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Indian inflation eased to a three-month low in April as food costs rose more slowly, but lockdowns to contain the country`s raging coronavirus epidemic risk creating supply bottlenecks that could fuel price pressures in coming months. 
 
Annual retail inflation rose 4.29%, down from 5.52% in March and near the 4.20% forecast in a Reuters poll of economists. 
 
Food prices, which account for nearly half of the Ministry of Statistics` inflation basket, rose 2.02% compared with 4.87% in the previous month. 
 
"Any comfort from this could be illusory," Rupa Rege Nitsure, chief economist at L&amp;T Financial Services said, warning of a build-up of inflationary pressures that risked affecting wholesale prices first. 
 
Concern about high global commodity prices and supply chain disruptions amid widespread curbs on the movement led the central bank last month to raise its inflation projection for the six months to September to 5.2%. 
 
That still places it within the bank`s target range of 2-6%. 
 
India`s second COVID-19 wave, which official figures show is infecting around 350,000 people and killing around 4,000 per day, has forced nearly two-thirds of the country to introduce tough curbs that have slowed economic activity. 
 
The likelihood that India will receive an average amount of rain in the 2021 monsoon should however help ease inflationary pressure as a normal rainy season generally translates into higher farm output. 
 
April core inflation, excluding food and fuel costs, was estimated in the range of 5.4% to 5.43% by three economists, compared with 5.9% to 6.0% in March. India does not release official core inflation data.

Indian inflation eased to a three-month low in April as food costs rose more slowly, but lockdowns to contain the country`s raging coronavirus epidemic risk creating supply bottlenecks that could fuel price pressures in coming months.

Indian inflation eased to a three-month low in April as food costs rose more slowly, but lockdowns to contain the country`s raging coronavirus epidemic risk creating supply bottlenecks that could fuel price pressures in coming months. Annual retail inflation rose 4.29%, down from 5.52% in March and near the 4.20% forecast in a Reuters poll of economists. Food prices, which account for nearly half of the Ministry of Statistics` inflation basket, rose 2.02% compared with 4.87% in the previous month. "Any comfort from this could be illusory," Rupa Rege Nitsure, chief economist at L&T Financial Services said, warning of a build-up of inflationary pressures that risked affecting wholesale prices first. Concern about high global commodity prices and supply chain disruptions amid widespread curbs on the movement led the central bank last month to raise its inflation projection for the six months to September to 5.2%. That still places it within the bank`s target range of 2-6%. India`s second COVID-19 wave, which official figures show is infecting around 350,000 people and killing around 4,000 per day, has forced nearly two-thirds of the country to introduce tough curbs that have slowed economic activity. The likelihood that India will receive an average amount of rain in the 2021 monsoon should however help ease inflationary pressure as a normal rainy season generally translates into higher farm output. April core inflation, excluding food and fuel costs, was estimated in the range of 5.4% to 5.43% by three economists, compared with 5.9% to 6.0% in March. India does not release official core inflation data.

Indian inflation eases, but COVID-19 curbs risk stoking prices

A senior executive at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto-asset which has risen by more than 1,000 per cent in value this year.

According to the media reports, a spokesman for Goldman Sachs confirmed Aziz McMahon, a managing director and head of emerging market sales based in London, has left the investment bank. But the spokesman also said that he had no knowledge of the investment in dogecoin. 
 
He graduated from Trinity College in Dublin with a master’s degree in Economics in 1998.

The Guardian newspaper reported McMahon made the money investing on his own personal account and wasn’t involved in trading cryptocurrencies for Goldman Sachs. While not much is known about the amount McMahon reportedly made, the newspaper cites unnamed sources claiming it was a “substantial sum.”

A report in eFinancialCareers suggested he might be starting a hedge fund, but it did not provide any information backing those claims.

SpaceX and Tesla chief Elon Musk's favourite cryptocurrency has gone up more than 130-fold this year. SpaceX announced the "DOGE-1 Mission to the Moon" in the first quarter of next year, with Musk's commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment.

However, Dogecoin lost more than a third of its price on May 9, after Musk called it a "hustle" during his guest-host spot on the Saturday Night Live (SNL) comedy sketch TV show.

(With inputs from agencies)

A senior executive at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto-asset which has risen by more than 1,000 per cent in value this year.

A senior executive at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto-asset which has risen by more than 1,000 per cent in value this year. According to the media reports, a spokesman for Goldman Sachs confirmed Aziz McMahon, a managing director and head of emerging market sales based in London, has left the investment bank. But the spokesman also said that he had no knowledge of the investment in dogecoin. He graduated from Trinity College in Dublin with a master’s degree in Economics in 1998. The Guardian newspaper reported McMahon made the money investing on his own personal account and wasn’t involved in trading cryptocurrencies for Goldman Sachs. While not much is known about the amount McMahon reportedly made, the newspaper cites unnamed sources claiming it was a “substantial sum.” A report in eFinancialCareers suggested he might be starting a hedge fund, but it did not provide any information backing those claims. SpaceX and Tesla chief Elon Musk's favourite cryptocurrency has gone up more than 130-fold this year. SpaceX announced the "DOGE-1 Mission to the Moon" in the first quarter of next year, with Musk's commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment. However, Dogecoin lost more than a third of its price on May 9, after Musk called it a "hustle" during his guest-host spot on the Saturday Night Live (SNL) comedy sketch TV show. (With inputs from agencies)

Goldman Sachs director quits after making millions from Dogecoin: Report

Rating agency Moody’s Investor Service on Tuesday slashed India’s Gross Domestic Product (GDP) growth forecast for the current financial year 2021-22 to 9.3 per cent from the projected 13.7 per cent.

Moody's slashes FY22 GDP forecast for India to 9.3%

Domestic stock market indices, Sensex and Nifty ended lower on Wednesday dragged by heavy selling in metals, IT, private banks and financial services stocks.&nbsp;

Midcap and smallcap indices also declined. Gains were seen in PSU Banks, auto and media indices.&nbsp;

Sensex dropped 471 points to close at 48,691 levels. In the intra-day trade, the index hit a low of 48,551 levels.&nbsp;

On the NSE, the Nifty50 declined 154 points and gave up 14,700-mark to settle at 14,696 levels. Earlier in the day, the index had touched a low of 14,650.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty ended lower on Wednesday dragged by heavy selling in metals, IT, private banks and financial services stocks. Midcap and smallcap indices also declined.

Domestic stock market indices, Sensex and Nifty ended lower on Wednesday dragged by heavy selling in metals, IT, private banks and financial services stocks. Midcap and smallcap indices also declined. Gains were seen in PSU Banks, auto and media indices. Sensex dropped 471 points to close at 48,691 levels. In the intra-day trade, the index hit a low of 48,551 levels. On the NSE, the Nifty50 declined 154 points and gave up 14,700-mark to settle at 14,696 levels. Earlier in the day, the index had touched a low of 14,650. (With inputs from agencies)

Sensex drops 471 points, Nifty ends below 14,700

Despite uncertainty around India`s office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12 months, international property consultancy Knight Frank said on Wednesday.

According to its latest report Asia Pacific Prime Office Rental Index Q1 2021, Bandra Kurla Complex (BKC) in Mumbai witnessed a meaningful recovery in office rents to negative 0.8 per cent QoQ during January to March quarter compared to negative 5.5 per cent in the previous quarter. The robust recovery can be attributed to improved transaction activity.&nbsp;

Knight Frank forecasts the decline in rents to decelerate this year with overall rents expected to decline by 3 per cent in the Asia Pacific region compared to the 4.8 per cent decline seen in 2020.

The central business district of Bengaluru comprising areas like MG Road, Infantry Road and Residency Road registered a decline of 3 per cent QoQ in Q1 2021 against a decline of 4 per cent in Q4 2020. Connaught Place in National Capital Region (NCR) office rents saw a flat price change in Q1 2021 compared to a negative 1 per cent in Q4 2020.

According to the index, Taipei is the only city expected to witness an increase in office rental values across the A-Pac region in the next 12 months. Of the 22 cities tracked by the index, 8 recorded either stable or increased rents in the past quarter compared to 10 in the previous quarter. For Q1 2021, Knight Frank`s Asia Pacific Prime Office Rental Index fell negative 1.2 per cent quarter-on-quarter led by large office markets like Tokyo, Hong Kong and Bengaluru recorded rental decline between negative 3 to negative 2.8 per cent during the same period. On an annual basis, the overall index was down negative 5.5 per cent year-on-year.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said the second wave of pandemic and associated regional lockdowns have temporarily delayed occupiers` office re-occupancy plans.However, control on infection case count with graded regional lockdowns and progress on vaccination drive will act as a market stabiliser in near future.

"Given the strong fundamentals of India office market, despite the near-term uncertainty, occupiers will positively react to any improvement in the pandemic scenario," he said.

Despite uncertainty around India`s office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12 months, international property consultancy Knight Frank said on Wednesday.

Despite uncertainty around India`s office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12 months, international property consultancy Knight Frank said on Wednesday. According to its latest report Asia Pacific Prime Office Rental Index Q1 2021, Bandra Kurla Complex (BKC) in Mumbai witnessed a meaningful recovery in office rents to negative 0.8 per cent QoQ during January to March quarter compared to negative 5.5 per cent in the previous quarter. The robust recovery can be attributed to improved transaction activity. Knight Frank forecasts the decline in rents to decelerate this year with overall rents expected to decline by 3 per cent in the Asia Pacific region compared to the 4.8 per cent decline seen in 2020. The central business district of Bengaluru comprising areas like MG Road, Infantry Road and Residency Road registered a decline of 3 per cent QoQ in Q1 2021 against a decline of 4 per cent in Q4 2020. Connaught Place in National Capital Region (NCR) office rents saw a flat price change in Q1 2021 compared to a negative 1 per cent in Q4 2020. According to the index, Taipei is the only city expected to witness an increase in office rental values across the A-Pac region in the next 12 months. Of the 22 cities tracked by the index, 8 recorded either stable or increased rents in the past quarter compared to 10 in the previous quarter. For Q1 2021, Knight Frank`s Asia Pacific Prime Office Rental Index fell negative 1.2 per cent quarter-on-quarter led by large office markets like Tokyo, Hong Kong and Bengaluru recorded rental decline between negative 3 to negative 2.8 per cent during the same period. On an annual basis, the overall index was down negative 5.5 per cent year-on-year. Shishir Baijal, Chairman and Managing Director of Knight Frank India, said the second wave of pandemic and associated regional lockdowns have temporarily delayed occupiers` office re-occupancy plans.However, control on infection case count with graded regional lockdowns and progress on vaccination drive will act as a market stabiliser in near future. "Given the strong fundamentals of India office market, despite the near-term uncertainty, occupiers will positively react to any improvement in the pandemic scenario," he said.

India's prime office rentals expected to remain stable: Knight Frank

With infections now spreading to rural areas, a recovery is expected to take longer, the Federation of Automobile Dealers Association (FADA) said.

Indian auto dealers predict slow recovery as COVID prevails

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The benchmark indices snapped a four-day winning streak with the Nifty50 falling below 14,900 levels as banking &amp; financials and IT stocks were under pressure.

S&amp;P BSE Sensex shredded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels.

The Nifty50 index held the 14,850-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green.&nbsp;

JSW Steel, Hindalco, Wipro, and Divis Labs were the additional losers on the Nifty index while Coal India, Indian Oil Corporation, BPCL, and UPL were the additional gainers.

The broader markets, however, remained resilient to the market fall and ended higher today. The S&amp;P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively.

(With inputs from agencies)

The benchmark indices snapped a four-day winning streak with the Nifty50 falling below 14,900 levels as banking & financials and IT stocks were under pressure. S&P BSE Sensex shredded 341 points, or 0.

The benchmark indices snapped a four-day winning streak with the Nifty50 falling below 14,900 levels as banking & financials and IT stocks were under pressure. S&P BSE Sensex shredded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels. The Nifty50 index held the 14,850-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green. JSW Steel, Hindalco, Wipro, and Divis Labs were the additional losers on the Nifty index while Coal India, Indian Oil Corporation, BPCL, and UPL were the additional gainers. The broader markets, however, remained resilient to the market fall and ended higher today. The S&P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively. (With inputs from agencies)

Sensex snaps 4-day rally, ends below 49,200; Nifty at 14,850

Aerospace company Boeing Co was explicit, naming who among its dozen directors were women, Asian and African American. Agricultural giant Archer Daniels Midland Co offered a more general accounting, saying its board was 55% diverse. 
 
Illinois officials have seen the range of responses from local companies - many with international profiles - to new state requirements they identify the gender and race or ethnicity of each board member. The regulators say they are going to push all to be more like Boeing. 
 
Companies, investors and elected officials will watch closely what happens next with the state`s rare requirement for director-by-director declarations. 
 
Others say less specific disclosures protect directors’ privacy, but even those plans face opposition. Some Republicans have called for regulators to reject a Nasdaq Inc proposal to ask for the number of directors by gender, race and ethnicity - without any names. 
 
State Representative Chris Welch, the speaker of the Illinois House of Representatives, proposed what became the 2019 Illinois law on board diversity reporting. "You can`t go wrong with more data," said Welch, who is Black. 
 
Corporate America`s white-dominated leadership has been under the spotlight for supporting the Black Lives Matter movement while listing few leaders of colour. Activists point to some studies suggesting companies with diverse boards perform better. 
 
Chicago-based Morningstar Inc CEO Kunal Kapoor said, "Over time investors want more detail, rather than less." 
 
"Putting sunlight on areas that lacked it has rarely had a poor outcome for investors," added Kapoor, who is Indian American and identified as Asian in a corporate filing last year. 
 
Companies face no penalty if they do not fully report but may comply to avoid criticism by people scrutinizing the information, which began appearing on the Secretary of State’s website last year. 
 
Last month Illinois officials tweaked a disclosure form to make more explicit the call for companies to list the self-identified race or ethnicity of each director and gender. 
 
A spokeswoman for ADM - which in 2020 gave the 55% figure and noted five of its 11 directors were African American, Asian or Hispanic, and that three were women - told Reuters the company will consider reporting further detail next year. It has since added a director and says that half its 12-person board is now African American, Asian or Hispanic. 
 
Sixty-six of the 74 companies that filed forms since the law was passed provided enough information to parse out their racial diversity, University of Illinois professor Richard Benton said in a March study. He found non-white people held about 15% of the average company`s boardroom seats, compared to their 40% share of the state’s population. 
 
But even among companies with incomplete filings there seemed to be little resistance to the disclosures. For instance, at U.S. Cellular Corp only two of fifteen directors provided their race on a form last July. The company did not make directors available to comment but a spokeswoman said for a more current filing, “100% of our members have self-identified.” 
 
Phyllis Lockett, a director at exchange operator CME Group Inc, said that diversity disclosures should give some breakdown by race and ethnicity to help identify what groups might be missing. She said she did not mind being identified as a Black woman on a filing last August. "I am Black and I am a woman. There’s no secret there,” she said. 
 
Ekta Singh-Bushell, who described herself as Indian American and is identified as Asian in a filing from Huron Consulting Group, said that disclosure must have details and nuance on directors’ skills, knowledge and experience to show they do more than "check the box" for gender or race 
 
“To bring about sustainable and real, lasting change, the conversation should be, `Do we have the right representation to fulfil our highest purpose as a corporation?`” she asked. 
 
Among the S&amp;P 500, 9% of directors were Black as of January, according to researcher Equilar, up from 8% in August. Hispanics were 4.2% of S&amp;P 500 directors, up from 3.6% in August. Asian or Pacific Islander directors accounted for 4.5%, up from 4.4% in August. 
 
African Americans were 13.4% and Hispanics 18.5% of the U.S. population, as of 2019. Asians were 5.9%. Women, 51% of the U.S population, held 23.5% of board seats at Russell 3000 companies last year, up from 18.5% in 2018, Equilar found. 
 
Illinois State Senator Jacqueline Collins, an African American who co-sponsored the legislation, said that without name-by-name disclosures, it can be hard to determine whether companies are being frank when they declare they are diverse. 
 
"So we want to know the specific participation,” Collins said. 
 
Other plans do not go as far. Stock exchange operator Nasdaq Inc is awaiting regulators` approval to require companies it lists to report the number of directors by gender and in categories including Black or Hispanic and LGBTQ+, but not name-by-name. The exchange wants boards to have at least one woman and one minority or LGBTQ+ member, or explain why they do not. 
 
"We don`t actually care about which person is which. We want to understand the boardroom as a whole,” said Wendy Cromwell, vice-chair of the $1.1 trillion Boston money manager Wellington Management. It supports the Nasdaq plan especially for having companies provide diverse information in easily compared tables. 
 
But Joe Shoen, the CEO of U-Haul’s parent company, Nasdaq-listed Amerco, objects. 
 
"As soon as you sort people by skin colour, you got my back up," Shoen, who described his family as interracial, said in an interview. “That it has some meaningful indication as to how a corporation is being managed is superficial at best.” 
 
Shoen said he regularly speaks with entry-level U-Haul employees to gain diverse perspectives.

Aerospace company Boeing Co was explicit, naming who among its dozen directors were women, Asian and African American. Agricultural giant Archer Daniels Midland Co offered a more general accounting, saying its board was 55% diverse.

Aerospace company Boeing Co was explicit, naming who among its dozen directors were women, Asian and African American. Agricultural giant Archer Daniels Midland Co offered a more general accounting, saying its board was 55% diverse. Illinois officials have seen the range of responses from local companies - many with international profiles - to new state requirements they identify the gender and race or ethnicity of each board member. The regulators say they are going to push all to be more like Boeing. Companies, investors and elected officials will watch closely what happens next with the state`s rare requirement for director-by-director declarations. Others say less specific disclosures protect directors’ privacy, but even those plans face opposition. Some Republicans have called for regulators to reject a Nasdaq Inc proposal to ask for the number of directors by gender, race and ethnicity - without any names. State Representative Chris Welch, the speaker of the Illinois House of Representatives, proposed what became the 2019 Illinois law on board diversity reporting. "You can`t go wrong with more data," said Welch, who is Black. Corporate America`s white-dominated leadership has been under the spotlight for supporting the Black Lives Matter movement while listing few leaders of colour. Activists point to some studies suggesting companies with diverse boards perform better. Chicago-based Morningstar Inc CEO Kunal Kapoor said, "Over time investors want more detail, rather than less." "Putting sunlight on areas that lacked it has rarely had a poor outcome for investors," added Kapoor, who is Indian American and identified as Asian in a corporate filing last year. Companies face no penalty if they do not fully report but may comply to avoid criticism by people scrutinizing the information, which began appearing on the Secretary of State’s website last year. Last month Illinois officials tweaked a disclosure form to make more explicit the call for companies to list the self-identified race or ethnicity of each director and gender. A spokeswoman for ADM - which in 2020 gave the 55% figure and noted five of its 11 directors were African American, Asian or Hispanic, and that three were women - told Reuters the company will consider reporting further detail next year. It has since added a director and says that half its 12-person board is now African American, Asian or Hispanic. Sixty-six of the 74 companies that filed forms since the law was passed provided enough information to parse out their racial diversity, University of Illinois professor Richard Benton said in a March study. He found non-white people held about 15% of the average company`s boardroom seats, compared to their 40% share of the state’s population. But even among companies with incomplete filings there seemed to be little resistance to the disclosures. For instance, at U.S. Cellular Corp only two of fifteen directors provided their race on a form last July. The company did not make directors available to comment but a spokeswoman said for a more current filing, “100% of our members have self-identified.” Phyllis Lockett, a director at exchange operator CME Group Inc, said that diversity disclosures should give some breakdown by race and ethnicity to help identify what groups might be missing. She said she did not mind being identified as a Black woman on a filing last August. "I am Black and I am a woman. There’s no secret there,” she said. Ekta Singh-Bushell, who described herself as Indian American and is identified as Asian in a filing from Huron Consulting Group, said that disclosure must have details and nuance on directors’ skills, knowledge and experience to show they do more than "check the box" for gender or race “To bring about sustainable and real, lasting change, the conversation should be, `Do we have the right representation to fulfil our highest purpose as a corporation?`” she asked. Among the S&P 500, 9% of directors were Black as of January, according to researcher Equilar, up from 8% in August. Hispanics were 4.2% of S&P 500 directors, up from 3.6% in August. Asian or Pacific Islander directors accounted for 4.5%, up from 4.4% in August. African Americans were 13.4% and Hispanics 18.5% of the U.S. population, as of 2019. Asians were 5.9%. Women, 51% of the U.S population, held 23.5% of board seats at Russell 3000 companies last year, up from 18.5% in 2018, Equilar found. Illinois State Senator Jacqueline Collins, an African American who co-sponsored the legislation, said that without name-by-name disclosures, it can be hard to determine whether companies are being frank when they declare they are diverse. "So we want to know the specific participation,” Collins said. Other plans do not go as far. Stock exchange operator Nasdaq Inc is awaiting regulators` approval to require companies it lists to report the number of directors by gender and in categories including Black or Hispanic and LGBTQ+, but not name-by-name. The exchange wants boards to have at least one woman and one minority or LGBTQ+ member, or explain why they do not. "We don`t actually care about which person is which. We want to understand the boardroom as a whole,” said Wendy Cromwell, vice-chair of the $1.1 trillion Boston money manager Wellington Management. It supports the Nasdaq plan especially for having companies provide diverse information in easily compared tables. But Joe Shoen, the CEO of U-Haul’s parent company, Nasdaq-listed Amerco, objects. "As soon as you sort people by skin colour, you got my back up," Shoen, who described his family as interracial, said in an interview. “That it has some meaningful indication as to how a corporation is being managed is superficial at best.” Shoen said he regularly speaks with entry-level U-Haul employees to gain diverse perspectives.

The US state with the most detailed corporate diversity disclosures

Moody’s Investors Service on Tuesday slashed India’s growth forecast for the current financial year to 9.3 per cent, from the 13.7 per cent projected earlier, on account of the negative impact of the second wave of COVID-19.&nbsp;

India is experiencing a severe second wave of coronavirus infections which will slow the near-term economic recovery and could weigh on longer-term growth dynamics, it said.

“As of now, we expect the negative impact on economic output to be limited to the April-June quarter, followed by a strong rebound in the second half of the year.

“As a result of the negative impact of the second wave, we have revised our real, inflation-adjusted GDP growth forecast down to 9.3 per cent from 13.7 per cent for fiscal 2021 and to 7.9 per cent from 6.2 per cent in fiscal 2022. Over the longer term, we expect growth of around 6 per cent thereafter,” Moody’s said.

On the fiscal front, Moody’s expects the renewed surge in the virus to contribute to a marginal shortfall in revenue and a redirection of spending toward healthcare and virus response relative to what the government budgeted in February.

“As a result, we now expect a wider general government fiscal deficit of about 11.8 per cent of GDP in fiscal 2021, compared with our previous forecast of 10.8 per cent and an estimated 14 per cent in fiscal 2020,” it added.

Moody’s said the combined impact of slower growth and a wider deficit would drive the general government debt burden to 90 per cent of GDP in fiscal 2021, gradually rising to 92 per cent in fiscal 2023.

India is facing the world’s worst outbreak of COVID-19, with more than 3 lakh new cases daily being reported for two weeks now, and the new cases reached more than 4 lakh new daily cases over the weekend. More than 2.49 lakh people in India have died from the virus infection. The public health system is buckling under the weight of surging infections and deaths with several parts of the country reporting shortage of hospital beds, medical oxygen, medicines and vaccines.

Moody’s Investors Service on Tuesday slashed India’s growth forecast for the current financial year to 9.3 per cent, from the 13.7 per cent projected earlier, on account of the negative impact of the second wave of COVID-19.

Moody’s Investors Service on Tuesday slashed India’s growth forecast for the current financial year to 9.3 per cent, from the 13.7 per cent projected earlier, on account of the negative impact of the second wave of COVID-19. India is experiencing a severe second wave of coronavirus infections which will slow the near-term economic recovery and could weigh on longer-term growth dynamics, it said. “As of now, we expect the negative impact on economic output to be limited to the April-June quarter, followed by a strong rebound in the second half of the year. “As a result of the negative impact of the second wave, we have revised our real, inflation-adjusted GDP growth forecast down to 9.3 per cent from 13.7 per cent for fiscal 2021 and to 7.9 per cent from 6.2 per cent in fiscal 2022. Over the longer term, we expect growth of around 6 per cent thereafter,” Moody’s said. On the fiscal front, Moody’s expects the renewed surge in the virus to contribute to a marginal shortfall in revenue and a redirection of spending toward healthcare and virus response relative to what the government budgeted in February. “As a result, we now expect a wider general government fiscal deficit of about 11.8 per cent of GDP in fiscal 2021, compared with our previous forecast of 10.8 per cent and an estimated 14 per cent in fiscal 2020,” it added. Moody’s said the combined impact of slower growth and a wider deficit would drive the general government debt burden to 90 per cent of GDP in fiscal 2021, gradually rising to 92 per cent in fiscal 2023. India is facing the world’s worst outbreak of COVID-19, with more than 3 lakh new cases daily being reported for two weeks now, and the new cases reached more than 4 lakh new daily cases over the weekend. More than 2.49 lakh people in India have died from the virus infection. The public health system is buckling under the weight of surging infections and deaths with several parts of the country reporting shortage of hospital beds, medical oxygen, medicines and vaccines.

Moody’s slashes India growth forecast to 9.3 per cent

US President <a href="https://www.wionews.com/topics/joe-biden">Joe Biden's</a>&nbsp;administration plans to restart the immigration programme for foreign entrepreneurs that his predecessor <a href="https://www.wionews.com/topics/donald-trump">Donald Trump</a>&nbsp;tried to end.&nbsp;

Three days before his tenure ended in 2017, former president Barack Obama announced the International Entrepreneur program that gives foreign entrepreneurs the right to work in the US for up to five years, as long as their companies are able to attract at least $250,000 in the US venture capital, and meet other requirements.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/bidens-approval-rating-boosted-by-covid-response-384213/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Trump administration said that it wants to end the program as it is based on an authority known as parole that lets foreigners enter the US without visas for as long as there is "significant public benefit".&nbsp;

The programme was not ended, but applicants did not apply for it as they understood that US would not entertain their cases.&nbsp;

Since Biden came to office, venture-capital companies have urged the US administration to put the resources to back a program that allows thousands of foreign startup founders to move into the US or expand their businesses in the country.&nbsp;

Also read | <a href="https://www.wionews.com/world/no-evidence-of-russian-government-being-behind-ransomware-attack-says-biden-384191">No evidence of Russian government being behind ransomware attack, says Biden</a>

"Immigrants in the United States have a long history of entrepreneurship, hard work, and creativity, and their contributions to this nation are incredibly valuable," Acting US Citizenship and Immigration Services Director Tracy Renaud was quoted as saying by Wall Street Journal.

There is no separate visa program available for startup founders as of now in the US, and entrepreneurs based abroad are to apply via other categories.&nbsp;

Between 2017 and 2019, the US received just 30 applications for the program and just one was approved, according to an USCIS official.&nbsp; 
&nbsp;

US President Joe Biden's administration plans to restart the immigration programme for foreign entrepreneurs that his predecessor Donald Trump tried to end. Three days before his tenure ended in 2017, former president Barack Obama announced the International Entrepreneur program that gives foreign entrepreneurs the right to work in the US for up to five years, as long as their companies are able to attract at least $250,000 in the US venture capital, and meet other requirements.

US President Joe Biden's administration plans to restart the immigration programme for foreign entrepreneurs that his predecessor Donald Trump tried to end. Three days before his tenure ended in 2017, former president Barack Obama announced the International Entrepreneur program that gives foreign entrepreneurs the right to work in the US for up to five years, as long as their companies are able to attract at least $250,000 in the US venture capital, and meet other requirements. Watch | The Trump administration said that it wants to end the program as it is based on an authority known as parole that lets foreigners enter the US without visas for as long as there is "significant public benefit". The programme was not ended, but applicants did not apply for it as they understood that US would not entertain their cases. Since Biden came to office, venture-capital companies have urged the US administration to put the resources to back a program that allows thousands of foreign startup founders to move into the US or expand their businesses in the country. Also read | No evidence of Russian government being behind ransomware attack, says Biden "Immigrants in the United States have a long history of entrepreneurship, hard work, and creativity, and their contributions to this nation are incredibly valuable," Acting US Citizenship and Immigration Services Director Tracy Renaud was quoted as saying by Wall Street Journal. There is no separate visa program available for startup founders as of now in the US, and entrepreneurs based abroad are to apply via other categories. Between 2017 and 2019, the US received just 30 applications for the program and just one was approved, according to an USCIS official.

Biden administration seeks to revive visa programme for entrepreneurs

India's largest carmaker Maruti Suzuki India ltd. will keep its factories shut for another week citing the coronavirus pandemic.

India's top carmaker extends plant shutdown due to pandemic

Israel will sign a free trade agreement with South Korea this week, marking the first such arrangement with an Asian market, Israel's economy ministry said on Sunday.

Israel and South Korea to sign free trade pact

As China moves closer to rolling out the world's first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

China's much-hyped digital Yuan fails to impress

Stock market indices, Sensex and Nifty ended higher on Monday led by strong gains in metals and pharma stocks amid positive global cues. Midcap and smallcap indices ended over 1 per cent higher each.&nbsp;

The BSE barometer of 30-shares hit an intra-day high of 49,617 before ending the session at 49,502 levels, up 296 points or 0.6 per cent.

On the NSE, the Nifty50 index reclaimed the crucial 14,900-mark and extended it rally to as high as 14,967 during the day. It ended the day at 14,942 levels, up 119 points or 0.8 per cent, riding on the back of gains in Coal India, UPL, Hindalco, Indian Oil Corporation, Tata Motors, L&amp;T, and Divis Labs. These stocks rallied up to 8 per cent.

Global markets

World stocks ticked up to new peaks on Monday on bets interest rates will remain low and the economies will continue their recovery. MSCI’s gauge of stocks across the globe hit a fresh record high and was up 0.1 per cent.&nbsp;

Europe’s STOXX 600 regional benchmark was up 0.1 per cent in early deals, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent.

In the commodities market, however, oil prices rose after a cyber attack shut down a US pipeline operator that provides nearly half of the US east coast's fuel supply. Brent crude rose 0.5 per cent to $68.64 per barrel, while US crude ticked up 0.5 per cent to $65.23 a barrel.

(With inputs from Reuters)

Stock market indices, Sensex and Nifty ended higher on Monday led by strong gains in metals and pharma stocks amid positive global cues. Midcap and smallcap indices ended over 1 per cent higher each.

Stock market indices, Sensex and Nifty ended higher on Monday led by strong gains in metals and pharma stocks amid positive global cues. Midcap and smallcap indices ended over 1 per cent higher each. The BSE barometer of 30-shares hit an intra-day high of 49,617 before ending the session at 49,502 levels, up 296 points or 0.6 per cent. On the NSE, the Nifty50 index reclaimed the crucial 14,900-mark and extended it rally to as high as 14,967 during the day. It ended the day at 14,942 levels, up 119 points or 0.8 per cent, riding on the back of gains in Coal India, UPL, Hindalco, Indian Oil Corporation, Tata Motors, L&T, and Divis Labs. These stocks rallied up to 8 per cent. Global markets World stocks ticked up to new peaks on Monday on bets interest rates will remain low and the economies will continue their recovery. MSCI’s gauge of stocks across the globe hit a fresh record high and was up 0.1 per cent. Europe’s STOXX 600 regional benchmark was up 0.1 per cent in early deals, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. In the commodities market, however, oil prices rose after a cyber attack shut down a US pipeline operator that provides nearly half of the US east coast's fuel supply. Brent crude rose 0.5 per cent to $68.64 per barrel, while US crude ticked up 0.5 per cent to $65.23 a barrel. (With inputs from Reuters)

Sensex scales 49,500, ends 296 points higher; Nifty above 14,900

IAG, owner of&nbsp;British&nbsp;Airways&nbsp;and other European airlines, posted on Friday a net loss of 1.1 billion euros ($1.3 billion) in the first quarter as the coronavirus pandemic grounded planes.

It was a reduction, however, on the company's net loss of 1.68 billion euros in the first three months of 2020 as Covid took off, IAG said in an earnings statement.

It added that group revenue collapsed 79 per cent to 968 million euros in the first quarter of this year.

Passenger numbers dived 87 per cent compared to a year earlier at the company that owns also Spanish airline Iberia and Ireland's Aer Lingus.

"We're doing everything in our power to emerge in a stronger competitive position," IAG chief executive Luis Gallego said in the earnings statement.

Its earnings update came a day after rival Air France-KLM posted a net loss totalling 1.5 billion euros for the first quarter.

International travel

IAG said it would not be providing 2021 profit guidance "given the uncertainty over the timing of the lifting of government travel restrictions and the continued impact and duration of Covid-19".

Britain's government is Friday set to reveal which foreign destinations people can fly to without quarantining.

The UK has set a date of May 17 to relaunch international travel using a "traffic-light" system.

Travel destinations will be ranked green, amber or red according to virus risk, according to the government led by Prime Minister Boris Johnson.

International travel to and from the UK is banned except for a handful of permitted reasons. This has created massive pent-up demand for summer holidays abroad.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-air-france-klm-falls-further-into-red-as-european-recovery-lags-383389/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"We're absolutely confident that a safe re-start to travel can happen as shown by the scientific data," Gallego added in the earnings statement.

"We're ready to fly, but government action is needed."

He called for "travel corridors without restrictions between countries with successful vaccination rollouts and effective testing such as the UK and the US".

Gallego added there needed to be affordable and simple testing, well-staffed borders and digital passes for testing and vaccination documentation.

"These measures will enable a safe re-opening of our skies," the IAG boss said.&nbsp;

"There's a high level of pent-up demand and aviation will play a critical role in reconnecting people and getting economies back up and running again."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-treasury-starts-distributing-15-billion-in-payroll-aid-to-airlines-357099">US Treasury starts distributing $15 billion in payroll aid to airlines</a>

Owing to Covid fallout, IAG has axed around 10,000 jobs at&nbsp;British&nbsp;Airways, or one quarter of the carrier's workforce and has cut 500 positions at Aer Lingus.

IAG meanwhile plunged into a record annual net loss of 6.9 billion euros in 2020.

IAG, owner of British Airways and other European airlines, posted on Friday a net loss of 1.1 billion euros ($1.3 billion) in the first quarter as the coronavirus pandemic grounded planes.

IAG, owner of British Airways and other European airlines, posted on Friday a net loss of 1.1 billion euros ($1.3 billion) in the first quarter as the coronavirus pandemic grounded planes. It was a reduction, however, on the company's net loss of 1.68 billion euros in the first three months of 2020 as Covid took off, IAG said in an earnings statement. It added that group revenue collapsed 79 per cent to 968 million euros in the first quarter of this year. Passenger numbers dived 87 per cent compared to a year earlier at the company that owns also Spanish airline Iberia and Ireland's Aer Lingus. "We're doing everything in our power to emerge in a stronger competitive position," IAG chief executive Luis Gallego said in the earnings statement. Its earnings update came a day after rival Air France-KLM posted a net loss totalling 1.5 billion euros for the first quarter. International travel IAG said it would not be providing 2021 profit guidance "given the uncertainty over the timing of the lifting of government travel restrictions and the continued impact and duration of Covid-19". Britain's government is Friday set to reveal which foreign destinations people can fly to without quarantining. The UK has set a date of May 17 to relaunch international travel using a "traffic-light" system. Travel destinations will be ranked green, amber or red according to virus risk, according to the government led by Prime Minister Boris Johnson. International travel to and from the UK is banned except for a handful of permitted reasons. This has created massive pent-up demand for summer holidays abroad. "We're absolutely confident that a safe re-start to travel can happen as shown by the scientific data," Gallego added in the earnings statement. "We're ready to fly, but government action is needed." He called for "travel corridors without restrictions between countries with successful vaccination rollouts and effective testing such as the UK and the US". Gallego added there needed to be affordable and simple testing, well-staffed borders and digital passes for testing and vaccination documentation. "These measures will enable a safe re-opening of our skies," the IAG boss said. "There's a high level of pent-up demand and aviation will play a critical role in reconnecting people and getting economies back up and running again." Also read | US Treasury starts distributing $15 billion in payroll aid to airlines Owing to Covid fallout, IAG has axed around 10,000 jobs at British Airways, or one quarter of the carrier's workforce and has cut 500 positions at Aer Lingus. IAG meanwhile plunged into a record annual net loss of 6.9 billion euros in 2020.

British Airlines parent IAG loss tops 1 billion Euros in first quarter

The&nbsp;EU&nbsp;and&nbsp;India&nbsp;were set to bolster warming ties at a virtual summit Saturday by relaunching long-stalled trade talks and agreeing to work together against the coronavirus pandemic battering the south Asian giant.

The devastating wave of infections sweeping&nbsp;India&nbsp;has already impacted the meeting by forcing Prime Minister Narendra Modi to scrap plans to fly to Portugal to see his European counterparts. &nbsp;

But the 27-nation bloc and the world's largest democracy remain determined to capitalise on growing momentum for tighter relations fuelled by shared concerns over the rising might of China.

"I am positive that we will be able to do a major step forward because between the&nbsp;EU&nbsp;and&nbsp;India&nbsp;there is a close relationship, but also a lot of untapped potential," European Commission President Ursula von der Leyen said as&nbsp;EU&nbsp;leaders gathered in Porto.

"The most untapped potential is in trade and investment."

EU&nbsp;countries have sent medical equipment and drugs worth an estimated 100 million euros ($120 million) to&nbsp;India&nbsp;as part of international efforts to help it fight against the flood of COVID-19 cases.

The focus on the virus at the summit will be on making sure the two vaccine-producing powerhouses can maintain global supplies and monitoring the spread of variants, as well as on trying to plan together to tackle future pandemics.

"We obviously need to work together to continue our efforts to ramp up production, secure the necessary raw materials, and keep supply chains open," a senior&nbsp;EU&nbsp;official said.&nbsp;

"Leaders are going to commit to working together, to better prepare for and respond to global health emergencies, and this clearly includes strengthening and reforming the World Health Organization."

Von der Leyen said the two sides would agree on a "common platform" on sequencing the Covid-19 virus to help keep track of any new variants that may emerge.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/push-on-social-issues-as-eu-faces-covid-fallout-383556">Push on social issues as EU faces Covid fallout</a>

Waiving patents&nbsp;

Modi could also push the&nbsp;EU&nbsp;on waiving patents for COVID-19 jabs after the US threw its weight behind the proposal.

European Council chief Charles Michel said the bloc was willing to discuss the initiative once a concrete proposal was "on the table", but leaders have expressed scepticism about lifting patents.&nbsp;

While the <a href="https://www.wionews.com/topics/coronavirus">pandemic</a> casts a long shadow over the summit, the key announcement is the restarting of talks on a free trade agreement that have been suspended since 2013.

Von der Leyen said talks would restart on a trade pact and begin on separate deals to protect investments and regionally-specific&nbsp;products.&nbsp;

She said that the two sides would also look to cooperate on developing cutting edge technologies including Artificial Intelligence and supercomputers.&nbsp;

Negotiations on the trade deal were halted eight years ago after getting stuck on issues including cutting tariffs and access for Indian workers to Europe.&nbsp;

'Elephant in the room'&nbsp;

It remains to be seen if&nbsp;India&nbsp;is now willing to drop an approach viewed as deeply protectionist by the&nbsp;EU&nbsp;to seal a deal this time around.

"It won't be easy or quick to reach," an official from the bloc told AFP.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/crucial-india-eu-summit-india-european-union-to-hold-key-virtual-trade-talks-383655/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

But growing tensions with China could create a new impetus for talks, with one diplomat calling Beijing "the elephant in the room".

For the&nbsp;EU, the push to restart negotiations comes as efforts to ratify an investment deal agreed with China that hit the buffers after relations soured over tit-for-tat sanctions.

"India&nbsp;for its part has also decided to invest more in its relations with the&nbsp;EU, driven in part by China's growing assertiveness and Brexit, requiring New Delhi to no longer see London as its sole entry point into&nbsp;'Europe',"&nbsp;EU&nbsp;foreign policy chief Josep Borrell wrote in a blog post.

Britain's departure from the bloc has also created another rival for Brussels as London makes its own play to bolster trade ties with&nbsp;India.

The British government said Tuesday it would start formal free talks with&nbsp;India&nbsp;later this year after the two sides agreed on an initial package to boost trade and investment.

The EU and India were set to bolster warming ties at a virtual summit Saturday by relaunching long-stalled trade talks and agreeing to work together against the coronavirus pandemic battering the south Asian giant.

The EU and India were set to bolster warming ties at a virtual summit Saturday by relaunching long-stalled trade talks and agreeing to work together against the coronavirus pandemic battering the south Asian giant. The devastating wave of infections sweeping India has already impacted the meeting by forcing Prime Minister Narendra Modi to scrap plans to fly to Portugal to see his European counterparts. But the 27-nation bloc and the world's largest democracy remain determined to capitalise on growing momentum for tighter relations fuelled by shared concerns over the rising might of China. "I am positive that we will be able to do a major step forward because between the EU and India there is a close relationship, but also a lot of untapped potential," European Commission President Ursula von der Leyen said as EU leaders gathered in Porto. "The most untapped potential is in trade and investment." EU countries have sent medical equipment and drugs worth an estimated 100 million euros ($120 million) to India as part of international efforts to help it fight against the flood of COVID-19 cases. The focus on the virus at the summit will be on making sure the two vaccine-producing powerhouses can maintain global supplies and monitoring the spread of variants, as well as on trying to plan together to tackle future pandemics. "We obviously need to work together to continue our efforts to ramp up production, secure the necessary raw materials, and keep supply chains open," a senior EU official said. "Leaders are going to commit to working together, to better prepare for and respond to global health emergencies, and this clearly includes strengthening and reforming the World Health Organization." Von der Leyen said the two sides would agree on a "common platform" on sequencing the Covid-19 virus to help keep track of any new variants that may emerge. Also read | Push on social issues as EU faces Covid fallout Waiving patents Modi could also push the EU on waiving patents for COVID-19 jabs after the US threw its weight behind the proposal. European Council chief Charles Michel said the bloc was willing to discuss the initiative once a concrete proposal was "on the table", but leaders have expressed scepticism about lifting patents. While the pandemic casts a long shadow over the summit, the key announcement is the restarting of talks on a free trade agreement that have been suspended since 2013. Von der Leyen said talks would restart on a trade pact and begin on separate deals to protect investments and regionally-specific products. She said that the two sides would also look to cooperate on developing cutting edge technologies including Artificial Intelligence and supercomputers. Negotiations on the trade deal were halted eight years ago after getting stuck on issues including cutting tariffs and access for Indian workers to Europe. 'Elephant in the room' It remains to be seen if India is now willing to drop an approach viewed as deeply protectionist by the EU to seal a deal this time around. "It won't be easy or quick to reach," an official from the bloc told AFP. But growing tensions with China could create a new impetus for talks, with one diplomat calling Beijing "the elephant in the room". For the EU, the push to restart negotiations comes as efforts to ratify an investment deal agreed with China that hit the buffers after relations soured over tit-for-tat sanctions. "India for its part has also decided to invest more in its relations with the EU, driven in part by China's growing assertiveness and Brexit, requiring New Delhi to no longer see London as its sole entry point into 'Europe'," EU foreign policy chief Josep Borrell wrote in a blog post. Britain's departure from the bloc has also created another rival for Brussels as London makes its own play to bolster trade ties with India. The British government said Tuesday it would start formal free talks with India later this year after the two sides agreed on an initial package to boost trade and investment.

EU and India relaunch trade quest at COVID-hit summit

The American jobs machine tottered last month, confounding optimistic forecasts of the labor market’s recovery and sharpening debates over the impact of federal pandemic-related jobless benefits on the nation’s workforce.

Employers added 266,000 jobs in April, the government reported Friday, far below the gains registered in March. The jobless rate rose slightly, to 6.1%, as the labor force grew faster than the number of jobs.

“It turns out it’s easier to put an economy into a coma than wake it up,” Diane Swonk, chief economist for the accounting firm Grant Thornton, said of the disappointing report. Economists had forecast an addition of about 1 million jobs.

The prolonged uncertainty generated by a virus that killed millions around the world has not yet dissipated, creating skittishness among employers and workers. And there are still 8.2 million fewer jobs than existed before the pandemic.

Despite the modest rate of hiring in April, there are strong signals that the economy is returning to health as infections ebb, vaccinations continue, restrictions lift and businesses reopen. Economists still predict a big expansion in the course of the year.

The largest job gains in April were in leisure and hospitality, two industries that had been particularly hard-hit during the pandemic. More dining out may mean less dining in, though. So as the number of restaurant workers rose, the number of grocery store clerks and couriers declined.

The manufacturing sector lost 18,000 jobs even though consumer demand for goods has been strong. The Alliance for American Manufacturing blamed supply chain problems, noting that “drops in automotive sector employment are almost entirely due to semiconductor shortages.”

Economists, too, have raised concerns that supply bottlenecks in major industries could hamstring growth at a time when people are eager to buy.

As the economy fitfully recovers, there are divergent accounts of what’s going on in the labor market. Employers, particularly in the restaurant and hotel industries, have reported scant response to help-wanted ads. The U.S. Chamber of Commerce and Republican officials have faulted what they call overly generous government jobless benefits.

This week, the Republican governors of Montana, South Carolina and Arkansas said they planned to cut off federally funded pandemic unemployment assistance at the end of June.

That means jobless workers there will no longer get a $300-a-week federal supplement to state benefits, and the states will abandon a pandemic program that helps freelancers and others who don’t qualify for state unemployment insurance. (Montana will, however, offer a $1,200 bonus for unemployed workers who take jobs.)

“What was intended to be short-term financial assistance for the vulnerable and displaced during the height of the pandemic has turned into a dangerous federal entitlement, incentivizing and paying workers to stay at home,” declared Gov. Henry McMaster of South Carolina.

But federal regulations prohibit people from continuing to collect unemployment insurance if they turn down suitable work. And economists have found little evidence to indicate that unemployment benefits are discouraging people from working. At the same time, there are other potent forces constraining the return to work.

Fewer than half of adults are fully vaccinated, leaving most of the population at continuing risk of infection. Millions of Americans have said health concerns and child care responsibilities — with many schools and day care centers not back to normal operations — have kept them from taking a job.

“I do think it is a temporary issue,” Ben Herzon, executive director of U.S. economics at the financial services company IHS Markit, said of the impediments to hiring. By the fall, the risk of infection should drop further as vaccination rates climb. More schools will return to full-time instruction, and extended jobless benefits will expire. “I don’t think there’s anything that will prevent labor force participation and job growth,” Herzon said.

Workers say the real problems are poorly paid jobs with shifting schedules, few benefits and insufficient safety protocols. “The shortage of restaurant workers we are seeing across the country is not a labor-shortage problem; it’s a wage-shortage problem,” said Saru Jayaraman, president of One Fair Wage, a minimum-wage advocacy group.

Former food service workers and others may also be migrating to warehousing jobs with wages as high as $23 an hour and to customer service jobs that are done from home, said Amy Glaser, senior vice president at the staffing firm Adecco.

The most solid evidence of a real shortage of workers, economists say, would be a sustained rise in wages. The Labor Department report showed that hourly wages grew by 0.7% last month while the average number of hours worked per week increased slightly. But economists were cautious about interpreting the wage figure, which reflects a hodgepodge of factors. Wages could also be up because more higher-earning workers are joining the workforce.

The broader debate about the availability of jobs as well as the costs and benefits of returning to work is playing out in cities all over the country.

Home Chef, a meal-kit delivery service owned by supermarket giant Kroger that has seen business explode during the pandemic, has been hiring rapidly. The company employs about 2,000 hourly and salaried workers and expects to hire an additional 2,000 by the end of the year, said Patrick Vihtelic, the founder and CEO.

“In recent weeks, we’ve seen a sharp decline in terms of the number of new job applicants at our plants, despite permanently increasing wages across each of our production facilities in recent months,” Vihtelic said of hiring at his three plants in San Bernardino, California; Lithonia, Georgia; and Bedford Park, Illinois.

He said the company had instituted more employee appreciation programs like paying for celebratory lunches, bringing in food trucks and offering morning coffee and doughnuts.

Despite the falloff in applicants, he is confident the company will get the workers it needs. “Our funnel hasn’t been filling as fast but there’s been no major service disruptions,” he said.

Returning to work is not yet an option for Lauren Fine, an education consultant in Denver. Fine, who is single and has a toddler, lost her job early in the pandemic. She initially collected unemployment benefits, but for the last nine months she has cobbled together jobs like tutoring and contract work.

She said she has been making less than half of her previous salary, creating something of an inescapable cycle: She cannot afford to send her son to day care for more than two days a week, and her child-care responsibilities are preventing her from taking a full-time job. In addition, she said, she has an autoimmune illness, making the possibility of contracting COVID-19 in the workplace especially harrowing.

“I like to say it’s just like spinning plates,” she said. Fine is considering giving up looking for a full-time job for the next year, until her son is old enough to attend school five days a week.

Economists say it is natural for the transition from closure to reopening to be bumpy for a mammoth economy. Employers are wary, wanting to maintain flexibility over hours, pay and long-term commitments. Workers have demands at home and health concerns. Supplies have been redirected or have run out.

“It’s understandable — it’s going to take some time,” said Diane Lim, an economist who has worked at the White House and in Congress and now writes the blog EconomistMom.com. “You’re not just going to snap your fingers and get everyone back to work.”

The American jobs machine tottered last month, confounding optimistic forecasts of the labor market’s recovery and sharpening debates over the impact of federal pandemic-related jobless benefits on the nation’s workforce.

The American jobs machine tottered last month, confounding optimistic forecasts of the labor market’s recovery and sharpening debates over the impact of federal pandemic-related jobless benefits on the nation’s workforce. Employers added 266,000 jobs in April, the government reported Friday, far below the gains registered in March. The jobless rate rose slightly, to 6.1%, as the labor force grew faster than the number of jobs. “It turns out it’s easier to put an economy into a coma than wake it up,” Diane Swonk, chief economist for the accounting firm Grant Thornton, said of the disappointing report. Economists had forecast an addition of about 1 million jobs. The prolonged uncertainty generated by a virus that killed millions around the world has not yet dissipated, creating skittishness among employers and workers. And there are still 8.2 million fewer jobs than existed before the pandemic. Despite the modest rate of hiring in April, there are strong signals that the economy is returning to health as infections ebb, vaccinations continue, restrictions lift and businesses reopen. Economists still predict a big expansion in the course of the year. The largest job gains in April were in leisure and hospitality, two industries that had been particularly hard-hit during the pandemic. More dining out may mean less dining in, though. So as the number of restaurant workers rose, the number of grocery store clerks and couriers declined. The manufacturing sector lost 18,000 jobs even though consumer demand for goods has been strong. The Alliance for American Manufacturing blamed supply chain problems, noting that “drops in automotive sector employment are almost entirely due to semiconductor shortages.” Economists, too, have raised concerns that supply bottlenecks in major industries could hamstring growth at a time when people are eager to buy. As the economy fitfully recovers, there are divergent accounts of what’s going on in the labor market. Employers, particularly in the restaurant and hotel industries, have reported scant response to help-wanted ads. The U.S. Chamber of Commerce and Republican officials have faulted what they call overly generous government jobless benefits. This week, the Republican governors of Montana, South Carolina and Arkansas said they planned to cut off federally funded pandemic unemployment assistance at the end of June. That means jobless workers there will no longer get a $300-a-week federal supplement to state benefits, and the states will abandon a pandemic program that helps freelancers and others who don’t qualify for state unemployment insurance. (Montana will, however, offer a $1,200 bonus for unemployed workers who take jobs.) “What was intended to be short-term financial assistance for the vulnerable and displaced during the height of the pandemic has turned into a dangerous federal entitlement, incentivizing and paying workers to stay at home,” declared Gov. Henry McMaster of South Carolina. But federal regulations prohibit people from continuing to collect unemployment insurance if they turn down suitable work. And economists have found little evidence to indicate that unemployment benefits are discouraging people from working. At the same time, there are other potent forces constraining the return to work. Fewer than half of adults are fully vaccinated, leaving most of the population at continuing risk of infection. Millions of Americans have said health concerns and child care responsibilities — with many schools and day care centers not back to normal operations — have kept them from taking a job. “I do think it is a temporary issue,” Ben Herzon, executive director of U.S. economics at the financial services company IHS Markit, said of the impediments to hiring. By the fall, the risk of infection should drop further as vaccination rates climb. More schools will return to full-time instruction, and extended jobless benefits will expire. “I don’t think there’s anything that will prevent labor force participation and job growth,” Herzon said. Workers say the real problems are poorly paid jobs with shifting schedules, few benefits and insufficient safety protocols. “The shortage of restaurant workers we are seeing across the country is not a labor-shortage problem; it’s a wage-shortage problem,” said Saru Jayaraman, president of One Fair Wage, a minimum-wage advocacy group. Former food service workers and others may also be migrating to warehousing jobs with wages as high as $23 an hour and to customer service jobs that are done from home, said Amy Glaser, senior vice president at the staffing firm Adecco. The most solid evidence of a real shortage of workers, economists say, would be a sustained rise in wages. The Labor Department report showed that hourly wages grew by 0.7% last month while the average number of hours worked per week increased slightly. But economists were cautious about interpreting the wage figure, which reflects a hodgepodge of factors. Wages could also be up because more higher-earning workers are joining the workforce. The broader debate about the availability of jobs as well as the costs and benefits of returning to work is playing out in cities all over the country. Home Chef, a meal-kit delivery service owned by supermarket giant Kroger that has seen business explode during the pandemic, has been hiring rapidly. The company employs about 2,000 hourly and salaried workers and expects to hire an additional 2,000 by the end of the year, said Patrick Vihtelic, the founder and CEO. “In recent weeks, we’ve seen a sharp decline in terms of the number of new job applicants at our plants, despite permanently increasing wages across each of our production facilities in recent months,” Vihtelic said of hiring at his three plants in San Bernardino, California; Lithonia, Georgia; and Bedford Park, Illinois. He said the company had instituted more employee appreciation programs like paying for celebratory lunches, bringing in food trucks and offering morning coffee and doughnuts. Despite the falloff in applicants, he is confident the company will get the workers it needs. “Our funnel hasn’t been filling as fast but there’s been no major service disruptions,” he said. Returning to work is not yet an option for Lauren Fine, an education consultant in Denver. Fine, who is single and has a toddler, lost her job early in the pandemic. She initially collected unemployment benefits, but for the last nine months she has cobbled together jobs like tutoring and contract work. She said she has been making less than half of her previous salary, creating something of an inescapable cycle: She cannot afford to send her son to day care for more than two days a week, and her child-care responsibilities are preventing her from taking a full-time job. In addition, she said, she has an autoimmune illness, making the possibility of contracting COVID-19 in the workplace especially harrowing. “I like to say it’s just like spinning plates,” she said. Fine is considering giving up looking for a full-time job for the next year, until her son is old enough to attend school five days a week. Economists say it is natural for the transition from closure to reopening to be bumpy for a mammoth economy. Employers are wary, wanting to maintain flexibility over hours, pay and long-term commitments. Workers have demands at home and health concerns. Supplies have been redirected or have run out. “It’s understandable — it’s going to take some time,” said Diane Lim, an economist who has worked at the White House and in Congress and now writes the blog EconomistMom.com. “You’re not just going to snap your fingers and get everyone back to work.”

Job growth slowed in April, muddling expectations

Chinese&nbsp;exports&nbsp;grew at a forecast-busting rate last month, data showed Friday, while&nbsp;imports&nbsp;surged at their strongest in a decade as the global economy bounces back from the pandemic crisis and domestic consumption recovers.

With vaccines being rolled out around the world - particularly in the key US market - and economically painful lockdowns being eased, demand for&nbsp;China's goods has picked up this year, having fallen off a cliff in 2020.

Shipments abroad soared 32.3 percent on-year in April - smashing the 24.1 per cent expected in a Bloomberg survey - thanks to a sharp rise in demand for electronics and medical masks.

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The impressive figures are attributable to last year's very low base of comparison owing to the pandemic.

But they still show that the global recovery is underway, led by the United States where the economy is scorching along on the back of vast government spending and central bank largesse.

"The stimulus in developed economies, especially in the US, sustained their demand for Chinese manufactured products," Nomura chief&nbsp;China&nbsp;economist Lu Ting told AFP.

He added that the worsening Covid-19 outbreak in emerging markets including India also supported Chinese&nbsp;exports, in part because they then rely on&nbsp;China&nbsp;to supply protective gear.

At home, with the coronavirus largely brought under control,&nbsp;China's vast army of consumers are getting back to their daily lives after last year's travails, sending&nbsp;imports&nbsp;up 43.1 per cent, slightly below forecast but the&nbsp;best&nbsp;rise since early 2011.

The jump was also fired by a surge in commodity prices - iron ore is at a record and copper close to one - electronics and integrated circuits, which are then mostly turned around before being shipped abroad.

The strong figures will provide cheer to&nbsp;China's leaders who are looking to recalibrate the economy from state investment and&nbsp;exports-led&nbsp;growth&nbsp;to one more reliant on domestic consumer demand.

But Lu warned of the surging prices of imported commodities noting it "will both trigger higher inflation and depress domestic demand".

Rajiv Biswas, Asia Pacific chief economist at IHS Markit, added that factors such as rising container freight shipping costs, on&nbsp;top&nbsp;of global semiconductor shortages, had "added to&nbsp;China's&nbsp;import&nbsp;bill".

In April,&nbsp;China's trade surplus with the US - a key point of contention during their bruising trade war - rose 23 per cent to $28.1 billion.

Chinese exports grew at a forecast-busting rate last month, data showed Friday, while imports surged at their strongest in a decade as the global economy bounces back from the pandemic crisis and domestic consumption recovers.

Chinese exports grew at a forecast-busting rate last month, data showed Friday, while imports surged at their strongest in a decade as the global economy bounces back from the pandemic crisis and domestic consumption recovers. With vaccines being rolled out around the world - particularly in the key US market - and economically painful lockdowns being eased, demand for China's goods has picked up this year, having fallen off a cliff in 2020. Shipments abroad soared 32.3 percent on-year in April - smashing the 24.1 per cent expected in a Bloomberg survey - thanks to a sharp rise in demand for electronics and medical masks. Also read: 'Military knows all about biological warfare': Bolsonaro's swipe at China over COVID-19 The impressive figures are attributable to last year's very low base of comparison owing to the pandemic. But they still show that the global recovery is underway, led by the United States where the economy is scorching along on the back of vast government spending and central bank largesse. "The stimulus in developed economies, especially in the US, sustained their demand for Chinese manufactured products," Nomura chief China economist Lu Ting told AFP. He added that the worsening Covid-19 outbreak in emerging markets including India also supported Chinese exports, in part because they then rely on China to supply protective gear. At home, with the coronavirus largely brought under control, China's vast army of consumers are getting back to their daily lives after last year's travails, sending imports up 43.1 per cent, slightly below forecast but the best rise since early 2011. The jump was also fired by a surge in commodity prices - iron ore is at a record and copper close to one - electronics and integrated circuits, which are then mostly turned around before being shipped abroad. The strong figures will provide cheer to China's leaders who are looking to recalibrate the economy from state investment and exports-led growth to one more reliant on domestic consumer demand. But Lu warned of the surging prices of imported commodities noting it "will both trigger higher inflation and depress domestic demand". Rajiv Biswas, Asia Pacific chief economist at IHS Markit, added that factors such as rising container freight shipping costs, on top of global semiconductor shortages, had "added to China's import bill". In April, China's trade surplus with the US - a key point of contention during their bruising trade war - rose 23 per cent to $28.1 billion.

China's exports top forecasts, imports growth best in 10 years

Japan&nbsp;Airlines&nbsp;posted an annual net loss of $2.6 billion Friday but did not release a forecast for the current financial year, citing uncertainty around the coronavirus pandemic.

The carrier,&nbsp;Japan's second-largest by market share, suffered a net loss of 286.7 billion yen for the year through March, its first full-year result in the red since it relisted on the Tokyo Stock Exchange in 2012.

"There has been no indication of passenger demand recovery yet" due to restrictions on international travel and tougher immigration measures,&nbsp;JAL&nbsp;said.

"Our situation has been severe throughout this fiscal year."

The company last week revised its projection for 2020-21 net loss to 287 billion yen from a 300 billion yen forecast in February.

JAL&nbsp;said it had decided not to release an outlook for the year ending March 2022, warning "it is difficult to foresee the recovery of demand while the global spread of Covid-19 shows no sign of slowdown".

Sales plunged 65.3 per cent compared to the previous year to 481.2 billion yen.

Last month,&nbsp;Japan's top airline ANA reported its worst-ever annual loss of 404.6 billion yen, which was smaller than the firm's earlier projection.

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But ANA Holdings said it expects to see a rebound to 3.5 billion yen net profit in 2021-22, as the coronavirus disruption that has battered the aviation industry worldwide begins to ease.

Japan's&nbsp;airlines&nbsp;had expected a bumper year in 2020 when the Tokyo Olympics were originally due to be held and tourist numbers were expected to break records.

The postponed games are now set to open in July, but overseas spectators have already been barred from the event, with a decision on domestic fans delayed until June.

Japan Airlines posted an annual net loss of $2.6 billion Friday but did not release a forecast for the current financial year, citing uncertainty around the coronavirus pandemic.

Japan Airlines posted an annual net loss of $2.6 billion Friday but did not release a forecast for the current financial year, citing uncertainty around the coronavirus pandemic. The carrier, Japan's second-largest by market share, suffered a net loss of 286.7 billion yen for the year through March, its first full-year result in the red since it relisted on the Tokyo Stock Exchange in 2012. "There has been no indication of passenger demand recovery yet" due to restrictions on international travel and tougher immigration measures, JAL said. "Our situation has been severe throughout this fiscal year." The company last week revised its projection for 2020-21 net loss to 287 billion yen from a 300 billion yen forecast in February. JAL said it had decided not to release an outlook for the year ending March 2022, warning "it is difficult to foresee the recovery of demand while the global spread of Covid-19 shows no sign of slowdown". Sales plunged 65.3 per cent compared to the previous year to 481.2 billion yen. Last month, Japan's top airline ANA reported its worst-ever annual loss of 404.6 billion yen, which was smaller than the firm's earlier projection. Also read | Japan extends virus emergency as India posts record infections But ANA Holdings said it expects to see a rebound to 3.5 billion yen net profit in 2021-22, as the coronavirus disruption that has battered the aviation industry worldwide begins to ease. Japan's airlines had expected a bumper year in 2020 when the Tokyo Olympics were originally due to be held and tourist numbers were expected to break records. The postponed games are now set to open in July, but overseas spectators have already been barred from the event, with a decision on domestic fans delayed until June.

Japan Airlines logs $2.6 billion loss over pandemic

The number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the COVID-19 pandemic started more than a year ago, signaling the labor market recovery had entered a new phase amid a booming economy.

World Business Watch: US weekly jobless claims drop below 500,000, layoffs lowest since 2000

Demand for workers from British employers soared this month at the fastest rate since the late 1990s as much of the economy reopened following the latest coronavirus lockdown, a survey of recruitment consultants showed on Friday.

World Business Watch: UK jobs market hits full throttle as lockdown eases

World's largest economy US is recovering at a fast pace. Businesses and households improved their balance sheets late last year with the help of government support, but some consumers and the smallest businesses continued to struggle.

World Business Watch: US households and businesses facing unequal recovery

One of Europe's largest airline Air France- KLM has posted a wider first quarter operating loss. Air France-KLM sales are showing little sign so far of the travel recovery it still hopes to see by summer, with the group also confirming it's intention to raise more capital within months.

World Business Watch: Air France-KLM falls further into red as European recovery lags

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected.

Brent crude oil futures fell by 43 cents, or 0.6 per cent, to $68.54 a barrel by 11:47 a.m. ET (1547 GMT). West Texas Intermediate (WTI) US crude futures slipped 54 cents, or 0.8 per cent, to $65.09.

"When Saudi Arabia cut their crude selling price, it was a stark reminder that there are still pockets of danger of COVID that could impact demand," said Phil Flynn, a senior analyst at Price Futures Group in Chicago.

On Wednesday, both benchmarks hit their highest since mid-March before retreating to close little changed after two days of gains.

India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world's second-most populous nation, dashing hopes that the country's deadly second wave was about to peak.

"The record numbers of new infections in India have been making the headlines and fueling fears that demand may recover more slowly," Commerzbank said.

Yet easing restrictions in Europe and falling US crude inventories supported prices.

"As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story," Citi analysts said in a note.

US crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday.&nbsp;

Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels.

Commerzbank analysts cited "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years".&nbsp;

They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected.

Oil prices slipped on Thursday, reversing early gains under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report the previous session that showed US crude inventories fell much more sharply than expected. Brent crude oil futures fell by 43 cents, or 0.6 per cent, to $68.54 a barrel by 11:47 a.m. ET (1547 GMT). West Texas Intermediate (WTI) US crude futures slipped 54 cents, or 0.8 per cent, to $65.09. "When Saudi Arabia cut their crude selling price, it was a stark reminder that there are still pockets of danger of COVID that could impact demand," said Phil Flynn, a senior analyst at Price Futures Group in Chicago. On Wednesday, both benchmarks hit their highest since mid-March before retreating to close little changed after two days of gains. India posted record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world's second-most populous nation, dashing hopes that the country's deadly second wave was about to peak. "The record numbers of new infections in India have been making the headlines and fueling fears that demand may recover more slowly," Commerzbank said. Yet easing restrictions in Europe and falling US crude inventories supported prices. "As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story," Citi analysts said in a note. US crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday. Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels. Commerzbank analysts cited "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years". They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.

Oil prices slip on worries of pandemic surge in India

Ether, the world's second-largest&nbsp;cryptocurrency&nbsp;after Bitcoin, on Thursday rose to a&nbsp;record&nbsp;high&nbsp;of $3,591.65 on the Bitstamp Exchange.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-other-cryptocurrencies-tumble-over-biden-tax-plan-fears-379752">Bitcoin, other cryptocurrencies tumble over Biden tax plan fears</a>

Ether&nbsp;was last up about 3.0 per cent&nbsp;at $3,568.92. Bitcoin was down 0.7 per cent&nbsp;at $57,109.40 and about 12 per cent&nbsp;below its&nbsp;record&nbsp;intraday&nbsp;high&nbsp;at $64,895.22 set on April 14.

Ether, the world's second-largest cryptocurrency after Bitcoin, on Thursday rose to a record high of $3,591.65 on the Bitstamp Exchange. Also read | Bitcoin, other cryptocurrencies tumble over Biden tax plan fears Ether was last up about 3.

Ether, the world's second-largest cryptocurrency after Bitcoin, on Thursday rose to a record high of $3,591.65 on the Bitstamp Exchange. Also read | Bitcoin, other cryptocurrencies tumble over Biden tax plan fears Ether was last up about 3.0 per cent at $3,568.92. Bitcoin was down 0.7 per cent at $57,109.40 and about 12 per cent below its record intraday high at $64,895.22 set on April 14.

Cryptocurrency 'Ether' rises to new record high