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Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US&nbsp;Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry.

Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January&nbsp;8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2 per cent&nbsp;at $69.48, still hovering around its highest level in more than a year.

Also read|&nbsp;<a href="https://www.wionews.com/world/yemens-houthi-rebels-target-saudi-arabias-aramco-oil-facilities-368713" hreflang="en">Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities</a>

US&nbsp;West Texas Intermediate (WTI) crude was up 14 cents or 0.2 per cent&nbsp;at $66.23 after touching $67.98 a barrel, its highest since October 2018.

Brent and WTI prices have climbed for four consecutive sessions.

The US&nbsp;Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic.

Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property.

"This suggests that we could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report.

Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry.

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia's oil industry. Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January 8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2 per cent at $69.48, still hovering around its highest level in more than a year. Also read| Yemen's Houthi rebels target Saudi Arabia's Aramco oil facilities US West Texas Intermediate (WTI) crude was up 14 cents or 0.2 per cent at $66.23 after touching $67.98 a barrel, its highest since October 2018. Brent and WTI prices have climbed for four consecutive sessions. The US Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic. Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property. "This suggests that we could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report. Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Brent hits $70 for first time since pandemic began after Saudi attack

The Indian stock market indices erased intraday gains to end Friday's volatile session a marginally higher. Gains were witnessed in PSU banks, metals and IT indices, while realty, financial services, FMCG and auto indices ended in the red. &nbsp;

BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively. Infosys, L&amp;T, Reliance Industries, Axis Bank, and State Bank of India were the top contributors to the index's gains today.

The Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index.

Global markets

World shares dipped on Monday as the US Senate’s passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters.

The MSCI world equity index fell 0.1 per cent, as gains in European cyclical and travel stocks were offset by losses in Asia. Chinese stocks posted their biggest decline in seven months, down 3.5 per cent, on concerns that Chinese officials could tighten policy to rein in lofty valuations.

Nasdaq futures fell 2 per cent in early European trade, reversing early gains, while S&amp;P 500 futures fell 1 per cent as investors looked past the benefits of the fiscal package.&nbsp;

(With inputs from Reuters)

The Indian stock market indices erased intraday gains to end Friday's volatile session a marginally higher. Gains were witnessed in PSU banks, metals and IT indices, while realty, financial services, FMCG and auto indices ended in the red.

The Indian stock market indices erased intraday gains to end Friday's volatile session a marginally higher. Gains were witnessed in PSU banks, metals and IT indices, while realty, financial services, FMCG and auto indices ended in the red. BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively. Infosys, L&T, Reliance Industries, Axis Bank, and State Bank of India were the top contributors to the index's gains today. The Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index. Global markets World shares dipped on Monday as the US Senate’s passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters. The MSCI world equity index fell 0.1 per cent, as gains in European cyclical and travel stocks were offset by losses in Asia. Chinese stocks posted their biggest decline in seven months, down 3.5 per cent, on concerns that Chinese officials could tighten policy to rein in lofty valuations. Nasdaq futures fell 2 per cent in early European trade, reversing early gains, while S&P 500 futures fell 1 per cent as investors looked past the benefits of the fiscal package. (With inputs from Reuters)

Sensex closes 36 points up; Nifty ends below 15,000

The Asian Development Bank (ADB) on Monday released the first batch of data as part of a new regional knowledge platform to guide sustainable transport development in Asia and the Pacific. The Asian Transport Outlook (ATO) will support the planning and delivery of transport sector assistance by ADB as well as transport policy and initiatives by Asian governments in line with Sustainable Development Goals (SDGs), Paris Agreement, and other international agreements.

"This first batch of information reminds us of the challenges faced by economies in Asia and the Pacific in developing the transport sector as they start to look at the period beyond Covid-19," said ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono. 
 
"We are now getting data that detail the shortages in transport infrastructure and transport services experienced by ADB members. This will help ADB, its member governments, and other stakeholders to build back the transport sector in Asia and the Pacific in a more sustainable manner in the coming years."

The ATO collects, organizes, and shares data on the transport sector in economies using more than 400 indicators. The first batch of information includes data for 234 indicators on the status of transport infrastructure, transport activity, access and connectivity, road safety, climate change, air pollution and health as well as socio-economic conditions. The ATO will also document the institutional frameworks, policies, and financing of transport in these economies. More batches of data on the transport sector will be released in the coming months.

The ATO is developed on behalf of ADB by the Partnership on Sustainable Low Carbon Transport (SLOCAT), the leading global multi-stakeholder partnership on sustainable, low carbon transport. "The ATO will help ADB and SLOCAT in mobilizing the transport community in support of evidence-based action on transport in Asia," said SLOCAT Secretary-General Maruxa Cardena.

"The coming years will be decisive in determining whether we are meeting the objectives of the SDGs and the Paris Agreement. The manner in which the transport sector in Asia develops is key for both processes and the ATO will tell us whether we are on track." The ATO is a multi-year program with the potential to serve as a primary knowledge base on transport in Asia. To make this a reality, ADB will make ATO data freely available to all and is encouraging transport planners and policymakers to make use of it in their work.

To enhance the success of the ATO, ADB has called on all organizations working on transport in Asia to freely share their data. ADB approves about 40 transport projects per year. Over the last three years, the average combined annual commitments were in excess of five billion dollars.

The Asian Development Bank (ADB) on Monday released the first batch of data as part of a new regional knowledge platform to guide sustainable transport development in Asia and the Pacific.

The Asian Development Bank (ADB) on Monday released the first batch of data as part of a new regional knowledge platform to guide sustainable transport development in Asia and the Pacific. The Asian Transport Outlook (ATO) will support the planning and delivery of transport sector assistance by ADB as well as transport policy and initiatives by Asian governments in line with Sustainable Development Goals (SDGs), Paris Agreement, and other international agreements. "This first batch of information reminds us of the challenges faced by economies in Asia and the Pacific in developing the transport sector as they start to look at the period beyond Covid-19," said ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono. "We are now getting data that detail the shortages in transport infrastructure and transport services experienced by ADB members. This will help ADB, its member governments, and other stakeholders to build back the transport sector in Asia and the Pacific in a more sustainable manner in the coming years." The ATO collects, organizes, and shares data on the transport sector in economies using more than 400 indicators. The first batch of information includes data for 234 indicators on the status of transport infrastructure, transport activity, access and connectivity, road safety, climate change, air pollution and health as well as socio-economic conditions. The ATO will also document the institutional frameworks, policies, and financing of transport in these economies. More batches of data on the transport sector will be released in the coming months. The ATO is developed on behalf of ADB by the Partnership on Sustainable Low Carbon Transport (SLOCAT), the leading global multi-stakeholder partnership on sustainable, low carbon transport. "The ATO will help ADB and SLOCAT in mobilizing the transport community in support of evidence-based action on transport in Asia," said SLOCAT Secretary-General Maruxa Cardena. "The coming years will be decisive in determining whether we are meeting the objectives of the SDGs and the Paris Agreement. The manner in which the transport sector in Asia develops is key for both processes and the ATO will tell us whether we are on track." The ATO is a multi-year program with the potential to serve as a primary knowledge base on transport in Asia. To make this a reality, ADB will make ATO data freely available to all and is encouraging transport planners and policymakers to make use of it in their work. To enhance the success of the ATO, ADB has called on all organizations working on transport in Asia to freely share their data. ADB approves about 40 transport projects per year. Over the last three years, the average combined annual commitments were in excess of five billion dollars.

ADB releases data to support more sustainable transport sector in Asia

Abu Dhabi’s Etihad Airways is still targeting a return to profit in 2023, despite a more than doubling in core operating losses last year, after accelerating its restructuring during the pandemic.

World Business Watch: Abu Dhabi's Etihad still targets 2023 turnaround as losses pile up

India's key equity indices ended lower for the second straight day on the back of weak global cues which emanated from rising global bond yields on Friday.

Accordingly, the two indices had a gap down opening on account of weak global cues, high volatility and profit booking.

The 30-share BSE barometer declined by 440.76 points or 0.87 per cent to close at 50,405.32, continuing its falling trend for the second day due to concerns over bond yields. Intra-day, the index swung around 726 points.

The NSE barometer Nifty ended lower by 142.65 points or 0.95 per cent at 14,938.10.

Meanwhile, Asian stocks dropped to one-month lows as rising US treasury yields again rattled equity investors.Japan's Nikkei share average cracked by 0.23 per cent and shares in Seoul fell by 0.57 per cent. Hong Kong's Hang Seng index was down by 0.47 per cent.&nbsp;

Overnight, US stocks dropped after US Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.

(With inputs from agencies)

India's key equity indices ended lower for the second straight day on the back of weak global cues which emanated from rising global bond yields on Friday. Accordingly, the two indices had a gap down opening on account of weak global cues, high volatility and profit booking.

India's key equity indices ended lower for the second straight day on the back of weak global cues which emanated from rising global bond yields on Friday. Accordingly, the two indices had a gap down opening on account of weak global cues, high volatility and profit booking. The 30-share BSE barometer declined by 440.76 points or 0.87 per cent to close at 50,405.32, continuing its falling trend for the second day due to concerns over bond yields. Intra-day, the index swung around 726 points. The NSE barometer Nifty ended lower by 142.65 points or 0.95 per cent at 14,938.10. Meanwhile, Asian stocks dropped to one-month lows as rising US treasury yields again rattled equity investors.Japan's Nikkei share average cracked by 0.23 per cent and shares in Seoul fell by 0.57 per cent. Hong Kong's Hang Seng index was down by 0.47 per cent. Overnight, US stocks dropped after US Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates. (With inputs from agencies)

Sensex sheds 440 points, Nifty settles below 15,000 on broad based selling

A large global recall of electric vehicles has led South Korea's Hyundai Motor to sharply revise down fourth-quarter operating profit, although reports said battery maker LG Chem would bear the bulk of the costs.

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The US has agreed on a four-month suspension of retaliatory tariffs imposed on UK exports including scotch whisky over a long-running aircraft subsidy row.

World Business Watch: US suspends tariffs on UK exports including Scotch

A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge. OPEC and its allied producers said that they would largely roll over production cuts during the month of April.

World Business Watch: Oil prices surge as OPEC and its allies extend production cuts

The number of new applications for U.S. unemployment benefits rose slightly to 745,000 at the end of February.

US: Layoffs remain high despite improved economy

India equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent lower on Thursday, mainly on weak global cues. &nbsp;

The BSE Sensex fell below the 51,000 mark on the back of selling seen in financial and metal stocks.&nbsp;

The BSE Sensex closed at 50,846.08, falling by 598.57 points or 1.16 percent. Similarly, the NSE Nifty ended lower at 15,080.75, down by 164.85 points or 1.08 percent.

Out of 30 Sensex stocks, 25 stocks ended deep in red, with Housing Development Finance Corporation (HDFC) as the top index loser. Bajaj Finsv, L&amp;T, State Bank of India (SBI), Axis Bank, HDFC Bank and ICICI Bank were among other laggards.

Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic markets along with its global peers mirrored the wounded trend of the US market. The surge in US bond yields added selling pressure in technology stocks, forced Wall Street to close lower.

"Blue-chips were much affected by the weak global cues, but Mid &amp; Small caps with its increased investor confidence retained its positive momentum".

S Ranganathan, Head of Research at LKP Securities commented that markets traded weak on muted global cues despite heightened investor interest in PSU stocks on hopes of privatisation and asset monetisation.

Modi opined that the concerns over rising bond yields are short lived and any immediate correction in the market will only create an opportunity for investors to buy quality stocks at reasonable valuations.

Foreign investors had bought equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data.

Among Asian markets, Japan's Nikkei 225 dropped 2.1 per cent and the Hang Seng in Hong Kong fell 2.2 per cent. The Shanghai Composite index dropped 2.1 per cent.

On the forex market front, the rupee ended 11 paise lower at 72.83 against the US dollar.

Meanwhile, global crude oil benchmark Brent was trading 1.16 per cent higher at USD 64.73 per barrel.

(With inputs from agencies)

India equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent lower on Thursday, mainly on weak global cues. The BSE Sensex fell below the 51,000 mark on the back of selling seen in financial and metal stocks.

India equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent lower on Thursday, mainly on weak global cues. The BSE Sensex fell below the 51,000 mark on the back of selling seen in financial and metal stocks. The BSE Sensex closed at 50,846.08, falling by 598.57 points or 1.16 percent. Similarly, the NSE Nifty ended lower at 15,080.75, down by 164.85 points or 1.08 percent. Out of 30 Sensex stocks, 25 stocks ended deep in red, with Housing Development Finance Corporation (HDFC) as the top index loser. Bajaj Finsv, L&T, State Bank of India (SBI), Axis Bank, HDFC Bank and ICICI Bank were among other laggards. Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic markets along with its global peers mirrored the wounded trend of the US market. The surge in US bond yields added selling pressure in technology stocks, forced Wall Street to close lower. "Blue-chips were much affected by the weak global cues, but Mid & Small caps with its increased investor confidence retained its positive momentum". S Ranganathan, Head of Research at LKP Securities commented that markets traded weak on muted global cues despite heightened investor interest in PSU stocks on hopes of privatisation and asset monetisation. Modi opined that the concerns over rising bond yields are short lived and any immediate correction in the market will only create an opportunity for investors to buy quality stocks at reasonable valuations. Foreign investors had bought equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data. Among Asian markets, Japan's Nikkei 225 dropped 2.1 per cent and the Hang Seng in Hong Kong fell 2.2 per cent. The Shanghai Composite index dropped 2.1 per cent. On the forex market front, the rupee ended 11 paise lower at 72.83 against the US dollar. Meanwhile, global crude oil benchmark Brent was trading 1.16 per cent higher at USD 64.73 per barrel. (With inputs from agencies)

Sensex fails to hold 51,000, ends 600 points down, Nifty below 15,100

French engineering consulting firm Egis has drawn up a $90 million investment plan for India to fund growth through both organic and inorganic routes in the next five years.

World Business Watch: French firm Egis plans $90 mn investment in India in five years

British supermarket group Sainsbury’s plans to cut an additional 500 jobs and reduce its office space as it simplifies administrative functions for the post-pandemic era.

World Business Watch: Sainsbury's to cut 500 more jobs, office space to be reduced as well

The global semiconductor chip shortage led General Motors to extend production cuts at three North American plants and add a fourth to the list of factories hit.

World Business Watch: GM extends production cuts due to chip shortage

While reading out Britain's Budget 2021 address, British finance minister Rishi Sunak said that the UK economy is likely to reach its pre-pandemic output level by the middle of next year (2022). WION brings you all you need to know about UK Budget 2021.

World Business Watch: UK economy to reach pre-pandemic size by mid-2022, says Sunak

Economic recovery is leading to weakening the prices of crude oil and this has become the major factor. Considering the same, OPEC+ will be holding a meeting discussing the crucial issues.

World Business Watch: Dramatic decrease in oil post Saudi Arabia cuts

After companies announcing the electric vision, the manufacturer of Volvo decides to go all-electric to its fleet by 2030. According to Volvo, around 50 per cent of its fleet will contain electric vehicles. While the future of petrol vehicles remain uncertain too.

World Business Watch: Volvo to go electric by 2030 for half of production

Indian benchmark index BSE Sensex opened 374.23 points up to begin the day at 50,659.50, while the NSE's Nifty notched up 110.85 points to open trade at 15,029.95 points.

Among other individual stocks, IRCON slid 6 per cent as the offer for sale for up to 16 per cent government stake at a floor price of Rs 88 per share in the railway PSU opened today.

The Nifty sectoral indices traded in the green, led by the Nifty Metal index, up 2 per cent.

The Sensex rally was driven by HDFC, SBI, Bajaj Finance, Axis Bank, IndusInd Bank, L&amp;T and ICICI Bank spurting as much as 1.4 per cent.

Of the Sensex constituents, 25 traded in the green.

On Tuesday, the Sensex had rallied 447.05 points or 0.90 per cent, and the Nifty had jumped 157.55 points or 1.07 per cent, extending gains for the second day in a row.

Foreign investors bought equities worth a net Rs 2,223.16 crore in Indian capital markets on Tuesday, exchange data showed.

Elsewhere in Asia on Wednesday, stocks were trading higher in afternoon deals despite an overnight retreat on Wall Street.

Meanwhile, Brent Futures rose 0.64 per cent to trade at 63.02 per barrel.

(With inputs from agencies)

Indian benchmark index BSE Sensex opened 374.23 points up to begin the day at 50,659.50, while the NSE's Nifty notched up 110.85 points to open trade at 15,029.95 points.

Indian benchmark index BSE Sensex opened 374.23 points up to begin the day at 50,659.50, while the NSE's Nifty notched up 110.85 points to open trade at 15,029.95 points. Among other individual stocks, IRCON slid 6 per cent as the offer for sale for up to 16 per cent government stake at a floor price of Rs 88 per share in the railway PSU opened today. The Nifty sectoral indices traded in the green, led by the Nifty Metal index, up 2 per cent. The Sensex rally was driven by HDFC, SBI, Bajaj Finance, Axis Bank, IndusInd Bank, L&T and ICICI Bank spurting as much as 1.4 per cent. Of the Sensex constituents, 25 traded in the green. On Tuesday, the Sensex had rallied 447.05 points or 0.90 per cent, and the Nifty had jumped 157.55 points or 1.07 per cent, extending gains for the second day in a row. Foreign investors bought equities worth a net Rs 2,223.16 crore in Indian capital markets on Tuesday, exchange data showed. Elsewhere in Asia on Wednesday, stocks were trading higher in afternoon deals despite an overnight retreat on Wall Street. Meanwhile, Brent Futures rose 0.64 per cent to trade at 63.02 per barrel. (With inputs from agencies)

Sensex rises 350 points, Nifty reclaims 15,000

UK Finance minister Rishi Sunak will promise to do "whatever it takes", including a five-month extension of Britain's huge jobs rescue plan, to steer the economy through what he hopes will be the final months of COVID restrictions.

World Business Watch: FM Sunak targets COVID, deficit in UK budget 2021

Britain's finance minister Rishi Sunak on Wednesday announced a costly extension of his emergency aid programmes to see the economy through its current coronavirus lockdown, and flagged a tax hike for companies from 2023.

Delivering an annual budget speech on Wednesday, Sunak also announced a future tax squeeze on businesses and individuals as he began to focus on the huge hole in the public finances.

Below are details of the policies Sunak announced:

BUSINESS INVESTMENT

Sunak said the economy would regain its pre-pandemic size in mid-2022, six months earlier than previously forecast, helped by Europe's fastest vaccination programme. But it will remain 3 per cent smaller in five years' time than it would have been without the health shock and extra support is needed now as the country remains under coronavirus restrictions, he said.

Britain will seek to incentivise more business investment in items such as new equipment over the next two years by boosting the amount firms can offset against tax.

"First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis," Sunak told parliament.

"Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that. And, third, in today's Budget we begin the work of building our future economy."

Among new support measures were a five-month extension of Britain's huge jobs rescue plan and more help for the self-employed, the continuation of an emergency increase in welfare payments, and an extended VAT cut for the hospitality sector.

A business rates exemption for retail, hospitality and leisure businesses was extended until the end of June, by when Prime Minister Boris Johnson hopes he will have lifted most COVID-19 restrictions.

An existing tax break for home-buyers will also now run until June 30 and will then apply for cheaper homes until the end of September.

<a href="https://www.wionews.com/world/public-finances-cant-be-fixed-overnight-rishi-sunak-says-before-budget-plan-366841">Also read |&nbsp;'Public finances can't be fixed overnight': Rishi Sunak says before budget plan</a>

Sunak will borrow significantly more in the coming financial year than thought just a few months ago - 234 billion pounds, or 10.3% of gross domestic product, compared with a previous estimate of 164.2 billion pounds, or 7.4% of GDP.

To bring borrowing under control, Sunak announced future tax rises that will increase the tax burden to its highest level since the 1960s, rising from 34 to 35% of GDP by the middle of this decade.

Announcing forecasts by the Office for Budgetary Responsibility (OBR), Sunak said the economy was likely to grow 4% in 2021, slower than a forecast of 5.5% made in November, reflecting the current lockdown which began in January.

Looking further ahead, the OBR forecast GDP would grow by 7.3%, 1.7% and 1.6% in 2022, 2023 and 2024 respectively. In November, the OBR had forecast growth in those years of 6.6%, 2.3% and 1.7%.

Sunak promised to do "whatever it takes" to steer the economy through what he hopes will be the final months of pandemic restrictions. He has already racked up Britain's highest borrowing since World War II, with the deficit reaching an estimated 17% of GDP in the 2020/21 financial year that ends in April and set to fall to a still historically high 10.3% in 2021/22.

JOB PROTECTION SCHEME EXTENSION

Britain will extend its job-protecting furlough programme by five more months until the end of September and expand support for the self-employed too.

LOW-INCOME HOUSEHOLD TOP-UP

A top-up of 20 pounds ($28) per week to a state benefit for low-income households will remain in place for a further six months, Sunak said.

PROPERTY SALES TAX, MORTGAGES

Sunak extended tax breaks for home-buyers until October, keeping many property purchases exempt from stamp duty land tax. He also announced a government-funded mortgage guarantee scheme for first-time buyers who cannot afford large deposits required by lenders.

CORPORATION TAX HIKE

In a first move towards higher taxes, Sunak announced he would raise corporation tax to 25% from 19% from 2023, by which time the crisis should be over.

"Even after this change the UK will still have the lowest corporation tax rate in the G7 – lower than the United States, Canada, Italy, Japan, Germany and France," he said.

Businesses with profits of 50,000 pounds or less would pay a new Small Profits Rate, maintained at the current rate of 19%. 
To offset the hit, Sunak increased incentives for investment in items such as new equipment over the next two years. "This will be the biggest business tax cut in modern British history," he said.

COMMERCIAL PROPERTY TAX HOLIDAY

Britain will extend a year-long business rates exemption for retail, hospitality and leisure businesses to the end of June, he said.

FREEZE ON PERSONAL TAX

Britain will freeze the amount of money that people can earn tax-free and also the threshold for the higher rate of income tax until 2026.

Sunak said that while a basic income tax rate of 20% and a higher income tax rate 40% would not be increased, the thresholds for the "personal allowance" of tax-free earnings and at which the higher tax rate kicks in would not rise with inflation.

Sunak said that the freeze was part of an approach to fix public finances as he looks for ways to raise funds following unprecedented measures to support jobs and the economy during the coronavirus pandemic.

"This government is not going to raise the rates of income tax, national insurance or VAT. Instead our first step is to freeze personal tax thresholds," Sunak told parliament.

"We will, of course, deliver our promise to increase (the personal allowance) again next year to 12,570 pounds ($17,545) but we will then keep it at this more generous level until April 2026."

He added that the higher rate threshold would also increase next year to 50,270 pounds, as previously promised, but would then also be frozen for the same length of time.

The personal allowance threshold and higher rate threshold in England and Northern Ireland had previously been 12,500 pounds and 50,000 pounds a year respectively.

NEW £300M VIRUS-AID SCHEME FOR ENGLISH SPORT

Sunak also announced a new £300 million ($419 million, 347 million euros) recovery package for sport in England as part of a plan to assist the wider economy in coping with the fall-out from the coronavirus pandemic.

He said £700 million was being made available to art, culture and sporting institutions to aid their response to the impact of Covid-19.

Britain's Treasury, or finance ministry, tweeted that there was "£300m to back clubs and governing bodies across a wide range of sports in England".

Sunak, following comments from British Prime Minister Boris Johnson published Tuesday, underlined the government's support for a potential joint bid from England, Scotland, Wales, Northern Ireland and the Republic of Ireland to host football's 2030 World Cup.

"We're making available £700 million to support our incredible art, culture and sporting institutions as they reopen, backing the UK and Ireland's joint 2030 World Cup bid, launching a new approach to apprenticeships in the creative industries, and extending our £500 million film and TV production restart scheme," Sunak told lawmakers in the House of Commons while delivering his budget statement.

Wednesday's announcement follows a £300m sport 'winter survival package' announced by the government in November.

(with inputs from agencies)

Britain's finance minister Rishi Sunak on Wednesday announced a costly extension of his emergency aid programmes to see the economy through its current coronavirus lockdown, and flagged a tax hike for companies from 2023.

Britain's finance minister Rishi Sunak on Wednesday announced a costly extension of his emergency aid programmes to see the economy through its current coronavirus lockdown, and flagged a tax hike for companies from 2023. Delivering an annual budget speech on Wednesday, Sunak also announced a future tax squeeze on businesses and individuals as he began to focus on the huge hole in the public finances. Below are details of the policies Sunak announced: BUSINESS INVESTMENT Sunak said the economy would regain its pre-pandemic size in mid-2022, six months earlier than previously forecast, helped by Europe's fastest vaccination programme. But it will remain 3 per cent smaller in five years' time than it would have been without the health shock and extra support is needed now as the country remains under coronavirus restrictions, he said. Britain will seek to incentivise more business investment in items such as new equipment over the next two years by boosting the amount firms can offset against tax. "First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis," Sunak told parliament. "Second, once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that. And, third, in today's Budget we begin the work of building our future economy." Among new support measures were a five-month extension of Britain's huge jobs rescue plan and more help for the self-employed, the continuation of an emergency increase in welfare payments, and an extended VAT cut for the hospitality sector. A business rates exemption for retail, hospitality and leisure businesses was extended until the end of June, by when Prime Minister Boris Johnson hopes he will have lifted most COVID-19 restrictions. An existing tax break for home-buyers will also now run until June 30 and will then apply for cheaper homes until the end of September. Also read | 'Public finances can't be fixed overnight': Rishi Sunak says before budget plan Sunak will borrow significantly more in the coming financial year than thought just a few months ago - 234 billion pounds, or 10.3% of gross domestic product, compared with a previous estimate of 164.2 billion pounds, or 7.4% of GDP. To bring borrowing under control, Sunak announced future tax rises that will increase the tax burden to its highest level since the 1960s, rising from 34 to 35% of GDP by the middle of this decade. Announcing forecasts by the Office for Budgetary Responsibility (OBR), Sunak said the economy was likely to grow 4% in 2021, slower than a forecast of 5.5% made in November, reflecting the current lockdown which began in January. Looking further ahead, the OBR forecast GDP would grow by 7.3%, 1.7% and 1.6% in 2022, 2023 and 2024 respectively. In November, the OBR had forecast growth in those years of 6.6%, 2.3% and 1.7%. Sunak promised to do "whatever it takes" to steer the economy through what he hopes will be the final months of pandemic restrictions. He has already racked up Britain's highest borrowing since World War II, with the deficit reaching an estimated 17% of GDP in the 2020/21 financial year that ends in April and set to fall to a still historically high 10.3% in 2021/22. JOB PROTECTION SCHEME EXTENSION Britain will extend its job-protecting furlough programme by five more months until the end of September and expand support for the self-employed too. LOW-INCOME HOUSEHOLD TOP-UP A top-up of 20 pounds ($28) per week to a state benefit for low-income households will remain in place for a further six months, Sunak said. PROPERTY SALES TAX, MORTGAGES Sunak extended tax breaks for home-buyers until October, keeping many property purchases exempt from stamp duty land tax. He also announced a government-funded mortgage guarantee scheme for first-time buyers who cannot afford large deposits required by lenders. CORPORATION TAX HIKE In a first move towards higher taxes, Sunak announced he would raise corporation tax to 25% from 19% from 2023, by which time the crisis should be over. "Even after this change the UK will still have the lowest corporation tax rate in the G7 – lower than the United States, Canada, Italy, Japan, Germany and France," he said. Businesses with profits of 50,000 pounds or less would pay a new Small Profits Rate, maintained at the current rate of 19%. To offset the hit, Sunak increased incentives for investment in items such as new equipment over the next two years. "This will be the biggest business tax cut in modern British history," he said. COMMERCIAL PROPERTY TAX HOLIDAY Britain will extend a year-long business rates exemption for retail, hospitality and leisure businesses to the end of June, he said. FREEZE ON PERSONAL TAX Britain will freeze the amount of money that people can earn tax-free and also the threshold for the higher rate of income tax until 2026. Sunak said that while a basic income tax rate of 20% and a higher income tax rate 40% would not be increased, the thresholds for the "personal allowance" of tax-free earnings and at which the higher tax rate kicks in would not rise with inflation. Sunak said that the freeze was part of an approach to fix public finances as he looks for ways to raise funds following unprecedented measures to support jobs and the economy during the coronavirus pandemic. "This government is not going to raise the rates of income tax, national insurance or VAT. Instead our first step is to freeze personal tax thresholds," Sunak told parliament. "We will, of course, deliver our promise to increase (the personal allowance) again next year to 12,570 pounds ($17,545) but we will then keep it at this more generous level until April 2026." He added that the higher rate threshold would also increase next year to 50,270 pounds, as previously promised, but would then also be frozen for the same length of time. The personal allowance threshold and higher rate threshold in England and Northern Ireland had previously been 12,500 pounds and 50,000 pounds a year respectively. NEW £300M VIRUS-AID SCHEME FOR ENGLISH SPORT Sunak also announced a new £300 million ($419 million, 347 million euros) recovery package for sport in England as part of a plan to assist the wider economy in coping with the fall-out from the coronavirus pandemic. He said £700 million was being made available to art, culture and sporting institutions to aid their response to the impact of Covid-19. Britain's Treasury, or finance ministry, tweeted that there was "£300m to back clubs and governing bodies across a wide range of sports in England". Sunak, following comments from British Prime Minister Boris Johnson published Tuesday, underlined the government's support for a potential joint bid from England, Scotland, Wales, Northern Ireland and the Republic of Ireland to host football's 2030 World Cup. "We're making available £700 million to support our incredible art, culture and sporting institutions as they reopen, backing the UK and Ireland's joint 2030 World Cup bid, launching a new approach to apprenticeships in the creative industries, and extending our £500 million film and TV production restart scheme," Sunak told lawmakers in the House of Commons while delivering his budget statement. Wednesday's announcement follows a £300m sport 'winter survival package' announced by the government in November. (with inputs from agencies)

Britain's finance minister extends Covid rescue plan but moves to bring in more tax

The world is witnessing a shortage of computer chips, which is affecting the production of everything ranging from smartphones to smart cars.

Computer chips silently power an array of products - smartphones, tablets, smartwatches, and even smart cars, but now the world is running short on them. A global shortage of semiconductor chips is affecting almost everyone - consumers and manufacturers alike.&nbsp;Last month, car maker General Motors decided to close three factories due to the shortage of microchips. Soon after, Toyota, Volkswagen, Ford, Honda, and Fiat Chrysler followed suit.

No industry remains untouched from this shortage, not even video games. Sony's highly demanded Playstation 5 may not be able to sell as many units as anticipated owing to the shortage.

<a href="https://www.wionews.com/videos/gravitas-why-you-could-end-up-spending-more-on-your-next-gadget-367526">WATCH |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-you-could-end-up-spending-more-on-your-next-gadget-367526/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

With several industries taking a hit, last week US President Joe Biden made an intervention after meeting a bipartisan group of lawmakers. Biden even signed an executive order to address the scarcity.

Also read:&nbsp;<a href="http://13.235.153.162/world/taiwan-pips-china-in-economic-showdown-after-30-years-as-chips-demand-soars-360848" hreflang="en">Taiwan pips China in economic showdown after 30 years, as chips demand soars</a>

"Recently, we've seen how a shortage of computer chips, computer chips like the one I have here [Biden takes out computer chip], you can hardly see it I imagine, it's called a semiconductor. It's caused delays in the production of automobiles that result in reduced hours for American workers. A 21st-century horseshoe nail", US President Joe Biden had said. 
 
What caused the shortage? 
Multiple factors contributed to the shortage, including the ongoing COVID-19 outbreak. During the pandemic's peak, there was a spike in the demand for electronics.

Newer technologies like 5G-enabled smartphones require a lot more computer chips than older phones, which has compelled electronic companies to buy chips in excess leading to a shortage in the market. Former US President Donald Trump's trade war has also impacted the industry. SMIC - a semiconductor company, which is partially owned by the Chinese government supplies around 10 per cent of the global demand.

Last year, the US government had restricted American exports to SMIC, affecting the supply of the technology used to make the chips. Experts believe the present shortage may last a while and may make consumer electronic products more expensive. It could also delay the rollout of new cars from leading manufacturers. 
&nbsp;

The world is witnessing a shortage of computer chips, which is affecting the production of everything ranging from smartphones to smart cars. Computer chips silently power an array of products - smartphones, tablets, smartwatches, and even smart cars, but now the world is running short on them.

The world is witnessing a shortage of computer chips, which is affecting the production of everything ranging from smartphones to smart cars. Computer chips silently power an array of products - smartphones, tablets, smartwatches, and even smart cars, but now the world is running short on them. A global shortage of semiconductor chips is affecting almost everyone - consumers and manufacturers alike. Last month, car maker General Motors decided to close three factories due to the shortage of microchips. Soon after, Toyota, Volkswagen, Ford, Honda, and Fiat Chrysler followed suit. No industry remains untouched from this shortage, not even video games. Sony's highly demanded Playstation 5 may not be able to sell as many units as anticipated owing to the shortage. WATCH | With several industries taking a hit, last week US President Joe Biden made an intervention after meeting a bipartisan group of lawmakers. Biden even signed an executive order to address the scarcity. Also read: Taiwan pips China in economic showdown after 30 years, as chips demand soars "Recently, we've seen how a shortage of computer chips, computer chips like the one I have here [Biden takes out computer chip], you can hardly see it I imagine, it's called a semiconductor. It's caused delays in the production of automobiles that result in reduced hours for American workers. A 21st-century horseshoe nail", US President Joe Biden had said. What caused the shortage? Multiple factors contributed to the shortage, including the ongoing COVID-19 outbreak. During the pandemic's peak, there was a spike in the demand for electronics. Newer technologies like 5G-enabled smartphones require a lot more computer chips than older phones, which has compelled electronic companies to buy chips in excess leading to a shortage in the market. Former US President Donald Trump's trade war has also impacted the industry. SMIC - a semiconductor company, which is partially owned by the Chinese government supplies around 10 per cent of the global demand. Last year, the US government had restricted American exports to SMIC, affecting the supply of the technology used to make the chips. Experts believe the present shortage may last a while and may make consumer electronic products more expensive. It could also delay the rollout of new cars from leading manufacturers.

What caused global shortage of computer chips that power our planet?

Domestic stock market indices ended over 2 per cent higher on Wednesday, extending gains for the third straight session, mainly led by a rally in banks, financials and metal stocks. Meanwhile, IT, pharma and FMCG sectors also supported the frontline indices.

The S&amp;P BSE Sensex touched a high of 51,540 during the day but retreated to end at 51,445 levels, up 1,148 points or 2.28 per cent.

The frontline Nifty50 index made a dash for 15,300-mark in the intra-day trade, and hit a high of 15,273. The index cooled-off marginally and settled at 15,246 levels, up 326 points or 2.19 per cent.&nbsp;

Foreign investors had bought equities worth Rs 2,223.16 crore on net basis in Indian capital markets on Tuesday, exchange data showed.

Sectorally, all indices closed with gains barring auto. BSE energy surged 3.74 per cent, metal climbed 3.23 per cent, finance rose 2.80 per cent and bank gained 2.75 per cent.

The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks.

In the broader market, smallcap, midcap and largecap indices underperformed the benchmark.

"A stellar rally across BFSI &amp; Metals powered Indices higher today by 2.3% with the market breadth improving dramatically in Afternoon Trade. Investors cherry-picked into AMC's, HFC's and the day also witnessed keen interest in Sugar stocks which recorded handsome gains," S Ranganathan, Head of Research at LKP Securities said.

Meanwhile, Brent Futures rose by 1.84 per cent to trade at USD 63.77 per barrel.

On the forex market front, the rupee rose by 65 paise to end at 72.72 against the US dollar.

(With inputs from agencies)

Domestic stock market indices ended over 2 per cent higher on Wednesday, extending gains for the third straight session, mainly led by a rally in banks, financials and metal stocks.

Domestic stock market indices ended over 2 per cent higher on Wednesday, extending gains for the third straight session, mainly led by a rally in banks, financials and metal stocks. Meanwhile, IT, pharma and FMCG sectors also supported the frontline indices. The S&P BSE Sensex touched a high of 51,540 during the day but retreated to end at 51,445 levels, up 1,148 points or 2.28 per cent. The frontline Nifty50 index made a dash for 15,300-mark in the intra-day trade, and hit a high of 15,273. The index cooled-off marginally and settled at 15,246 levels, up 326 points or 2.19 per cent. Foreign investors had bought equities worth Rs 2,223.16 crore on net basis in Indian capital markets on Tuesday, exchange data showed. Sectorally, all indices closed with gains barring auto. BSE energy surged 3.74 per cent, metal climbed 3.23 per cent, finance rose 2.80 per cent and bank gained 2.75 per cent. The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks. In the broader market, smallcap, midcap and largecap indices underperformed the benchmark. "A stellar rally across BFSI & Metals powered Indices higher today by 2.3% with the market breadth improving dramatically in Afternoon Trade. Investors cherry-picked into AMC's, HFC's and the day also witnessed keen interest in Sugar stocks which recorded handsome gains," S Ranganathan, Head of Research at LKP Securities said. Meanwhile, Brent Futures rose by 1.84 per cent to trade at USD 63.77 per barrel. On the forex market front, the rupee rose by 65 paise to end at 72.72 against the US dollar. (With inputs from agencies)

Sensex ends 1,148 points higher, Nifty surges over 2%

The e-commerce giant Amazon has quietly redesigned its app icon after some customers saw a resemblance to Adolf Hitler's infamous moustache in it.

In February, Amazon released an update to its flagship shopping app with a new logo. It dropped its long-time shopping cart image, which had been in place for more than five years, in favour of Amazon’s smiling-face-arrow on a package with a ridged piece of blue tape. Positioned on top of the smile line, it looked a bit like the moustache of German dictator Adolf Hitler, users on Twitter pointed out. After that, the company has updated its app logo again and folded the tape on top of the image.

The new design is very similar, but the adhesive tape strip has been redesigned to look nothing like a moustache.

As reported by Mashable, Amazon would not officially admit that this was the reason behind the redesigning icon.

In a statement to The Verge, the company said it "designed the new icon to spark anticipation, excitement, and joy when customers start their shopping journey on their phone, just as they do when they see our boxes on their doorstep."&nbsp; 
 
The new icon received mixed reactions from the social media users. 
&nbsp;

<blockquote class="twitter-tweet">
Tell me why the Amazon logo looks like the Avatar 😭😂 <a href="https://t.co/yPfOgcdZf1">pic.twitter.com/yPfOgcdZf1</a>
— joseph (@josepimartini) <a href="https://twitter.com/josepimartini/status/1366286527261630468?ref_src=twsrc%5Etfw">March 1, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet">
who else weirded out by the new amazon app logo 🥲 <a href="https://t.co/oMjgESymoo">pic.twitter.com/oMjgESymoo</a>
— may (@lazydumpling_) <a href="https://twitter.com/lazydumpling_/status/1366898003529900041?ref_src=twsrc%5Etfw">March 2, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet">
i keep thinking the new amazon app logo is aang from avatar 😭 <a href="https://t.co/YkIdcvNruh">pic.twitter.com/YkIdcvNruh</a>
— 𝑁𝑜𝑘𝑒𝑠🃏 (@ixNOKES) <a href="https://twitter.com/ixNOKES/status/1366585100352299010?ref_src=twsrc%5Etfw">March 2, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet">
<a href="https://twitter.com/amazon?ref_src=twsrc%5Etfw">@amazon</a> New Amazon Icon is just perfect🔥, Update now ...! . <a href="https://twitter.com/hashtag/Amazon?src=hash&amp;ref_src=twsrc%5Etfw">#Amazon</a> <a href="https://t.co/0eUZCXr2RJ">pic.twitter.com/0eUZCXr2RJ</a>
— Ali Haider Baloch (@AliHaid64874132) <a href="https://twitter.com/AliHaid64874132/status/1365004690925129734?ref_src=twsrc%5Etfw">February 25, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

In January this year, the e-commerce platform Myntra revised its logo after a complaint was filed with the Mumbai cyber police against the logo, terming it as 'offensive' and 'insulting to women'.

<a href="https://www.wionews.com/business-economy/myntra-changes-logo-after-complaint-calls-signage-offensive-to-women-360436">Also read: Myntra changes logo after complaint calls signage offensive to women</a>

Naaz Patel, an activist from the Avesta Foundation, had filed a complaint in December 2020 as she found the Myntra logo to be insulting and offensive towards women.

(With inputs from agencies)

The e-commerce giant Amazon has quietly redesigned its app icon after some customers saw a resemblance to Adolf Hitler's infamous moustache in it. In February, Amazon released an update to its flagship shopping app with a new logo.

The e-commerce giant Amazon has quietly redesigned its app icon after some customers saw a resemblance to Adolf Hitler's infamous moustache in it. In February, Amazon released an update to its flagship shopping app with a new logo. It dropped its long-time shopping cart image, which had been in place for more than five years, in favour of Amazon’s smiling-face-arrow on a package with a ridged piece of blue tape. Positioned on top of the smile line, it looked a bit like the moustache of German dictator Adolf Hitler, users on Twitter pointed out. After that, the company has updated its app logo again and folded the tape on top of the image. The new design is very similar, but the adhesive tape strip has been redesigned to look nothing like a moustache. As reported by Mashable, Amazon would not officially admit that this was the reason behind the redesigning icon. In a statement to The Verge, the company said it "designed the new icon to spark anticipation, excitement, and joy when customers start their shopping journey on their phone, just as they do when they see our boxes on their doorstep." The new icon received mixed reactions from the social media users. Tell me why the Amazon logo looks like the Avatar 😭😂 pic.twitter.com/yPfOgcdZf1 — joseph (@josepimartini) March 1, 2021 who else weirded out by the new amazon app logo 🥲 pic.twitter.com/oMjgESymoo — may (@lazydumpling_) March 2, 2021 i keep thinking the new amazon app logo is aang from avatar 😭 pic.twitter.com/YkIdcvNruh — 𝑁𝑜𝑘𝑒𝑠🃏 (@ixNOKES) March 2, 2021 @amazon New Amazon Icon is just perfect🔥, Update now ...! . #Amazon pic.twitter.com/0eUZCXr2RJ — Ali Haider Baloch (@AliHaid64874132) February 25, 2021 In January this year, the e-commerce platform Myntra revised its logo after a complaint was filed with the Mumbai cyber police against the logo, terming it as 'offensive' and 'insulting to women'. Also read: Myntra changes logo after complaint calls signage offensive to women Naaz Patel, an activist from the Avesta Foundation, had filed a complaint in December 2020 as she found the Myntra logo to be insulting and offensive towards women. (With inputs from agencies)

Amazon changes app icon after some saw Hitler’s moustache in design

Fiat Chrysler Automobiles has pleaded guilty to charges it conspired with company executives to make illegal, lavish gifts to United Auto Workers (UAW) leaders and undermined workers’ confidence in collective bargaining.

World Business Watch: Fiat Chrysler Automobiles pleads guilty in US probe

Despite challenges of high fuel prices and automakers facing production hit due to semiconductor shortage the Passenger Vehicle segment in India has posted strong.

World Business Watch: India auto sales beat COVID blues