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The S&amp;P 500 and the Dow hit record highs on Friday as economy-linked stocks including banks and industrials gained on optimism around strong U.S. economic growth.

Financial stocks rose 0.6%, more than any other S&amp;P sector, with Bank of America Corp, Citigroup Inc and JPMorgan Chase &amp; Co rising between 0.5% and 0.9%.

The banks will kick off the first-quarter earnings season next week, and analysts expect profits for S&amp;P 500 firms to have jumped about 25% year on year, the strongest performance for the quarter since 2018, according to Refinitiv IBES data.

"We have had a tremendous run recently and there's some excitement about how strong corporate America's earnings will be," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

"It is a chance to justify the rallies that we have seen recently to new highs."

Data on Friday showed U.S. producer prices increased more than expected in March, resulting in the largest annual gain in nine-and-a-half years, likely marking the start of higher inflation.

However, the Federal Reserve's officials have maintained that rising prices would be transitory because of the labor market's slack and the U.S. central bank plans to keep interest rates lower for a substantial period.

"Historically, the reaction to PPI (producer prices index) number like that would have had markets selling off but clearly we are being made to understand that the Fed's inflation target is truly asymmetric," said Art Hogan, chief market strategist at National Securities in New York.

"If the Fed is willing to ignore high inflation in the near term, investors should likely do the same."

U.S. President Joe Biden asked Congress to sharply increase spending to combat climate change and gun violence in a budget that marks a sharp departure from his predecessor, Donald Trump.

At 11:27 a.m. ET, the Dow Jones Industrial Average rose 76.22 points, or 0.23%, to 33,579.79, the S&amp;P 500 gained 4.60 points, or 0.11%, to 4,101.77 and the Nasdaq Composite lost 20.53 points, or 0.15%, to 13,808.78.

The communication services index, which houses high-flying names, inched lower.

Still, the Russell 1000 growth index, which comprises mainly technology-related stocks, is set to outperform its value counterpart, made up of mostly financials and energy names, for a second consecutive week following the recent pullback in longer-dated Treasury yields.

Bank of America's weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years.

Honeywell gained about 2% as Jefferies and J.P. Morgan raised their price targets on the U.S. aero parts maker's shares.

Advancing issues outnumbered decliners by a 1-to-1 ratio on the NYSE and declining issues outnumbered advancers by a 1.5-to-1 ratio on the Nasdaq.

The S&amp;P 500 posted 37 new 52-week highs and no new lows, while the Nasdaq recorded 124 new highs and 31 new lows.

The S&P 500 and the Dow hit record highs on Friday as economy-linked stocks including banks and industrials gained on optimism around strong U.S. economic growth.

The S&P 500 and the Dow hit record highs on Friday as economy-linked stocks including banks and industrials gained on optimism around strong U.S. economic growth. Financial stocks rose 0.6%, more than any other S&P sector, with Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co rising between 0.5% and 0.9%. The banks will kick off the first-quarter earnings season next week, and analysts expect profits for S&P 500 firms to have jumped about 25% year on year, the strongest performance for the quarter since 2018, according to Refinitiv IBES data. "We have had a tremendous run recently and there's some excitement about how strong corporate America's earnings will be," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. "It is a chance to justify the rallies that we have seen recently to new highs." Data on Friday showed U.S. producer prices increased more than expected in March, resulting in the largest annual gain in nine-and-a-half years, likely marking the start of higher inflation. However, the Federal Reserve's officials have maintained that rising prices would be transitory because of the labor market's slack and the U.S. central bank plans to keep interest rates lower for a substantial period. "Historically, the reaction to PPI (producer prices index) number like that would have had markets selling off but clearly we are being made to understand that the Fed's inflation target is truly asymmetric," said Art Hogan, chief market strategist at National Securities in New York. "If the Fed is willing to ignore high inflation in the near term, investors should likely do the same." U.S. President Joe Biden asked Congress to sharply increase spending to combat climate change and gun violence in a budget that marks a sharp departure from his predecessor, Donald Trump. At 11:27 a.m. ET, the Dow Jones Industrial Average rose 76.22 points, or 0.23%, to 33,579.79, the S&P 500 gained 4.60 points, or 0.11%, to 4,101.77 and the Nasdaq Composite lost 20.53 points, or 0.15%, to 13,808.78. The communication services index, which houses high-flying names, inched lower. Still, the Russell 1000 growth index, which comprises mainly technology-related stocks, is set to outperform its value counterpart, made up of mostly financials and energy names, for a second consecutive week following the recent pullback in longer-dated Treasury yields. Bank of America's weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years. Honeywell gained about 2% as Jefferies and J.P. Morgan raised their price targets on the U.S. aero parts maker's shares. Advancing issues outnumbered decliners by a 1-to-1 ratio on the NYSE and declining issues outnumbered advancers by a 1.5-to-1 ratio on the Nasdaq. The S&P 500 posted 37 new 52-week highs and no new lows, while the Nasdaq recorded 124 new highs and 31 new lows.

S&P 500, Dow at all-time high as banks, industrial rise

MUMBAI: After eight quarters of either decline or single-digit growth, corporate revenue grew in high double-digits of 15-17 per cent in the March quarter of FY'21 to Rs 6.9 lakh crore, partly because of the low base and better realisation due to higher commodity prices, pushing up their operating profits by a much higher 28-30 per cent, says a report.

With a visible recovery in the second half of fiscal 2021, the overall revenue may be just 50 bps lower than that of fiscal 2020, according to a pre-earnings forecast by Crisil Ratings on Thursday.

The estimates of 15-17 per cent revenue growth to Rs 6.9 lakh crore in Q4 of FY21 are based on an analysis of 300 companies, which account for 55-60 per cent of the market capitalisation (excluding financial services and oil companies) of the NSE, the agency said, adding operating profit jumped be 28-30 per cent in the quarter.

The robust revenue growth rides on a low base of the year-ago quarter, besides higher government capex and higher realisations amid a commodity upcycle, among others.

A closer look at the revenue breakup indicates 50 per cent of the recovery is contributed by automobiles, IT services and construction, according to Hetal Gandhi, a director at the agency who led the team of analysts.

She also pointed out that this double-digit growth comes after eight quarters of either decline or single-digit growth.

With a visible recovery in the H2 of FY21, the overall revenue for these 300 companies is estimated at Rs 23.8 lakh crore, which is a mere 0.5 per cent lower on-year.

The growth is led by construction-linked sectors like steel and cement which are estimated to have posted 45-50 per cent and 17-18 per cent on-year revenue rise, respectively, buoyed by higher realisations and volume.

Domestic prices of flat steel and cement are estimated to have risen to 32 per cent and 2 per cent on-year, respectively.

But the picture is not rosy across verticals.

A cloud of uncertainty continues to loom over consumer discretionary services such as airlines which likely to have declined 30 per cent amid social distancing and cut in travel budgets.

Similarly, revenue for players in media and entertainment is also expected to have dropped 10 per cent due to lower ad spends and subscriptions.

Earnings before interest, tax, depreciation and amortisation (Ebitda) is estimated to have jumped 28-30 per cent in the quarter, significantly better than revenue growth.

Mayur Patil, an associate director, explained that demand recovery, higher realisations, and unprecedented fixed-cost cutting measures have enabled a healthy rise in operating margins for six quarters now.

But he was quick to warn that rising commodity prices will lead to a decline in margins on a sequential basis.

Key raw materials such as steel, aluminium, natural rubber and crude oil have seen a double-digit increase from March 2020 levels.

The most affected sectors due to the commodity price increase will steel, cement and pharma, which together account for 30 per cent of aggregate Ebitda profit, are expected to see their margins contract by 380 bps, 230 bps and 160 bps, respectively, on a sequential basis.

Despite this, fiscal 2021 will close Ebitda profile rising 12-13 per cent on-year over flat revenue.

The other key sectors covered include aluminium, auto &amp; auto components, capital goods, petrochemicals, construction, FMCG, power, retail, sugar, cotton yarn, telecom services, and tyres.

The automobiles industry is expected to record steep growth, pegged at 45-47 per cent on-year, given a low base, higher wholesale sales volumes, and higher realisations led by the implementation of Bharat VI emission norms.

This, in turn, is expected to have driven growth for ancillary segments such as auto components and tyres that are estimated to grow a robust 26-28 per cent.

Despite the pandemic, there was sustained growth in export-linked sectors like IT services and pharma reporting a 6 per cent increase in revenue.

The government thrust on public spending also arrested a fall in revenue for construction-linked sectors.

Construction players are estimated to clock a 10 per cent decline in revenue due to a weak performance in the first half of the fiscal.

On the other hand, those in the commodity space like steel, gained from a volume recovery in the H2, coupled with higher realisations, resulting in a 10 per cent increase in revenue for the year.

However, overall revenue growth for India Inc was constrained by a fall in consumer discretionary products and services which are set to see 10-12 per cent fall.

Steel companies are also expected to post a whooping 45-50 per cent increase in revenue, led by rising realisation (27 per cent on-year increase) and healthy demand in Q4 on the low base.

IT services revenue is expected to have grown a modest 6-7 per cent, aided by robust demand for digital services (44 per cent of total revenue) and rupee depreciation of 2 per cent.

Similarly, petrochemical companies are expected to seen revenue jump 40-45 per cent, supported by an increase in realisations, led by rise in crude and naphtha prices (up 21 per cent).

Aluminium sector revenue is expected to have increased 15 per cent, mainly due to higher metal prices and stable production volumes.

Telecom services revenue is expected to decline marginally by 2 per cent, owing to removal of IUC charges, while power generation companies are expected to see a 4-5 per cent growth , led by a continued recovery in power demand, coupled with the low base of the fourth quarter in the previous fiscal.

Capital goods manufacturers are expected to net 6-7 per cent more revenue with economic activity picking up, coupled with a low base.

MUMBAI: After eight quarters of either decline or single-digit growth, corporate revenue grew in high double-digits of 15-17 per cent in the March quarter of FY'21 to Rs 6.

MUMBAI: After eight quarters of either decline or single-digit growth, corporate revenue grew in high double-digits of 15-17 per cent in the March quarter of FY'21 to Rs 6.9 lakh crore, partly because of the low base and better realisation due to higher commodity prices, pushing up their operating profits by a much higher 28-30 per cent, says a report. With a visible recovery in the second half of fiscal 2021, the overall revenue may be just 50 bps lower than that of fiscal 2020, according to a pre-earnings forecast by Crisil Ratings on Thursday. The estimates of 15-17 per cent revenue growth to Rs 6.9 lakh crore in Q4 of FY21 are based on an analysis of 300 companies, which account for 55-60 per cent of the market capitalisation (excluding financial services and oil companies) of the NSE, the agency said, adding operating profit jumped be 28-30 per cent in the quarter. The robust revenue growth rides on a low base of the year-ago quarter, besides higher government capex and higher realisations amid a commodity upcycle, among others. A closer look at the revenue breakup indicates 50 per cent of the recovery is contributed by automobiles, IT services and construction, according to Hetal Gandhi, a director at the agency who led the team of analysts. She also pointed out that this double-digit growth comes after eight quarters of either decline or single-digit growth. With a visible recovery in the H2 of FY21, the overall revenue for these 300 companies is estimated at Rs 23.8 lakh crore, which is a mere 0.5 per cent lower on-year. The growth is led by construction-linked sectors like steel and cement which are estimated to have posted 45-50 per cent and 17-18 per cent on-year revenue rise, respectively, buoyed by higher realisations and volume. Domestic prices of flat steel and cement are estimated to have risen to 32 per cent and 2 per cent on-year, respectively. But the picture is not rosy across verticals. A cloud of uncertainty continues to loom over consumer discretionary services such as airlines which likely to have declined 30 per cent amid social distancing and cut in travel budgets. Similarly, revenue for players in media and entertainment is also expected to have dropped 10 per cent due to lower ad spends and subscriptions. Earnings before interest, tax, depreciation and amortisation (Ebitda) is estimated to have jumped 28-30 per cent in the quarter, significantly better than revenue growth. Mayur Patil, an associate director, explained that demand recovery, higher realisations, and unprecedented fixed-cost cutting measures have enabled a healthy rise in operating margins for six quarters now. But he was quick to warn that rising commodity prices will lead to a decline in margins on a sequential basis. Key raw materials such as steel, aluminium, natural rubber and crude oil have seen a double-digit increase from March 2020 levels. The most affected sectors due to the commodity price increase will steel, cement and pharma, which together account for 30 per cent of aggregate Ebitda profit, are expected to see their margins contract by 380 bps, 230 bps and 160 bps, respectively, on a sequential basis. Despite this, fiscal 2021 will close Ebitda profile rising 12-13 per cent on-year over flat revenue. The other key sectors covered include aluminium, auto & auto components, capital goods, petrochemicals, construction, FMCG, power, retail, sugar, cotton yarn, telecom services, and tyres. The automobiles industry is expected to record steep growth, pegged at 45-47 per cent on-year, given a low base, higher wholesale sales volumes, and higher realisations led by the implementation of Bharat VI emission norms. This, in turn, is expected to have driven growth for ancillary segments such as auto components and tyres that are estimated to grow a robust 26-28 per cent. Despite the pandemic, there was sustained growth in export-linked sectors like IT services and pharma reporting a 6 per cent increase in revenue. The government thrust on public spending also arrested a fall in revenue for construction-linked sectors. Construction players are estimated to clock a 10 per cent decline in revenue due to a weak performance in the first half of the fiscal. On the other hand, those in the commodity space like steel, gained from a volume recovery in the H2, coupled with higher realisations, resulting in a 10 per cent increase in revenue for the year. However, overall revenue growth for India Inc was constrained by a fall in consumer discretionary products and services which are set to see 10-12 per cent fall. Steel companies are also expected to post a whooping 45-50 per cent increase in revenue, led by rising realisation (27 per cent on-year increase) and healthy demand in Q4 on the low base. IT services revenue is expected to have grown a modest 6-7 per cent, aided by robust demand for digital services (44 per cent of total revenue) and rupee depreciation of 2 per cent. Similarly, petrochemical companies are expected to seen revenue jump 40-45 per cent, supported by an increase in realisations, led by rise in crude and naphtha prices (up 21 per cent). Aluminium sector revenue is expected to have increased 15 per cent, mainly due to higher metal prices and stable production volumes. Telecom services revenue is expected to decline marginally by 2 per cent, owing to removal of IUC charges, while power generation companies are expected to see a 4-5 per cent growth , led by a continued recovery in power demand, coupled with the low base of the fourth quarter in the previous fiscal. Capital goods manufacturers are expected to net 6-7 per cent more revenue with economic activity picking up, coupled with a low base.

India Inc set to login 15-17 per cent revenue growth in Q4 FY'21: Report

Stock market indices ended lower on Friday after a volatile session dragged mainly by banking and energy stocks, as a surge in COVID cases kept investors cautious after some states imposed new restrictions.

As per provisional closing data, the barometer index, the S&amp;P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 37.05 points or 0.25% to 14,836.75.&nbsp;

On the Nifty50 index, Cipla, Sun Pharma, HUL, Tech Mahindra, and Tata Consumer were the top gainers while Bajaj Finance, UPL, Tata Steel, UltraTech cement and NTPC led the losses.

Meanwhile, the Indian rupee erased some of the intraday losses but ended lower at 74.74 per dollar, amid volatile trade seen in the domestic equity market. It opened 17 paise lower at 74.77 per dollar versus Thursday's close of 74.60 and traded in the range of 74.53-74.97.

(With inputs from agencies)

Stock market indices ended lower on Friday after a volatile session dragged mainly by banking and energy stocks, as a surge in COVID cases kept investors cautious after some states imposed new restrictions.

Stock market indices ended lower on Friday after a volatile session dragged mainly by banking and energy stocks, as a surge in COVID cases kept investors cautious after some states imposed new restrictions. As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 37.05 points or 0.25% to 14,836.75. On the Nifty50 index, Cipla, Sun Pharma, HUL, Tech Mahindra, and Tata Consumer were the top gainers while Bajaj Finance, UPL, Tata Steel, UltraTech cement and NTPC led the losses. Meanwhile, the Indian rupee erased some of the intraday losses but ended lower at 74.74 per dollar, amid volatile trade seen in the domestic equity market. It opened 17 paise lower at 74.77 per dollar versus Thursday's close of 74.60 and traded in the range of 74.53-74.97. (With inputs from agencies)

Sensex ends 155 points lower, Nifty below 14,850

General Motors is testing a variety of battery chemistries, technologies and manufacturing processes aimed at slashing the cost of future electric vehicle batteries and reducing its dependence on such price-sensitive metals as cobalt.

World Business Watch: GM aims at slashing electric vehicles battery costs

To speed up deliveries in small markets United Parcel Service (UPS) has agreed to buy 10 electrical aircraft from Beta Technologies (BETA). The vehicle has a 1,400 lb cargo capacity, a range of 250 miles and zero operating emissions.

World Business Watch: UPS to buy 10 electric aircraft for delivery

The US trade deficit surged to a record high in February as the nation's economic activity rebounded more quickly than that of its global rivals and could remain elevated this year as well, with massive fiscal stimulus expected to spur the fastest growth in nearly four decades.

World Business Watch: US trade deficit hits record high in February

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.

The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday.

The extant norms allow payments banks (PBs) to hold a maximum balance of Rs 1 lakh per individual customer.

"Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect," the Reserve Bank of India said in a circular.

The decision to double the limit was based on a review of the performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.

There are about half a dozen payments banks in the country.

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses. The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday. The extant norms allow payments banks (PBs) to hold a maximum balance of Rs 1 lakh per individual customer. "Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect," the Reserve Bank of India said in a circular. The decision to double the limit was based on a review of the performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants. There are about half a dozen payments banks in the country.

Payments banks can now hold max balance of Rs 2 lakh/customer

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday.

Now, cryptocurrencies are&nbsp;valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies.

The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens.

Also read:&nbsp;<a href="http://13.235.153.162/technology/nfts-are-neither-miracles-nor-scams-374760" hreflang="en">NFTs are neither miracles nor scams</a>

The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million.

Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether.&nbsp;Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin.

Also read:&nbsp;<a href="http://13.235.153.162/world/elon-musk-says-tesla-customers-can-buy-its-electric-vehicles-with-bitcoin-372845" hreflang="en">Elon Musk says Tesla customers can buy its electric vehicles with bitcoin</a>

Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and&nbsp;open source software", he said.

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions.

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday. Now, cryptocurrencies are valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies. The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens. Also read: NFTs are neither miracles nor scams The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million. Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether. Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin. Also read: Elon Musk says Tesla customers can buy its electric vehicles with bitcoin Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and open source software", he said.

Cryptocurrency market value crosses $2 trillion mark for first time

Supported by strengthening domestic demand amid increased COVID-19 vaccinations and additional pandemic aid US job openings rose to a two-year high in February.

World Business Watch: US job openings jump to two-year high in boost to labour market

A US auto industry group urged the government to help as it warned the global semiconductor shortage could result in 1.28 million fewer vehicles built this year and disrupt production for another six months.

World Business Watch: US auto group warns of impact of chip shortage, writes to govt for help

Stock market indices, Sensex and Nifty ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme.&nbsp;

BSE Sensex index leapt 700 points and hit the day's high of 49,900. The Nifty50, meanwhile, jumped nearly 200 points and hit 14,880 on the back of an across-the-board buying.&nbsp;

Banking and financial stocks outperformed on Wednesday with the Nifty Bank, Private Bank, and PSU Bank indices settling higher in the range of 1.5 per cent to 2 per cent.

Global markets

Asian shares pulled back from a three-week high on Wednesday, dragged lower by Chinese stocks. MSCI’s broadest index of Asia-Pacific shares outside of Japan was last down 0.1 per cent after Chinese and Hong Kong shares opened in the red. China’s blue-chip CSI300 index was down about 1 per cent while Hong Kong’s Hang Seng index fell 0.8 per cent.

That said, Japan’s Nikkei was a shade higher while Australian shares rose 0.6 per cent and South Korea’s KOSPI added 0.3 per cent. New Zealand ended 0.7 per cent higher.

In Europe, the pan-European STOXX 600 index fell 0.2 per cent while the German DAX and France’s CAC 40 were flat. The UK’s exporter-heavy FTSE 100, however, gained 0.3 per cent as a weaker pound lifted the dollar earners.

(With inputs from Reuters)

Stock market indices, Sensex and Nifty ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme.

Stock market indices, Sensex and Nifty ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme. BSE Sensex index leapt 700 points and hit the day's high of 49,900. The Nifty50, meanwhile, jumped nearly 200 points and hit 14,880 on the back of an across-the-board buying. Banking and financial stocks outperformed on Wednesday with the Nifty Bank, Private Bank, and PSU Bank indices settling higher in the range of 1.5 per cent to 2 per cent. Global markets Asian shares pulled back from a three-week high on Wednesday, dragged lower by Chinese stocks. MSCI’s broadest index of Asia-Pacific shares outside of Japan was last down 0.1 per cent after Chinese and Hong Kong shares opened in the red. China’s blue-chip CSI300 index was down about 1 per cent while Hong Kong’s Hang Seng index fell 0.8 per cent. That said, Japan’s Nikkei was a shade higher while Australian shares rose 0.6 per cent and South Korea’s KOSPI added 0.3 per cent. New Zealand ended 0.7 per cent higher. In Europe, the pan-European STOXX 600 index fell 0.2 per cent while the German DAX and France’s CAC 40 were flat. The UK’s exporter-heavy FTSE 100, however, gained 0.3 per cent as a weaker pound lifted the dollar earners. (With inputs from Reuters)

Sensex ends at 49,661, Nifty above 14,800

Stating that "growth is of paramount importance now", India's Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy.

Announcing the first monetary policy of fiscal 2022, the central bank left the key policy rate unchanged at 4 per cent for the fifth time in a row, after the rash of rate cuts earlier last fiscal.

It also assured of an indefinitely long period of accommodative policy stance which was topped by a historic move to commit its own balance sheet to the market with a new liquidity tool called 'the secondary market government securities acquisition programme' or G-Sap, under which it will buy government bonds worth Rs 1 lakh crore this quarter.

Addressing the media online, RBI Governor Shaktikanta Das said "as of now growth is of paramount importance...and we'll do whatever it takes to help sustain the recovery."

But he was quick to add that "inflation targeting is also important."

 
"More importantly, the government reiterating the plus-minus 2 per cent of 4 per cent inflation targeting gives us enough policy space to support growth as there are more downside risks to growth on the horizon now than in recent past which make growth...of paramount importance," he added. 
The central bank chose to retain its last forecast of 10.5 per cent GDP growth this fiscal, saying it is "too early to revise its own forecast done two months ago as we have just entered the new fiscal year."

Asked why the thrust was on growth despite pencilling in an upward inflation trajectory (5.2 per cent for the first half and 4.4 per cent for the second), and offering an indefinite period of accommodative policy stance, Das said, "We'll continue to be accommodative till growth becomes sustainable and we will do whatever it takes to achieve that."

Das continued to explain that "inflation is already in a well-entrenched and well-anchored framework now and so is inflation expectation, that's also well-anchored. This is very clear from the fact that the government notification has reiterated the plus-minus 2 per cent of 4 per cent inflation targeting."

"This framework gives RBI enough leeway gives enough policy tools to manage any extraordinary situations like the current pandemic.

"For the time being and at the current juncture, growth is of paramount importance, while of course keeping in mind inflation targeting is also important. After all, the the primary goal of the monetary policy is to maintain a certain level of inflation," he said.

However, the governor was quick to admit that the inflation outlook is uncertain.

On when the RBI will begin to exit the low reverse repo regime, Das said "that's something only time can decide. All I can tell you now is that we are accommodative and will remain so till we feel it is needed. So, we will have to wait when we will exit reverse repo."

His deputy Michael D Patra chipped in saying whenever the reverse repo is in operation, the policy is accommodative, parrying a direct response to a query on the impact of such high liquidity infusion on inflation.

On whether the RBI is anticipating some shocks to the system, Patra said, "We are mindful of the liquidity situation. And we will be mindful of taking a balanced action."

"To begin with, for the first in history, RBI is committing its balance sheet to the monetary policy under which we are committing to the market that we will give you Rs 1 trillion each quarter (up to Rs 3 trillion this fiscal), whether you want it or not, and irrespective of the market movement we will give you that amount of liquidity through the G-Sap," he said.

He went on to explain that when the policy rates are left unchanged, other tools are required to run the policy.

Patra said the bond buying is "an upfront assurance and is similar to what other major central banks are doing in buying the best and most secure assets, that is G-secs -- the benchmark for the entire money market."

"We are not leaving anything to the market to guess on the quantum, the timing or the demand or anything else. And this is a commitment to fund it from the RBI balance sheet itself," Patra said.

On maintaining the GDP forecast at the previous level of 10.5 per cent (26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4), Das said, "It is too early to give a guidance especially now the pandemic situation has become more uncertain due to the recent surge in infections. Also, we are at the beginning of a the new fiscal year."

"But at the same time I would like to like to say that the current situation is unlikely to impact the economy so much as it did this time last year because lockdowns are very selective this time. Also, many establishments, manufacturing units and businesses are fully operational and are better prepared to face the challenges now. And so are the general public.

"Therefore, we've reiterated our 10.5 percent forecast as the situation prevails today; and I don't think there is any significant upside risks to this as of now. Vaccine is an additional factor on the table which was not there last year. Overall we are better prepared.

"So whatever guidance we've given so far looks reasonable. Going forward we will be watchful, Das noted.

Stating that "growth is of paramount importance now", India's Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy.

Stating that "growth is of paramount importance now", India's Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy. Announcing the first monetary policy of fiscal 2022, the central bank left the key policy rate unchanged at 4 per cent for the fifth time in a row, after the rash of rate cuts earlier last fiscal. It also assured of an indefinitely long period of accommodative policy stance which was topped by a historic move to commit its own balance sheet to the market with a new liquidity tool called 'the secondary market government securities acquisition programme' or G-Sap, under which it will buy government bonds worth Rs 1 lakh crore this quarter. Addressing the media online, RBI Governor Shaktikanta Das said "as of now growth is of paramount importance...and we'll do whatever it takes to help sustain the recovery." But he was quick to add that "inflation targeting is also important." "More importantly, the government reiterating the plus-minus 2 per cent of 4 per cent inflation targeting gives us enough policy space to support growth as there are more downside risks to growth on the horizon now than in recent past which make growth...of paramount importance," he added. The central bank chose to retain its last forecast of 10.5 per cent GDP growth this fiscal, saying it is "too early to revise its own forecast done two months ago as we have just entered the new fiscal year." Asked why the thrust was on growth despite pencilling in an upward inflation trajectory (5.2 per cent for the first half and 4.4 per cent for the second), and offering an indefinite period of accommodative policy stance, Das said, "We'll continue to be accommodative till growth becomes sustainable and we will do whatever it takes to achieve that." Das continued to explain that "inflation is already in a well-entrenched and well-anchored framework now and so is inflation expectation, that's also well-anchored. This is very clear from the fact that the government notification has reiterated the plus-minus 2 per cent of 4 per cent inflation targeting." "This framework gives RBI enough leeway gives enough policy tools to manage any extraordinary situations like the current pandemic. "For the time being and at the current juncture, growth is of paramount importance, while of course keeping in mind inflation targeting is also important. After all, the the primary goal of the monetary policy is to maintain a certain level of inflation," he said. However, the governor was quick to admit that the inflation outlook is uncertain. On when the RBI will begin to exit the low reverse repo regime, Das said "that's something only time can decide. All I can tell you now is that we are accommodative and will remain so till we feel it is needed. So, we will have to wait when we will exit reverse repo." His deputy Michael D Patra chipped in saying whenever the reverse repo is in operation, the policy is accommodative, parrying a direct response to a query on the impact of such high liquidity infusion on inflation. On whether the RBI is anticipating some shocks to the system, Patra said, "We are mindful of the liquidity situation. And we will be mindful of taking a balanced action." "To begin with, for the first in history, RBI is committing its balance sheet to the monetary policy under which we are committing to the market that we will give you Rs 1 trillion each quarter (up to Rs 3 trillion this fiscal), whether you want it or not, and irrespective of the market movement we will give you that amount of liquidity through the G-Sap," he said. He went on to explain that when the policy rates are left unchanged, other tools are required to run the policy. Patra said the bond buying is "an upfront assurance and is similar to what other major central banks are doing in buying the best and most secure assets, that is G-secs -- the benchmark for the entire money market." "We are not leaving anything to the market to guess on the quantum, the timing or the demand or anything else. And this is a commitment to fund it from the RBI balance sheet itself," Patra said. On maintaining the GDP forecast at the previous level of 10.5 per cent (26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4), Das said, "It is too early to give a guidance especially now the pandemic situation has become more uncertain due to the recent surge in infections. Also, we are at the beginning of a the new fiscal year." "But at the same time I would like to like to say that the current situation is unlikely to impact the economy so much as it did this time last year because lockdowns are very selective this time. Also, many establishments, manufacturing units and businesses are fully operational and are better prepared to face the challenges now. And so are the general public. "Therefore, we've reiterated our 10.5 percent forecast as the situation prevails today; and I don't think there is any significant upside risks to this as of now. Vaccine is an additional factor on the table which was not there last year. Overall we are better prepared. "So whatever guidance we've given so far looks reasonable. Going forward we will be watchful, Das noted.

Supporting growth paramount for RBI now: Governor Shaktikanta Das

   	 Mumbai, Apr 7 (PTI) FOLLOWING ARE THE DIRECT  RATES OF EXCHANGE  (DPE) AS ANNOUNCED  BY THE STATE BANK OF INDIA HERE.  
  
		( ALL RATES IN RUPEES PER UNIT ).
CURRENCY CODE	TTBUY	TTSEL	BILLBUY	TTSEL 
 
USD/INR	73.25	74.75	73.19	74.9
EUR/INR	86.36	89.29	86.29	89.47
GBP/INR	100.43	103.6	100.34	103.81
JPY/INR	66.25	68.55	66.19	68.68
CHF/INR	78.09	81.03	78.03	81.19
AUD/INR	55.52	57.74	55.48	57.86
NZD/INR	51.24	53.41	51.2	53.52
CAD/INR	57.75	59.7	57.7	59.82
SGD/INR	54.4	56.16	54.36	56.27
HKD/INR	9.35	9.67	9.34	9.69
DKK/INR	11.61	12.01	11.59	12.03
NOK/INR	8.57	8.85	8.56	8.87
SEK/INR	8.45	8.73	8.44	8.75
	NOTE:- CURRENCY JPY IS CALCULATED IN 100  FOREIGN CURRENCY  UNIT.
---------------
 

Mumbai, Apr 7 (PTI) FOLLOWING ARE THE DIRECT RATES OF EXCHANGE (DPE) AS ANNOUNCED BY THE STATE BANK OF INDIA HERE. ( ALL RATES IN RUPEES PER UNIT ). CURRENCY CODE TTBUY TTSEL BILLBUY TTSEL USD/INR 73.

Mumbai, Apr 7 (PTI) FOLLOWING ARE THE DIRECT RATES OF EXCHANGE (DPE) AS ANNOUNCED BY THE STATE BANK OF INDIA HERE. ( ALL RATES IN RUPEES PER UNIT ). CURRENCY CODE TTBUY TTSEL BILLBUY TTSEL USD/INR 73.25 74.75 73.19 74.9 EUR/INR 86.36 89.29 86.29 89.47 GBP/INR 100.43 103.6 100.34 103.81 JPY/INR 66.25 68.55 66.19 68.68 CHF/INR 78.09 81.03 78.03 81.19 AUD/INR 55.52 57.74 55.48 57.86 NZD/INR 51.24 53.41 51.2 53.52 CAD/INR 57.75 59.7 57.7 59.82 SGD/INR 54.4 56.16 54.36 56.27 HKD/INR 9.35 9.67 9.34 9.69 DKK/INR 11.61 12.01 11.59 12.03 NOK/INR 8.57 8.85 8.56 8.87 SEK/INR 8.45 8.73 8.44 8.75 NOTE:- CURRENCY JPY IS CALCULATED IN 100 FOREIGN CURRENCY UNIT. ---------------

DIRECT EXCHANGE RATES SBI

The Reserve Bank Of India on Wednesday in its monetary policy for Financial Year of 2021-22 kept Repo Rate unchanged at 4%. The RBI’s monetary policy announcement has come on Wednesday after the Central government had asked the Reserve Bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026.

RBI keeps Repo Rate unchanged at 4 Per Cent

Japan’s household spending fell 6.6% in February from a year earlier, down for the third straight month under the country’s second state of emergency over the coronavirus pandemic.

World Business Watch: Japan household spending dropped 6.6% for third month

E-commerce giant Amazon reportedly fired two of its employees for revealing the true nature of working conditions in the company during the peak of COVID-19 pandemic. The US National Labor Relations Board found that the dismissal of employees was illegal.

Last year, Emily Cunningham and Maren Costa were terminated after they accused Amazon of enforcing discriminatory policies and for having vague rules that “chill and restrain” its staff from exercising their rights, Reuters cited the October charge as alleging.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-amazon-delivery-drivers-forced-to-urinate-in-bottles-use-bags-as-bathrooms-374141/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Both Cunningham and Costa had pushed Amazon to do more about climate change. Later, they questioned the safety being offered to employees in the midst of the pandemic.

Also read:&nbsp;<a href="http://13.235.153.162/world/amazon-acknowledges-issue-of-drivers-urinating-in-bottles-in-apology-to-rep-pocan-375265" hreflang="en">Amazon acknowledges issue of drivers urinating in bottles in apology to Rep Pocan</a>

Amazon has responded, claiming that it supports the rights of workers to criticise work conditions, but that in the process of doing so, staff members cannot be absolved of breaking rules.

"We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," Amazon’s statement said.

Also read:&nbsp;<a href="http://13.235.153.162/technology/employees-pee-in-bottles-undercover-writer-reveals-amazons-poor-work-conditions-373450" hreflang="en">'Employees pee in bottles': Undercover writer reveals Amazon's poor work conditions</a>

If the case is not settled soon, the labour board will issue a complaint,&nbsp;it stated on Monday.

Amazon is undergoing a watershed moment as its workers take a vote on unionising. The workers in Bessemer, Alabama may witness their warehouse become the first unionised Amazon facility in the United States.

(With inputs from agencies)

E-commerce giant Amazon reportedly fired two of its employees for revealing the true nature of working conditions in the company during the peak of COVID-19 pandemic.

E-commerce giant Amazon reportedly fired two of its employees for revealing the true nature of working conditions in the company during the peak of COVID-19 pandemic. The US National Labor Relations Board found that the dismissal of employees was illegal. Last year, Emily Cunningham and Maren Costa were terminated after they accused Amazon of enforcing discriminatory policies and for having vague rules that “chill and restrain” its staff from exercising their rights, Reuters cited the October charge as alleging. Both Cunningham and Costa had pushed Amazon to do more about climate change. Later, they questioned the safety being offered to employees in the midst of the pandemic. Also read: Amazon acknowledges issue of drivers urinating in bottles in apology to Rep Pocan Amazon has responded, claiming that it supports the rights of workers to criticise work conditions, but that in the process of doing so, staff members cannot be absolved of breaking rules. "We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," Amazon’s statement said. Also read: 'Employees pee in bottles': Undercover writer reveals Amazon's poor work conditions If the case is not settled soon, the labour board will issue a complaint, it stated on Monday. Amazon is undergoing a watershed moment as its workers take a vote on unionising. The workers in Bessemer, Alabama may witness their warehouse become the first unionised Amazon facility in the United States. (With inputs from agencies)

Amazon illegally dismissed staff critical of work conditions: US labour board

According to reports US bankruptcies surged in March to the highest level in a year, driven by a 41% jump in month-to-month filings by consumers.

World Business Watch: US bankruptcies increased in March, overall commercial filings also increased

By Jeffrey Dastin and Aakriti Bhalla (Reuters) - Amazon.com Inc illegally fired two employees who advocated for better working conditions during the pandemic, the U.S. National Labor Relations Board has found. The online retailer last year terminated the employment of Emily Cunningham and Maren Costa, who accused the company of enforcing policies in a discriminatory fashion and having vague rules that "chill and restrain" staff from exercising rights, according to their charge filed in October, seen by Reuters. The board said on Monday that its regional director in Seattle will issue a complaint if the parties do not settle the case. The decision comes at a delicate moment for Amazon as it awaits the outcome of its Bessemer, Alabama, workers` vote on whether to make their warehouse the company`s first unionized facility in the country. Cunningham and Costa, who gained prominence for pushing the company to do more on climate change, about a year ago questioned Amazon`s pandemic safety protocols and worked to raise money for warehouse staff at risk of contracting COVID-19. In a statement, Amazon said it supports workers` rights to criticize work conditions, but that doing so does not absolve staff of breaking lawful rules. "We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," it said. Amazon on Monday did not specify what those polices were. Cunningham and Costa did not immediately comment. Marc Perrone, international president of the UFCW union whose local unit helped file the charge, said in a statement: "Today is a reminder that Amazon will break the law to silence its own workers who speak out." The New York Times earlier reported the news. (Reporting by Aakriti Bhalla in Bengaluru; Editing by Shounak Dasgupta)

By Jeffrey Dastin and Aakriti Bhalla (Reuters) - Amazon.com Inc illegally fired two employees who advocated for better working conditions during the pandemic, the U.

By Jeffrey Dastin and Aakriti Bhalla (Reuters) - Amazon.com Inc illegally fired two employees who advocated for better working conditions during the pandemic, the U.S. National Labor Relations Board has found. The online retailer last year terminated the employment of Emily Cunningham and Maren Costa, who accused the company of enforcing policies in a discriminatory fashion and having vague rules that "chill and restrain" staff from exercising rights, according to their charge filed in October, seen by Reuters. The board said on Monday that its regional director in Seattle will issue a complaint if the parties do not settle the case. The decision comes at a delicate moment for Amazon as it awaits the outcome of its Bessemer, Alabama, workers` vote on whether to make their warehouse the company`s first unionized facility in the country. Cunningham and Costa, who gained prominence for pushing the company to do more on climate change, about a year ago questioned Amazon`s pandemic safety protocols and worked to raise money for warehouse staff at risk of contracting COVID-19. In a statement, Amazon said it supports workers` rights to criticize work conditions, but that doing so does not absolve staff of breaking lawful rules. "We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," it said. Amazon on Monday did not specify what those polices were. Cunningham and Costa did not immediately comment. Marc Perrone, international president of the UFCW union whose local unit helped file the charge, said in a statement: "Today is a reminder that Amazon will break the law to silence its own workers who speak out." The New York Times earlier reported the news. (Reporting by Aakriti Bhalla in Bengaluru; Editing by Shounak Dasgupta)

Amazon illegally fired employees critical of work conditions, labor board finds

Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive.&nbsp;

The benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.09 per cent, and the Nifty closed at 14,683 levels, up 46 points or 0.3 per cent. In the intra-day deals, the indices had hit a low of 48,936 and 15,574, respectively.

Global markets

World stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields.

MSCI All Country World Index hit an all-time high as European stocks played catch-up with gains. The pan-European STOXX 600 index hit a record high, up 0.8 per cent while the German DAX rose 1.1 per cent, France's CAC 40 was up 0.6 per cent, and the UK's FTSE 100 jumped 1.2%.

Profit-taking pushed Japan’s Nikkei down 1 per cent and dragged on the Shanghai Composite.

(With inputs from Reuters)

Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive. The benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.

Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive. The benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.09 per cent, and the Nifty closed at 14,683 levels, up 46 points or 0.3 per cent. In the intra-day deals, the indices had hit a low of 48,936 and 15,574, respectively. Global markets World stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields. MSCI All Country World Index hit an all-time high as European stocks played catch-up with gains. The pan-European STOXX 600 index hit a record high, up 0.8 per cent while the German DAX rose 1.1 per cent, France's CAC 40 was up 0.6 per cent, and the UK's FTSE 100 jumped 1.2%. Profit-taking pushed Japan’s Nikkei down 1 per cent and dragged on the Shanghai Composite. (With inputs from Reuters)

Sensex ends 42 points higher, Nifty above 14,650

Faced with accusations that it was profiting from the forced labour of Uyghur people in the Chinese territory of Xinjiang, the H&amp;M Group — the world’s second-largest clothing retailer — promised last year to stop buying cotton from the region.

But last month, H&amp;M confronted a new outcry, this time from Chinese consumers who seized on the company’s renouncement of the cotton as an attack on China. Social media filled with angry demands for a boycott, urged on by the government. Global brands like H&amp;M risked alienating a country of 1.4 billion people.

The furore underscored how international clothing brands relying on Chinese materials and factories now face the mother of all conundrums — a conflict vastly more complex than their now-familiar reputational crises over exploitative working conditions in poor countries.

If they fail to purge Xinjiang cotton from their supply chains, the apparel companies invite legal enforcement from Washington under a U.S. ban on imports. Labour activists will charge them with complicity in the grotesque repression of the Uyghurs.

But forsaking Xinjiang cotton entails its troubles — the wrath of Chinese consumers who denounce the attention on the Uyghurs as a Western plot to sabotage China’s development.

The global brands can protect their sales in North America and Europe, or preserve their markets in China. It is increasingly difficult to see how they can do both.

“They are being almost at this point told, ‘Choose the U.S. as your market, or choose China as your market,’” said Nicole Bivens Collinson, a lobbyist who represents major apparel brands at Sandler, Travis &amp; Rosenberg, a law firm in Washington.

In an age of globalization, international apparel brands have grown accustomed to criticism that they are profiting from oppressed workers in countries like Myanmar and Bangladesh, where cheap costs of production reflect alarming safety conditions.

The brands have developed a proven playbook: They announce codes of conduct for their suppliers and hire auditors to ensure at least the appearance of compliance.

But China presents a gravely elevated risk. Xinjiang is not only the source of 85% of China’s cotton but synonymous with a form of repression that the U.S. government has officially termed genocide. As many as 1 million Uyghurs have been herded into detention camps and deployed as forced labour.

The taint of association with Xinjiang is so severe that both the Trump and Biden administrations have sought to prevent Americans from buying clothing produced with the region’s cotton.

For the apparel brands, their dilemma is heightened by the fact that the Chinese government has weaponized China’s consumer market. In fomenting nationalist outrage, Beijing is seeking to pressure the international brands to pick a side — to ignore reports of forced labour or risk their sales in the world’s largest potential consumer market.

Framing this choice is the reality that China remains the world’s central hub for making clothing.

In pursuit of alternatives, many international brands are shifting production from Chinese factories to plants in countries like Vietnam, Cambodia and Bangladesh. But moving does not eliminate their exposure to Xinjiang cotton.

China exports unprocessed cotton to 14 countries, including Vietnam, Thailand, India, Pakistan and Bangladesh, and yarn to 190 countries, according to the International Cotton Advisory Committee, an international trade association in Washington.

China is the source of nearly half of all cotton fabric exported around the world. Most of that material includes cotton harvested in Xinjiang.

“Supply chains are long and opaque, and the journey from field to shelf involves cotton gins, mills, weaving or knitting, dyeing and finishing — all steps that may take place in different parts of China, or different countries,” said Leonie Barrie, an apparel analyst at GlobalData, a consulting company in London. “Even if a brand had no direct relationship with Chinese factories, they can’t completely rule out any links to Xinjiang’s cotton.”

Long March to Xinjiang

The ubiquity of clothing made with Xinjiang cotton is the result of forces that have shaped the global economy for centuries.

Cotton’s history is intertwined with the barbarity of slavery, given that it is vital to the production of textiles and dependent on large numbers of people to harvest and refine in a gruelling process.

The lucre of cotton prompted plantations in the American South to turn to the African slave trade. In modern times, the cotton trade has frequently drawn accusations of forced labour from human rights groups, most prominently in Uzbekistan.

As China has transformed itself from an impoverished country into the world’s second-largest economy, it has leaned on the textile and apparel industries. China has courted foreign companies with the promise of low-wage workers operating free from the intrusions of unions.

The brands have turned China into an export colossus. They have also invested heavily in selling their products to a growing Chinese consumer class.

Xinjiang, a rugged expanse more than twice the size of Texas, holds China’s largest oil reserves. Its abundant land and sunshine have made it fertile ground for cotton.

The Chinese government has rejected claims of worker abuse in part by claiming that much of Xinjiang’s cotton harvest is now automated. But manual picking remains common in the south of the region, where most Uyghurs live. There, nearly two-thirds of cotton is hand-picked, the regional government said last year.

As human rights groups have focused on the exploitation of the Uyghurs, apparel brands have sought to distance themselves from Xinjiang. Nike, Burberry and PVH, the parent of Calvin Klein and Tommy Hilfiger, have issued assurances that they have ceased buying cotton from sources in the region while conducting audits of their suppliers.

But supply-chain experts caution that multinational manufacturers frequently game the audit process.

“The key tool it’s used for is rubber-stamping conditions in supply chains, as opposed to trying to deeply figure out what is going on,” said Genevieve LeBaron, an expert on international labour at the University of Sheffield in England.

In Xinjiang, efforts at probing supply chains collide with the reality that the Chinese government severely restricts access. Not even the most diligent apparel company can say with authority that its products are free of elements produced in Xinjiang. And many brands are less than rigorous in their audits.

Major apparel brands have coalesced around the Better Cotton Initiative, an organization based in Geneva and London whose official mission includes improving working conditions for those in the trade.

Last fall, the organization announced a halt to its activities in Xinjiang amid persistent reports of forced labour. But the body’s China branch recently asserted that its investigation in Xinjiang “has never found a single case related to incidents of forced labour,” dating back to 2012, according to a statement reported by Reuters.

That assertion flew in the face of a growing body of literature, including a recent statement from the United Nations Human Rights Council expressing “serious concerns” about reports of forced labour.

The Better Cotton Initiative declined a request for an interview to discuss how it had come to its conclusion.

“We are a not-for-profit organization with a small team,” the initiative’s communications manager, Joe Woodruff, said in an email.

The body’s membership includes some of the world’s largest, most profitable clothing manufacturers and retailers — among them Inditex, the Spanish conglomerate that owns Zara, and Nike, whose sales last year exceeded $37 billion.

Anger Among Consumers

Even as statements about Xinjiang cotton from apparel companies have failed to ease human rights concerns, they have provoked outrage among Chinese consumers.

On Chinese social media, people have posted photos of themselves throwing away their Nike sneakers or — for the less committed — covering the logos on their sweaters with masking tape.

An auto body shop in Hohhot, Inner Mongolia, put up a banner barring customers who wore Nike or H&amp;M. A bar in Beijing offered free drinks to customers who wore apparel from domestic brands.

In the southern Chinese city of Xiamen, Polly Cai, 24, said her taste for clothing and shoes from brands like Nike and Uniqlo had been trumped by her disgust for what she viewed as a blow to her country’s dignity.

“Western brands want to take Chinese consumers’ money and still step all over Xinjiang cotton,” she said. “It’s ridiculous.”

The global brands are putting stock in the enduring popularity of their products in China while seeking to avoid further provocation. Inditex removed from its website a statement in which it had promised to avoid Xinjiang cotton.

Yet in muting their condemnation of forced labour in Xinjiang, the brands risk amplifying their problems outside China.

“If they do the right thing, they face serious commercial risk in China,” said Scott Nova, executive director of the Worker Rights Consortium, an advocacy organization. “Yet they know consumers globally will be repulsed by a brand that willfully abets forced labour. It is a profound moral test.”

Beyond China

For the apparel brands, the furore over Xinjiang is merely the latest development driving them to move production to other countries.

As labour costs have climbed in China in recent decades, many industries have shifted operations to lower-cost nations like Vietnam, Cambodia and Bangladesh. The Trump administration furthered the trend by pressuring American multinational companies to abandon China.

“All of the economic forces that pushed this production to China are no longer at work,” said Pietra Rivoli, a trade expert at Georgetown University in Washington.

Still, China retains attributes not easily replicated — the world’s largest ports, plus a cluster of related industries, from chemicals to plastics.

Other countries present their human rights concerns. Last year, the European Union revoked duty-free access for garments from Cambodia in response to its government’s harsh crackdown on dissent.

Some global brands are seeking Beijing’s permission to import more cotton into China from the United States and Australia. They could employ that cotton to make products destined for Europe and North America while using the Xinjiang crop for the Chinese market.

Yet that approach may leave the apparel companies exposed to the same risks they face now.

“If the brand is labelled as ‘They are still using forced labour, but they are just using it for the Chinese market,’ is this going to suffice?” said Collinson, the industry lobbyist.

Last week, H&amp;M issued a new communication, beseeching Chinese consumers to return. “We are working together with our colleagues in China to do everything we can to manage the current challenges,” said the statement, which did not mention Xinjiang. “China is a very important market to us.”

Those words appear to have satisfied no one — not the human rights organizations sceptical of claims that apparel companies have severed links to Xinjiang; not Chinese consumers angry over a perceived national indignity.

On Chinese social media, criticism of H&amp;M remained fierce.

“For you, China is still an important market,” one post declared. “But for China, you are just an unnecessary brand.”

Faced with accusations that it was profiting from the forced labour of Uyghur people in the Chinese territory of Xinjiang, the H&M Group — the world’s second-largest clothing retailer — promised last year to stop buying cotton from the region.

Faced with accusations that it was profiting from the forced labour of Uyghur people in the Chinese territory of Xinjiang, the H&M Group — the world’s second-largest clothing retailer — promised last year to stop buying cotton from the region. But last month, H&M confronted a new outcry, this time from Chinese consumers who seized on the company’s renouncement of the cotton as an attack on China. Social media filled with angry demands for a boycott, urged on by the government. Global brands like H&M risked alienating a country of 1.4 billion people. The furore underscored how international clothing brands relying on Chinese materials and factories now face the mother of all conundrums — a conflict vastly more complex than their now-familiar reputational crises over exploitative working conditions in poor countries. If they fail to purge Xinjiang cotton from their supply chains, the apparel companies invite legal enforcement from Washington under a U.S. ban on imports. Labour activists will charge them with complicity in the grotesque repression of the Uyghurs. But forsaking Xinjiang cotton entails its troubles — the wrath of Chinese consumers who denounce the attention on the Uyghurs as a Western plot to sabotage China’s development. The global brands can protect their sales in North America and Europe, or preserve their markets in China. It is increasingly difficult to see how they can do both. “They are being almost at this point told, ‘Choose the U.S. as your market, or choose China as your market,’” said Nicole Bivens Collinson, a lobbyist who represents major apparel brands at Sandler, Travis & Rosenberg, a law firm in Washington. In an age of globalization, international apparel brands have grown accustomed to criticism that they are profiting from oppressed workers in countries like Myanmar and Bangladesh, where cheap costs of production reflect alarming safety conditions. The brands have developed a proven playbook: They announce codes of conduct for their suppliers and hire auditors to ensure at least the appearance of compliance. But China presents a gravely elevated risk. Xinjiang is not only the source of 85% of China’s cotton but synonymous with a form of repression that the U.S. government has officially termed genocide. As many as 1 million Uyghurs have been herded into detention camps and deployed as forced labour. The taint of association with Xinjiang is so severe that both the Trump and Biden administrations have sought to prevent Americans from buying clothing produced with the region’s cotton. For the apparel brands, their dilemma is heightened by the fact that the Chinese government has weaponized China’s consumer market. In fomenting nationalist outrage, Beijing is seeking to pressure the international brands to pick a side — to ignore reports of forced labour or risk their sales in the world’s largest potential consumer market. Framing this choice is the reality that China remains the world’s central hub for making clothing. In pursuit of alternatives, many international brands are shifting production from Chinese factories to plants in countries like Vietnam, Cambodia and Bangladesh. But moving does not eliminate their exposure to Xinjiang cotton. China exports unprocessed cotton to 14 countries, including Vietnam, Thailand, India, Pakistan and Bangladesh, and yarn to 190 countries, according to the International Cotton Advisory Committee, an international trade association in Washington. China is the source of nearly half of all cotton fabric exported around the world. Most of that material includes cotton harvested in Xinjiang. “Supply chains are long and opaque, and the journey from field to shelf involves cotton gins, mills, weaving or knitting, dyeing and finishing — all steps that may take place in different parts of China, or different countries,” said Leonie Barrie, an apparel analyst at GlobalData, a consulting company in London. “Even if a brand had no direct relationship with Chinese factories, they can’t completely rule out any links to Xinjiang’s cotton.” Long March to Xinjiang The ubiquity of clothing made with Xinjiang cotton is the result of forces that have shaped the global economy for centuries. Cotton’s history is intertwined with the barbarity of slavery, given that it is vital to the production of textiles and dependent on large numbers of people to harvest and refine in a gruelling process. The lucre of cotton prompted plantations in the American South to turn to the African slave trade. In modern times, the cotton trade has frequently drawn accusations of forced labour from human rights groups, most prominently in Uzbekistan. As China has transformed itself from an impoverished country into the world’s second-largest economy, it has leaned on the textile and apparel industries. China has courted foreign companies with the promise of low-wage workers operating free from the intrusions of unions. The brands have turned China into an export colossus. They have also invested heavily in selling their products to a growing Chinese consumer class. Xinjiang, a rugged expanse more than twice the size of Texas, holds China’s largest oil reserves. Its abundant land and sunshine have made it fertile ground for cotton. The Chinese government has rejected claims of worker abuse in part by claiming that much of Xinjiang’s cotton harvest is now automated. But manual picking remains common in the south of the region, where most Uyghurs live. There, nearly two-thirds of cotton is hand-picked, the regional government said last year. As human rights groups have focused on the exploitation of the Uyghurs, apparel brands have sought to distance themselves from Xinjiang. Nike, Burberry and PVH, the parent of Calvin Klein and Tommy Hilfiger, have issued assurances that they have ceased buying cotton from sources in the region while conducting audits of their suppliers. But supply-chain experts caution that multinational manufacturers frequently game the audit process. “The key tool it’s used for is rubber-stamping conditions in supply chains, as opposed to trying to deeply figure out what is going on,” said Genevieve LeBaron, an expert on international labour at the University of Sheffield in England. In Xinjiang, efforts at probing supply chains collide with the reality that the Chinese government severely restricts access. Not even the most diligent apparel company can say with authority that its products are free of elements produced in Xinjiang. And many brands are less than rigorous in their audits. Major apparel brands have coalesced around the Better Cotton Initiative, an organization based in Geneva and London whose official mission includes improving working conditions for those in the trade. Last fall, the organization announced a halt to its activities in Xinjiang amid persistent reports of forced labour. But the body’s China branch recently asserted that its investigation in Xinjiang “has never found a single case related to incidents of forced labour,” dating back to 2012, according to a statement reported by Reuters. That assertion flew in the face of a growing body of literature, including a recent statement from the United Nations Human Rights Council expressing “serious concerns” about reports of forced labour. The Better Cotton Initiative declined a request for an interview to discuss how it had come to its conclusion. “We are a not-for-profit organization with a small team,” the initiative’s communications manager, Joe Woodruff, said in an email. The body’s membership includes some of the world’s largest, most profitable clothing manufacturers and retailers — among them Inditex, the Spanish conglomerate that owns Zara, and Nike, whose sales last year exceeded $37 billion. Anger Among Consumers Even as statements about Xinjiang cotton from apparel companies have failed to ease human rights concerns, they have provoked outrage among Chinese consumers. On Chinese social media, people have posted photos of themselves throwing away their Nike sneakers or — for the less committed — covering the logos on their sweaters with masking tape. An auto body shop in Hohhot, Inner Mongolia, put up a banner barring customers who wore Nike or H&M. A bar in Beijing offered free drinks to customers who wore apparel from domestic brands. In the southern Chinese city of Xiamen, Polly Cai, 24, said her taste for clothing and shoes from brands like Nike and Uniqlo had been trumped by her disgust for what she viewed as a blow to her country’s dignity. “Western brands want to take Chinese consumers’ money and still step all over Xinjiang cotton,” she said. “It’s ridiculous.” The global brands are putting stock in the enduring popularity of their products in China while seeking to avoid further provocation. Inditex removed from its website a statement in which it had promised to avoid Xinjiang cotton. Yet in muting their condemnation of forced labour in Xinjiang, the brands risk amplifying their problems outside China. “If they do the right thing, they face serious commercial risk in China,” said Scott Nova, executive director of the Worker Rights Consortium, an advocacy organization. “Yet they know consumers globally will be repulsed by a brand that willfully abets forced labour. It is a profound moral test.” Beyond China For the apparel brands, the furore over Xinjiang is merely the latest development driving them to move production to other countries. As labour costs have climbed in China in recent decades, many industries have shifted operations to lower-cost nations like Vietnam, Cambodia and Bangladesh. The Trump administration furthered the trend by pressuring American multinational companies to abandon China. “All of the economic forces that pushed this production to China are no longer at work,” said Pietra Rivoli, a trade expert at Georgetown University in Washington. Still, China retains attributes not easily replicated — the world’s largest ports, plus a cluster of related industries, from chemicals to plastics. Other countries present their human rights concerns. Last year, the European Union revoked duty-free access for garments from Cambodia in response to its government’s harsh crackdown on dissent. Some global brands are seeking Beijing’s permission to import more cotton into China from the United States and Australia. They could employ that cotton to make products destined for Europe and North America while using the Xinjiang crop for the Chinese market. Yet that approach may leave the apparel companies exposed to the same risks they face now. “If the brand is labelled as ‘They are still using forced labour, but they are just using it for the Chinese market,’ is this going to suffice?” said Collinson, the industry lobbyist. Last week, H&M issued a new communication, beseeching Chinese consumers to return. “We are working together with our colleagues in China to do everything we can to manage the current challenges,” said the statement, which did not mention Xinjiang. “China is a very important market to us.” Those words appear to have satisfied no one — not the human rights organizations sceptical of claims that apparel companies have severed links to Xinjiang; not Chinese consumers angry over a perceived national indignity. On Chinese social media, criticism of H&M remained fierce. “For you, China is still an important market,” one post declared. “But for China, you are just an unnecessary brand.”

Global brands find it hard to untangle themselves from Xinjiang cotton

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