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Exercise equipment maker Peloton Interactive is recalling its Tread+ and Tread treadmill machines after injuries and a death, according to a statement by the United States Consumer Product Safety Commission.

The recall comes more than a month after Peloton Chief Executive Officer John Foley asked owners of its treadmills to check safety warnings after a child died in an accident involving the company's exercise equipment.

"I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission's request that we recall the Tread+," Foley said in a statement.

"We should have engaged more productively with them from the outset. For that, I apologise".

The agency said Peloton has also stopped sale and distribution of the Tread+ and continues to work on additional hardware modifications.

Peloton reports earnings on Thursday (May 6).

 
&nbsp;

Exercise equipment maker Peloton Interactive is recalling its Tread+ and Tread treadmill machines after injuries and a death, according to a statement by the United States Consumer Product Safety Commission.

Exercise equipment maker Peloton Interactive is recalling its Tread+ and Tread treadmill machines after injuries and a death, according to a statement by the United States Consumer Product Safety Commission. The recall comes more than a month after Peloton Chief Executive Officer John Foley asked owners of its treadmills to check safety warnings after a child died in an accident involving the company's exercise equipment. "I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission's request that we recall the Tread+," Foley said in a statement. "We should have engaged more productively with them from the outset. For that, I apologise". The agency said Peloton has also stopped sale and distribution of the Tread+ and continues to work on additional hardware modifications. Peloton reports earnings on Thursday (May 6).

Peloton recalling treadmills after child death

PayPal Holdings reported its strongest first quarter on record and beat profit estimates on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions boosting payment volumes.

World Business Watch: PayPal profit tops estimates on digital payments boom

According to ADP's monthly employment report, US Private payrolls grew by 742,000 last month in April. The Wednesday reading marks a fourth straight month of job growth and places private-sector payrolls at their highest since March 2020, when the pandemic first rocked the US economy.

World Business Watch: US private payrolls climb by 742,000 as labor market improves

WASHINGTON (Reuters) - The International Monetary Fund on Thursday said the recent upsurge in COVID-19 cases in India posed downside risks to the Fund`s April forecast for 12.5% growth in India`s economic output in fiscal years 2021 and 2022. The IMF will revisit that forecast when it issued a fresh World Economic Outlook in July, IMF spokesman Gerry Rice told reporters at a regular briefing, but gave no further details. He said the developments in India would have spillover effects for the region and the global economy, depending on how long the crisis lasted. (Reporting by Andrea Shalal and David Lawder; Editing by Chizu Nomiyama)

WASHINGTON (Reuters) - The International Monetary Fund on Thursday said the recent upsurge in COVID-19 cases in India posed downside risks to the Fund`s April forecast for 12.

WASHINGTON (Reuters) - The International Monetary Fund on Thursday said the recent upsurge in COVID-19 cases in India posed downside risks to the Fund`s April forecast for 12.5% growth in India`s economic output in fiscal years 2021 and 2022. The IMF will revisit that forecast when it issued a fresh World Economic Outlook in July, IMF spokesman Gerry Rice told reporters at a regular briefing, but gave no further details. He said the developments in India would have spillover effects for the region and the global economy, depending on how long the crisis lasted. (Reporting by Andrea Shalal and David Lawder; Editing by Chizu Nomiyama)

IMF to revisit growth forecast for India due to surge in COVID-19 cases - spokesman

Indian stock markets closed with gains on the weekly expiry. S&amp;P BSE Sensex gained 272 points to close at 48,949 while the 50-share index closed at 14,725 level, up 107 points or 0.7 per cent.&nbsp;

Bajaj Auto and HDFC were the top gainers on Sensex, both gaining more than 2% each. On the other hand, Power Grid, ONGC, and Asian Paints were the top laggards.&nbsp;

Broader markets mirrored the up-move and so did India VIX, the volatility gauge. Bank Nifty ended with gains but the Nifty PSU Bank index recorded some profit booking.

Sectorally, the Nifty PSU Bank and Pharma indices nursed losses on the NSE today, down 1.2 per cent and 0.3 per cent, respectively. On the upside, metals and IT stocks continued to shine with the Nifty Metal and IT indices soaring up to 2.5 per cent.

Global markets

European stocks inched higher on Thursday, hovering near record levels, as strong earnings reports from AB Inbev and several eurozone banks added to an upbeat mood sparked by solid economic data.

The pan-European STOXX 600 index rose 0.2 per cent, with food and beverage, utilities and telecoms leading the gains.&nbsp;

In Asia, Japan's Nikkei jumped 1.8 per cent as it reopened after a five-day holiday while MSCI’s index of Asia-Pacific shares outside Japan gained 0.19 per cent. But Chinese shares, also resuming trade for the first time since last week, wobbled. The CSI300 fell 1.2 per cent, led by falls in biotech firms.

(With inputs from Reuters)&nbsp;

Indian stock markets closed with gains on the weekly expiry. S&P BSE Sensex gained 272 points to close at 48,949 while the 50-share index closed at 14,725 level, up 107 points or 0.

Indian stock markets closed with gains on the weekly expiry. S&P BSE Sensex gained 272 points to close at 48,949 while the 50-share index closed at 14,725 level, up 107 points or 0.7 per cent. Bajaj Auto and HDFC were the top gainers on Sensex, both gaining more than 2% each. On the other hand, Power Grid, ONGC, and Asian Paints were the top laggards. Broader markets mirrored the up-move and so did India VIX, the volatility gauge. Bank Nifty ended with gains but the Nifty PSU Bank index recorded some profit booking. Sectorally, the Nifty PSU Bank and Pharma indices nursed losses on the NSE today, down 1.2 per cent and 0.3 per cent, respectively. On the upside, metals and IT stocks continued to shine with the Nifty Metal and IT indices soaring up to 2.5 per cent. Global markets European stocks inched higher on Thursday, hovering near record levels, as strong earnings reports from AB Inbev and several eurozone banks added to an upbeat mood sparked by solid economic data. The pan-European STOXX 600 index rose 0.2 per cent, with food and beverage, utilities and telecoms leading the gains. In Asia, Japan's Nikkei jumped 1.8 per cent as it reopened after a five-day holiday while MSCI’s index of Asia-Pacific shares outside Japan gained 0.19 per cent. But Chinese shares, also resuming trade for the first time since last week, wobbled. The CSI300 fell 1.2 per cent, led by falls in biotech firms. (With inputs from Reuters)

Sensex rallies 272 points, Nifty ends above 14,700

US hotel operator Hyatt Hotels reported a bigger loss for the first quarter on Tuesday as people stayed at home due to the COVID-19 pandemic. Net loss attributable to Hyatt was $304 million, or $2.99 per share, in the three months ended March 31, compared with a loss of $103 million, or $1.02 per share, a year earlier.

World Business Watch: Hyatt posts bigger loss as COVID-19 pandemic keeps people at home

Pfizer sharply increased its projections for 2021 revenues and profits on Tuesday, citing much higher COVID-19 vaccine sales as it targets the inoculations as a "durable" revenue stream.

The drugmaker, which has a number of projects to expand vaccinations to additional populations and to provide booster doses, now estimates 2021 revenues of $26 billion from the vaccine, up from $15 billion previously.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-fda-to-approve-pfizer-covid-19-vaccine-for-teens-by-next-week-382704/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Pfizer now sees profits of between $3.55 and $3.65 a share for the year, an increase of 45 cents from the previous estimate.

Chief Executive Albert Bourla expects "durable demand" for COVID-19 vaccines, similar to that of the flu vaccine.

The company is ramping up capacity for the shots, which were developed with German company BioNTech.

"It is our hope that the Pfizer-BioNTech vaccine will continue to have a global impact by helping to get the devastating pandemic under control and helping economies around the world not only open -- but stay open," Bourla said in prepared remarks ahead of a conference call later Tuesday.&nbsp;

He said that would create "a scenario in which Pfizer can continue to be both a leader and a beneficiary."

Pfizer reported net income of $4.9 billion, up 45 per cent from the same period of the prior year.

Revenues also jumped 45 per cent to $14.6 billion, including $3.5 billion in COVID-19 vaccine sales.

Pfizer expects to deliver 1.6 billion doses this year under contracts signed through mid-April.

The company's results also included a "solid" performance in non-vaccine products. Products with higher sales included Eliquis, which is used to prevent blood clots, and Xeljanz, which treats rheumatoid arthritis, among other ailments.&nbsp;

As with other COVID-19 vaccine producers, Pfizer developed its version at an exceptionally fast pace. The company is expected to soon win approval in the United States to provide shots to children 12 to 15 years old, and is researching providing the doses to healthy children six months to 11 years old.

Pfizer also is evaluating a third dose of the treatment "to understand the effect of a booster" against COVID-19 variants now in circulation.

The drugmaker said it reached agreements with Israel to supply millions of doses in 2022, and with Canada to supply 125 million doses in 2022 and 2023, with options into 2024.

The company and partner BioNTech have significant supply agreements with the United States and the European Union.&nbsp;

After logistical problems in Europe, Pfizer and BioNTech are on track to significantly boost vaccine production in Puurs, Belgium.

As of May 3, Pfizer and BioNTech have shipped about 430 million doses of the vaccine to 91 countries around the world.

The company is building more capacity and expects to manufacture at least three billion doses in 2022, up from 2.5 billion now expected in 2021. In February, Pfizer said it expected to produce up to two billion doses in 2021.

Pfizer shares rose 0.8 percent to $40.13 in pre-market trading.

Pfizer sharply increased its projections for 2021 revenues and profits on Tuesday, citing much higher COVID-19 vaccine sales as it targets the inoculations as a "durable" revenue stream.

Pfizer sharply increased its projections for 2021 revenues and profits on Tuesday, citing much higher COVID-19 vaccine sales as it targets the inoculations as a "durable" revenue stream. The drugmaker, which has a number of projects to expand vaccinations to additional populations and to provide booster doses, now estimates 2021 revenues of $26 billion from the vaccine, up from $15 billion previously. Watch | Pfizer now sees profits of between $3.55 and $3.65 a share for the year, an increase of 45 cents from the previous estimate. Chief Executive Albert Bourla expects "durable demand" for COVID-19 vaccines, similar to that of the flu vaccine. The company is ramping up capacity for the shots, which were developed with German company BioNTech. "It is our hope that the Pfizer-BioNTech vaccine will continue to have a global impact by helping to get the devastating pandemic under control and helping economies around the world not only open -- but stay open," Bourla said in prepared remarks ahead of a conference call later Tuesday. He said that would create "a scenario in which Pfizer can continue to be both a leader and a beneficiary." Pfizer reported net income of $4.9 billion, up 45 per cent from the same period of the prior year. Revenues also jumped 45 per cent to $14.6 billion, including $3.5 billion in COVID-19 vaccine sales. Pfizer expects to deliver 1.6 billion doses this year under contracts signed through mid-April. The company's results also included a "solid" performance in non-vaccine products. Products with higher sales included Eliquis, which is used to prevent blood clots, and Xeljanz, which treats rheumatoid arthritis, among other ailments. As with other COVID-19 vaccine producers, Pfizer developed its version at an exceptionally fast pace. The company is expected to soon win approval in the United States to provide shots to children 12 to 15 years old, and is researching providing the doses to healthy children six months to 11 years old. Pfizer also is evaluating a third dose of the treatment "to understand the effect of a booster" against COVID-19 variants now in circulation. The drugmaker said it reached agreements with Israel to supply millions of doses in 2022, and with Canada to supply 125 million doses in 2022 and 2023, with options into 2024. The company and partner BioNTech have significant supply agreements with the United States and the European Union. After logistical problems in Europe, Pfizer and BioNTech are on track to significantly boost vaccine production in Puurs, Belgium. As of May 3, Pfizer and BioNTech have shipped about 430 million doses of the vaccine to 91 countries around the world. The company is building more capacity and expects to manufacture at least three billion doses in 2022, up from 2.5 billion now expected in 2021. In February, Pfizer said it expected to produce up to two billion doses in 2021. Pfizer shares rose 0.8 percent to $40.13 in pre-market trading.

Pfizer raises 2021 sales forecast for Covid vaccines to $26 billion

The US trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.

World Business Watch: US trade deficit hits record $74.4 billion in March

The restructuring option will be open to borrowers who hadn’t availed in 2020. Borrowers can now opt for it if the amount is less than Rs 25 crore.

RBI Governor announces loans restructuring facility for small borrowers

The benchmark S&amp;P BSE Sensex closed the session at 48,677.5 levels, up 424 points or 0.88 per cent. In the intra-day trade, the 30-share barometer hit a high and low of 48,743 and 48,254, respectively.

On the NSE, the Nifty50 hit an intra-day high of 14,637 but shut shop at 14,618 levels, up 121 points or 0.84 per cent.

In the broader markets, the S&amp;P BSE MidCap index settled over 1 per cent higher while the S&amp;P BSE SmallCap index gained 0.7 per cent.

Global markets

European stocks bounced back on Wednesday after a sharp selloff in the previous session, helped by gains in commodity and banking stocks. The pan-European STOXX 600 index rose 1.3 per cent, with the German DAX jumping 1.3 per cent and the UK's FTSE 100 gaining 1.1 per cent.

On Wall Street, futures of all three main indices were ruling up to 0.5 per cent higher.

(With inputs from Reuters)

The benchmark S&P BSE Sensex closed the session at 48,677.5 levels, up 424 points or 0.88 per cent. In the intra-day trade, the 30-share barometer hit a high and low of 48,743 and 48,254, respectively.

The benchmark S&P BSE Sensex closed the session at 48,677.5 levels, up 424 points or 0.88 per cent. In the intra-day trade, the 30-share barometer hit a high and low of 48,743 and 48,254, respectively. On the NSE, the Nifty50 hit an intra-day high of 14,637 but shut shop at 14,618 levels, up 121 points or 0.84 per cent. In the broader markets, the S&P BSE MidCap index settled over 1 per cent higher while the S&P BSE SmallCap index gained 0.7 per cent. Global markets European stocks bounced back on Wednesday after a sharp selloff in the previous session, helped by gains in commodity and banking stocks. The pan-European STOXX 600 index rose 1.3 per cent, with the German DAX jumping 1.3 per cent and the UK's FTSE 100 gaining 1.1 per cent. On Wall Street, futures of all three main indices were ruling up to 0.5 per cent higher. (With inputs from Reuters)

Sensex ends at 48,677, Nifty closes at 14,617

US automaker Ford Motor said on Monday that it was scaling back production at its plants in Cologne and Saarlouis for the next few weeks due to a semiconductor chip shortage.

World Business Watch: Ford cuts production at two German plants due to chip shortage

Electric vehicle maker Tesla, facing scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team.

World Business Watch: Tesla under scrutiny in China, steps up engagement with regulators

Billionaire investor Warren Buffett has confirmed that the vice-chairman of his Berkshire Hathaway investment conglomerate, Greg Abel, will succeed him as chief executive of the company.

World Business News: Warren Buffett names Greg Abel as next CEO of Berkshire Hathaway

Domestic stock market indices fell sharply going into the last hour of trade on Tuesday amid fresh woes about the impact of coronavirus on business as BCCI cancelled the ongoing IPL season after several players and support staff turned COVID-19 positive.&nbsp;

S&amp;P BSE Sensex ended at 48,253, down 465 points while the Nifty 50 index closed just shy of 14,500. Reliance Industries was the biggest Sensex drag, falling 2.11%. It was followed by Sun Pharma, Dr Reddy’s, and HDFC Twins.&nbsp;

ONGC, Bajaj Finance, and TCS were the top gainers. &nbsp;Nifty PSU Bank index was the only sectoral gauge to close in the green. Broader markets mirrored the fall and closed with losses.

Global markets

Economically sensitive sectors, including miners, travel and energy, drove gains in European stocks on Tuesday, with British shares outperforming after a holiday-extended weekend.

The pan-European STOXX 600 index rose 0.4 per cent in early trading, with the German DAX up 0.2 per cent, and the UK's FTSE 100 rising 0.8 per cent.

Earlier in Asia, South Korea's Kospi added 0.6 per cent and Australia's S&amp;P/ASX200 gained 0.5 per cent.

(With inputs from Reuters)

Domestic stock market indices fell sharply going into the last hour of trade on Tuesday amid fresh woes about the impact of coronavirus on business as BCCI cancelled the ongoing IPL season after several players and support staff turned COVID-19 positive.

Domestic stock market indices fell sharply going into the last hour of trade on Tuesday amid fresh woes about the impact of coronavirus on business as BCCI cancelled the ongoing IPL season after several players and support staff turned COVID-19 positive. S&P BSE Sensex ended at 48,253, down 465 points while the Nifty 50 index closed just shy of 14,500. Reliance Industries was the biggest Sensex drag, falling 2.11%. It was followed by Sun Pharma, Dr Reddy’s, and HDFC Twins. ONGC, Bajaj Finance, and TCS were the top gainers. Nifty PSU Bank index was the only sectoral gauge to close in the green. Broader markets mirrored the fall and closed with losses. Global markets Economically sensitive sectors, including miners, travel and energy, drove gains in European stocks on Tuesday, with British shares outperforming after a holiday-extended weekend. The pan-European STOXX 600 index rose 0.4 per cent in early trading, with the German DAX up 0.2 per cent, and the UK's FTSE 100 rising 0.8 per cent. Earlier in Asia, South Korea's Kospi added 0.6 per cent and Australia's S&P/ASX200 gained 0.5 per cent. (With inputs from Reuters)

Sensex ends 465 points lower, Nifty just shy of 14,500

Volkswagen expects semiconductor supplies to car sector to remain tight incoming months. Ralf Brandstaetter, CEO of the Volkswagen brand and member of the carmaker's management board said "I think the situation will remain tense".

World Business Watch: Volkswagen expects chip supply to remain tight in coming months

Oil prices climbed on Monday (May 03) as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic.

World Business Watch: Oil prices rise amid strong rebound in fuel demand

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world.&nbsp;

Warren Buffett said he was likely wrong to cash out some of his Apple shares last year.

"I sold some stock last year," the famed investor said at Berkshire Hathaway's annual meeting on Saturday. "That was probably a mistake."

The annual meeting was held in Los Angeles, where Buffett joined Berkshire's 97-year-old vice chairman Charlie Munger, to answer more than three hours of shareholder questions.

Greg Abel and Ajit Jain, Berkshire's other vice chairmen and potentially successors to Buffett as chief executive, also fielded several questions.

Asked about their rapport, Jain said that they don't interact as much as Munger and Buffett, but they talk every quarter about businesses they oversee.

Buffett stood by Apple, calling the iPhone maker an "extraordinary business" with "indispensable" products.

(With inputs from agencies)

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world.

American investor and business tycoon Warren Buffett has accepted that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company remaining a tech leader providing massive utility to users around the world. Warren Buffett said he was likely wrong to cash out some of his Apple shares last year. "I sold some stock last year," the famed investor said at Berkshire Hathaway's annual meeting on Saturday. "That was probably a mistake." The annual meeting was held in Los Angeles, where Buffett joined Berkshire's 97-year-old vice chairman Charlie Munger, to answer more than three hours of shareholder questions. Greg Abel and Ajit Jain, Berkshire's other vice chairmen and potentially successors to Buffett as chief executive, also fielded several questions. Asked about their rapport, Jain said that they don't interact as much as Munger and Buffett, but they talk every quarter about businesses they oversee. Buffett stood by Apple, calling the iPhone maker an "extraordinary business" with "indispensable" products. (With inputs from agencies)

Selling some Apple stock was a mistake, accepts Warren Buffett

One in two people globally witnessed a drop in their income due to the ongoing COVID-19 pandemic, new research from Gallup shows. People in low-income countries remained the hardest hit by job losses and cuts to working hours.

US-based polling company Gallup surveyed 300,000 people in 117 countries and found that half the people who were employed now earn less than they earlier did owing to the pandemic. This implies that 1.6 billion working adults across the world witnessed dips in their income.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/brazilian-ngo-helps-low-income-virus-survivors-342486/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

“Worldwide, these percentages ranged from a high of 76% in Thailand to a low of 10% in Switzerland,” researchers announced in a statement.

Massive income drops were reported in Bolivia, Kenya, Myanmar, Indonesia, Uganda, Honduras and Ecuador where over 70 per cent people claimed that they were now taking home less income than before the pandemic. In the United States, the number stood at 34 per cent.

Women were among the worst hit due to the pandemic, who are generally overrepresented in low paying sectors like food, tourism and retail. A study done by Oxfam, the international charity group said that the pandemic cost women $800 billion in income losses around the world.

Also read:&nbsp;<a href="http://13.235.153.162/world/women-lost-nearly-800-billion-in-income-due-to-coronavirus-pandemic-381418" hreflang="en">Women lost nearly $800 billion in income due to coronavirus pandemic</a>

In 57 countries including Zimbabwe, the Philippines, India, Kenya, El Salvador, Bangladesh, over 65 per cent people said that they were forced to stop working at one point during the pandemic. The Gallup poll found that over 50 per cent of people had to temporarily stop working. This figure amounts for over 1.7 billion adults worldwide.

Countries that reported the least change among people who were already working were mostly develop high-income nations like Austria, Switzerland and Germany. Less than one out of 10 people in these countries said that they had to temporarily stop working due to the pandemic. In the US, 39 per cent people had to stop working due to the pandemic.

Also read:&nbsp;<a href="http://13.235.153.162/world/coronavirus-pandemic-reduced-worldwide-income-by-about-10-per-cent-ilo-329962" hreflang="en">Coronavirus pandemic reduced worldwide income by about 10 per cent: ILO</a>

According to the poll, one in three people across the world lost their job due to the pandemic implying over one billion people globally were left unemployed due to the pandemic.

But this figure varies from country to country. Lower income countries like the Philippines, Kenya and Zimbabwe reported that 60 per cent people their jobs while 13 per cent people in the United States reported the same. In Switzerland, the number remained as low as 3 per cent.

(With inputs from agencies)

One in two people globally witnessed a drop in their income due to the ongoing COVID-19 pandemic, new research from Gallup shows. People in low-income countries remained the hardest hit by job losses and cuts to working hours.

One in two people globally witnessed a drop in their income due to the ongoing COVID-19 pandemic, new research from Gallup shows. People in low-income countries remained the hardest hit by job losses and cuts to working hours. US-based polling company Gallup surveyed 300,000 people in 117 countries and found that half the people who were employed now earn less than they earlier did owing to the pandemic. This implies that 1.6 billion working adults across the world witnessed dips in their income. “Worldwide, these percentages ranged from a high of 76% in Thailand to a low of 10% in Switzerland,” researchers announced in a statement. Massive income drops were reported in Bolivia, Kenya, Myanmar, Indonesia, Uganda, Honduras and Ecuador where over 70 per cent people claimed that they were now taking home less income than before the pandemic. In the United States, the number stood at 34 per cent. Women were among the worst hit due to the pandemic, who are generally overrepresented in low paying sectors like food, tourism and retail. A study done by Oxfam, the international charity group said that the pandemic cost women $800 billion in income losses around the world. Also read: Women lost nearly $800 billion in income due to coronavirus pandemic In 57 countries including Zimbabwe, the Philippines, India, Kenya, El Salvador, Bangladesh, over 65 per cent people said that they were forced to stop working at one point during the pandemic. The Gallup poll found that over 50 per cent of people had to temporarily stop working. This figure amounts for over 1.7 billion adults worldwide. Countries that reported the least change among people who were already working were mostly develop high-income nations like Austria, Switzerland and Germany. Less than one out of 10 people in these countries said that they had to temporarily stop working due to the pandemic. In the US, 39 per cent people had to stop working due to the pandemic. Also read: Coronavirus pandemic reduced worldwide income by about 10 per cent: ILO According to the poll, one in three people across the world lost their job due to the pandemic implying over one billion people globally were left unemployed due to the pandemic. But this figure varies from country to country. Lower income countries like the Philippines, Kenya and Zimbabwe reported that 60 per cent people their jobs while 13 per cent people in the United States reported the same. In Switzerland, the number remained as low as 3 per cent. (With inputs from agencies)

One in two people witnessed dip in income due to COVID-19 pandemic: Poll

Indian equity markets began deep in red on Monday morning but staged an intra-day recovery to close flat.

The BSE barometer S&amp;P BSE Sensex settled the day at 48,718.5 levels, down 64 points or 0.13 per cent. The index hit a low of 48,028 in the opening deals but rose swiftly through the day to touch a high of 48,863 in late noon deals.

The 50-stock NSE Nifty index gained 3 points and closed at 14,634.&nbsp;

Titan, Reliance Industries Ltd, and bank stocks were among the top drag on the index. Bharti Airtel, Maruti Suzuki India, and HUL were the best-performing stocks.&nbsp;

Bank Nifty closed with losses while broader markets ended with gains, outperforming benchmarks. Volatility gained and closed above 23 levels.

(With inputs from agencies)

Indian equity markets began deep in red on Monday morning but staged an intra-day recovery to close flat. The BSE barometer S&P BSE Sensex settled the day at 48,718.

Indian equity markets began deep in red on Monday morning but staged an intra-day recovery to close flat. The BSE barometer S&P BSE Sensex settled the day at 48,718.5 levels, down 64 points or 0.13 per cent. The index hit a low of 48,028 in the opening deals but rose swiftly through the day to touch a high of 48,863 in late noon deals. The 50-stock NSE Nifty index gained 3 points and closed at 14,634. Titan, Reliance Industries Ltd, and bank stocks were among the top drag on the index. Bharti Airtel, Maruti Suzuki India, and HUL were the best-performing stocks. Bank Nifty closed with losses while broader markets ended with gains, outperforming benchmarks. Volatility gained and closed above 23 levels. (With inputs from agencies)

Sensex falls over 60 points, Nifty ends flat at 14,634

A former Airbus subsidiary has been ordered to pay more than $42 million after pleading guilty to corruption over contracts to provide military communications services for the Saudi Arabian National Guard.

World Business Watch: Airbus subsidiary pleads guilty in Saudi Arabia bribery case

General Motors is planning a recall of nearly 69,000 Chevrolet Bolt Electric Vehicles citing risk of fire and replacing cars battery module assemblies also. GM said that the vehicles pose a fire risk when charged to full, or nearly full capacity.

World Business Watch: General Motors recalling nearly 69,000 Bolt EVs for fire risks

The gross domestic product (GDP) of the United States grew 6.4% in the first fiscal quarter of 2021 compared to the same period in the previous year. The US economy expanded 4.3% in the fourth quarter of 2020.

World Business Watch: US economy soared in the first quarter, growing at a 6.4% rate

Amid growing pressure by the US administration on reclassifying ride-hail and food delivery workers as employees, gig economy companies are pushing to keep their drivers' independent contractor status.&nbsp;

These companies that include Uber, Instacart argue that surveys suggest that most of their workers do not want to be employees.

They also said that these workers want to remain flexible with the amount and type of work.&nbsp;

Gig companies also hope that US President Joe Biden will able to understand their point and drop the idea of reclassification, reports Al Jazeera.&nbsp;

However, US Secretary of Labor Marty Walsh on Thursday in an interview said that "a lot of gig workers should be classified as employees", reports news agency Reuters.&nbsp;

There was a fall of as much as 12 per cent on shares of Uber Technologies Inc, Lyft Inc and DoorDash after Walsh's remarks.&nbsp;

Uber, Lyft, DoorDash, Instacart and Postmates came together to form the App-Based Work Alliance less than two weeks after Biden was declared the winner of the presidential election 2020.&nbsp;

After Walsh's comments, the group on Thursday said it looked forward to working with the secretary to have "much-needed discussions about advancing modern policies that protect worker independence and flexibility while strengthening benefits and protections."

 
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Amid growing pressure by the US administration on reclassifying ride-hail and food delivery workers as employees, gig economy companies are pushing to keep their drivers' independent contractor status.

Amid growing pressure by the US administration on reclassifying ride-hail and food delivery workers as employees, gig economy companies are pushing to keep their drivers' independent contractor status. These companies that include Uber, Instacart argue that surveys suggest that most of their workers do not want to be employees. They also said that these workers want to remain flexible with the amount and type of work. Gig companies also hope that US President Joe Biden will able to understand their point and drop the idea of reclassification, reports Al Jazeera. However, US Secretary of Labor Marty Walsh on Thursday in an interview said that "a lot of gig workers should be classified as employees", reports news agency Reuters. There was a fall of as much as 12 per cent on shares of Uber Technologies Inc, Lyft Inc and DoorDash after Walsh's remarks. Uber, Lyft, DoorDash, Instacart and Postmates came together to form the App-Based Work Alliance less than two weeks after Biden was declared the winner of the presidential election 2020. After Walsh's comments, the group on Thursday said it looked forward to working with the secretary to have "much-needed discussions about advancing modern policies that protect worker independence and flexibility while strengthening benefits and protections."

Gig companies seek to convince US govt over worker status reclassification

A week of&nbsp;blockbuster&nbsp;earnings&nbsp;reports&nbsp;from&nbsp;Big&nbsp;Tech&nbsp;culminated Thursday with&nbsp;Amazon&nbsp;crushing forecasts of how much money it would rake in from pandemic-revved online shopping and growing reliance on internet-hosted services.

The e-commerce colossus is among the internet giants whose businesses thrived as precautions against <a href="https://www.wionews.com/search?q=Coronavirus">COVID-19</a> led people around the world to go online for work, school, shopping and socialising.

Also read |&nbsp;<a href="https://www.wionews.com/technology/facebook-allows-advertisers-to-reach-children-interested-in-smoking-gambling-research-381052">Facebook allows advertisers to reach children interested in smoking, gambling: Research</a>

Amazon&nbsp;reported that its profit in the recently ended quarter tripled as online sales boomed.

Revenue soared to $108.5 billion, an increase of 44 per cent from the same period a year earlier, as the <a href="https://www.wionews.com/search?q=Coronavirus">pandemic</a> fueled a trend of shopping online instead of in real-world stores.

Profit in the quarter was $8.1 billion, compared with $2.5 billion in the first three months of last year.

The&nbsp;Amazon&nbsp;Web Services unit that hosts services and data in the internet cloud saw revenue in the quarter climb to $13.5 billion.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-to-raise-pay-for-500000-workers-after-failed-unionisation-drive-381459">Amazon to raise pay for 500,000 workers after failed unionisation drive</a>

People and businesses turning to the internet have boosted the cloud computing market where&nbsp;Amazon&nbsp;competes with Microsoft and Google.

Apple and Facebook this week reported soaring quarterly profits that essentially doubled over the previous year at $23.6 billion and $9.5 billion respectively.

Apple was lifted by strong gains in sales of iPhones and assorted products and services, while Facebook saw robust increases in digital advertising, reflecting people's rising internet usage during the ongoing pandemic.

The results followed what one analyst called a "monster" quarter for Google and its parent firm Alphabet, which along with Facebook dominates online advertising. They also come after a robust&nbsp;report&nbsp;from Microsoft, a powerhouse in cloud computing and video games.

The latest round of results is likely to prompt more scrutiny over the growing dominance of&nbsp;Big&nbsp;Tech, particularly with their services seemingly ready-made for locked-down consumers.

"The large&nbsp;tech&nbsp;companies are in the right place at the right time," said Darrell West, a fellow at the Brookings Institution's Center for Technology Innovation.

"Covid has accelerated digital transformation in education, health care, remote work and e-commerce, and that has boosted the profitability of those firms."

The surging influence of&nbsp;Big&nbsp;Tech&nbsp;has led to calls for increased regulation, higher taxes and stronger antitrust enforcement to foster more competition and counter economic inequality.

Covid 'shock'&nbsp;

Robert Atkinson, president of the Information Technology &amp; Innovation Foundation, a think tank that often reflects views of the sector, said the&nbsp;tech&nbsp;giants are benefitting from the massive digital shift that has accelerated during Covid-19.

He maintained that corporations have long reaped such profits, it is just that now they are internet titans.

"I've hardly been to the grocery store and I haven't been on a plane in a long time," he said. "But I'm using more social media and streaming services. When you have a&nbsp;big&nbsp;shock to the system, it leads to some sectors doing poorly and others doing well."

Countering 'techlash'&nbsp;

Still, the massive firms are facing a growing "techlash" in Congress and elsewhere as their power and influence grow.

Apple this week said it would boost its US investment plan to $430 billion over the next five years, aiming to create some 20,000 new jobs.&nbsp;Amazon&nbsp;said it would increase wages for some 500,000 US workers after it staved off a unionization drive at one warehouse.

"The companies are making more money but putting at least some of that back into the US economy, which could mitigate the negative impact," Atkinson said.

Facebook reported its user ranks increased despite persistent criticism over its efforts to protect user privacy and stem misinformation.

The number of people using the leading social network monthly climbed 10 per cent to 2.85 billion, according to the Silicon Valley giant. And monthly usage of the "family" of Facebook apps including Instagram, WhatsApp and Messenger was pegged at 3.45 billion.

On Tuesday, Alphabet said profit in the first quarter leapt to $17.9 billion from $6.8 billion in the same period a year ago, led by gains in advertising and cloud computing services.

"Google had an absolute monster quarter," said Patrick Moorhead at Moor Insights &amp; Strategies.

Apple, meanwhile, said Wednesday that revenue was the best ever for its fiscal second quarter, up 54 per cent to $89.6 billion.

Apple reported gains in sales of iPhones, iPads, Mac computers, wearables and accessories, as well as its array of services from digital payments to music.

A week of blockbuster earnings reports from Big Tech culminated Thursday with Amazon crushing forecasts of how much money it would rake in from pandemic-revved online shopping and growing reliance on internet-hosted services.

A week of blockbuster earnings reports from Big Tech culminated Thursday with Amazon crushing forecasts of how much money it would rake in from pandemic-revved online shopping and growing reliance on internet-hosted services. The e-commerce colossus is among the internet giants whose businesses thrived as precautions against COVID-19 led people around the world to go online for work, school, shopping and socialising. Also read | Facebook allows advertisers to reach children interested in smoking, gambling: Research Amazon reported that its profit in the recently ended quarter tripled as online sales boomed. Revenue soared to $108.5 billion, an increase of 44 per cent from the same period a year earlier, as the pandemic fueled a trend of shopping online instead of in real-world stores. Profit in the quarter was $8.1 billion, compared with $2.5 billion in the first three months of last year. The Amazon Web Services unit that hosts services and data in the internet cloud saw revenue in the quarter climb to $13.5 billion. Also read | Amazon to raise pay for 500,000 workers after failed unionisation drive People and businesses turning to the internet have boosted the cloud computing market where Amazon competes with Microsoft and Google. Apple and Facebook this week reported soaring quarterly profits that essentially doubled over the previous year at $23.6 billion and $9.5 billion respectively. Apple was lifted by strong gains in sales of iPhones and assorted products and services, while Facebook saw robust increases in digital advertising, reflecting people's rising internet usage during the ongoing pandemic. The results followed what one analyst called a "monster" quarter for Google and its parent firm Alphabet, which along with Facebook dominates online advertising. They also come after a robust report from Microsoft, a powerhouse in cloud computing and video games. The latest round of results is likely to prompt more scrutiny over the growing dominance of Big Tech, particularly with their services seemingly ready-made for locked-down consumers. "The large tech companies are in the right place at the right time," said Darrell West, a fellow at the Brookings Institution's Center for Technology Innovation. "Covid has accelerated digital transformation in education, health care, remote work and e-commerce, and that has boosted the profitability of those firms." The surging influence of Big Tech has led to calls for increased regulation, higher taxes and stronger antitrust enforcement to foster more competition and counter economic inequality. Covid 'shock' Robert Atkinson, president of the Information Technology & Innovation Foundation, a think tank that often reflects views of the sector, said the tech giants are benefitting from the massive digital shift that has accelerated during Covid-19. He maintained that corporations have long reaped such profits, it is just that now they are internet titans. "I've hardly been to the grocery store and I haven't been on a plane in a long time," he said. "But I'm using more social media and streaming services. When you have a big shock to the system, it leads to some sectors doing poorly and others doing well." Countering 'techlash' Still, the massive firms are facing a growing "techlash" in Congress and elsewhere as their power and influence grow. Apple this week said it would boost its US investment plan to $430 billion over the next five years, aiming to create some 20,000 new jobs. Amazon said it would increase wages for some 500,000 US workers after it staved off a unionization drive at one warehouse. "The companies are making more money but putting at least some of that back into the US economy, which could mitigate the negative impact," Atkinson said. Facebook reported its user ranks increased despite persistent criticism over its efforts to protect user privacy and stem misinformation. The number of people using the leading social network monthly climbed 10 per cent to 2.85 billion, according to the Silicon Valley giant. And monthly usage of the "family" of Facebook apps including Instagram, WhatsApp and Messenger was pegged at 3.45 billion. On Tuesday, Alphabet said profit in the first quarter leapt to $17.9 billion from $6.8 billion in the same period a year ago, led by gains in advertising and cloud computing services. "Google had an absolute monster quarter," said Patrick Moorhead at Moor Insights & Strategies. Apple, meanwhile, said Wednesday that revenue was the best ever for its fiscal second quarter, up 54 per cent to $89.6 billion. Apple reported gains in sales of iPhones, iPads, Mac computers, wearables and accessories, as well as its array of services from digital payments to music.

Amazon caps blockbuster Big Tech earnings reports, with profits tripling in first quarter

The domestic stock market indices, Sensex and Nifty ended sharply lower dragged by heavy selling in banking and financial stocks.&nbsp;

The Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.5 points.

NSE's 50-share index erased 264 points to close at 14,631 levels dragged mainly by HDFC (down 4.2 per cent), HDFC Bank (4 per cent), ICICI Bank, Kotak Mahindra Bank, Asian Paints, &nbsp;M&amp;M, TCS, Tata Motors, and Adani Ports.&nbsp;

HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&amp;M, HUL, TCS and Maruti. 
 
On the other hand, ONGC, Sun Pharma, Dr Reddy's and Bajaj Auto were the gainers.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities fell sharply on weak global cues and heavy sell-off in financial stocks. Asian markets traded weak on emerging concerns about growth after China's factory activity expanded slower than expected in April.

Barring pharma, metals and IT, most of the key sectoral indices saw selling pressure.

"Persistent rise in daily caseload and higher number of deaths continue to remain a matter of concerns for central and state governments and therefore any possibility of further economic restrictions cannot be ruled out by the state governments. The market is expected to be volatile until we see a clear reversal in COVID-19 cases," he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note.

Bourses in Europe were trading with marginal gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.31 per cent lower at USD 67.15 per barrel.&nbsp;

(With inputs from agencies)

The domestic stock market indices, Sensex and Nifty ended sharply lower dragged by heavy selling in banking and financial stocks. The Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.

The domestic stock market indices, Sensex and Nifty ended sharply lower dragged by heavy selling in banking and financial stocks. The Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.5 points. NSE's 50-share index erased 264 points to close at 14,631 levels dragged mainly by HDFC (down 4.2 per cent), HDFC Bank (4 per cent), ICICI Bank, Kotak Mahindra Bank, Asian Paints, M&M, TCS, Tata Motors, and Adani Ports. HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti. On the other hand, ONGC, Sun Pharma, Dr Reddy's and Bajaj Auto were the gainers. According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities fell sharply on weak global cues and heavy sell-off in financial stocks. Asian markets traded weak on emerging concerns about growth after China's factory activity expanded slower than expected in April. Barring pharma, metals and IT, most of the key sectoral indices saw selling pressure. "Persistent rise in daily caseload and higher number of deaths continue to remain a matter of concerns for central and state governments and therefore any possibility of further economic restrictions cannot be ruled out by the state governments. The market is expected to be volatile until we see a clear reversal in COVID-19 cases," he said. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note. Bourses in Europe were trading with marginal gains in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 1.31 per cent lower at USD 67.15 per barrel. (With inputs from agencies)

Sensex plunges 984 points, ends below 49,000, Nifty gives up 14,650

US Federal Reserve has held its key interest rates near zero and said it plans to continue supporting economic recovery. Fed is maintaining the policies until the economy heals further from the effects of COVID-19 pandemic.

World Business Watch: Powell waves inflation worries away as Fed holds rates near zero