Heathrow, Britain's biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.4 billion pounds as travel continues to be hammered.

It said only 1.7 million passengers travelled through the London airport in the three months to March 31, down 91 per cent compared to the first quarter of 2019.

Also read |&nbsp;<a href="https://www.wionews.com/world/as-un-agency-laments-aid-fund-cuts-uk-pm-boris-johnson-pleads-people-to-understand-381407" hreflang="en">As UN laments aid fund cuts, UK PM Boris Johnson pleads people to 'understand'</a>

Heathrow, which during the <a href="https://www.wionews.com/topics/coronavirus?page=1">pandemic</a> lost its crown as Europe's busiest hub to Paris, said continuing uncertainty over British government policy meant it had reduced its passenger forecast for the year to a range of between 13 million and 36 million, compared to 81 million in 2019.

Britain's aviation industry is hoping that flying will rebound in late May once COVID-19 restrictions are eased, but uncertainty remains about where people will be able to go, and how digital vaccine passports will work.

Also read |&nbsp;<a href="https://www.wionews.com/science/young-people-who-recovered-from-covid-19-face-risk-of-reinfection-study-381384" hreflang="en">Young people who recovered from COVID-19 face risk of reinfection: Study</a>

British transport secretary Grant Shapps has said he will chair a meeting of G7 transport ministers next week to discuss vaccine passports before announcing which countries would be open to Britons for travel in early May.

Heathrow reiterated that Britain's summer economic recovery depended on travel restarting from May 17.

It said it would be ready to scale-up operations as demand returned but repeated concerns about the UK Border Force's ability to prevent a long wait for arriving passengers at passport checks.

"Ministers will need to ensure every desk is staffed to avoid unacceptable queues," it said.

Britain's aviation regulator said on Tuesday that Heathrow could charge airlines 30 pence more per passenger to help recover up to 3 billion pounds of pandemic losses, a fraction of what Heathrow had asked for but enough to infuriate the owner of British Airways.

Heathrow is owned by investors including Spain's Ferrovial the Qatar Investment Authority and China Investment Corp.

Heathrow, Britain's biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.

Heathrow, Britain's biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.4 billion pounds as travel continues to be hammered. It said only 1.7 million passengers travelled through the London airport in the three months to March 31, down 91 per cent compared to the first quarter of 2019. Also read | As UN laments aid fund cuts, UK PM Boris Johnson pleads people to 'understand' Heathrow, which during the pandemic lost its crown as Europe's busiest hub to Paris, said continuing uncertainty over British government policy meant it had reduced its passenger forecast for the year to a range of between 13 million and 36 million, compared to 81 million in 2019. Britain's aviation industry is hoping that flying will rebound in late May once COVID-19 restrictions are eased, but uncertainty remains about where people will be able to go, and how digital vaccine passports will work. Also read | Young people who recovered from COVID-19 face risk of reinfection: Study British transport secretary Grant Shapps has said he will chair a meeting of G7 transport ministers next week to discuss vaccine passports before announcing which countries would be open to Britons for travel in early May. Heathrow reiterated that Britain's summer economic recovery depended on travel restarting from May 17. It said it would be ready to scale-up operations as demand returned but repeated concerns about the UK Border Force's ability to prevent a long wait for arriving passengers at passport checks. "Ministers will need to ensure every desk is staffed to avoid unacceptable queues," it said. Britain's aviation regulator said on Tuesday that Heathrow could charge airlines 30 pence more per passenger to help recover up to 3 billion pounds of pandemic losses, a fraction of what Heathrow had asked for but enough to infuriate the owner of British Airways. Heathrow is owned by investors including Spain's Ferrovial the Qatar Investment Authority and China Investment Corp.

London's Heathrow Airport sees first quarter loss of over 300 million pounds amid pandemic

Samsung&nbsp;Electronics Co Ltd reclaimed its crown as the world's biggest&nbsp;smartphone&nbsp;maker from&nbsp;Apple&nbsp;in the first quarter, cornering a fifth of overall global&nbsp;shipments.

China's&nbsp;Xiaomi&nbsp;Corp rounded out the top three positions with its best quarterly performance ever as&nbsp;shipments&nbsp;surged 62 per cent&nbsp;to 49 million phones and its market share rose to 14 per cent, market research firm Canalys said.

Overall, global&nbsp;shipments&nbsp;surged 27&nbsp;per cent&nbsp;to 347 million units in the first quarter as the Chinese economy opened up after the pandemic and a swift vaccine rollout in the United States raised hopes of an economic recovery.

South Korea's&nbsp;Samsung&nbsp;shipped 76.5 million&nbsp;smartphones in the quarter to grab a 22&nbsp;per cent&nbsp;share of the market, Canalys said. The company on Thursday reported a 66&nbsp;per cent&nbsp;surge in quarterly profit in its mobiles business, thanks to robust sales of its flagship Galaxy S21&nbsp;smartphone&nbsp;series.

Canalys said&nbsp;Apple&nbsp;shipped 52.4 million iPhones in the January-March period, falling to the second spot with a 15 per cent&nbsp;share of the market.

Apple&nbsp;still grabbed record market share in the United States, China, India and Japan, Counterpoint analyst Varun Mishra said, adding that the iPhone Pro Max was a top seller in the United States.

Smartphone&nbsp;sales have surged over the past year as people stayed and worked from home. But the shopping frenzy has fuelled a global shortage in semiconductor chips that has roiled industries including autos and large appliances.

"Supply of critical components, such as chipsets, has quickly become a major concern, and will hinder&nbsp;smartphone&nbsp;shipments&nbsp;in the coming quarters," Canalys analyst Ben Stanton said.

Apple&nbsp;said on Wednesday that the chip shortage could cost the company $3 billion to $4 billion in revenue in the April-June quarter, affecting primarily iPads and Macbooks.

March-quarter&nbsp;smartphone&nbsp;shipments&nbsp;for China's Oppo and Vivo brands also surged, Canalys said. But Huawei, the former No. 1 that remains shackled by U.S. sanctions, took only seventh place after selling its Honor brand last year.

Samsung Electronics Co Ltd reclaimed its crown as the world's biggest smartphone maker from Apple in the first quarter, cornering a fifth of overall global shipments.

Samsung Electronics Co Ltd reclaimed its crown as the world's biggest smartphone maker from Apple in the first quarter, cornering a fifth of overall global shipments. China's Xiaomi Corp rounded out the top three positions with its best quarterly performance ever as shipments surged 62 per cent to 49 million phones and its market share rose to 14 per cent, market research firm Canalys said. Overall, global shipments surged 27 per cent to 347 million units in the first quarter as the Chinese economy opened up after the pandemic and a swift vaccine rollout in the United States raised hopes of an economic recovery. South Korea's Samsung shipped 76.5 million smartphones in the quarter to grab a 22 per cent share of the market, Canalys said. The company on Thursday reported a 66 per cent surge in quarterly profit in its mobiles business, thanks to robust sales of its flagship Galaxy S21 smartphone series. Canalys said Apple shipped 52.4 million iPhones in the January-March period, falling to the second spot with a 15 per cent share of the market. Apple still grabbed record market share in the United States, China, India and Japan, Counterpoint analyst Varun Mishra said, adding that the iPhone Pro Max was a top seller in the United States. Smartphone sales have surged over the past year as people stayed and worked from home. But the shopping frenzy has fuelled a global shortage in semiconductor chips that has roiled industries including autos and large appliances. "Supply of critical components, such as chipsets, has quickly become a major concern, and will hinder smartphone shipments in the coming quarters," Canalys analyst Ben Stanton said. Apple said on Wednesday that the chip shortage could cost the company $3 billion to $4 billion in revenue in the April-June quarter, affecting primarily iPads and Macbooks. March-quarter smartphone shipments for China's Oppo and Vivo brands also surged, Canalys said. But Huawei, the former No. 1 that remains shackled by U.S. sanctions, took only seventh place after selling its Honor brand last year.

Samsung overtakes Apple in smartphone shipments as Xiaomi closes in

Amazon&nbsp;will increase&nbsp;pay&nbsp;between 50 cents to $3 an hour for more than half a million&nbsp;workers&nbsp;on its fulfillment, delivery and sorting teams, the US tech giant announced Wednesday.&nbsp;

The raises, which will take effect between May and June, come ahead of a federal hearing over a defeated&nbsp;unionisation&nbsp;drive&nbsp;and&nbsp;after&nbsp;President Joe Biden singled out&nbsp;Amazon&nbsp;for avoiding federal income taxes.

The Seattle-based e-commerce empire has gone on a hiring spree during the pandemic, adding&nbsp;500,000&nbsp;people last year. It now employs around 1.3 million people globally.&nbsp;

Typically, the company reevaluates salaries every fall, ahead of the holiday shopping bonanza. But it moved the annual review forward this year as it seeks to additionally hire "for tens of thousands of jobs across our operations in the US," Darcie Henry, a worldwide operations vice president said in a statement.&nbsp;

The&nbsp;pay&nbsp;boost will be doled out to employees on the customer fulfillment, delivery, package sortation and specialty fulfillment teams, while other teams will see their annual compensation reviewed throughout the year, the statement added.&nbsp;

In 2018,&nbsp;Amazon&nbsp;raised its minimum wage to $15 an hour for all US employees and has recently joined several other large corporations in advocating the federal minimum be increased to the same amount.&nbsp;

Amazon&nbsp;touted its starting hourly wage,&nbsp;among other benefits, as it fended off a bitterly contested and ultimately unsuccessful effort to create the company's first union at a US-based facility earlier this month.&nbsp;

Unions and political leaders had maintained that&nbsp;Amazon&nbsp;employees face constant pressure and monitoring, with little job protection, highlighting the need for collective bargaining.

Organisers of the&nbsp;failed&nbsp;union&nbsp;drive&nbsp;accused the company of intimidating&nbsp;workers&nbsp;before the mail-in vote and have filed a case with the National Labor Relations Board.&nbsp;

Defending&nbsp;Amazon's treatment of employees&nbsp;after&nbsp;the union vote, company founder and Chief Executive Jeff Bezos promised a better "vision" for&nbsp;workers.&nbsp;

In a letter, he laid out a new goal for the company to be "Earth's best employer and Earth's safest place to work".

Amazon&nbsp;announced its latest&nbsp;pay&nbsp;raise&nbsp;the day before it is scheduled to release its first-quarter earnings.&nbsp;

Amazon will increase pay between 50 cents to $3 an hour for more than half a million workers on its fulfillment, delivery and sorting teams, the US tech giant announced Wednesday.

Amazon will increase pay between 50 cents to $3 an hour for more than half a million workers on its fulfillment, delivery and sorting teams, the US tech giant announced Wednesday. The raises, which will take effect between May and June, come ahead of a federal hearing over a defeated unionisation drive and after President Joe Biden singled out Amazon for avoiding federal income taxes. The Seattle-based e-commerce empire has gone on a hiring spree during the pandemic, adding 500,000 people last year. It now employs around 1.3 million people globally. Typically, the company reevaluates salaries every fall, ahead of the holiday shopping bonanza. But it moved the annual review forward this year as it seeks to additionally hire "for tens of thousands of jobs across our operations in the US," Darcie Henry, a worldwide operations vice president said in a statement. The pay boost will be doled out to employees on the customer fulfillment, delivery, package sortation and specialty fulfillment teams, while other teams will see their annual compensation reviewed throughout the year, the statement added. In 2018, Amazon raised its minimum wage to $15 an hour for all US employees and has recently joined several other large corporations in advocating the federal minimum be increased to the same amount. Amazon touted its starting hourly wage, among other benefits, as it fended off a bitterly contested and ultimately unsuccessful effort to create the company's first union at a US-based facility earlier this month. Unions and political leaders had maintained that Amazon employees face constant pressure and monitoring, with little job protection, highlighting the need for collective bargaining. Organisers of the failed union drive accused the company of intimidating workers before the mail-in vote and have filed a case with the National Labor Relations Board. Defending Amazon's treatment of employees after the union vote, company founder and Chief Executive Jeff Bezos promised a better "vision" for workers. In a letter, he laid out a new goal for the company to be "Earth's best employer and Earth's safest place to work". Amazon announced its latest pay raise the day before it is scheduled to release its first-quarter earnings.

Amazon to raise pay for 500,000 workers after failed unionisation drive

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at $ 295 million (Rs 2,190 crore) for the fourth quarter ended March 31, riding on strong volume growth across categories.&nbsp;

The company had posted a consolidated net profit of around $ 261 million (Rs 1,938 crore) in the same period of the previous fiscal, HUL said in a regulatory filing.&nbsp;

Consolidated total income in the fourth quarter stood at $ 1693 million (Rs 12,542 crore), as against $ 1651.5 million (Rs 12,235) crore in the year-ago period.&nbsp;

During the quarter, HUL said it witnessed an "underlying volume growth of 16 per cent". Home care category saw a growth of 15 per cent driven by a robust recovery in fabric wash, while household care continued its strong performance delivering double-digit growth.

Foods and refreshment segment grew by 36 per cent, the company said adding, "all our tea brands continue to grow in high double-digits. Ketchups, soups and ice creams also performed well with double-digit growths".

"Nutrition volumes grew in double digits and we launched Rs 2 sachets in Horlicks and Boost. Our goal remains to drive penetration in this category," HUL said.

In the fourth quarter, beauty and personal care grew by 20 per cent with skin cleansing, hair care and oral care achieving high double-digit growths. Skin cleansing performance was led by 'Lifebuoy' and the premium segment, it added.

On the impact of rising commodity prices, HUL said, "a calibrated approach towards price increase has helped protect our business model even as vegetable oils continue to inflate at record levels."

For the fiscal 2020-21, the company said its consolidated net profit was at $1079.7 million&nbsp;(Rs 7,999 crore), as compared to $ 911.9 million&nbsp;(Rs 6,756 crore) in 2019-20, a growth of 18 per cent.

Consolidated total income for FY21 was at $ 6403.5 million (Rs 47,438 crore), as against $ 5455.5 million&nbsp;(Rs 40,415 crore) in FY20, the company said.

"Our in-quarter performance was strong on both the top-line and bottom-line. Despite challenging times, in FY'21 our business ecosystem has withstood the disruption and demonstrated agility and resilience across the value chain," HUL Chairman and Managing Director Sanjiv Mehta said.

Addressing a virtual press conference, he said despite the second wave of the coronavirus pandemic hitting India, rural growth has managed to keep up its momentum.

"In the last two weeks there has been turbulence but it is not as bad as what we saw last April, because containment has been localised and we have not gone in for a general lockdown (this time)," Mehta said.

All the company's factories are running. The supply chain is still operating but there could be some disruptions because of mobility issues, he added.

Mehta said HUL would continue with its planned investments as it is bullish on India in the long term.

"We have (after what happened last year) built in resilience within our system, so that if there is fluctuation in demand, we can cope with it. Also, there is an organic expansion with the growth that we see. That investment is going to go in as scheduled. We have no plans to pull it back," he said.

Stating that the company has delivered on its multi-stakeholder business model, he said, "our purpose-led brands and capabilities were further strengthened during the year and this positions us well to serve our consumers during this turbulent period."

The company's focus firmly remains behind delivering volume-led competitive growth, Mehta added.

"The recent surge in COVID cases is of serious concern and ensuring safety and wellbeing of people remains our top priority," he said adding HUL would continue to work closely with governments, health authorities and its partners to support the needs of the society and the nation to overcome this adversity.

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at $ 295 million (Rs 2,190 crore) for the fourth quarter ended March 31, riding on strong volume growth across categories.

FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a 13 per cent increase in consolidated net profit at $ 295 million (Rs 2,190 crore) for the fourth quarter ended March 31, riding on strong volume growth across categories. The company had posted a consolidated net profit of around $ 261 million (Rs 1,938 crore) in the same period of the previous fiscal, HUL said in a regulatory filing. Consolidated total income in the fourth quarter stood at $ 1693 million (Rs 12,542 crore), as against $ 1651.5 million (Rs 12,235) crore in the year-ago period. During the quarter, HUL said it witnessed an "underlying volume growth of 16 per cent". Home care category saw a growth of 15 per cent driven by a robust recovery in fabric wash, while household care continued its strong performance delivering double-digit growth. Foods and refreshment segment grew by 36 per cent, the company said adding, "all our tea brands continue to grow in high double-digits. Ketchups, soups and ice creams also performed well with double-digit growths". "Nutrition volumes grew in double digits and we launched Rs 2 sachets in Horlicks and Boost. Our goal remains to drive penetration in this category," HUL said. In the fourth quarter, beauty and personal care grew by 20 per cent with skin cleansing, hair care and oral care achieving high double-digit growths. Skin cleansing performance was led by 'Lifebuoy' and the premium segment, it added. On the impact of rising commodity prices, HUL said, "a calibrated approach towards price increase has helped protect our business model even as vegetable oils continue to inflate at record levels." For the fiscal 2020-21, the company said its consolidated net profit was at $1079.7 million (Rs 7,999 crore), as compared to $ 911.9 million (Rs 6,756 crore) in 2019-20, a growth of 18 per cent. Consolidated total income for FY21 was at $ 6403.5 million (Rs 47,438 crore), as against $ 5455.5 million (Rs 40,415 crore) in FY20, the company said. "Our in-quarter performance was strong on both the top-line and bottom-line. Despite challenging times, in FY'21 our business ecosystem has withstood the disruption and demonstrated agility and resilience across the value chain," HUL Chairman and Managing Director Sanjiv Mehta said. Addressing a virtual press conference, he said despite the second wave of the coronavirus pandemic hitting India, rural growth has managed to keep up its momentum. "In the last two weeks there has been turbulence but it is not as bad as what we saw last April, because containment has been localised and we have not gone in for a general lockdown (this time)," Mehta said. All the company's factories are running. The supply chain is still operating but there could be some disruptions because of mobility issues, he added. Mehta said HUL would continue with its planned investments as it is bullish on India in the long term. "We have (after what happened last year) built in resilience within our system, so that if there is fluctuation in demand, we can cope with it. Also, there is an organic expansion with the growth that we see. That investment is going to go in as scheduled. We have no plans to pull it back," he said. Stating that the company has delivered on its multi-stakeholder business model, he said, "our purpose-led brands and capabilities were further strengthened during the year and this positions us well to serve our consumers during this turbulent period." The company's focus firmly remains behind delivering volume-led competitive growth, Mehta added. "The recent surge in COVID cases is of serious concern and ensuring safety and wellbeing of people remains our top priority," he said adding HUL would continue to work closely with governments, health authorities and its partners to support the needs of the society and the nation to overcome this adversity.

Hindustan Unilever reports 13 per cent rise in consolidated net profits

Royal&nbsp;Dutch&nbsp;Shell&nbsp;swung back into profit in the first quarter as oil prices recovered strongly from a year earlier, the company said Thursday.

The Anglo-Dutch&nbsp;group posted net profit of $5.7 billion (4.7 billion euros) in the first three months of the year,&nbsp;Shell&nbsp;said in a statement.

That compared with a loss after tax of $24 million in the first quarter of 2020 when the coronavirus pandemic began to slam the price of crude.

The first-quarter performance this year benefitted also from a $1.4-billion gain following the sale of assets, the statement added.&nbsp;

"Shell&nbsp;has made a strong start to 2021, generating over $8 billion of cash in the quarter," said chief executive Ben van Beurden.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-oil-inches-lower-on-concerns-over-covid-19-surge-in-india-japan-380453/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Our... model is ideally positioned to benefit from recovering demand."

Shell&nbsp;had dived into net loss of $21.7 billion last year as factories shut and planes were grounded.

As a result, it decided to axe more than 10 per cent of its global workforce, or up to 9,000 jobs.

Its losses and steep job cuts mirrored the situation elsewhere in the energy sector last year.&nbsp;

After lockdowns began to spread towards the end of the first quarter in 2020, oil prices dropped off a cliff, even briefly turning negative.

Prices then rebounded sharply, however, with benchmark Brent North Sea oil contract currently trading around $67 per barrel.

Shell&nbsp;rival BP also recovered in the first quarter, announcing this week net profit of $4.7 billion, which compared with a year-earlier loss of $4.4 billion.

France's Total, meanwhile, posted a net profit of $3.3 billion in the first quarter that was even higher than pre-pandemic levels.

On Thursday in the wake of its own results, shares in&nbsp;Shell&nbsp;climbed around 1.0 per cent in early London deals.

"Fortunately for investors these latest results come without the drama seen this time last year when&nbsp;Shell&nbsp;cut its dividend for the first time since the Second World War," said Keith Bowman, equity analyst at Interactive Investor.

Shell&nbsp;this time around increased its dividend payout by about 4.0 per cent compared with the final quarter of last year.

Bowman meanwhile noted that extreme winter weather hitting&nbsp;Shell's US Texas operations had dragged on adjusted earnings, "although, as with rivals, an upturn in energy prices has aided profit generation".&nbsp;

Shell&nbsp;said this year's deadly Texas winter storm cost the group $200 million in the first quarter on reduced oil output.

February's polar vortex storm killed dozens of people, left millions without electricity and water, caused billions of dollars of damage to the sector and forced several Texas electric firms to file for bankruptcy.

The freezing temperatures also caused outages at energy installations...natural gas-fired power plants, wind turbines and nuclear plants, which are not typically insulated as they are in other states with colder climates.

Royal Dutch Shell swung back into profit in the first quarter as oil prices recovered strongly from a year earlier, the company said Thursday. The Anglo-Dutch group posted net profit of $5.

Royal Dutch Shell swung back into profit in the first quarter as oil prices recovered strongly from a year earlier, the company said Thursday. The Anglo-Dutch group posted net profit of $5.7 billion (4.7 billion euros) in the first three months of the year, Shell said in a statement. That compared with a loss after tax of $24 million in the first quarter of 2020 when the coronavirus pandemic began to slam the price of crude. The first-quarter performance this year benefitted also from a $1.4-billion gain following the sale of assets, the statement added. "Shell has made a strong start to 2021, generating over $8 billion of cash in the quarter," said chief executive Ben van Beurden. "Our... model is ideally positioned to benefit from recovering demand." Shell had dived into net loss of $21.7 billion last year as factories shut and planes were grounded. As a result, it decided to axe more than 10 per cent of its global workforce, or up to 9,000 jobs. Its losses and steep job cuts mirrored the situation elsewhere in the energy sector last year. After lockdowns began to spread towards the end of the first quarter in 2020, oil prices dropped off a cliff, even briefly turning negative. Prices then rebounded sharply, however, with benchmark Brent North Sea oil contract currently trading around $67 per barrel. Shell rival BP also recovered in the first quarter, announcing this week net profit of $4.7 billion, which compared with a year-earlier loss of $4.4 billion. France's Total, meanwhile, posted a net profit of $3.3 billion in the first quarter that was even higher than pre-pandemic levels. On Thursday in the wake of its own results, shares in Shell climbed around 1.0 per cent in early London deals. "Fortunately for investors these latest results come without the drama seen this time last year when Shell cut its dividend for the first time since the Second World War," said Keith Bowman, equity analyst at Interactive Investor. Shell this time around increased its dividend payout by about 4.0 per cent compared with the final quarter of last year. Bowman meanwhile noted that extreme winter weather hitting Shell's US Texas operations had dragged on adjusted earnings, "although, as with rivals, an upturn in energy prices has aided profit generation". Shell said this year's deadly Texas winter storm cost the group $200 million in the first quarter on reduced oil output. February's polar vortex storm killed dozens of people, left millions without electricity and water, caused billions of dollars of damage to the sector and forced several Texas electric firms to file for bankruptcy. The freezing temperatures also caused outages at energy installations...natural gas-fired power plants, wind turbines and nuclear plants, which are not typically insulated as they are in other states with colder climates.

Shell swings back to profit on oil price recovery

Domestic stock market indices ended marginally higher on Thursday amid high volatility on F&amp;O expiry. The midcap index ended lower, while smallcap index closed over half a per cent higher.

Sensex leapt 642 points to hit a high of 50,376 in the intra-day deals. On the NSE, the Nifty touched a peak of 15,044. However, profit-booking at higher levels dragged indices down to 49,536 and 14,814, respectively.

On the other hand, Bajaj Auto, HDFC, HCL Tech and L&amp;T were among the laggards. “Domestic equities traded mostly in positive territory amid high volatility on futures and options (F&amp;O) expiry. Notably, benchmark Nifty breached 15,000 levels during initial hours, but it could not sustain to those levels, said Binod Modi, Head Strategy at Reliance Securities.

Metal stocks were in focus on account of sustained price increase in ferrous and non-ferrous metals. Further, Reliance Industries remained in focus for the second consecutive day ahead of 4QFY21 results. Barring metals, financials and pharma, most of the key sectoral indices were in red, he noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

(With inputs from agencies)

Domestic stock market indices ended marginally higher on Thursday amid high volatility on F&O expiry. The midcap index ended lower, while smallcap index closed over half a per cent higher.

Domestic stock market indices ended marginally higher on Thursday amid high volatility on F&O expiry. The midcap index ended lower, while smallcap index closed over half a per cent higher. Sensex leapt 642 points to hit a high of 50,376 in the intra-day deals. On the NSE, the Nifty touched a peak of 15,044. However, profit-booking at higher levels dragged indices down to 49,536 and 14,814, respectively. On the other hand, Bajaj Auto, HDFC, HCL Tech and L&T were among the laggards. “Domestic equities traded mostly in positive territory amid high volatility on futures and options (F&O) expiry. Notably, benchmark Nifty breached 15,000 levels during initial hours, but it could not sustain to those levels, said Binod Modi, Head Strategy at Reliance Securities. Metal stocks were in focus on account of sustained price increase in ferrous and non-ferrous metals. Further, Reliance Industries remained in focus for the second consecutive day ahead of 4QFY21 results. Barring metals, financials and pharma, most of the key sectoral indices were in red, he noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red. (With inputs from agencies)

Sensex, Nifty end marginally higher amid volatility on F&O expiry

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities. 
 
With online consumer activity remaining elevated in the first quarter, Alphabet beat analysts` revenue estimates and nearly surpassed the sales record it set in the fourth quarter. 
 
Google ad sales jumped 32% in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7%, in line with estimates. 
 
Alphabet shares rose about 4.3% to $2,390.10 in extended trading. 
 
The results provided the first sign that Google services such as search and YouTube may hold on to gains made since lockdowns and other pandemic restrictions forced people to shop and communicate online over the last year. 
 
About 17% of people in the United States, Alphabet`s top region by revenue, were fully vaccinated against COVID-19 by the end of the first quarter. Activities including in-person dining resumed in big cities in March, and security screenings at US&nbsp;airports had their busiest day in a year. 
 
But Alphabet Chief Financial Officer Ruth Porat told analysts on Tuesday, "it`s too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure." 
 
Google Chief Business Officer Philipp Schindler and Porat declined to comment on whether Google had seen a recovery in spending by travel and other industries that were major customers before the pandemic. 
 
Alphabet`s overall quarterly sales rose 34% to $55.3 billion, above analysts` estimate of 26% growth from a year ago and close to the $56.9 billion it reported in the fourth quarter. Revenue benefited by an unspecified amount from Google`s acquisition of smartwatch maker Fitbit in January. 
 
Alphabet`s quarterly profit was $17.9 billion, or $26.29 per share, beating estimates of $15.88 per share and topping its previous-high of $15.2 billion last quarter. 
 
But nearly $4 billion of earnings came from unrealized gains in venture capital investments and recalculating depreciation of some data center equipment. 
 
The high sales pushed operating margins up to 30% for the first time since incorporating as Alphabet in 2015 even as its costs began to pick up again for hiring, legal matters and building out new facilities. Alphabet in 2020 suffered its slowest sales growth in 11 years but posted record profit and boosted its cash hoard by $17 billion after slowing hiring and construction. 
 
The share repurchase authorization by Alphabet`s board follows a $25 billion buyback program announced in 2019. Jefferies analyst Brent Thill estimated Alphabet now has $56 billion left to spend buying its shares. 
 
Advertising rebound 
 
Google`s ad business, the global market leader as measured in sales, accounted for 81% of Alphabet`s first-quarter revenue. 
 
Schindler said retail, technology and consumer product companies were among big search advertisers in the quarter. 
 
Google Cloud, a distant rival to the cloud businesses of Amazon.com Inc and Microsoft Corp, narrowed its operating loss to 44% to $974 million in the first quarter. But Porat told analysts not to glean too much from the drop because one-time factors, including the depreciation, were at play. 
 
Shares of Alphabet, 184th among companies in the S&amp;P 500 index, have surged 80% in the last year. Shares of top rival Facebook Inc, which had been up 62% during the last year entering Tuesday, rose 1.7% after hours. 
 
Though several concerns about Google`s long-term prospects have emerged in recent years, none have significantly affected sales. 
 
Resolution likely remains years away in privacy and antitrust lawsuits against Google that could result in changes to its ad operations. 
 
Discussions about changing US&nbsp;and European laws to impose new oversight on Google, Facebook and other companies, especially regarding privacy and artificial intelligence, have lagged as legislators have been distracted by the pandemic. 
 
Still, issues continue to emerge. On Monday, streaming TV technology company Roku Inc accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses. YouTube called them "baseless claims."

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities.

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities. With online consumer activity remaining elevated in the first quarter, Alphabet beat analysts` revenue estimates and nearly surpassed the sales record it set in the fourth quarter. Google ad sales jumped 32% in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7%, in line with estimates. Alphabet shares rose about 4.3% to $2,390.10 in extended trading. The results provided the first sign that Google services such as search and YouTube may hold on to gains made since lockdowns and other pandemic restrictions forced people to shop and communicate online over the last year. About 17% of people in the United States, Alphabet`s top region by revenue, were fully vaccinated against COVID-19 by the end of the first quarter. Activities including in-person dining resumed in big cities in March, and security screenings at US airports had their busiest day in a year. But Alphabet Chief Financial Officer Ruth Porat told analysts on Tuesday, "it`s too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure." Google Chief Business Officer Philipp Schindler and Porat declined to comment on whether Google had seen a recovery in spending by travel and other industries that were major customers before the pandemic. Alphabet`s overall quarterly sales rose 34% to $55.3 billion, above analysts` estimate of 26% growth from a year ago and close to the $56.9 billion it reported in the fourth quarter. Revenue benefited by an unspecified amount from Google`s acquisition of smartwatch maker Fitbit in January. Alphabet`s quarterly profit was $17.9 billion, or $26.29 per share, beating estimates of $15.88 per share and topping its previous-high of $15.2 billion last quarter. But nearly $4 billion of earnings came from unrealized gains in venture capital investments and recalculating depreciation of some data center equipment. The high sales pushed operating margins up to 30% for the first time since incorporating as Alphabet in 2015 even as its costs began to pick up again for hiring, legal matters and building out new facilities. Alphabet in 2020 suffered its slowest sales growth in 11 years but posted record profit and boosted its cash hoard by $17 billion after slowing hiring and construction. The share repurchase authorization by Alphabet`s board follows a $25 billion buyback program announced in 2019. Jefferies analyst Brent Thill estimated Alphabet now has $56 billion left to spend buying its shares. Advertising rebound Google`s ad business, the global market leader as measured in sales, accounted for 81% of Alphabet`s first-quarter revenue. Schindler said retail, technology and consumer product companies were among big search advertisers in the quarter. Google Cloud, a distant rival to the cloud businesses of Amazon.com Inc and Microsoft Corp, narrowed its operating loss to 44% to $974 million in the first quarter. But Porat told analysts not to glean too much from the drop because one-time factors, including the depreciation, were at play. Shares of Alphabet, 184th among companies in the S&P 500 index, have surged 80% in the last year. Shares of top rival Facebook Inc, which had been up 62% during the last year entering Tuesday, rose 1.7% after hours. Though several concerns about Google`s long-term prospects have emerged in recent years, none have significantly affected sales. Resolution likely remains years away in privacy and antitrust lawsuits against Google that could result in changes to its ad operations. Discussions about changing US and European laws to impose new oversight on Google, Facebook and other companies, especially regarding privacy and artificial intelligence, have lagged as legislators have been distracted by the pandemic. Still, issues continue to emerge. On Monday, streaming TV technology company Roku Inc accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses. YouTube called them "baseless claims."

Google parent Alphabet sets profit record, plans $50 billion buyback

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. 
 
Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. 
 
In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. 
 
According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. 
 
Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. 
 
The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. 
 
India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. 
 
However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. 
 
Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. 
 
Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic.

Indian food delivery startup Zomato, backed by China`s Ant Group, has filed for an initial public offering of up to 82.5 billion rupees ($1.11 billion), as consumers increasingly turn to ordering food online during the COVID-19 pandemic. Launched in 2008, Zomato is one of India`s most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. According to draft papers submitted to India`s market regulator on Wednesday, Zomato`s offering will comprise a fresh issue of shares worth up to 75 billion rupees. The company said it intends to use the proceeds to fund growth initiatives and general corporate purposes. Top shareholder Info Edge will sell shares worth 7.5 billion rupees in the IPO. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth $4.2 billion. India has been one of the hottest IPO markets so far in 2021, helped by a flood of foreign money and high interest from mom-and-pop investors. However, since late March, a second wave of coronavirus infections has dampened investor enthusiasm for stocks and IPOs. Well-known domestic brands and names such as Barbeque-Nation Hospitality Ltd and Macrotech Developers Ltd saw a muted response to their stock market listings. Kotak Mahindra Capital, Morgan Stanley India, Credit Suisse Securities India, BofA Securities India and Citigroup Global Markets India are the lead book running managers for Zomato`s IPO.

India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic

Russia has fined Apple $12 million for its monopolistic activities and alleged that it is abusing dominance in the mobile applications market. The Federal Antimonopoly Service (FAS) said that US tech giant Apple's distribution of apps through its iOS operating system gave its own products a competitive advantage.

World Business Watch: Russia fines Apple $12 million for alleged app market abuse

Saudi Arabia's Crown Prince Mohammed bin Salman said that kingdom is in discussions with the leading global energy firm to sell 1 percent of state oil firm Saudi Aramco's share holding to boost its sales.

World Business Watch: Prince Salman says Saudi Arabia in talks to sell 1% stake in Aramco

Credit rating agency S&amp;P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country`s economic recovery and expose other nations to further waves of outbreaks. 
 
"In addition to the substantial loss of life and significant humanitarian concerns, S&amp;P Global Ratings believes the outbreak poses downside risks to GDP and heightens the possibility of business disruptions," the rating agency said in a note. 
 
India`s healthcare system has been overwhelmed, with the world`s second most populous country reporting more than 300,000 new COVID-19 cases daily over the past six days and the death toll set to cross 200,000. 
 
S&amp;P, which has a long-term credit rating of `BBB-` on India, just one notch above junk, said it may have to revise its base-case assumption of 11% growth over fiscal 2021/2022, especially if wider containment measures are re-imposed. 
 
S&amp;P expects the consumer retail and airport sectors to have a dragged out recovery with localized lockdowns and curfews in several parts of the country, and said the Indian banking sector continued to face a "high level of systemic risk". 
 
The rating agency noted that the pace and scale of recovery from the second wave of COVID-19 infections will have implications for India`s sovereign credit rating. 
 
The Asia-Pacific region is susceptible to contagion from the highly infectious COVID-19 variants present in India, given the low ratios of vaccination in the region, S&amp;P said.

Credit rating agency S&P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country`s economic recovery and expose other nations to further waves of outbreaks.

Credit rating agency S&P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country`s economic recovery and expose other nations to further waves of outbreaks. "In addition to the substantial loss of life and significant humanitarian concerns, S&P Global Ratings believes the outbreak poses downside risks to GDP and heightens the possibility of business disruptions," the rating agency said in a note. India`s healthcare system has been overwhelmed, with the world`s second most populous country reporting more than 300,000 new COVID-19 cases daily over the past six days and the death toll set to cross 200,000. S&P, which has a long-term credit rating of `BBB-` on India, just one notch above junk, said it may have to revise its base-case assumption of 11% growth over fiscal 2021/2022, especially if wider containment measures are re-imposed. S&P expects the consumer retail and airport sectors to have a dragged out recovery with localized lockdowns and curfews in several parts of the country, and said the Indian banking sector continued to face a "high level of systemic risk". The rating agency noted that the pace and scale of recovery from the second wave of COVID-19 infections will have implications for India`s sovereign credit rating. The Asia-Pacific region is susceptible to contagion from the highly infectious COVID-19 variants present in India, given the low ratios of vaccination in the region, S&P said.

India's second COVID-19 wave may impede economic recovery, says S&P

Electric car maker Tesla has made a record profit in the first quarter of this year despite shortages of semiconductor and chips. Tesla has surpassed Wall Street expectations marginally and booked a record income of $438 million.

World Business Watch: Tesla posts record net income, revenue surges by 74%

Domestic stock market indices ended a per cent higher on Tuesday led by gains in metals, financials, realty stocks even amid mixed global cues.&nbsp;

Sensex opened in the green and gained further momentum during the session. It finally finished at 48,944.14, up 557.63 points or 1.15 per cent.

Similarly, the broader NSE Nifty surged 168.05 points or 1.16 per cent to end at 14,653.05.&nbsp;

Among stocks, Hindalco moved up by 5 per cent to Rs 366 per share while Tata Steel rose by 4.36 per cent. Index heavyweight Reliance Industries lifted by 2.6 per cent to Rs 1,988.80 per share.

Larsen &amp; Toubro rose by 3.6 per cent, Bajaj Finance by 3.1 per cent, State Bank of India by 2.8 per cent, IndusInd Bank by 2.7 per cent, Adani Ports by 2.4 per cent and Tata Motors by 2.2 per cent.

However, Maruti Suzuki slipped by 1.3 per cent to close at Rs 6,552 per share after reporting an 11 per cent fall in its Q4 net profit at Rs 1,166 crore despite a 32 per cent jump in revenue from operations.&nbsp;

The others which lost were HDFC Life, SBI Life, Kotak Mahindra Bank, Nestle India and Dr Reddy's.

Meanwhile, Asian shares fell as caution ahead of a US Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from Covid-19 blow.&nbsp;

Stocks in Tokyo edged 0.46 per cent lower as earnings fall short of investor expectations.&nbsp;

South Korea`s Kospi fell by 0.07 per cent on foreign outflows. Analysts said some investors may be taking profits on equities but the sentiment remains positive due to rising coronavirus vaccination rates in many countries.

(With inputs from agencies)

Domestic stock market indices ended a per cent higher on Tuesday led by gains in metals, financials, realty stocks even amid mixed global cues. Sensex opened in the green and gained further momentum during the session.

Domestic stock market indices ended a per cent higher on Tuesday led by gains in metals, financials, realty stocks even amid mixed global cues. Sensex opened in the green and gained further momentum during the session. It finally finished at 48,944.14, up 557.63 points or 1.15 per cent. Similarly, the broader NSE Nifty surged 168.05 points or 1.16 per cent to end at 14,653.05. Among stocks, Hindalco moved up by 5 per cent to Rs 366 per share while Tata Steel rose by 4.36 per cent. Index heavyweight Reliance Industries lifted by 2.6 per cent to Rs 1,988.80 per share. Larsen & Toubro rose by 3.6 per cent, Bajaj Finance by 3.1 per cent, State Bank of India by 2.8 per cent, IndusInd Bank by 2.7 per cent, Adani Ports by 2.4 per cent and Tata Motors by 2.2 per cent. However, Maruti Suzuki slipped by 1.3 per cent to close at Rs 6,552 per share after reporting an 11 per cent fall in its Q4 net profit at Rs 1,166 crore despite a 32 per cent jump in revenue from operations. The others which lost were HDFC Life, SBI Life, Kotak Mahindra Bank, Nestle India and Dr Reddy's. Meanwhile, Asian shares fell as caution ahead of a US Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from Covid-19 blow. Stocks in Tokyo edged 0.46 per cent lower as earnings fall short of investor expectations. South Korea`s Kospi fell by 0.07 per cent on foreign outflows. Analysts said some investors may be taking profits on equities but the sentiment remains positive due to rising coronavirus vaccination rates in many countries. (With inputs from agencies)

Sensex rises 557 points, Nifty closes above 14,650 

Lyft will sell its self-driving division to a unit of Toyota Motor for $550 million, a move the ride-hailing giant said will help it turn a profit sooner than previously expected.

World Business Watch: Lyft sells self-driving unit to Toyota's woven planet

As COVID-19 second wave has ravaged India, the insurance industry is seeing a marked rise in the number of health insurance premiums. WION brings you the answers of all questions rising in the your mind regarding health insurance policy.

World Business Watch: Health insurance policy sale on rise amid COVID-19 pandemic

Volkswagen has warned managers to prepare for a bigger production hit in the second quarter than the first due to a global chip shortage. Wayne Griffiths, president of Volkswagen's Spanish brand Seat called the shortage the "biggest challenge" the company faces at the moment.

World Business Watch: Volkswagen warns less production over chip shortage

Oil prices eased slightly on Monday on concerns that a resurgence of COVID-19 infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.

World Business Watch: Oil inches lower on concerns over COVID-19 surge in India, Japan

Goldman Sachs has said the United Kingdom looks set to see faster economic growth than the United States this year as the country races ahead with its vaccination programme after its slump in 2020.

World Business Watch: Goldman Sachs expects UK to beat US in economic recovery

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets. Bitcoin, the most popular currency fell below USD 50,000 mark for the first time since March and slumped to USD 47,555.

News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

Other cryptocurrencies felt the heat of the negative sentiment too. Ether and XRP fell 3.5 per cent and 6.7 per cent respectively. while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko.&nbsp;

"With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment," said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days.

Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%.

But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary.

"I don't think Biden's taxes plans will have a big impact on bitcoin," said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. "Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings."

Others also remained bullish on bitcoin's long term prospects, but noted it might take time before prices start increasing again.

"Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins," said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price.

(With inputs from agencies)

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets.

Bitcoin and other cryptocurrencies tumbled on Friday due to concern that US President Joe Biden's plan to raise tax for the rich would curb investments in digital assets. Bitcoin, the most popular currency fell below USD 50,000 mark for the first time since March and slumped to USD 47,555. News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. Other cryptocurrencies felt the heat of the negative sentiment too. Ether and XRP fell 3.5 per cent and 6.7 per cent respectively. while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko. "With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment," said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days. Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%. But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary. "I don't think Biden's taxes plans will have a big impact on bitcoin," said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. "Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings." Others also remained bullish on bitcoin's long term prospects, but noted it might take time before prices start increasing again. "Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins," said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price. (With inputs from agencies)

Bitcoin, other cryptocurrencies tumble over Biden tax plan fears

According to Reuters polls of over 500 economists, the global economy will recover this year from its Coronavirus slump at a pace not seen since the 1970s as strong momentum builds in most major economies.

World economy to stage vigorous recovery, jobs growth to lag: Reuters Poll

Jaguar Land Rover is to temporarily shut down production at two of its main UK factories over a shortage of computer chips or semi-conductors. The global semiconductor shortage is an ongoing issue caused by the COVID-19 pandemic that’s affecting multiple industries, including the automotive sector.

World Business Watch: Jaguar Land Rover shuts two plants temporarily in UK amid chip shortage

We have seen many pandemic success stories unravel this year and it’s not just countries but also corporates that have been negatively affected by it.

The latest victim to this pandemic is Netflix. Last year was an absolute bonus for them as people were stuck at home and couldn't go out for movies or concerts. So entertainment had to come home.

Therefore, Netflix was on a roll last year. Adding 15.8 million new customers in the first quarter of 2020, this momentum continued through the year.

However, 2021 is a whole new challenge. The world is emerging from the pandemic, cinema halls are reopening and entertainment has gone virtual.&nbsp;So, the world doesn't need a Netflix subscription to keep busy and the numbers reflect this.

<a href="https://www.wionews.com/videos/gravitas-post-lockdown-world-unsubscribes-netflix-379342">Watch |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-post-lockdown-world-unsubscribes-netflix-379342/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Netflix added 3.98 million customers in the first quarter of 2021 and although this might sound impressive, the company still fell short of its six million target — by more than 30 per cent.

This led to their shares sinking. Netflix plunged 13 per cent in Tuesday's trade and their investors lost a lot of money.

The future doesn’t look much better too. The company is expecting just one million new users in the next quarter, but analysts are expecting more than four million.

So the company could be looking at another quarter of underperformance.

This happened as Netflix made more money during the pandemic lockdowns but now that the countries have opened up their economies, they are losing money.

Businesses that bank on disruptions rarely survive those events and Netflix is a prime example.

The market has also changed a lot since last year. Video streaming is not a monopoly any more and there are new players that are coming with some bold ideas.

The likes of HBO Max and Disney Plus have very different shows than Netflix which leaves the audience in confusion. Disney Plus has racked up 100 million subscribers and Netflix stands at 207 million.

However, every time Netflix faces a crisis, they have one go-to strategy — messing up regional content. However, it can be a one-way ticket out of the market and is essentially a gamble for Netflix.

Will companies that profited from the pandemic extend their dream run? Services such as Zoom video calls, food delivery apps, liquor companies and such had massive demands in 2020, but the pandemic year was an aberration and not the norm.

So, as and when we emerge from this pandemic, fortunes will reverse. When employees return to work, Zoom will feel the pinch. When the curfews are lifted, delivery apps will suffer.

Most of our consumption patterns will return to normal even if it's a new normal. This is will be a new challenge for these pandemic success stories.

The takeaway from these examples is that a sustainable business model is based on flexibility and it may thrive on disruptions but it should also survive once the disruption fizzles out. It is pretty clear now that whether it is a country or company, far-sightedness is the key to beating this pandemic.

We have seen many pandemic success stories unravel this year and it’s not just countries but also corporates that have been negatively affected by it. The latest victim to this pandemic is Netflix.

We have seen many pandemic success stories unravel this year and it’s not just countries but also corporates that have been negatively affected by it. The latest victim to this pandemic is Netflix. Last year was an absolute bonus for them as people were stuck at home and couldn't go out for movies or concerts. So entertainment had to come home. Therefore, Netflix was on a roll last year. Adding 15.8 million new customers in the first quarter of 2020, this momentum continued through the year. However, 2021 is a whole new challenge. The world is emerging from the pandemic, cinema halls are reopening and entertainment has gone virtual. So, the world doesn't need a Netflix subscription to keep busy and the numbers reflect this. Watch | Netflix added 3.98 million customers in the first quarter of 2021 and although this might sound impressive, the company still fell short of its six million target — by more than 30 per cent. This led to their shares sinking. Netflix plunged 13 per cent in Tuesday's trade and their investors lost a lot of money. The future doesn’t look much better too. The company is expecting just one million new users in the next quarter, but analysts are expecting more than four million. So the company could be looking at another quarter of underperformance. This happened as Netflix made more money during the pandemic lockdowns but now that the countries have opened up their economies, they are losing money. Businesses that bank on disruptions rarely survive those events and Netflix is a prime example. The market has also changed a lot since last year. Video streaming is not a monopoly any more and there are new players that are coming with some bold ideas. The likes of HBO Max and Disney Plus have very different shows than Netflix which leaves the audience in confusion. Disney Plus has racked up 100 million subscribers and Netflix stands at 207 million. However, every time Netflix faces a crisis, they have one go-to strategy — messing up regional content. However, it can be a one-way ticket out of the market and is essentially a gamble for Netflix. Will companies that profited from the pandemic extend their dream run? Services such as Zoom video calls, food delivery apps, liquor companies and such had massive demands in 2020, but the pandemic year was an aberration and not the norm. So, as and when we emerge from this pandemic, fortunes will reverse. When employees return to work, Zoom will feel the pinch. When the curfews are lifted, delivery apps will suffer. Most of our consumption patterns will return to normal even if it's a new normal. This is will be a new challenge for these pandemic success stories. The takeaway from these examples is that a sustainable business model is based on flexibility and it may thrive on disruptions but it should also survive once the disruption fizzles out. It is pretty clear now that whether it is a country or company, far-sightedness is the key to beating this pandemic.

As countries battle coronavirus, Netflix struggles to earn profits in new normal

US President Joe Biden will soon roll out plan to raise taxes for the wealthiest Americans, said Reuters quoting sources familiar with the proposal. This proposal is likely to include largest-ever increase in levies on investment gains. The increased revenue is likely to be used in childcare, universal pre-kindergarten education and paid leave for workers.

These measures are part of White House's push for overhaul of the US tax system that will make rich people and big companies pay more in taxes. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

This would be the highest tax rate on investment gains. The rate has not exceeded 33.8 per cent after Second World War.

Also Read | <a href="https://www.wionews.com/india-news/biden-administration-applauds-india-for-stepping-up-its-climate-change-commitment-379363">Biden administration applauds India for stepping up its climate change commitment</a>

Wall Street reacted to the news of the proposal. The news triggered sharp declines with the benchmark S&amp;P 500 index down 1% in early afternoon. This was its steepest drop in more than a month.

The tax hike would need to pass through US Congress. Biden's Democratic Party holds narrow majorities in US Congress. The proposal is expected to face tough resistance from the Republican Party.

Sources said details would be released next week before Biden's address to Congress on Wednesday. Details of the plan may change in coming days. White House officials are debating other possible tax increases that could ultimately be included such as capping deductions for wealthy taxpayers or increasing the estate tax, sources told Reuters.

(With inputs from agencies)

US President Joe Biden will soon roll out plan to raise taxes for the wealthiest Americans, said Reuters quoting sources familiar with the proposal. This proposal is likely to include largest-ever increase in levies on investment gains.

US President Joe Biden will soon roll out plan to raise taxes for the wealthiest Americans, said Reuters quoting sources familiar with the proposal. This proposal is likely to include largest-ever increase in levies on investment gains. The increased revenue is likely to be used in childcare, universal pre-kindergarten education and paid leave for workers. These measures are part of White House's push for overhaul of the US tax system that will make rich people and big companies pay more in taxes. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million. This would be the highest tax rate on investment gains. The rate has not exceeded 33.8 per cent after Second World War. Also Read | Biden administration applauds India for stepping up its climate change commitment Wall Street reacted to the news of the proposal. The news triggered sharp declines with the benchmark S&P 500 index down 1% in early afternoon. This was its steepest drop in more than a month. The tax hike would need to pass through US Congress. Biden's Democratic Party holds narrow majorities in US Congress. The proposal is expected to face tough resistance from the Republican Party. Sources said details would be released next week before Biden's address to Congress on Wednesday. Details of the plan may change in coming days. White House officials are debating other possible tax increases that could ultimately be included such as capping deductions for wealthy taxpayers or increasing the estate tax, sources told Reuters. (With inputs from agencies)

Joe Biden to unveil historic tax increase for the rich

American Airlines announced in a memo on Tuesday that all of the pilots that were "recalled" during the COVID-19 pandemic will be returning to work.

American Airlines bringing more pilots back

Tiktok is one of the world’s most popular apps especially among youngsters and has around 100 million users in Europe alone

TikTok faces UK lawsuit over alleged kids' data breach

The hearing marked an escalation of lawmakers’ antitrust scrutiny on smartphone makers, and particularly Apple.

Apple, Google come under fire at Senate antitrust hearing