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The Wholesale price-based inflation (WPI) in February rose to its 27-month high to 4.17 per cent as against 2.03 per cent a month ago in January.

Wholesale prices in February this year raised on the back of rising food prices and manufactured goods.&nbsp;

The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year.

"The rate of inflation, based on monthly WPI, stood at (4.17 per cent) (provisional) for the month of February 2021 (over February 2020, as compared to 2.26 per cent) during the corresponding month of the previous year," a Ministry of Commerce and Industry statement on WPI said.

On a segment basis, prices of primary articles, which constitute 22.62 per cent of the WPI`s total weightage, inflated by 1.82 per cent from (-) 2.24 per cent in January.

Besides, the WPI food index rose to 3.31 per cent from (-) 0.26 per cent reported for January 2020.

The prices of manufactured items remained at elevated levels with a rise of 5.81 per cent from 5.13 per cent reported for January 2020.

On the same note, the prices of fuel and power with a weightage of 13.15 per cent rose 0.58 per cent from (-) 4.78 per cent in January 2020.

"The index for this (fuel and power) major group increased by (4.51 per cent) to 104.2 (provisional) in February 2021 from 99.7 (provisional) for the month of January 2021. Prices of Mineral Oils (8.88 per cent) increased in February 2021 as compared to January 2021," the statement said.

"Prices of Electricity (-0.43 per cent) declined in February 2021 as compared to January 2021. Prices of coal remain unchanged."

(With inputs from agencies)

The Wholesale price-based inflation (WPI) in February rose to its 27-month high to 4.17 per cent as against 2.03 per cent a month ago in January. Wholesale prices in February this year raised on the back of rising food prices and manufactured goods.

The Wholesale price-based inflation (WPI) in February rose to its 27-month high to 4.17 per cent as against 2.03 per cent a month ago in January. Wholesale prices in February this year raised on the back of rising food prices and manufactured goods. The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year. "The rate of inflation, based on monthly WPI, stood at (4.17 per cent) (provisional) for the month of February 2021 (over February 2020, as compared to 2.26 per cent) during the corresponding month of the previous year," a Ministry of Commerce and Industry statement on WPI said. On a segment basis, prices of primary articles, which constitute 22.62 per cent of the WPI`s total weightage, inflated by 1.82 per cent from (-) 2.24 per cent in January. Besides, the WPI food index rose to 3.31 per cent from (-) 0.26 per cent reported for January 2020. The prices of manufactured items remained at elevated levels with a rise of 5.81 per cent from 5.13 per cent reported for January 2020. On the same note, the prices of fuel and power with a weightage of 13.15 per cent rose 0.58 per cent from (-) 4.78 per cent in January 2020. "The index for this (fuel and power) major group increased by (4.51 per cent) to 104.2 (provisional) in February 2021 from 99.7 (provisional) for the month of January 2021. Prices of Mineral Oils (8.88 per cent) increased in February 2021 as compared to January 2021," the statement said. "Prices of Electricity (-0.43 per cent) declined in February 2021 as compared to January 2021. Prices of coal remain unchanged." (With inputs from agencies)

India's February WPI inflation at 27-month high, rises to 4.17%

British airline Virgin Atlantic, which has been hammered by the COVID-19 pandemic like much of the sector, is set to raise $222.75 million in new financing.

World Business Watch: Virgin Atlantic set to raise $222.75 Million in new financing

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World Business Watch: UK firms see sharper 2021 rebound, faster than counterparts abroad

German carmaker Volkswagen plans to cut up to 4,000 jobs at its plants in Germany by offering early or partial retirement to older employees. It's a move that could cost several hundred million dollars to German auto major.

World Business Watch: German carmaker Volkswagen to cut up to 4,000 jobs via early retirement

The wholesale price-based inflation rose for the second consecutive month in February to 4.17 per cent&nbsp;as food, fuel and power prices spiked.

The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year.

After witnessing months of softening of prices, the food articles in February saw 1.36 per cent inflation. In January it was (-) 2.80 per cent.

The vegetable price&nbsp;rise was (-) 2.90 per cent in February, against (-) 20.82 per cent in January.

Inflation in pulses was 10.25 per cent in February, while it fruits it was 9.48 per cent, and in fuel and power basket it was 0.58 per cent.

The RBI in its monetary policy last month kept interest rates unchanged for the fourth consecutive meeting and said that the near-term inflation outlook has turned favourable.

Retail inflation, based on the consumer price index, was at 5.03 per cent in February, data released last week showed.

Industrial&nbsp;growth re-entered the negative territory by contracting by 1.6 per cent in January, while retail inflation soared to a three-month high of 5.03 per cent in February on costlier food items.

The National Statistical Office (NSO) in the Ministry of Statistics and Programme Implementation (MoSPI) had earlier released the Quick Estimates of Index of Industrial Production (IIP) for January 2021 and Consumer Price Index (CPI) numbers for February 2021.

As per the data, the contraction in the IIP in January was mainly on account of a decline in output of capital goods, manufacturing and mining sectors.

The output of the manufacturing sector, which accounts for 77.6 per cent of the IIP, contracted by 2 per cent during the month under review, as against a growth of 1.8 per cent during the corresponding month last fiscal.

The worst performance was witnessed in the capital goods sector which showed a contraction of 9.6 per cent during January over a decline of 4.4 per cent during the same month in the previous fiscal.

NSO also revised upwardly the IIP number for December 2020 to 1.56 per cent from the earlier estimate of 1 per cent.

The factory output growth was in the negative territory in November 2020. It had posted an increase during September and October 2020.

The wholesale price-based inflation rose for the second consecutive month in February to 4.17 per cent as food, fuel and power prices spiked. The WPI inflation was 2.

The wholesale price-based inflation rose for the second consecutive month in February to 4.17 per cent as food, fuel and power prices spiked. The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year. After witnessing months of softening of prices, the food articles in February saw 1.36 per cent inflation. In January it was (-) 2.80 per cent. The vegetable price rise was (-) 2.90 per cent in February, against (-) 20.82 per cent in January. Inflation in pulses was 10.25 per cent in February, while it fruits it was 9.48 per cent, and in fuel and power basket it was 0.58 per cent. The RBI in its monetary policy last month kept interest rates unchanged for the fourth consecutive meeting and said that the near-term inflation outlook has turned favourable. Retail inflation, based on the consumer price index, was at 5.03 per cent in February, data released last week showed. Industrial growth re-entered the negative territory by contracting by 1.6 per cent in January, while retail inflation soared to a three-month high of 5.03 per cent in February on costlier food items. The National Statistical Office (NSO) in the Ministry of Statistics and Programme Implementation (MoSPI) had earlier released the Quick Estimates of Index of Industrial Production (IIP) for January 2021 and Consumer Price Index (CPI) numbers for February 2021. As per the data, the contraction in the IIP in January was mainly on account of a decline in output of capital goods, manufacturing and mining sectors. The output of the manufacturing sector, which accounts for 77.6 per cent of the IIP, contracted by 2 per cent during the month under review, as against a growth of 1.8 per cent during the corresponding month last fiscal. The worst performance was witnessed in the capital goods sector which showed a contraction of 9.6 per cent during January over a decline of 4.4 per cent during the same month in the previous fiscal. NSO also revised upwardly the IIP number for December 2020 to 1.56 per cent from the earlier estimate of 1 per cent. The factory output growth was in the negative territory in November 2020. It had posted an increase during September and October 2020.

Inflation rises over 4% over costlier food, fuel prices

Tesla Inc Chief Executive Elon Musk has been sued by a shareholder who accused him of violating his 2018 settlement with the U.S. Securities and Exchange Commission over his Twitter use.

According to a complaint unsealed late Thursday in Delaware Chancery Court, which also names the electric car company’s board as defendants, Musk’s “erratic” tweets and the failure of Tesla directors to ensure he complied with the SEC settlement have exposed shareholders to billions of dollars of losses.

The complaint highlighted several Musk posts on social media platform Twitter, including his assessment last May 1 that Tesla’s stock price was “too high,” prompting a more than $13 billion tumble in Tesla’s market value.

Chase Gharrity, the plaintiff, said Musk’s actions and the directors’ inaction have caused “substantial financial harm,” and that they should pay damages to Palo Alto, California-based Tesla for breaching their fiduciary duties.

The lawsuit was filed even though Tesla’s share price has soared nearly fivefold since Musk’s “too high” tweet, giving Tesla a valuation well above $600 billion, and the SEC has not publicly accused Musk of recent violations.

“It could pressure the SEC into taking some sort of recourse,” said Charles Elson, a University of Delaware professor and corporate governance specialist.

Tesla did not immediately respond on Friday to requests for comment. Gharrity’s lawyers, Musk’s lawyers in the SEC case, and the SEC did not immediately respond to similar requests.

The SEC settlement followed Musk’s August 2018 tweet that he had “funding secured” to possibly take Tesla private in a $72 billion transaction. In reality, Musk was not close.

Musk and Tesla each paid $20 million in civil fines, and Tesla lawyers agreed to vet some of Musk’s tweets in advance.

The settlement was later amended to clarify when pre-approvals were required, prompted by a unvetted tweet by Musk about Tesla’s vehicle production forecast.

Last April, a San Francisco federal judge said Tesla and Musk must face a lawsuit claiming Musk’s going-private tweet defrauded shareholders. That case remains pending.

The case is Gharrity v Musk et al, Delaware Chancery Court, No. 2021-0199.

Tesla Inc Chief Executive Elon Musk has been sued by a shareholder who accused him of violating his 2018 settlement with the U.S. Securities and Exchange Commission over his Twitter use.

Tesla Inc Chief Executive Elon Musk has been sued by a shareholder who accused him of violating his 2018 settlement with the U.S. Securities and Exchange Commission over his Twitter use. According to a complaint unsealed late Thursday in Delaware Chancery Court, which also names the electric car company’s board as defendants, Musk’s “erratic” tweets and the failure of Tesla directors to ensure he complied with the SEC settlement have exposed shareholders to billions of dollars of losses. The complaint highlighted several Musk posts on social media platform Twitter, including his assessment last May 1 that Tesla’s stock price was “too high,” prompting a more than $13 billion tumble in Tesla’s market value. Chase Gharrity, the plaintiff, said Musk’s actions and the directors’ inaction have caused “substantial financial harm,” and that they should pay damages to Palo Alto, California-based Tesla for breaching their fiduciary duties. The lawsuit was filed even though Tesla’s share price has soared nearly fivefold since Musk’s “too high” tweet, giving Tesla a valuation well above $600 billion, and the SEC has not publicly accused Musk of recent violations. “It could pressure the SEC into taking some sort of recourse,” said Charles Elson, a University of Delaware professor and corporate governance specialist. Tesla did not immediately respond on Friday to requests for comment. Gharrity’s lawyers, Musk’s lawyers in the SEC case, and the SEC did not immediately respond to similar requests. The SEC settlement followed Musk’s August 2018 tweet that he had “funding secured” to possibly take Tesla private in a $72 billion transaction. In reality, Musk was not close. Musk and Tesla each paid $20 million in civil fines, and Tesla lawyers agreed to vet some of Musk’s tweets in advance. The settlement was later amended to clarify when pre-approvals were required, prompted by a unvetted tweet by Musk about Tesla’s vehicle production forecast. Last April, a San Francisco federal judge said Tesla and Musk must face a lawsuit claiming Musk’s going-private tweet defrauded shareholders. That case remains pending. The case is Gharrity v Musk et al, Delaware Chancery Court, No. 2021-0199.

Tesla investor sues Musk, claims tweets violate SEC settlement

The Canadian judge in Huawei CFO Meng Wanzhou`s US&nbsp;extradition case rejected her request to admit as evidence Huawei employee statements that contradict a US&nbsp;claim she misled bankers about the company`s business in Iran, a ruling said on Friday. 
 
But the judge provisionally allowed parts of an expert`s report that Meng`s team requested be permitted into evidence, subject to further submissions about its relevance, the ruling showed. 
 
Meng, 49, was arrested in December 2018 at Vancouver International Airport on a US&nbsp;warrant for allegedly misleading HBSC about Huawei`s business dealings in Iran and causing the bank to violate US&nbsp;sanctions. 
 
She has since been fighting the case from under house arrest in Vancouver and has said she is innocent. 
 
The evidence Meng`s team sought to add related to their claim that HSBC knew about Huawei`s businesses in Iran, and that Meng did not mislead the bank. 
 
Two affidavits were from Huawei employees who attended the meeting where the United States alleges Meng lied about the company`s business connections in Iran. 
 
Associate Chief Justice Heather Holmes of British Columbia Supreme Court said that allowing this into evidence "could do no more than invite credibility findings," turning the case into a he-said-she-said. 
 
Holmes also rejected two more Huawei employee affidavits alleging that HSBC employees knew about Huawei`s connections to businesses in Iran, stating that they were beyond the "proper scope" of an extradition hearing. 
 
"The difficulty Ms. Meng faces is that this body of evidence relates to issues properly within the domain of a trial, not the extradition hearing," Holmes wrote. 
 
Holmes did provisionally allow parts of a report by an expert on the application of US&nbsp;sanctions law to financial institutions, stating it could address a potentially misleading aspect of US&nbsp;evidence. But she said that more submissions would be necessary to prove its relevance. 
 
Meng is set to appear in court on Monday as her case enters the final phase of arguments, scheduled to finish in May. 
 
Huawei did not immediately respond to a request for comment.

The Canadian judge in Huawei CFO Meng Wanzhou`s US extradition case rejected her request to admit as evidence Huawei employee statements that contradict a US claim she misled bankers about the company`s business in Iran, a ruling said on Friday.

The Canadian judge in Huawei CFO Meng Wanzhou`s US extradition case rejected her request to admit as evidence Huawei employee statements that contradict a US claim she misled bankers about the company`s business in Iran, a ruling said on Friday. But the judge provisionally allowed parts of an expert`s report that Meng`s team requested be permitted into evidence, subject to further submissions about its relevance, the ruling showed. Meng, 49, was arrested in December 2018 at Vancouver International Airport on a US warrant for allegedly misleading HBSC about Huawei`s business dealings in Iran and causing the bank to violate US sanctions. She has since been fighting the case from under house arrest in Vancouver and has said she is innocent. The evidence Meng`s team sought to add related to their claim that HSBC knew about Huawei`s businesses in Iran, and that Meng did not mislead the bank. Two affidavits were from Huawei employees who attended the meeting where the United States alleges Meng lied about the company`s business connections in Iran. Associate Chief Justice Heather Holmes of British Columbia Supreme Court said that allowing this into evidence "could do no more than invite credibility findings," turning the case into a he-said-she-said. Holmes also rejected two more Huawei employee affidavits alleging that HSBC employees knew about Huawei`s connections to businesses in Iran, stating that they were beyond the "proper scope" of an extradition hearing. "The difficulty Ms. Meng faces is that this body of evidence relates to issues properly within the domain of a trial, not the extradition hearing," Holmes wrote. Holmes did provisionally allow parts of a report by an expert on the application of US sanctions law to financial institutions, stating it could address a potentially misleading aspect of US evidence. But she said that more submissions would be necessary to prove its relevance. Meng is set to appear in court on Monday as her case enters the final phase of arguments, scheduled to finish in May. Huawei did not immediately respond to a request for comment.

Canada judge rejects Huawei CFO's push to use employee statements as evidence in US extradition case

Bitcoin continued its record-breaking run on Saturday as it briefly rose above USD 60,000 for the first time on Saturday. The most popular virtual currency hit the new high with increasing backing from corporate heavyweights. The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap.

Since March last year, Bitcoin has seen a meteoric rise. At that time, it stood at USD 5000. It's rise has been spurred, in part, by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Last month Elon Musk's electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin "the internet's currency".

Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard.

Bitcoin hit headlines in 2017 after it rose from less than USD 1000 in January to almost USD 20,000 in December that year.

However the last year's rise has been more steady, with investors and Wall Street finance giants wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation.

Bitcoins are traded via a decentralised registry system known as a blockchain.

The system requires massive computer processing power in order to manage and implement transactions.

That power is provided by "miners", who do so in the hope they will receive new bitcoins for validating transaction data.

(With AFP inputs)

Bitcoin continued its record-breaking run on Saturday as it briefly rose above USD 60,000 for the first time on Saturday. The most popular virtual currency hit the new high with increasing backing from corporate heavyweights.

Bitcoin continued its record-breaking run on Saturday as it briefly rose above USD 60,000 for the first time on Saturday. The most popular virtual currency hit the new high with increasing backing from corporate heavyweights. The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap. Since March last year, Bitcoin has seen a meteoric rise. At that time, it stood at USD 5000. It's rise has been spurred, in part, by online payments giant PayPal saying it would allow account holders to use cryptocurrency. Last month Elon Musk's electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin "the internet's currency". Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard. Bitcoin hit headlines in 2017 after it rose from less than USD 1000 in January to almost USD 20,000 in December that year. However the last year's rise has been more steady, with investors and Wall Street finance giants wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation. Bitcoins are traded via a decentralised registry system known as a blockchain. The system requires massive computer processing power in order to manage and implement transactions. That power is provided by "miners", who do so in the hope they will receive new bitcoins for validating transaction data. (With AFP inputs)

Bitcoin goes past USD 60,000 for first time

Renault's current stake is worth over $1.41 Billion and Renault Group has announced that it plans to sell off its entire stake in Germany's Daimler AG to drive forward the deleveraging of its automotive business.

World Business Watch: Renault To Sell Stake In Germany's Daimler

Italy plans to launch a fund worth up to $47.8 billion this month to help its companies hit by the COVID-19 crisis raise capital and strengthen their balance sheets.

World Business Watch: Italy set to launch fund for virus-hit firms

OPEC has said a recovery in oil prices and demand will be focused on the second half of the year as the impact of the COVID-19 lingers as a headwind for a group and its allies in supporting the market.

World Business Watch: 2021 oil demand recovery in second half

The Australian government unveiled a A$1.2 billion ($928 million) tourism support package aimed at boosting local travel while international routes remain closed because of the coronavirus pandemic.

World Business Watch: Australia unveils $928 mn tourism support package

Industry group Make UK said that three out of every four British manufacturers have experienced Brexit-linked delays during the past three months and the government must sort out problems that are still affecting ports.

World Business Watch: Three-quarters of UK manufacturers hit by Brexit delays

Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as books opened on Thursday for its Hong Kong listing, a filing from the company showed.

The shares will be priced at no more than HK$295 per share for retail shareholders and represent 3.4% of the company's total shares, it said in documents sent to the Securities and Exchange Commission.

Institutional investors could pay more for the shares, a term sheet obtained by Reuters showed, without specifying a range.

One Baidu ADR is equivalent to eight of its Hong Kong shares, the filings show.

A further 14.25 million shares can be sold as part of a so-called greenshoe option that would take the size of the issue to $3.48 billion, according to the term sheet.

The final price for Baidu's shares will be set on March 17 and trading will begin on the Hong Kong market on March 23, it says.

Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as books opened on Thursday for its Hong Kong listing, a filing from the company showed.

Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as books opened on Thursday for its Hong Kong listing, a filing from the company showed. The shares will be priced at no more than HK$295 per share for retail shareholders and represent 3.4% of the company's total shares, it said in documents sent to the Securities and Exchange Commission. Institutional investors could pay more for the shares, a term sheet obtained by Reuters showed, without specifying a range. One Baidu ADR is equivalent to eight of its Hong Kong shares, the filings show. A further 14.25 million shares can be sold as part of a so-called greenshoe option that would take the size of the issue to $3.48 billion, according to the term sheet. The final price for Baidu's shares will be set on March 17 and trading will begin on the Hong Kong market on March 23, it says.

Baidu looks to raise $3.03 billion in Hong Kong listing

In the realm of consumer alerts, the advisory Tuesday from the National Highway Traffic Safety Administration about a recall of nearly 380,000 Kia vehicles was the equivalent of a flashing dashboard light.

“Until these recalled vehicles have been repaired,” the advisory said, “the safest place to park them is outside and away from homes and other structures.”

Kia, the Korean automobile manufacturer, issued a recall Tuesday for Sportage compact sport-utility vehicles from 2017-21 and Sportage sedans from the same period, over concerns that electronic components could short-circuit and cause fires in the engine compartments of certain models.

The affected vehicles are models not equipped with “smart cruise control,” the National Highway Traffic Safety Administration, a unit of the U.S. Department of Transportation, said in its consumer report Tuesday.

“The electrical circuit in the hydraulic electronic control unit may short-circuit,” the agency said. This short circuit “could cause a fire in the engine compartment.”

On its website, Kia describes the Sportage, which has a starting price of around $24,000, as having a “coupe-like profile and athletic stance.” The Cadenza, a full-size sedan, is “a step toward luxury,” Kia says on its site, with a starting cost of around $38,000.

Affected car owners can bring their vehicles to a Kia dealer to have the problem fixed, federal officials said. In affected Sportage vehicles, dealers can replace certain fuses in the electrical junction box, and update the hydraulic electronic control unit software, the agency said. In affected Cadenza vehicles, it said, a new fuse kit containing a 25A fuse can be installed, replacing a kit containing a 40A fuse.

In addition to seeing warning lights, drivers of affected vehicles may detect a “burning/melting odor” or see “smoke from engine compartment” the agency said in a safety recall report.

The recall comes after the traffic safety administration began an investigation into engine fires involving certain vehicles made by Kia and another carmaker, Hyundai, The Associated Press reported. A message left with a Kia representative requesting comment was not immediately returned Tuesday evening.

The recall comes as the auto industry is facing a number of challenges, including a global shortage of semiconductors and a winter storm that halted or shut down auto productions in several states. Broader technological changes, like a growing hunger by some for electrical vehicles and driverless cars, is also reshaping the industry.

In 2010, Toyota agreed to pay millions of dollars in fines for failing to swiftly recall millions of its defective vehicles, federal transportation officials said. In 2014, Kia Motors and Hyundai Motor were fined a total of $300 million as part of a settlement with the federal government for overstating vehicle fuel-economy standards on 1.2 million cars.

In the realm of consumer alerts, the advisory Tuesday from the National Highway Traffic Safety Administration about a recall of nearly 380,000 Kia vehicles was the equivalent of a flashing dashboard light.

In the realm of consumer alerts, the advisory Tuesday from the National Highway Traffic Safety Administration about a recall of nearly 380,000 Kia vehicles was the equivalent of a flashing dashboard light. “Until these recalled vehicles have been repaired,” the advisory said, “the safest place to park them is outside and away from homes and other structures.” Kia, the Korean automobile manufacturer, issued a recall Tuesday for Sportage compact sport-utility vehicles from 2017-21 and Sportage sedans from the same period, over concerns that electronic components could short-circuit and cause fires in the engine compartments of certain models. The affected vehicles are models not equipped with “smart cruise control,” the National Highway Traffic Safety Administration, a unit of the U.S. Department of Transportation, said in its consumer report Tuesday. “The electrical circuit in the hydraulic electronic control unit may short-circuit,” the agency said. This short circuit “could cause a fire in the engine compartment.” On its website, Kia describes the Sportage, which has a starting price of around $24,000, as having a “coupe-like profile and athletic stance.” The Cadenza, a full-size sedan, is “a step toward luxury,” Kia says on its site, with a starting cost of around $38,000. Affected car owners can bring their vehicles to a Kia dealer to have the problem fixed, federal officials said. In affected Sportage vehicles, dealers can replace certain fuses in the electrical junction box, and update the hydraulic electronic control unit software, the agency said. In affected Cadenza vehicles, it said, a new fuse kit containing a 25A fuse can be installed, replacing a kit containing a 40A fuse. In addition to seeing warning lights, drivers of affected vehicles may detect a “burning/melting odor” or see “smoke from engine compartment” the agency said in a safety recall report. The recall comes after the traffic safety administration began an investigation into engine fires involving certain vehicles made by Kia and another carmaker, Hyundai, The Associated Press reported. A message left with a Kia representative requesting comment was not immediately returned Tuesday evening. The recall comes as the auto industry is facing a number of challenges, including a global shortage of semiconductors and a winter storm that halted or shut down auto productions in several states. Broader technological changes, like a growing hunger by some for electrical vehicles and driverless cars, is also reshaping the industry. In 2010, Toyota agreed to pay millions of dollars in fines for failing to swiftly recall millions of its defective vehicles, federal transportation officials said. In 2014, Kia Motors and Hyundai Motor were fined a total of $300 million as part of a settlement with the federal government for overstating vehicle fuel-economy standards on 1.2 million cars.

Recall of Kia vehicles comes with special caution: Don’t park in the garage

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index.

Spot gold were up 0.7% at $1,738.08 per ounce by 0926 GMT, after hitting its highest since March 3 at $1,739.63 earlier. U.S. gold futures climbed 0.9% to $1,736.30.

"Real rates are falling again and the lower real rates are, the better it is for gold. The second element is the strength in dollar we have seen recently has ended again and this is also helping gold," said UBS analyst Giovanni Staunovo.

U.S. 10-year Treasury yields held near a one-week low, while the dollar fell as data showed U.S. core consumer price growth slowed slightly in February.

While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion.

The $1.9 trillion U.S. COVID-19 relief bill was finally approved on Wednesday and is expected to supercharge the economic recovery.

"At the moment it's (relief bill) helping gold due to higher inflation expectations but it could also mean that the U.S. Federal Reserve starts to change its tone a little bit," said UBS' Staunovo, adding that a less dovish Fed could see gold prices remain under pressure.

Investors await a European Central Bank meeting due later in the day to see if policymakers will take any action to rein in rising yields.

Michael Langford, director at corporate advisory AirGuide said there was a greater upside in other assets like copper and small-cap equities than in gold in the short term.

Silver rose 0.8% to $26.38 an ounce. Palladium climbed 1.3% to $2,336.93, while platinum gained 1.4% to $1,219.50.

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index.

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index. Spot gold were up 0.7% at $1,738.08 per ounce by 0926 GMT, after hitting its highest since March 3 at $1,739.63 earlier. U.S. gold futures climbed 0.9% to $1,736.30. "Real rates are falling again and the lower real rates are, the better it is for gold. The second element is the strength in dollar we have seen recently has ended again and this is also helping gold," said UBS analyst Giovanni Staunovo. U.S. 10-year Treasury yields held near a one-week low, while the dollar fell as data showed U.S. core consumer price growth slowed slightly in February. While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion. The $1.9 trillion U.S. COVID-19 relief bill was finally approved on Wednesday and is expected to supercharge the economic recovery. "At the moment it's (relief bill) helping gold due to higher inflation expectations but it could also mean that the U.S. Federal Reserve starts to change its tone a little bit," said UBS' Staunovo, adding that a less dovish Fed could see gold prices remain under pressure. Investors await a European Central Bank meeting due later in the day to see if policymakers will take any action to rein in rising yields. Michael Langford, director at corporate advisory AirGuide said there was a greater upside in other assets like copper and small-cap equities than in gold in the short term. Silver rose 0.8% to $26.38 an ounce. Palladium climbed 1.3% to $2,336.93, while platinum gained 1.4% to $1,219.50.

Gold gains for third day as bond yields, dollar retreat

The Indian economy may revive and retake its place as the fastest-growing one in 2021, says the forecast released by the Organisation for Economic Cooperation and Development (OECD).

World Business Watch: India could be back as fastest growing economy again

Rolls-Royce has completed the first taxiing of its electric aircraft ahead of its first flight and an attempt to break the world record for the fastest electric aeroplane later this year.

World Business Watch: Rolls-Royce powers up all-electric aircraft

South Africa's GDP grew quarter and quarter in three months ending in December but the economy recorded its biggest annual contraction in seven decades last year.

World Business Watch: South Africa’s economy shrank by most in century last year

India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said.&nbsp;

The report also projected the Indian economy to grow at 12.6 per cent, the highest among the G20 countries in the financial year 2021-22.&nbsp;

It said if India achieves the projected growth, the country will "reclaim its status as the fastest-growing major economy from China."

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-india-could-be-back-as-fastest-growing-economy-again-369296/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The projections have come after India recorded a 0.4 per cent rise in GDP in the last quarter, ending two back-to-back negative growth rates.&nbsp;

The forecast for the global economy rose to 5.6 per cent in 2021 from the previous estimate of 4.2 per cent, the report said.

It said that in recent months global economic prospects have improved considerably due to a gradual supply of effective vaccines and countries have announced more fiscal support.&nbsp;

"Significant fiscal and monetary support continues to underpin activity. Additional discretionary fiscal measures announced in several countries during the past three months will add to the overall support this year, including in the US, Japan, Germany, Canada, and India," the report said. 
&nbsp;

India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said.

India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said. The report also projected the Indian economy to grow at 12.6 per cent, the highest among the G20 countries in the financial year 2021-22. It said if India achieves the projected growth, the country will "reclaim its status as the fastest-growing major economy from China." Watch | The projections have come after India recorded a 0.4 per cent rise in GDP in the last quarter, ending two back-to-back negative growth rates. The forecast for the global economy rose to 5.6 per cent in 2021 from the previous estimate of 4.2 per cent, the report said. It said that in recent months global economic prospects have improved considerably due to a gradual supply of effective vaccines and countries have announced more fiscal support. "Significant fiscal and monetary support continues to underpin activity. Additional discretionary fiscal measures announced in several countries during the past three months will add to the overall support this year, including in the US, Japan, Germany, Canada, and India," the report said.

With growth rate of 12.6%, India could become world's fastest-growing economy: Report

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity.

"just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).

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NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Dorsey, a known bitcoin enthusiast, said the auction will end on March 21.

Payments company Square Inc, also led by Dorsey, invested $170 million more in bitcoin last month, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors.

Dorsey's 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday.

The proceeds are being donated to GiveDirectly, a fundraising project to give cash directly to families experiencing extreme poverty in Africa.

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity. "just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity. "just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs). View this post on Instagram A post shared by WION (@wionews) NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Dorsey, a known bitcoin enthusiast, said the auction will end on March 21. Payments company Square Inc, also led by Dorsey, invested $170 million more in bitcoin last month, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors. Dorsey's 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday. The proceeds are being donated to GiveDirectly, a fundraising project to give cash directly to families experiencing extreme poverty in Africa.

Jack Dorsey to convert proceeds from auction of first tweet to bitcoin

The International Air Transport Association (IATA) has announced results from its latest poll of recent travellers, showing growing confidence in a return to air travel, frustration with current travel restrictions and acceptance of a travel app to manage health credentials for travel.

While 88 per cent believe that when opening borders, the right balance must be struck between managing Covid-19 risks and getting the economy going again, 85 per cent believe that governments should set Covid-19 targets (like testing capacity or vaccine distribution) to re-open borders.

About 84 per cent believe that Covid-19 will not disappear and there is need to manage its risks while living and travelling normally, 68 per cent agreed that their quality of life has suffered with travel restrictions.

Nearly 49 per cent believe that air travel restrictions have gone too far.

A total of 4,700 interviews were conducted online in 11 markets between February 15 and 23. The sample size was 500 in the United States, Canada, United Kingdom, France, Germany, India and Australia.

In Chile, Japan, UAE and Singapore the sample size was 300.

The poll showed while there is public support for travel restrictions, it is becoming clear that people are feeling more comfortable with managing the risks of Covid-19.

People are also feeling frustrated with the loss of freedom to travel with 68 per cent of respondents indicating their quality of life is suffering as a result.

Travel restrictions come with health, social and economic consequences.

Nearly 40 per cent of respondents reported mental stress and missing an important human moment as a result of travel restrictions.

And over a third have said that restrictions prevent them from doing business normally.

"The top priority of everybody at the moment is staying safe amid the Covid-19 crisis. But it is important that we map a way to being able to re-open borders, manage risks and enable people to get on with their lives," said Alexandre de Juniac, IATA`s Director General and CEO.

"That includes the freedom to travel. It is becoming clear that we will need to learn to live and travel in a world that has Covid-19. Given the health, social and economic costs of travel restrictions, airlines should be ready to re-connect the world as soon as governments are able to re-open borders.

"The poll showed that 57 per cent expect to be travelling within two months of the pandemic being contained (improved from 49 per cent in September 2020). About 72 per cent want to travel to see family and friends as soon as possible (improved from 63 per cent in September 2020).

Nearly 81 per cent believe that they will be more likely to travel once they are vaccinated and 84 per cent said they will not travel if there is a chance of quarantine at destination (largely unchanged from 83 per cent in September 2020).

About 56 per cent believe that they will postpone travel until the economy stabilises (improved from 65 per cent in September 2020).

There are some headwinds in travel trends. About 84 per cent of travellers will not travel if it involves quarantine at destination.

And there are still indications that the pick-up in business travel will take time with 62 per cent of respondents saying they are likely to travel less for business even after the virus is contained.&nbsp;

The International Air Transport Association (IATA) has announced results from its latest poll of recent travellers, showing growing confidence in a return to air travel, frustration with current travel restrictions and acceptance of a travel app to manage health credentials for travel.

The International Air Transport Association (IATA) has announced results from its latest poll of recent travellers, showing growing confidence in a return to air travel, frustration with current travel restrictions and acceptance of a travel app to manage health credentials for travel. While 88 per cent believe that when opening borders, the right balance must be struck between managing Covid-19 risks and getting the economy going again, 85 per cent believe that governments should set Covid-19 targets (like testing capacity or vaccine distribution) to re-open borders. About 84 per cent believe that Covid-19 will not disappear and there is need to manage its risks while living and travelling normally, 68 per cent agreed that their quality of life has suffered with travel restrictions. Nearly 49 per cent believe that air travel restrictions have gone too far. A total of 4,700 interviews were conducted online in 11 markets between February 15 and 23. The sample size was 500 in the United States, Canada, United Kingdom, France, Germany, India and Australia. In Chile, Japan, UAE and Singapore the sample size was 300. The poll showed while there is public support for travel restrictions, it is becoming clear that people are feeling more comfortable with managing the risks of Covid-19. People are also feeling frustrated with the loss of freedom to travel with 68 per cent of respondents indicating their quality of life is suffering as a result. Travel restrictions come with health, social and economic consequences. Nearly 40 per cent of respondents reported mental stress and missing an important human moment as a result of travel restrictions. And over a third have said that restrictions prevent them from doing business normally. "The top priority of everybody at the moment is staying safe amid the Covid-19 crisis. But it is important that we map a way to being able to re-open borders, manage risks and enable people to get on with their lives," said Alexandre de Juniac, IATA`s Director General and CEO. "That includes the freedom to travel. It is becoming clear that we will need to learn to live and travel in a world that has Covid-19. Given the health, social and economic costs of travel restrictions, airlines should be ready to re-connect the world as soon as governments are able to re-open borders. "The poll showed that 57 per cent expect to be travelling within two months of the pandemic being contained (improved from 49 per cent in September 2020). About 72 per cent want to travel to see family and friends as soon as possible (improved from 63 per cent in September 2020). Nearly 81 per cent believe that they will be more likely to travel once they are vaccinated and 84 per cent said they will not travel if there is a chance of quarantine at destination (largely unchanged from 83 per cent in September 2020). About 56 per cent believe that they will postpone travel until the economy stabilises (improved from 65 per cent in September 2020). There are some headwinds in travel trends. About 84 per cent of travellers will not travel if it involves quarantine at destination. And there are still indications that the pick-up in business travel will take time with 62 per cent of respondents saying they are likely to travel less for business even after the virus is contained.

Air travellers gaining confidence, time to plan for restart: IATA

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. 
 
The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. 
 
Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. 
 
The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. 
 
The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. 
 
Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. 
 
Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. 
 
"Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. 
 
"We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." 
 
Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. 
 
Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. 
 
The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. 
 
Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. 
 
Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. 
 
The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. "Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan downgrades fourth-quarter GDP as companies scale back spending

India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted in view of good Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament.

The government lifted the ban on export with effect from January 1 in view of good prospects of Kharif and late Kharif production estimates, he said in a written reply to the Lok Sabha.

"After the recent lifting of the ban, the export of onion in the months of January and February 2021 has been 56,000 tonnes and 31,000 tonnes respectively, as against monthly average export of 2.18 lakh tonnes prior to the imposition of the ban in September 2020," Tomar said.

The All India average retail prices of onion in December 2020 was Rs 44.33 per kg, whereas during January and February 2021 the prices have been Rs 38.59 per kg and Rs 44.08 per kg, respectively, he added.

In 2019-20, the country exported 11.50 lakh tonne of onion at a value of Rs 2,320.70 crore. The minister said the government has approved the creation of 2 lakh tonne of onion buffer during 2021-22 under the Price Stabilisation Fund (PSF), which would be built by procuring the Rabi crop arriving from March this year.

To check onion prices last year, Tomar said the government had released onion from the buffer stock of 1 lakh tonne created from Rabi-2020 onion in a calibrated manner to moderate prices of the onion since September 2020.

The government had also approved procurement of 1 lakh tonne of onion from the Kharif 2020 crop under the PSF to recoup the buffer for further retail intervention besides banning export in September last year and imposing a stock limit on traders.

To augment domestic availability of onion through import, the government had eased the fumigation and quarantine norms and also accorded approval for procuring and disposal of the imported onion by the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) at pre-decided ceiling price through the issue of tenders at regular intervals.

"As a result of these measures, onion import came in significant quantities from October onward, and by the end of December 2020 a total of over 65,546 MT was imported," he added.

The price of onion has been on a declining trend from November 2020 and by December, prices in the mandis were reported to be significantly low. Retail price had also declined substantially, the minister added.

India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted in view of good Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament.

India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted in view of good Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament. The government lifted the ban on export with effect from January 1 in view of good prospects of Kharif and late Kharif production estimates, he said in a written reply to the Lok Sabha. "After the recent lifting of the ban, the export of onion in the months of January and February 2021 has been 56,000 tonnes and 31,000 tonnes respectively, as against monthly average export of 2.18 lakh tonnes prior to the imposition of the ban in September 2020," Tomar said. The All India average retail prices of onion in December 2020 was Rs 44.33 per kg, whereas during January and February 2021 the prices have been Rs 38.59 per kg and Rs 44.08 per kg, respectively, he added. In 2019-20, the country exported 11.50 lakh tonne of onion at a value of Rs 2,320.70 crore. The minister said the government has approved the creation of 2 lakh tonne of onion buffer during 2021-22 under the Price Stabilisation Fund (PSF), which would be built by procuring the Rabi crop arriving from March this year. To check onion prices last year, Tomar said the government had released onion from the buffer stock of 1 lakh tonne created from Rabi-2020 onion in a calibrated manner to moderate prices of the onion since September 2020. The government had also approved procurement of 1 lakh tonne of onion from the Kharif 2020 crop under the PSF to recoup the buffer for further retail intervention besides banning export in September last year and imposing a stock limit on traders. To augment domestic availability of onion through import, the government had eased the fumigation and quarantine norms and also accorded approval for procuring and disposal of the imported onion by the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) at pre-decided ceiling price through the issue of tenders at regular intervals. "As a result of these measures, onion import came in significant quantities from October onward, and by the end of December 2020 a total of over 65,546 MT was imported," he added. The price of onion has been on a declining trend from November 2020 and by December, prices in the mandis were reported to be significantly low. Retail price had also declined substantially, the minister added.

India exports 87,000 tons of onion in January-February after ban lifted

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