rose 4.29 per cent, down from 5.52 per cent in March, the Reuters report said as food prices rose &nbsp;2.02 per cent compared with 4.87 per cent in the previous month.

Amid the ravaging second wave, the Retailers Association of India (RAI) said workers and businesses need urgent support due to restrictions imposed in the aftermath of the virus surge.

"Retailers need to pay salaries, minimum electricity, rentals, property taxes, etc. Even if the businesses are shut due to lockdown. The cash inflow of the industry has come to a standstill, while the fixed operating costs remain intact," RAI said in a statement.

"Millions of MSME (Micro, Small &amp; Medium Enterprises) suppliers too get no payment from the industry participants," it added.

According to data released by the Centre for Monitoring Indian Economy(CMIE), India's unemployment rate jumped to 8 per cent in April. Watch: Last month the second wave became more contagious impacting many parts of Asia's third-largest economy.

According to data released by the Centre for Monitoring Indian Economy(CMIE), India's unemployment rate jumped to 8 per cent in April. Watch: Last month the second wave became more contagious impacting many parts of Asia's third-largest economy. The overall rate of unemployment in March 2021 was 6.5 per cent while the urban unemployment in India is now nearing 12 per cent, the highest in more than 10 months. While the labour force shrank by 1.1 million in April, the count of the total employed fell by around 7.35 million last month, although there is no nationwide lockdown currently like last year, micro lockdowns have been announced by many states to curb the spread of the virus. Some economists believe lockdowns by states which is equal to a quasi-national lockdown will put further pressure on the job market with prospects for jobs bleak during the year as the second wave of COVID-19 impacts economic recovery. Professional forecasting agencies have already scaled back their GDP growth projections for the year. Earlier on Tuesday, rating agency Moody’s investors' service had slashed its F22 growth forecast for India to 9.3 per cent from 13.7 per cent estimated earlier, joining others, including Nomura which also cut projection from 12.6 per cent to 10.8 per cent. A Reuters report said India's inflation had eased to a three-month low last month as food costs rose slowly even as several parts of the country went into lockdown due to a surge in virus cases. Annual retail inflation rose 4.29 per cent, down from 5.52 per cent in March, the Reuters report said as food prices rose 2.02 per cent compared with 4.87 per cent in the previous month. Amid the ravaging second wave, the Retailers Association of India (RAI) said workers and businesses need urgent support due to restrictions imposed in the aftermath of the virus surge. "Retailers need to pay salaries, minimum electricity, rentals, property taxes, etc. Even if the businesses are shut due to lockdown. The cash inflow of the industry has come to a standstill, while the fixed operating costs remain intact," RAI said in a statement. "Millions of MSME (Micro, Small & Medium Enterprises) suppliers too get no payment from the industry participants," it added.

India suffers record job losses in April amid second wave