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UN Secretary-General Antonio Guterres on Monday called for urgent, bold measures to address an emerging debt crisis caused largely by Covid-19. 
 
"We are on the verge of a debt crisis. Today`s meeting, convened with our partners, the prime ministers of Canada and Jamaica, is a call for urgent action," he told a high-level event on debt and liquidity, Xinhua news agency reported. 
 
Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least-developed and low-income countries. They face a painfully slow recovery that will put the 2030 Agenda for Sustainable Development and the Paris Agreement completely out of reach, he warned. 
 
Developing countries need access to additional liquidity to respond to the pandemic and to invest in recovery. The international community must urgently provide the necessary support to all developing countries in need, said Guterres. 
 
From the start of the pandemic, the United Nations has advocated for a three-phase approach to debt: a moratorium on debt payments, targeted debt relief, reforms to the international debt architecture, he noted. 
 
He welcomed the steps that have been taken, including fresh financing by international financial institutions, the Debt Service Suspension Initiative of the Group of 20, and the Common Framework for Debt Treatments, but said they are far from enough. 
 
"I am, therefore, calling for much bolder and more ambitious measures. 
 
"We strongly believe that the Debt Service Suspension Initiative must be extended into 2022, and made also available to highly indebted, vulnerable middle-income countries that request it.

UN Secretary-General Antonio Guterres on Monday called for urgent, bold measures to address an emerging debt crisis caused largely by Covid-19. "We are on the verge of a debt crisis.

UN Secretary-General Antonio Guterres on Monday called for urgent, bold measures to address an emerging debt crisis caused largely by Covid-19. "We are on the verge of a debt crisis. Today`s meeting, convened with our partners, the prime ministers of Canada and Jamaica, is a call for urgent action," he told a high-level event on debt and liquidity, Xinhua news agency reported. Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least-developed and low-income countries. They face a painfully slow recovery that will put the 2030 Agenda for Sustainable Development and the Paris Agreement completely out of reach, he warned. Developing countries need access to additional liquidity to respond to the pandemic and to invest in recovery. The international community must urgently provide the necessary support to all developing countries in need, said Guterres. From the start of the pandemic, the United Nations has advocated for a three-phase approach to debt: a moratorium on debt payments, targeted debt relief, reforms to the international debt architecture, he noted. He welcomed the steps that have been taken, including fresh financing by international financial institutions, the Debt Service Suspension Initiative of the Group of 20, and the Common Framework for Debt Treatments, but said they are far from enough. "I am, therefore, calling for much bolder and more ambitious measures. "We strongly believe that the Debt Service Suspension Initiative must be extended into 2022, and made also available to highly indebted, vulnerable middle-income countries that request it.

UN chief calls for bold measures to tackle debt crisis

Indian stock market indices Sensex and Nifty ended more than 2 percent higher Tuesday led by strong gains in IT, metals and pharma stocks. Broader markets supported the rally with smallcap and midcap indices ending over 1 percent higher each.

The BSE S&amp;P Sensex closed 1,128 points or 2.3 per cent higher at 50,137 while the Nifty 50 edged higher by 338 points or 2.33 per cent to 14,845.

Except for Nifty realty which dipped marginally, all other sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 2.9 per cent, metal by 2.8 per cent, pharma by 2.7 per cent and FMCG by 2.2 per cent.

Among stocks, JSW Steel gained by 4.9 per cent to Rs 467.35 per share while Tata Steel was up by 4.2 per cent to Rs 799.50.Wipro edged higher by 3.9 per cent, HCL Technologies by 3.8 per cent and Infosys by 3.7 per cent while agro-chemicals major ticked up by 7.6 per cent to close at Rs 629.85 per share.

The others which gained were HDFC Bank and NTPC. However, Hindalco, Axis Bank, Mahindra &amp; Mahindra and Bharti Airtel traded with a negative bias.Meanwhile, Asian shares were mixed as global investors shook off worries about a hedge fund default that roiled global banking stocks overnight.

Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector.Japan`s Nikkei was up by 0.16 per cent while Hong Kong`s Hang Seng Index gained by 0.84 per cent. South Korea added 1.12 per cent.

(With inputs from agencies)

Indian stock market indices Sensex and Nifty ended more than 2 percent higher Tuesday led by strong gains in IT, metals and pharma stocks. Broader markets supported the rally with smallcap and midcap indices ending over 1 percent higher each.

Indian stock market indices Sensex and Nifty ended more than 2 percent higher Tuesday led by strong gains in IT, metals and pharma stocks. Broader markets supported the rally with smallcap and midcap indices ending over 1 percent higher each. The BSE S&P Sensex closed 1,128 points or 2.3 per cent higher at 50,137 while the Nifty 50 edged higher by 338 points or 2.33 per cent to 14,845. Except for Nifty realty which dipped marginally, all other sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 2.9 per cent, metal by 2.8 per cent, pharma by 2.7 per cent and FMCG by 2.2 per cent. Among stocks, JSW Steel gained by 4.9 per cent to Rs 467.35 per share while Tata Steel was up by 4.2 per cent to Rs 799.50.Wipro edged higher by 3.9 per cent, HCL Technologies by 3.8 per cent and Infosys by 3.7 per cent while agro-chemicals major ticked up by 7.6 per cent to close at Rs 629.85 per share. The others which gained were HDFC Bank and NTPC. However, Hindalco, Axis Bank, Mahindra & Mahindra and Bharti Airtel traded with a negative bias.Meanwhile, Asian shares were mixed as global investors shook off worries about a hedge fund default that roiled global banking stocks overnight. Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector.Japan`s Nikkei was up by 0.16 per cent while Hong Kong`s Hang Seng Index gained by 0.84 per cent. South Korea added 1.12 per cent. (With inputs from agencies)

Sensex ends above 50,100, Nifty near 14,850

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when it can be refloated, the head of the canal authority said on Saturday. 
 
The 400 metre (430 yard) long Ever Given became wedged diagonally across a southern section of the canal amid high winds early on Tuesday, blocking one of the world`s busiest waterways. 
 
About 15% of world shipping traffic transits the canal and hundreds of vessels are waiting to pass once the blockage has been cleared. 
 
Suez Canal Authority (SCA) Chairman Osama Rabie said he hoped it would not be necessary to remove some of the 18,300 containers to lighten the ship`s load, but that strong tides and winds were complicating efforts to free it. 
 
"The ship`s stern began to move towards Suez, and that was a positive sign until 11 p.m. (2100 GMT) at night, but the tide fell significantly and we stopped," Rabie told journalists in Suez. 
 
"We expect that at any time the ship could slide and move from the spot it is in." 
 
Dredgers removed some 20,000 tonnes of sand from around its bow by Friday. A Dutch firm working to free the vessel said it could be freed by the start of next week if heavier tugboats, dredging and a high tide succeed in dislodging it. 
 
Tugging attempts restarted on Saturday afternoon and further efforts were planned on Saturday night and Sunday morning, SCA sources said, though they added it could be necessary to remove more sand from around the ship to free it. 
 
Two SCA sources said there had been further, minor progress in dislodging the ship on Saturday. One source said there had been some movement at the bow of the ship. 
 
"When dealing with a ship of this size, its behaviour with the dredgers is unknown, we don`t know how it will respond to the pulling," said Rabie. 
 
The head of Boskalis, parent company of Dutch firm Smit Salvage which has been brought in to help the SCA, said heavy tugboats with a combined capacity of 400 tonnes would arrive sometime this weekend. 
 
REALLY STUCK 
 
"We aim to get it done after the weekend, but everything will have to work out exactly right for that," Boskalis Chief Executive Peter Berdowski told Dutch TV programme Nieuwsuur late on Friday. 
 
"The bow is really stuck in the sandy clay, but the stern has not been pushed totally into the clay, which is positive. We can try to use that as leverage to pull it loose," Berdowski said. 
 
Egyptian Prime Minister Mostafa Madbouly on Saturday thanked foreign partners for offers to help refloat the ship. 
 
Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions. 
 
If it drags on, shippers may decide to reroute around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs. Rabie said the ships that are waiting were free to reroute around the Cape, but none had yet done so. 
 
He said 321 vessels were waiting to enter or continue their transit through the canal. Those included dozens of container ships, bulk carriers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, according to a shipping source. 
 
Fourteen tugs have so far been involved in efforts to refloat the Ever Given, although Boskalis and Smit Salvage have warned that using too much force to tug the ship could damage it. 
 
Berdowski said a land crane would be brought in at the weekend which could lighten the Ever Given`s load by removing containers, though experts have warned that such a process could be complex and lengthy. 
 
"If we don`t succeed in getting it loose next week, we will have to remove some 600 containers from the bow to reduce the weight," he said. "That will set us back days at least, because where to leave all those containers will be quite a puzzle." 
 
Rabie said empty container ships with cranes could offload containers.

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when it can be refloated, the head of the canal authority said on Saturday.

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when it can be refloated, the head of the canal authority said on Saturday. The 400 metre (430 yard) long Ever Given became wedged diagonally across a southern section of the canal amid high winds early on Tuesday, blocking one of the world`s busiest waterways. About 15% of world shipping traffic transits the canal and hundreds of vessels are waiting to pass once the blockage has been cleared. Suez Canal Authority (SCA) Chairman Osama Rabie said he hoped it would not be necessary to remove some of the 18,300 containers to lighten the ship`s load, but that strong tides and winds were complicating efforts to free it. "The ship`s stern began to move towards Suez, and that was a positive sign until 11 p.m. (2100 GMT) at night, but the tide fell significantly and we stopped," Rabie told journalists in Suez. "We expect that at any time the ship could slide and move from the spot it is in." Dredgers removed some 20,000 tonnes of sand from around its bow by Friday. A Dutch firm working to free the vessel said it could be freed by the start of next week if heavier tugboats, dredging and a high tide succeed in dislodging it. Tugging attempts restarted on Saturday afternoon and further efforts were planned on Saturday night and Sunday morning, SCA sources said, though they added it could be necessary to remove more sand from around the ship to free it. Two SCA sources said there had been further, minor progress in dislodging the ship on Saturday. One source said there had been some movement at the bow of the ship. "When dealing with a ship of this size, its behaviour with the dredgers is unknown, we don`t know how it will respond to the pulling," said Rabie. The head of Boskalis, parent company of Dutch firm Smit Salvage which has been brought in to help the SCA, said heavy tugboats with a combined capacity of 400 tonnes would arrive sometime this weekend. REALLY STUCK "We aim to get it done after the weekend, but everything will have to work out exactly right for that," Boskalis Chief Executive Peter Berdowski told Dutch TV programme Nieuwsuur late on Friday. "The bow is really stuck in the sandy clay, but the stern has not been pushed totally into the clay, which is positive. We can try to use that as leverage to pull it loose," Berdowski said. Egyptian Prime Minister Mostafa Madbouly on Saturday thanked foreign partners for offers to help refloat the ship. Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions. If it drags on, shippers may decide to reroute around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs. Rabie said the ships that are waiting were free to reroute around the Cape, but none had yet done so. He said 321 vessels were waiting to enter or continue their transit through the canal. Those included dozens of container ships, bulk carriers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, according to a shipping source. Fourteen tugs have so far been involved in efforts to refloat the Ever Given, although Boskalis and Smit Salvage have warned that using too much force to tug the ship could damage it. Berdowski said a land crane would be brought in at the weekend which could lighten the Ever Given`s load by removing containers, though experts have warned that such a process could be complex and lengthy. "If we don`t succeed in getting it loose next week, we will have to remove some 600 containers from the bow to reduce the weight," he said. "That will set us back days at least, because where to leave all those containers will be quite a puzzle." Rabie said empty container ships with cranes could offload containers.

Ship blocking Suez Canal moves slightly, unclear when it will refloat

Alabama, a largely conservative state could become the first in the United States to have an Amazon union. Most companies came to the state to avoid the troubles of labour unions. But, now that is quickly changing as Amazon employees demand rights.

On Monday, employees at an Amazon warehouse in Alabama will decide whether the first union for the company’s employees will be instituted.&nbsp;If successful, the move could pave way for further unionisation within Amazon, a massive tech company.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-a-historic-vote-for-equal-worker-rights-at-amazon-367260/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

If employees chose to unionise, over 5,800 workers at the Amazon warehouse in Bessemer will find representation. Recently, Amazon made the headlines after reports of dire conditions for workers came to light, whereby employees didn’t even have the time to urinate.

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>

Many truck drivers were forced to urinate in bottles owing to this. Following this revelation, accounts from numerous Amazon employees shed light on how they were being treated at the company’s warehouses.&nbsp;

Workers have revealed that employees are being forced to take 14-hour long shifts with little or no bathroom breaks. Amazon imposes strict targets and penalises people who fail to achieve the set goals. The pressure is such that employees end up peeing in bottles to save time from taking a bathroom break.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/amazon-says-it-pays-alabama-workers-well-other-local-employers-pay-more-371771" hreflang="en">Amazon says it pays Alabama workers well; other local employers pay more</a>

Bernie Sanders, a progressive independent senator endorsed the plan for unionisation after visiting the area.

"This is historically a very anti-union state. That’s why I am incredibly moved and impressed by courage of these workers," Sanders said on Friday.

Alabama, a largely conservative state could become the first in the United States to have an Amazon union. Most companies came to the state to avoid the troubles of labour unions.

Alabama, a largely conservative state could become the first in the United States to have an Amazon union. Most companies came to the state to avoid the troubles of labour unions. But, now that is quickly changing as Amazon employees demand rights. On Monday, employees at an Amazon warehouse in Alabama will decide whether the first union for the company’s employees will be instituted. If successful, the move could pave way for further unionisation within Amazon, a massive tech company. If employees chose to unionise, over 5,800 workers at the Amazon warehouse in Bessemer will find representation. Recently, Amazon made the headlines after reports of dire conditions for workers came to light, whereby employees didn’t even have the time to urinate. Also read: 'Employees pee in bottles': Undercover writer reveals Amazon's poor work conditions Many truck drivers were forced to urinate in bottles owing to this. Following this revelation, accounts from numerous Amazon employees shed light on how they were being treated at the company’s warehouses. Workers have revealed that employees are being forced to take 14-hour long shifts with little or no bathroom breaks. Amazon imposes strict targets and penalises people who fail to achieve the set goals. The pressure is such that employees end up peeing in bottles to save time from taking a bathroom break. Also read: Amazon says it pays Alabama workers well; other local employers pay more Bernie Sanders, a progressive independent senator endorsed the plan for unionisation after visiting the area. "This is historically a very anti-union state. That’s why I am incredibly moved and impressed by courage of these workers," Sanders said on Friday.

Alabama could be home to first Amazon union in US after Monday vote

Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains for everything from grains to baby clothes. 
 
US&nbsp;President Joe Biden said his administration was looking at what it could do to help, after the 400-metre (430-yard) long Ever Given ran aground in the vital trade waterway on Tuesday due to strong wind. 
 
"We have equipment and capacity that most countries don’t have. And we are seeing what help we can be," Biden told reporters in Delaware. 
 
A U.S. official, speaking on the condition of anonymity, said the Navy was prepared to send a team of dredging experts to the canal, but was awaiting approval from local authorities. 
 
The latest effort to dislodge the ship with tug boats was suspended late on Friday, and attempts would resume on Saturday, three sources at the canal said. The Suez Canal Authority (SCA) could not immediately be reached for comment. 
 
Shipping rates for oil product tankers nearly doubled after the ship became stranded, and efforts to free the giant vessel may take weeks and be complicated by unstable weather, threatening costly delays for companies already dealing with COVID-19 restrictions. 
 
All its 25 crew members, who have remained on board, were safe, in good health and spirits, Bernhard Schulte Shipmanagement (BSM), the Ever Given`s technical manager said. 
 
A Dutch rescue team had confirmed two additional tugs would arrive on March 28 to help dislodge the ship, BSM said. 
 
"There have been no reports of pollution or cargo damage and initial investigations rule out any mechanical or engine failure as a cause of the grounding," a BSM statement said. 
 
Earlier, the SCA said efforts to free the ship by tug had resumed following the completion of dredging operations at its bow to remove 20,000 cubic metres of sand. 
 
"The tugging operations require the availability of a number of supporting factors including wind direction and tides, which makes it a complex technical process," the authority said. 
 
The SCA welcomed a U.S. offer to help. Turkey also said it can send a vessel to the canal, amid a push by Ankara to repair ties with Egypt after years of animosity. 
 
The suspension of traffic along the channel linking Europe and Asia has deepened problems for shipping lines. 
 
The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday. 
 
Ratings agency Moody`s expects Europe`s manufacturing and car parts suppliers to be most affected because they operate "just-in-time" supply chains, and said port congestion and further delays to the supply chain were "inevitable." 
 
IMPACT ON OIL 
 
Retired British Royal Navy commander Tom Sharpe said the best bet for the next attempt would be a high tide on Sunday, but because the ship was aground both front and rear there was a risk the hull could rupture if rescuers pulled too hard. 
 
Mohab Mamish, the Egyptian presidential adviser on Suez Canal projects and sea ports, told MBC Misr TV a floating crane should be used to transfer some of the Ever Given`s containers to another ship to lighten the vessel and enable it to float. 
 
About two dozen ships could be seen from the shores of Port Said on Friday morning, according to a Reuters witness. 
 
Oil rose over 3% on Friday as more than 30 oil tankers have been waiting on either side of the canal since Tuesday, shipping data on Refinitiv showed. However, there is low seasonal demand for crude and liquefied natural gas, which will likely mitigate the impact on prices, analysts said. 
 
About 4 million barrels of mostly Kazakh CPC Blend and some Russian Urals were waiting along with tankers carrying Libyan, Azeri and some North Sea crude oil for Asian refiners, traders said. 
 
Egypt`s SUMED pipeline operator approached crude traders to see whether they wanted to book space in the system but so far traders prefer to wait to avoid high additional costs. 
 
Analysts expect a greater price impact on smaller tankers carrying oil products, such as naphtha and fuel oil, for export from Europe to Asia, if the canal remains shut for weeks. 
 
Re-routing ships around the Cape of Good Hope could add about two weeks and extra fuel costs to the voyage, said Sri Paravaikkarasu, director for Asia oil at FGE. 
 
The blockage is weighing on the already weak Asian gasoil, or diesel, market. More than 60% of Asian exports to the west flowed via the choked Canal in 2020, according to FGE. 
 
Aframax and Suezmax rates in the Mediterranean have also reacted as the market starts to price in fewer vessels being available in the region, shipbroker Braemar ACM Shipbroking said. 
 
At least four Long-Range 2 tankers that might have been headed toward Suez from the Atlantic basin are now likely to be evaluating a passage around the Cape of Good Hope, Braemar ACM said. Each LR-2 tanker can carry around 75,000 tonnes of oil. 
 
The cost of shipping clean products, such as gasoline and diesel, from the Russian port of Tuapse on the Black Sea to southern France jumped 73% over the last three days to $2.58 a barrel on March 25, according to Refinitiv Eikon data. 
 
The shipping index benchmark for LR2 vessels from the Middle East to Japan, known as TC1, has climbed by a third since last week to 137.5 worldscale points, said Anoop Jayaraj, clean tanker broker at Fearnleys Singapore. Worldscale is an industry tool used to calculate freight rates. 
 
On the crude side, traders have had to pay 10-20% more for replacement tankers but market freight rates have not yet risen as charterers are not ready to commit to higher levels in case the container is freed this weekend, shipbrokers said.

Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains for everything from grains to baby clothes.

Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains for everything from grains to baby clothes. US President Joe Biden said his administration was looking at what it could do to help, after the 400-metre (430-yard) long Ever Given ran aground in the vital trade waterway on Tuesday due to strong wind. "We have equipment and capacity that most countries don’t have. And we are seeing what help we can be," Biden told reporters in Delaware. A U.S. official, speaking on the condition of anonymity, said the Navy was prepared to send a team of dredging experts to the canal, but was awaiting approval from local authorities. The latest effort to dislodge the ship with tug boats was suspended late on Friday, and attempts would resume on Saturday, three sources at the canal said. The Suez Canal Authority (SCA) could not immediately be reached for comment. Shipping rates for oil product tankers nearly doubled after the ship became stranded, and efforts to free the giant vessel may take weeks and be complicated by unstable weather, threatening costly delays for companies already dealing with COVID-19 restrictions. All its 25 crew members, who have remained on board, were safe, in good health and spirits, Bernhard Schulte Shipmanagement (BSM), the Ever Given`s technical manager said. A Dutch rescue team had confirmed two additional tugs would arrive on March 28 to help dislodge the ship, BSM said. "There have been no reports of pollution or cargo damage and initial investigations rule out any mechanical or engine failure as a cause of the grounding," a BSM statement said. Earlier, the SCA said efforts to free the ship by tug had resumed following the completion of dredging operations at its bow to remove 20,000 cubic metres of sand. "The tugging operations require the availability of a number of supporting factors including wind direction and tides, which makes it a complex technical process," the authority said. The SCA welcomed a U.S. offer to help. Turkey also said it can send a vessel to the canal, amid a push by Ankara to repair ties with Egypt after years of animosity. The suspension of traffic along the channel linking Europe and Asia has deepened problems for shipping lines. The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday. Ratings agency Moody`s expects Europe`s manufacturing and car parts suppliers to be most affected because they operate "just-in-time" supply chains, and said port congestion and further delays to the supply chain were "inevitable." IMPACT ON OIL Retired British Royal Navy commander Tom Sharpe said the best bet for the next attempt would be a high tide on Sunday, but because the ship was aground both front and rear there was a risk the hull could rupture if rescuers pulled too hard. Mohab Mamish, the Egyptian presidential adviser on Suez Canal projects and sea ports, told MBC Misr TV a floating crane should be used to transfer some of the Ever Given`s containers to another ship to lighten the vessel and enable it to float. About two dozen ships could be seen from the shores of Port Said on Friday morning, according to a Reuters witness. Oil rose over 3% on Friday as more than 30 oil tankers have been waiting on either side of the canal since Tuesday, shipping data on Refinitiv showed. However, there is low seasonal demand for crude and liquefied natural gas, which will likely mitigate the impact on prices, analysts said. About 4 million barrels of mostly Kazakh CPC Blend and some Russian Urals were waiting along with tankers carrying Libyan, Azeri and some North Sea crude oil for Asian refiners, traders said. Egypt`s SUMED pipeline operator approached crude traders to see whether they wanted to book space in the system but so far traders prefer to wait to avoid high additional costs. Analysts expect a greater price impact on smaller tankers carrying oil products, such as naphtha and fuel oil, for export from Europe to Asia, if the canal remains shut for weeks. Re-routing ships around the Cape of Good Hope could add about two weeks and extra fuel costs to the voyage, said Sri Paravaikkarasu, director for Asia oil at FGE. The blockage is weighing on the already weak Asian gasoil, or diesel, market. More than 60% of Asian exports to the west flowed via the choked Canal in 2020, according to FGE. Aframax and Suezmax rates in the Mediterranean have also reacted as the market starts to price in fewer vessels being available in the region, shipbroker Braemar ACM Shipbroking said. At least four Long-Range 2 tankers that might have been headed toward Suez from the Atlantic basin are now likely to be evaluating a passage around the Cape of Good Hope, Braemar ACM said. Each LR-2 tanker can carry around 75,000 tonnes of oil. The cost of shipping clean products, such as gasoline and diesel, from the Russian port of Tuapse on the Black Sea to southern France jumped 73% over the last three days to $2.58 a barrel on March 25, according to Refinitiv Eikon data. The shipping index benchmark for LR2 vessels from the Middle East to Japan, known as TC1, has climbed by a third since last week to 137.5 worldscale points, said Anoop Jayaraj, clean tanker broker at Fearnleys Singapore. Worldscale is an industry tool used to calculate freight rates. On the crude side, traders have had to pay 10-20% more for replacement tankers but market freight rates have not yet risen as charterers are not ready to commit to higher levels in case the container is freed this weekend, shipbrokers said.

Suez Canal steps up efforts to free stuck vessel as energy markets impacted

China is planning to establish a joint venture with its tech giants. It is to oversee the data that is collected from hundreds of millions of consumers.

World Business Watch: China plans to control tech firms' data

Oil prices bounced back from a plunge day earlier on concerns that a large container ship that ran aground in the Suez Canal may block vital shipping lane for weeks.

World Business Watch: Oil prices recover from a plunge day earlier

The number of Americans filing new claims for unemployment benefits dropped to a one-year low, providing a powerful boost to an economy on the verge of stronger growth.

World Business Watch: United States weekly jobless claims drop to one-year low

Indian indices were trading sharply lower on Thursday as selling continued mainly dragged by banks, auto and IT stocks.&nbsp;

Rising Covid-19 cases across the country have sparked fears of fresh lockdowns which may impact the economic recovery, analysts said.

The S&amp;P BSE Sensex fell 800 points, or 1.5 per cent, at 48,380 levels and the Nifty50 index gave up the 14,350-mark. IndusInd Bank fell 2 per cent and was the top Sensex laggard, followed by Axis Bank, State Bank of India, Bajaj Finance, and Maruti Suzuki (all down over 1%).

Meanwhile, Asian equities were also lower as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses.&nbsp;

(With inputs from agencies)

Indian indices were trading sharply lower on Thursday as selling continued mainly dragged by banks, auto and IT stocks. Rising Covid-19 cases across the country have sparked fears of fresh lockdowns which may impact the economic recovery, analysts said.

Indian indices were trading sharply lower on Thursday as selling continued mainly dragged by banks, auto and IT stocks. Rising Covid-19 cases across the country have sparked fears of fresh lockdowns which may impact the economic recovery, analysts said. The S&P BSE Sensex fell 800 points, or 1.5 per cent, at 48,380 levels and the Nifty50 index gave up the 14,350-mark. IndusInd Bank fell 2 per cent and was the top Sensex laggard, followed by Axis Bank, State Bank of India, Bajaj Finance, and Maruti Suzuki (all down over 1%). Meanwhile, Asian equities were also lower as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses. (With inputs from agencies)

Sensex falls nearly 800 points; Nifty near 14,300; auto bleeds

Anger with Nike Inc erupted on Chinese social media late on Wednesday after China`s netizens spotted a statement from the sporting goods giant saying it was "concerned" about reports of forced labour in Xinjiang and that it does not use cotton from the region.

Topics around the Nike statement were among the highest trending on China`s Twitter-like social media Weibo on Thursday, and the social media backlash had a wider fallout.

Popular Chinese actor Wang Yibo terminated his contract as a representative for Nike in response to social media criticism over the company`s Xinjiang statement, his agency said on Weibo on Thursday.

It was unclear when Nike had put out the statement, which did not have a date on it. Nike did not immediately respond to a request for comment.

"We are concerned about reports of forced labor in, and connected to, the Xinjiang Uyghur Autonomous Region (XUAR)," Nike said in the statement.

<a href="https://www.wionews.com/videos/gravitas-which-global-brands-are-using-uighur-labour-373196">Watch |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-which-global-brands-are-using-uighur-labour-373196/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Nike does not source products from the XUAR and we have confirmed with our contract suppliers that they are not using textiles or spun yarn from the region."

The social media fallout comes as relations between the United States and China have deteriorated in recent years.

In the latest development, the United States, the European Union, Britain and Canada on Monday imposed sanctions on Chinese officials for alleged human rights abuses in Xinjiang. China retaliated with sanctions on European lawmakers and institutions.

Earlier this week, at least one Chinese online retailer appeared to drop H&amp;M`s products amid social media attacks on the Swedish company for saying it was "deeply concerned" about reports of forced labour in Xinjiang.

Activists and some Western politicians accuse China of using torture, forced labour and sterilisations in Xinjiang. China has denied these claims and says it is providing vocational training, and that its measures are needed to fight extremism.

Hu Xijin, editor-in-chief of the state-run Global Times urged Western companies on Wednesday to be "highly cautious" and not to "suppress China`s Xinjiang" in a social media post.

To do so would "undoubtedly arouse the anger of the Chinese public," he added. He did not single out any companies.

Anger with Nike Inc erupted on Chinese social media late on Wednesday after China`s netizens spotted a statement from the sporting goods giant saying it was "concerned" about reports of forced labour in Xinjiang and that it does not use cotton from the region.

Anger with Nike Inc erupted on Chinese social media late on Wednesday after China`s netizens spotted a statement from the sporting goods giant saying it was "concerned" about reports of forced labour in Xinjiang and that it does not use cotton from the region. Topics around the Nike statement were among the highest trending on China`s Twitter-like social media Weibo on Thursday, and the social media backlash had a wider fallout. Popular Chinese actor Wang Yibo terminated his contract as a representative for Nike in response to social media criticism over the company`s Xinjiang statement, his agency said on Weibo on Thursday. It was unclear when Nike had put out the statement, which did not have a date on it. Nike did not immediately respond to a request for comment. "We are concerned about reports of forced labor in, and connected to, the Xinjiang Uyghur Autonomous Region (XUAR)," Nike said in the statement. Watch | "Nike does not source products from the XUAR and we have confirmed with our contract suppliers that they are not using textiles or spun yarn from the region." The social media fallout comes as relations between the United States and China have deteriorated in recent years. In the latest development, the United States, the European Union, Britain and Canada on Monday imposed sanctions on Chinese officials for alleged human rights abuses in Xinjiang. China retaliated with sanctions on European lawmakers and institutions. Earlier this week, at least one Chinese online retailer appeared to drop H&M`s products amid social media attacks on the Swedish company for saying it was "deeply concerned" about reports of forced labour in Xinjiang. Activists and some Western politicians accuse China of using torture, forced labour and sterilisations in Xinjiang. China has denied these claims and says it is providing vocational training, and that its measures are needed to fight extremism. Hu Xijin, editor-in-chief of the state-run Global Times urged Western companies on Wednesday to be "highly cautious" and not to "suppress China`s Xinjiang" in a social media post. To do so would "undoubtedly arouse the anger of the Chinese public," he added. He did not single out any companies.

Nike faces social media storm in China over Xinjiang statement

Indian benchmark equity indices, Sensex and Nifty ended sharply lower Thursday dragged by heavy selling across the board with auto, PSU banks, energy, IT and FMCG indices falling the most.

S&amp;P BSE Sensex closed 740 points lower at 48,440 points while the 50-stock NSE Nifty was at 14,324 — each falling 1.5% today.&nbsp;

Maruti Suzuki, Bharti Airtel, Hindustan Unilever, Bajaj Finance, ONGC, UltraTech Cement, and Reliance Industries were the top laggards on the Sensex, while Indian Oil Corporation, Hero MotoCorp, Coal India, Eicher Motors, and Britannia were the additional losers on the Nifty. These stocks were down between 3 per cent and 4 per cent.

Global markets

Global equities languished close to two-week lows on Thursday, while the dollar cruised to near a four-month high against the euro as investors worried that Europe's Covid-19 response was falling behind that in the United States.

European markets opened lower, with the STOXX index of 600 European shares down 0.1 per cent in early trade. MSCI’s gauge of world stocks, meanwhile, was 0.03 per cent lower. Its broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent.

Weighing on sentiment was a selloff in Chinese technology shares due to concerns they will be delisted from US bourses and worries about a semiconductor shortage.

In Hong Kong, companies with US listings led declines. China’s blue-chip CSI300 index edged 0.05 per cent lower.

(With inputs from Reuters)

Indian benchmark equity indices, Sensex and Nifty ended sharply lower Thursday dragged by heavy selling across the board with auto, PSU banks, energy, IT and FMCG indices falling the most.

Indian benchmark equity indices, Sensex and Nifty ended sharply lower Thursday dragged by heavy selling across the board with auto, PSU banks, energy, IT and FMCG indices falling the most. S&P BSE Sensex closed 740 points lower at 48,440 points while the 50-stock NSE Nifty was at 14,324 — each falling 1.5% today. Maruti Suzuki, Bharti Airtel, Hindustan Unilever, Bajaj Finance, ONGC, UltraTech Cement, and Reliance Industries were the top laggards on the Sensex, while Indian Oil Corporation, Hero MotoCorp, Coal India, Eicher Motors, and Britannia were the additional losers on the Nifty. These stocks were down between 3 per cent and 4 per cent. Global markets Global equities languished close to two-week lows on Thursday, while the dollar cruised to near a four-month high against the euro as investors worried that Europe's Covid-19 response was falling behind that in the United States. European markets opened lower, with the STOXX index of 600 European shares down 0.1 per cent in early trade. MSCI’s gauge of world stocks, meanwhile, was 0.03 per cent lower. Its broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent. Weighing on sentiment was a selloff in Chinese technology shares due to concerns they will be delisted from US bourses and worries about a semiconductor shortage. In Hong Kong, companies with US listings led declines. China’s blue-chip CSI300 index edged 0.05 per cent lower. (With inputs from Reuters)

Sensex ends 740 points down at 48,440; Nifty at 14,325

Fitch has revised India's GDP growth forecast to 12 .8 % for the fiscal year beginning April 1st from its previous estimate of 11%.

World Business Watch: Fitch raises India's FY22 GDP growth projection to 12.8%

The UK's jobless rate has unexpectedly declined in the three months to January this year. It's a change that partly reflected people giving up their job hunt as lockdown measures tightened at the start of the main jobless rate.

World Business Watch: UK jobless rate down to 5% till January

A group of New York City business leaders has urged officials to refrain from raising taxes as it could jeopardize the state’s recovery from the pandemic and pressure companies to relocate their operations, triggering major economic losses.

World Business Watch: NYC business leaders warn new taxes could cripple city's recovery

Tesla Inc’s use of in-car cameras to record and transmit video footage of passengers to develop self-driving technology. Now it has raised privacy concerns around the world.

World Business Watch: Tesla's in-car cameras pose privacy concerns

The COVID-19 vaccine rollout and the impact of the United States’ $1.9 trillion stimulus package should boost the economy, said Finance Minister Arturo Herrera

'Mexico's economy could grow over 5%', hints Finance Ministry

WeWork is now in talks with BowX Acquisition Corp, a blank-check company that raised $420 million in August,

WeWork discloses $3.2 billion loss in 2020

Microsoft Corp is in talks to buy messaging platform Discord Inc for more than $10 billion, Bloomberg News reported, citing people familiar with the matter. 
 
Discord has reached out to potential buyers and Microsoft is one of them, the report said, citing people familiar with the matter. One person said it was more likely to go public than sell itself. 
 
Earlier in the day, VentureBeat reported that Discord was exploring a sale and it was in final talks with a party.&nbsp; 
 
Microsoft declined to comment, while Discord did not immediately respond to Reuters request. 
 
Discord, which is valued at around $7 billion as of last December, is a platform on which users coordinate group activities such as games, discussions and even virtual parties. 
 
The Xbox maker has been seeking to strengthen its video game offerings with $7.5 billion acquisition of ZeniMax Media last year, its biggest gaming acquisition ever. 
 
The COVID-19 pandemic has boosted the prospects of gaming companies as people stayed at home and turned to video games for entertainment during lockdowns. 
 
With its strong gaming business, Microsoft has also been looking to own mass social media platforms. Its last big social media deal was the $26.2 billion acquisition of LinkedIn in 2016, while it failed in its bid for short video app TikTok`s US&nbsp;assets in September last year. 
 
Recently, the Financial Times reported about Microsoft`s interest in buying social media platform Pinterest Inc.

Microsoft Corp is in talks to buy messaging platform Discord Inc for more than $10 billion, Bloomberg News reported, citing people familiar with the matter. Discord has reached out to potential buyers and Microsoft is one of them, the report said, citing people familiar with the matter.

Microsoft Corp is in talks to buy messaging platform Discord Inc for more than $10 billion, Bloomberg News reported, citing people familiar with the matter. Discord has reached out to potential buyers and Microsoft is one of them, the report said, citing people familiar with the matter. One person said it was more likely to go public than sell itself. Earlier in the day, VentureBeat reported that Discord was exploring a sale and it was in final talks with a party. Microsoft declined to comment, while Discord did not immediately respond to Reuters request. Discord, which is valued at around $7 billion as of last December, is a platform on which users coordinate group activities such as games, discussions and even virtual parties. The Xbox maker has been seeking to strengthen its video game offerings with $7.5 billion acquisition of ZeniMax Media last year, its biggest gaming acquisition ever. The COVID-19 pandemic has boosted the prospects of gaming companies as people stayed at home and turned to video games for entertainment during lockdowns. With its strong gaming business, Microsoft has also been looking to own mass social media platforms. Its last big social media deal was the $26.2 billion acquisition of LinkedIn in 2016, while it failed in its bid for short video app TikTok`s US assets in September last year. Recently, the Financial Times reported about Microsoft`s interest in buying social media platform Pinterest Inc.

Microsoft in talks to acquire Discord for more than $10 billion: Report

A survey by Microsoft has revealed that 40 per cent of global workers are considering leaving their employers this year. The survey, published on Monday, also found that 61 per cent of employers feel that they are “thriving” right now.

The COVID-19 pandemic has completely changed the route of work culture, with new struggles in the way of many. Microsoft’s 2021 Work Trend Index adds how people&nbsp;“now more than ever” expect their employers and leaders to show empathy, given the “unique challenges”.

The index surveyed 30,000 people from 31 countries. In addition, it factored in trends from Microsoft 365 and LinkedIn. The survey found that those who claimed to be “thriving” were male leaders from Generation X or the millennial generation.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/over-70000-uber-drivers-in-uk-now-entitled-to-minimum-wage-other-workers-rights-371005" hreflang="en">Over 70,000 Uber drivers in UK now entitled to minimum wage, other workers' rights</a>

On the other hand, employees who claimed that they were struggling included married folks (54 per cent), working moms (56 per cent), Generation Z (60 per cent), frontline employees (61 per cent), employees who recently joined their jobs - less than a year ago (64 per cent), and single people (67 per cent).

The trend posits that the major burdens in the aftermath of COVID-19 have been put on members of Generation Z, most of whom recently started out their careers.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/technology/google-to-provide-25-million-to-social-enterprises-working-on-women-empowerment-368934" hreflang="en">Google to provide $25 million to social enterprises working on women empowerment</a>

In addition, working mothers are also negatively impacted, many of whom have had to leave their jobs owing to new social arrangement put in place by the pandemic. 73 per cent of the surveyed claim that they endorse flexible working hours, and remote working. 67 per cent said that they want to return to the pre-COVID mode of working from office.

The report also found that 54 per cent employees feel “overworked” and 39 per cent feel “exhausted”. Some 54 percent of employees feel “overworked” and 39 percent feel “exhausted”. One of the worst-affected groups - 66 per cent of Generation Z employees said they were merely “surviving” or “struggling”.

A survey by Microsoft has revealed that 40 per cent of global workers are considering leaving their employers this year. The survey, published on Monday, also found that 61 per cent of employers feel that they are “thriving” right now.

A survey by Microsoft has revealed that 40 per cent of global workers are considering leaving their employers this year. The survey, published on Monday, also found that 61 per cent of employers feel that they are “thriving” right now. The COVID-19 pandemic has completely changed the route of work culture, with new struggles in the way of many. Microsoft’s 2021 Work Trend Index adds how people “now more than ever” expect their employers and leaders to show empathy, given the “unique challenges”. The index surveyed 30,000 people from 31 countries. In addition, it factored in trends from Microsoft 365 and LinkedIn. The survey found that those who claimed to be “thriving” were male leaders from Generation X or the millennial generation. Also read: Over 70,000 Uber drivers in UK now entitled to minimum wage, other workers' rights On the other hand, employees who claimed that they were struggling included married folks (54 per cent), working moms (56 per cent), Generation Z (60 per cent), frontline employees (61 per cent), employees who recently joined their jobs - less than a year ago (64 per cent), and single people (67 per cent). The trend posits that the major burdens in the aftermath of COVID-19 have been put on members of Generation Z, most of whom recently started out their careers. Also read: Google to provide $25 million to social enterprises working on women empowerment In addition, working mothers are also negatively impacted, many of whom have had to leave their jobs owing to new social arrangement put in place by the pandemic. 73 per cent of the surveyed claim that they endorse flexible working hours, and remote working. 67 per cent said that they want to return to the pre-COVID mode of working from office. The report also found that 54 per cent employees feel “overworked” and 39 per cent feel “exhausted”. Some 54 percent of employees feel “overworked” and 39 percent feel “exhausted”. One of the worst-affected groups - 66 per cent of Generation Z employees said they were merely “surviving” or “struggling”.

40% of global workers considering leaving their employers this year, finds survey

Renesas said it will take at least a month to restart production on a 300mm wafer line at its Naka plant in northeast Japan after a fire on Friday caused by an electrical fault

Shares of Japan's big three car makers dip

The strategy to produce a series of smaller bills is aimed at lowering opposition from tech companies and their lobbyists towards a single piece of legislation

US House antitrust chairman plans multiple bills to go after Big Tech

The Turkish lira stood at 8.0990 per dollar in Asia, down 11 per cent from its close on Friday. At one point the lira fell by as much as 14.9 per cent to 8.4850

Turkish lira hit by sacking of central bank chief

Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a weak trend in global markets.

The 30-share BSE index was trading 305.33 points or 0.61 per cent lower at 49,552.91, and the broader NSE Nifty fell 76 points or 0.52 per cent to 14,668.

PowerGrid was the top loser in the Sensex pack, shedding around 2 per cent, followed by Reliance Industries, ICICI Bank, HDFC Bank and IndusInd Bank.

On the other hand, Sun Pharma, Dr Reddy's, Asian Paints and Infosys were among the gainers.

In the previous session, Sensex ended 641.72 points or 1.30 per cent higher at 49,858.24, and Nifty surged 186.15 points or 1.28 per cent to finish at 14,744.

Foreign institutional investors (FIIs) were net buyers in the capital market on Friday as they bought shares worth Rs 1,418.43 crore, as per exchange data.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market is in an excessively volatile zone. Support comes from sustained FII buying which has crossed Rs 7,000 crore during the last four trading days.

"But, there is a major dampener in the form of fast-rising COVID-19 cases, especially in some economically significant cities. Restricted economic activity in these regions might impact the optimistic growth projections for FY 22," he added.

Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red.

Meanwhile, the global oil benchmark Brent crude was trading 0.50 per cent lower at $64.21 per barrel.

Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a weak trend in global markets.

Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a weak trend in global markets. The 30-share BSE index was trading 305.33 points or 0.61 per cent lower at 49,552.91, and the broader NSE Nifty fell 76 points or 0.52 per cent to 14,668. PowerGrid was the top loser in the Sensex pack, shedding around 2 per cent, followed by Reliance Industries, ICICI Bank, HDFC Bank and IndusInd Bank. On the other hand, Sun Pharma, Dr Reddy's, Asian Paints and Infosys were among the gainers. In the previous session, Sensex ended 641.72 points or 1.30 per cent higher at 49,858.24, and Nifty surged 186.15 points or 1.28 per cent to finish at 14,744. Foreign institutional investors (FIIs) were net buyers in the capital market on Friday as they bought shares worth Rs 1,418.43 crore, as per exchange data. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market is in an excessively volatile zone. Support comes from sustained FII buying which has crossed Rs 7,000 crore during the last four trading days. "But, there is a major dampener in the form of fast-rising COVID-19 cases, especially in some economically significant cities. Restricted economic activity in these regions might impact the optimistic growth projections for FY 22," he added. Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red. Meanwhile, the global oil benchmark Brent crude was trading 0.50 per cent lower at $64.21 per barrel.

Sensex drops over 300 points in early trade; Reliance Industries, HDFC Bank slip