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The US trade deficit surged to a record high in February as the nation's economic activity rebounded more quickly than that of its global rivals and could remain elevated this year as well, with massive fiscal stimulus expected to spur the fastest growth in nearly four decades.

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The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.

The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday.

The extant norms allow payments banks (PBs) to hold a maximum balance of Rs 1 lakh per individual customer.

"Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect," the Reserve Bank of India said in a circular.

The decision to double the limit was based on a review of the performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.

There are about half a dozen payments banks in the country.

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.

The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses. The announcement in this regard was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee on Wednesday. The extant norms allow payments banks (PBs) to hold a maximum balance of Rs 1 lakh per individual customer. "Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from Rs 1 lakh to Rs 2 lakh per individual customer of PBs with immediate effect," the Reserve Bank of India said in a circular. The decision to double the limit was based on a review of the performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants. There are about half a dozen payments banks in the country.

Payments banks can now hold max balance of Rs 2 lakh/customer

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday.

Now, cryptocurrencies are&nbsp;valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies.

The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens.

Also read:&nbsp;<a href="http://13.235.153.162/technology/nfts-are-neither-miracles-nor-scams-374760" hreflang="en">NFTs are neither miracles nor scams</a>

The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million.

Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether.&nbsp;Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin.

Also read:&nbsp;<a href="http://13.235.153.162/world/elon-musk-says-tesla-customers-can-buy-its-electric-vehicles-with-bitcoin-372845" hreflang="en">Elon Musk says Tesla customers can buy its electric vehicles with bitcoin</a>

Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and&nbsp;open source software", he said.

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions.

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday. Now, cryptocurrencies are valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies. The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens. Also read: NFTs are neither miracles nor scams The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million. Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether. Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin. Also read: Elon Musk says Tesla customers can buy its electric vehicles with bitcoin Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and open source software", he said.

Cryptocurrency market value crosses $2 trillion mark for first time

Supported by strengthening domestic demand amid increased COVID-19 vaccinations and additional pandemic aid US job openings rose to a two-year high in February.

World Business Watch: US job openings jump to two-year high in boost to labour market

A US auto industry group urged the government to help as it warned the global semiconductor shortage could result in 1.28 million fewer vehicles built this year and disrupt production for another six months.

World Business Watch: US auto group warns of impact of chip shortage, writes to govt for help

Stock market indices, Sensex and Nifty ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme.&nbsp;

BSE Sensex index leapt 700 points and hit the day's high of 49,900. The Nifty50, meanwhile, jumped nearly 200 points and hit 14,880 on the back of an across-the-board buying.&nbsp;

Banking and financial stocks outperformed on Wednesday with the Nifty Bank, Private Bank, and PSU Bank indices settling higher in the range of 1.5 per cent to 2 per cent.

Global markets

Asian shares pulled back from a three-week high on Wednesday, dragged lower by Chinese stocks. MSCI’s broadest index of Asia-Pacific shares outside of Japan was last down 0.1 per cent after Chinese and Hong Kong shares opened in the red. China’s blue-chip CSI300 index was down about 1 per cent while Hong Kong’s Hang Seng index fell 0.8 per cent.

That said, Japan’s Nikkei was a shade higher while Australian shares rose 0.6 per cent and South Korea’s KOSPI added 0.3 per cent. New Zealand ended 0.7 per cent higher.

In Europe, the pan-European STOXX 600 index fell 0.2 per cent while the German DAX and France’s CAC 40 were flat. The UK’s exporter-heavy FTSE 100, however, gained 0.3 per cent as a weaker pound lifted the dollar earners.

(With inputs from Reuters)

Stock market indices, Sensex and Nifty ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme.

Stock market indices, Sensex and Nifty ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme. BSE Sensex index leapt 700 points and hit the day's high of 49,900. The Nifty50, meanwhile, jumped nearly 200 points and hit 14,880 on the back of an across-the-board buying. Banking and financial stocks outperformed on Wednesday with the Nifty Bank, Private Bank, and PSU Bank indices settling higher in the range of 1.5 per cent to 2 per cent. Global markets Asian shares pulled back from a three-week high on Wednesday, dragged lower by Chinese stocks. MSCI’s broadest index of Asia-Pacific shares outside of Japan was last down 0.1 per cent after Chinese and Hong Kong shares opened in the red. China’s blue-chip CSI300 index was down about 1 per cent while Hong Kong’s Hang Seng index fell 0.8 per cent. That said, Japan’s Nikkei was a shade higher while Australian shares rose 0.6 per cent and South Korea’s KOSPI added 0.3 per cent. New Zealand ended 0.7 per cent higher. In Europe, the pan-European STOXX 600 index fell 0.2 per cent while the German DAX and France’s CAC 40 were flat. The UK’s exporter-heavy FTSE 100, however, gained 0.3 per cent as a weaker pound lifted the dollar earners. (With inputs from Reuters)

Sensex ends at 49,661, Nifty above 14,800

Stating that "growth is of paramount importance now", India's Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy.

Announcing the first monetary policy of fiscal 2022, the central bank left the key policy rate unchanged at 4 per cent for the fifth time in a row, after the rash of rate cuts earlier last fiscal.

It also assured of an indefinitely long period of accommodative policy stance which was topped by a historic move to commit its own balance sheet to the market with a new liquidity tool called 'the secondary market government securities acquisition programme' or G-Sap, under which it will buy government bonds worth Rs 1 lakh crore this quarter.

Addressing the media online, RBI Governor Shaktikanta Das said "as of now growth is of paramount importance...and we'll do whatever it takes to help sustain the recovery."

But he was quick to add that "inflation targeting is also important."

 
"More importantly, the government reiterating the plus-minus 2 per cent of 4 per cent inflation targeting gives us enough policy space to support growth as there are more downside risks to growth on the horizon now than in recent past which make growth...of paramount importance," he added. 
The central bank chose to retain its last forecast of 10.5 per cent GDP growth this fiscal, saying it is "too early to revise its own forecast done two months ago as we have just entered the new fiscal year."

Asked why the thrust was on growth despite pencilling in an upward inflation trajectory (5.2 per cent for the first half and 4.4 per cent for the second), and offering an indefinite period of accommodative policy stance, Das said, "We'll continue to be accommodative till growth becomes sustainable and we will do whatever it takes to achieve that."

Das continued to explain that "inflation is already in a well-entrenched and well-anchored framework now and so is inflation expectation, that's also well-anchored. This is very clear from the fact that the government notification has reiterated the plus-minus 2 per cent of 4 per cent inflation targeting."

"This framework gives RBI enough leeway gives enough policy tools to manage any extraordinary situations like the current pandemic.

"For the time being and at the current juncture, growth is of paramount importance, while of course keeping in mind inflation targeting is also important. After all, the the primary goal of the monetary policy is to maintain a certain level of inflation," he said.

However, the governor was quick to admit that the inflation outlook is uncertain.

On when the RBI will begin to exit the low reverse repo regime, Das said "that's something only time can decide. All I can tell you now is that we are accommodative and will remain so till we feel it is needed. So, we will have to wait when we will exit reverse repo."

His deputy Michael D Patra chipped in saying whenever the reverse repo is in operation, the policy is accommodative, parrying a direct response to a query on the impact of such high liquidity infusion on inflation.

On whether the RBI is anticipating some shocks to the system, Patra said, "We are mindful of the liquidity situation. And we will be mindful of taking a balanced action."

"To begin with, for the first in history, RBI is committing its balance sheet to the monetary policy under which we are committing to the market that we will give you Rs 1 trillion each quarter (up to Rs 3 trillion this fiscal), whether you want it or not, and irrespective of the market movement we will give you that amount of liquidity through the G-Sap," he said.

He went on to explain that when the policy rates are left unchanged, other tools are required to run the policy.

Patra said the bond buying is "an upfront assurance and is similar to what other major central banks are doing in buying the best and most secure assets, that is G-secs -- the benchmark for the entire money market."

"We are not leaving anything to the market to guess on the quantum, the timing or the demand or anything else. And this is a commitment to fund it from the RBI balance sheet itself," Patra said.

On maintaining the GDP forecast at the previous level of 10.5 per cent (26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4), Das said, "It is too early to give a guidance especially now the pandemic situation has become more uncertain due to the recent surge in infections. Also, we are at the beginning of a the new fiscal year."

"But at the same time I would like to like to say that the current situation is unlikely to impact the economy so much as it did this time last year because lockdowns are very selective this time. Also, many establishments, manufacturing units and businesses are fully operational and are better prepared to face the challenges now. And so are the general public.

"Therefore, we've reiterated our 10.5 percent forecast as the situation prevails today; and I don't think there is any significant upside risks to this as of now. Vaccine is an additional factor on the table which was not there last year. Overall we are better prepared.

"So whatever guidance we've given so far looks reasonable. Going forward we will be watchful, Das noted.

Stating that "growth is of paramount importance now", India's Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy.

Stating that "growth is of paramount importance now", India's Reserve Bank on Wednesday said it will do whatever it takes to sustain the fledgling recovery by ensuring ample and assured liquidity and cheaper funds to oil the wheels of the economy. Announcing the first monetary policy of fiscal 2022, the central bank left the key policy rate unchanged at 4 per cent for the fifth time in a row, after the rash of rate cuts earlier last fiscal. It also assured of an indefinitely long period of accommodative policy stance which was topped by a historic move to commit its own balance sheet to the market with a new liquidity tool called 'the secondary market government securities acquisition programme' or G-Sap, under which it will buy government bonds worth Rs 1 lakh crore this quarter. Addressing the media online, RBI Governor Shaktikanta Das said "as of now growth is of paramount importance...and we'll do whatever it takes to help sustain the recovery." But he was quick to add that "inflation targeting is also important." "More importantly, the government reiterating the plus-minus 2 per cent of 4 per cent inflation targeting gives us enough policy space to support growth as there are more downside risks to growth on the horizon now than in recent past which make growth...of paramount importance," he added. The central bank chose to retain its last forecast of 10.5 per cent GDP growth this fiscal, saying it is "too early to revise its own forecast done two months ago as we have just entered the new fiscal year." Asked why the thrust was on growth despite pencilling in an upward inflation trajectory (5.2 per cent for the first half and 4.4 per cent for the second), and offering an indefinite period of accommodative policy stance, Das said, "We'll continue to be accommodative till growth becomes sustainable and we will do whatever it takes to achieve that." Das continued to explain that "inflation is already in a well-entrenched and well-anchored framework now and so is inflation expectation, that's also well-anchored. This is very clear from the fact that the government notification has reiterated the plus-minus 2 per cent of 4 per cent inflation targeting." "This framework gives RBI enough leeway gives enough policy tools to manage any extraordinary situations like the current pandemic. "For the time being and at the current juncture, growth is of paramount importance, while of course keeping in mind inflation targeting is also important. After all, the the primary goal of the monetary policy is to maintain a certain level of inflation," he said. However, the governor was quick to admit that the inflation outlook is uncertain. On when the RBI will begin to exit the low reverse repo regime, Das said "that's something only time can decide. All I can tell you now is that we are accommodative and will remain so till we feel it is needed. So, we will have to wait when we will exit reverse repo." His deputy Michael D Patra chipped in saying whenever the reverse repo is in operation, the policy is accommodative, parrying a direct response to a query on the impact of such high liquidity infusion on inflation. On whether the RBI is anticipating some shocks to the system, Patra said, "We are mindful of the liquidity situation. And we will be mindful of taking a balanced action." "To begin with, for the first in history, RBI is committing its balance sheet to the monetary policy under which we are committing to the market that we will give you Rs 1 trillion each quarter (up to Rs 3 trillion this fiscal), whether you want it or not, and irrespective of the market movement we will give you that amount of liquidity through the G-Sap," he said. He went on to explain that when the policy rates are left unchanged, other tools are required to run the policy. Patra said the bond buying is "an upfront assurance and is similar to what other major central banks are doing in buying the best and most secure assets, that is G-secs -- the benchmark for the entire money market." "We are not leaving anything to the market to guess on the quantum, the timing or the demand or anything else. And this is a commitment to fund it from the RBI balance sheet itself," Patra said. On maintaining the GDP forecast at the previous level of 10.5 per cent (26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4), Das said, "It is too early to give a guidance especially now the pandemic situation has become more uncertain due to the recent surge in infections. Also, we are at the beginning of a the new fiscal year." "But at the same time I would like to like to say that the current situation is unlikely to impact the economy so much as it did this time last year because lockdowns are very selective this time. Also, many establishments, manufacturing units and businesses are fully operational and are better prepared to face the challenges now. And so are the general public. "Therefore, we've reiterated our 10.5 percent forecast as the situation prevails today; and I don't think there is any significant upside risks to this as of now. Vaccine is an additional factor on the table which was not there last year. Overall we are better prepared. "So whatever guidance we've given so far looks reasonable. Going forward we will be watchful, Das noted.

Supporting growth paramount for RBI now: Governor Shaktikanta Das

   	 Mumbai, Apr 7 (PTI) FOLLOWING ARE THE DIRECT  RATES OF EXCHANGE  (DPE) AS ANNOUNCED  BY THE STATE BANK OF INDIA HERE.  
  
		( ALL RATES IN RUPEES PER UNIT ).
CURRENCY CODE	TTBUY	TTSEL	BILLBUY	TTSEL 
 
USD/INR	73.25	74.75	73.19	74.9
EUR/INR	86.36	89.29	86.29	89.47
GBP/INR	100.43	103.6	100.34	103.81
JPY/INR	66.25	68.55	66.19	68.68
CHF/INR	78.09	81.03	78.03	81.19
AUD/INR	55.52	57.74	55.48	57.86
NZD/INR	51.24	53.41	51.2	53.52
CAD/INR	57.75	59.7	57.7	59.82
SGD/INR	54.4	56.16	54.36	56.27
HKD/INR	9.35	9.67	9.34	9.69
DKK/INR	11.61	12.01	11.59	12.03
NOK/INR	8.57	8.85	8.56	8.87
SEK/INR	8.45	8.73	8.44	8.75
	NOTE:- CURRENCY JPY IS CALCULATED IN 100  FOREIGN CURRENCY  UNIT.
---------------
 

Mumbai, Apr 7 (PTI) FOLLOWING ARE THE DIRECT RATES OF EXCHANGE (DPE) AS ANNOUNCED BY THE STATE BANK OF INDIA HERE. ( ALL RATES IN RUPEES PER UNIT ). CURRENCY CODE TTBUY TTSEL BILLBUY TTSEL USD/INR 73.

Mumbai, Apr 7 (PTI) FOLLOWING ARE THE DIRECT RATES OF EXCHANGE (DPE) AS ANNOUNCED BY THE STATE BANK OF INDIA HERE. ( ALL RATES IN RUPEES PER UNIT ). CURRENCY CODE TTBUY TTSEL BILLBUY TTSEL USD/INR 73.25 74.75 73.19 74.9 EUR/INR 86.36 89.29 86.29 89.47 GBP/INR 100.43 103.6 100.34 103.81 JPY/INR 66.25 68.55 66.19 68.68 CHF/INR 78.09 81.03 78.03 81.19 AUD/INR 55.52 57.74 55.48 57.86 NZD/INR 51.24 53.41 51.2 53.52 CAD/INR 57.75 59.7 57.7 59.82 SGD/INR 54.4 56.16 54.36 56.27 HKD/INR 9.35 9.67 9.34 9.69 DKK/INR 11.61 12.01 11.59 12.03 NOK/INR 8.57 8.85 8.56 8.87 SEK/INR 8.45 8.73 8.44 8.75 NOTE:- CURRENCY JPY IS CALCULATED IN 100 FOREIGN CURRENCY UNIT. ---------------

DIRECT EXCHANGE RATES SBI

The Reserve Bank Of India on Wednesday in its monetary policy for Financial Year of 2021-22 kept Repo Rate unchanged at 4%. The RBI’s monetary policy announcement has come on Wednesday after the Central government had asked the Reserve Bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026.

RBI keeps Repo Rate unchanged at 4 Per Cent

Japan’s household spending fell 6.6% in February from a year earlier, down for the third straight month under the country’s second state of emergency over the coronavirus pandemic.

World Business Watch: Japan household spending dropped 6.6% for third month

E-commerce giant Amazon reportedly fired two of its employees for revealing the true nature of working conditions in the company during the peak of COVID-19 pandemic. The US National Labor Relations Board found that the dismissal of employees was illegal.

Last year, Emily Cunningham and Maren Costa were terminated after they accused Amazon of enforcing discriminatory policies and for having vague rules that “chill and restrain” its staff from exercising their rights, Reuters cited the October charge as alleging.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-amazon-delivery-drivers-forced-to-urinate-in-bottles-use-bags-as-bathrooms-374141/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Both Cunningham and Costa had pushed Amazon to do more about climate change. Later, they questioned the safety being offered to employees in the midst of the pandemic.

Also read:&nbsp;<a href="http://13.235.153.162/world/amazon-acknowledges-issue-of-drivers-urinating-in-bottles-in-apology-to-rep-pocan-375265" hreflang="en">Amazon acknowledges issue of drivers urinating in bottles in apology to Rep Pocan</a>

Amazon has responded, claiming that it supports the rights of workers to criticise work conditions, but that in the process of doing so, staff members cannot be absolved of breaking rules.

"We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," Amazon’s statement said.

Also read:&nbsp;<a href="http://13.235.153.162/technology/employees-pee-in-bottles-undercover-writer-reveals-amazons-poor-work-conditions-373450" hreflang="en">'Employees pee in bottles': Undercover writer reveals Amazon's poor work conditions</a>

If the case is not settled soon, the labour board will issue a complaint,&nbsp;it stated on Monday.

Amazon is undergoing a watershed moment as its workers take a vote on unionising. The workers in Bessemer, Alabama may witness their warehouse become the first unionised Amazon facility in the United States.

(With inputs from agencies)

E-commerce giant Amazon reportedly fired two of its employees for revealing the true nature of working conditions in the company during the peak of COVID-19 pandemic.

E-commerce giant Amazon reportedly fired two of its employees for revealing the true nature of working conditions in the company during the peak of COVID-19 pandemic. The US National Labor Relations Board found that the dismissal of employees was illegal. Last year, Emily Cunningham and Maren Costa were terminated after they accused Amazon of enforcing discriminatory policies and for having vague rules that “chill and restrain” its staff from exercising their rights, Reuters cited the October charge as alleging. Both Cunningham and Costa had pushed Amazon to do more about climate change. Later, they questioned the safety being offered to employees in the midst of the pandemic. Also read: Amazon acknowledges issue of drivers urinating in bottles in apology to Rep Pocan Amazon has responded, claiming that it supports the rights of workers to criticise work conditions, but that in the process of doing so, staff members cannot be absolved of breaking rules. "We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," Amazon’s statement said. Also read: 'Employees pee in bottles': Undercover writer reveals Amazon's poor work conditions If the case is not settled soon, the labour board will issue a complaint, it stated on Monday. Amazon is undergoing a watershed moment as its workers take a vote on unionising. The workers in Bessemer, Alabama may witness their warehouse become the first unionised Amazon facility in the United States. (With inputs from agencies)

Amazon illegally dismissed staff critical of work conditions: US labour board

According to reports US bankruptcies surged in March to the highest level in a year, driven by a 41% jump in month-to-month filings by consumers.

World Business Watch: US bankruptcies increased in March, overall commercial filings also increased

By Jeffrey Dastin and Aakriti Bhalla (Reuters) - Amazon.com Inc illegally fired two employees who advocated for better working conditions during the pandemic, the U.S. National Labor Relations Board has found. The online retailer last year terminated the employment of Emily Cunningham and Maren Costa, who accused the company of enforcing policies in a discriminatory fashion and having vague rules that "chill and restrain" staff from exercising rights, according to their charge filed in October, seen by Reuters. The board said on Monday that its regional director in Seattle will issue a complaint if the parties do not settle the case. The decision comes at a delicate moment for Amazon as it awaits the outcome of its Bessemer, Alabama, workers` vote on whether to make their warehouse the company`s first unionized facility in the country. Cunningham and Costa, who gained prominence for pushing the company to do more on climate change, about a year ago questioned Amazon`s pandemic safety protocols and worked to raise money for warehouse staff at risk of contracting COVID-19. In a statement, Amazon said it supports workers` rights to criticize work conditions, but that doing so does not absolve staff of breaking lawful rules. "We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," it said. Amazon on Monday did not specify what those polices were. Cunningham and Costa did not immediately comment. Marc Perrone, international president of the UFCW union whose local unit helped file the charge, said in a statement: "Today is a reminder that Amazon will break the law to silence its own workers who speak out." The New York Times earlier reported the news. (Reporting by Aakriti Bhalla in Bengaluru; Editing by Shounak Dasgupta)

By Jeffrey Dastin and Aakriti Bhalla (Reuters) - Amazon.com Inc illegally fired two employees who advocated for better working conditions during the pandemic, the U.

By Jeffrey Dastin and Aakriti Bhalla (Reuters) - Amazon.com Inc illegally fired two employees who advocated for better working conditions during the pandemic, the U.S. National Labor Relations Board has found. The online retailer last year terminated the employment of Emily Cunningham and Maren Costa, who accused the company of enforcing policies in a discriminatory fashion and having vague rules that "chill and restrain" staff from exercising rights, according to their charge filed in October, seen by Reuters. The board said on Monday that its regional director in Seattle will issue a complaint if the parties do not settle the case. The decision comes at a delicate moment for Amazon as it awaits the outcome of its Bessemer, Alabama, workers` vote on whether to make their warehouse the company`s first unionized facility in the country. Cunningham and Costa, who gained prominence for pushing the company to do more on climate change, about a year ago questioned Amazon`s pandemic safety protocols and worked to raise money for warehouse staff at risk of contracting COVID-19. In a statement, Amazon said it supports workers` rights to criticize work conditions, but that doing so does not absolve staff of breaking lawful rules. "We terminated these employees not for talking publicly about working conditions, safety, or sustainability, but rather, for repeatedly violating internal policies," it said. Amazon on Monday did not specify what those polices were. Cunningham and Costa did not immediately comment. Marc Perrone, international president of the UFCW union whose local unit helped file the charge, said in a statement: "Today is a reminder that Amazon will break the law to silence its own workers who speak out." The New York Times earlier reported the news. (Reporting by Aakriti Bhalla in Bengaluru; Editing by Shounak Dasgupta)

Amazon illegally fired employees critical of work conditions, labor board finds

Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive.&nbsp;

The benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.09 per cent, and the Nifty closed at 14,683 levels, up 46 points or 0.3 per cent. In the intra-day deals, the indices had hit a low of 48,936 and 15,574, respectively.

Global markets

World stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields.

MSCI All Country World Index hit an all-time high as European stocks played catch-up with gains. The pan-European STOXX 600 index hit a record high, up 0.8 per cent while the German DAX rose 1.1 per cent, France's CAC 40 was up 0.6 per cent, and the UK's FTSE 100 jumped 1.2%.

Profit-taking pushed Japan’s Nikkei down 1 per cent and dragged on the Shanghai Composite.

(With inputs from Reuters)

Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive. The benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.

Domestic benchmark indices danced between gains and losses for a good part of the day but managed to close in the positive. The benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.09 per cent, and the Nifty closed at 14,683 levels, up 46 points or 0.3 per cent. In the intra-day deals, the indices had hit a low of 48,936 and 15,574, respectively. Global markets World stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields. MSCI All Country World Index hit an all-time high as European stocks played catch-up with gains. The pan-European STOXX 600 index hit a record high, up 0.8 per cent while the German DAX rose 1.1 per cent, France's CAC 40 was up 0.6 per cent, and the UK's FTSE 100 jumped 1.2%. Profit-taking pushed Japan’s Nikkei down 1 per cent and dragged on the Shanghai Composite. (With inputs from Reuters)

Sensex ends 42 points higher, Nifty above 14,650

Faced with accusations that it was profiting from the forced labour of Uyghur people in the Chinese territory of Xinjiang, the H&amp;M Group — the world’s second-largest clothing retailer — promised last year to stop buying cotton from the region.

But last month, H&amp;M confronted a new outcry, this time from Chinese consumers who seized on the company’s renouncement of the cotton as an attack on China. Social media filled with angry demands for a boycott, urged on by the government. Global brands like H&amp;M risked alienating a country of 1.4 billion people.

The furore underscored how international clothing brands relying on Chinese materials and factories now face the mother of all conundrums — a conflict vastly more complex than their now-familiar reputational crises over exploitative working conditions in poor countries.

If they fail to purge Xinjiang cotton from their supply chains, the apparel companies invite legal enforcement from Washington under a U.S. ban on imports. Labour activists will charge them with complicity in the grotesque repression of the Uyghurs.

But forsaking Xinjiang cotton entails its troubles — the wrath of Chinese consumers who denounce the attention on the Uyghurs as a Western plot to sabotage China’s development.

The global brands can protect their sales in North America and Europe, or preserve their markets in China. It is increasingly difficult to see how they can do both.

“They are being almost at this point told, ‘Choose the U.S. as your market, or choose China as your market,’” said Nicole Bivens Collinson, a lobbyist who represents major apparel brands at Sandler, Travis &amp; Rosenberg, a law firm in Washington.

In an age of globalization, international apparel brands have grown accustomed to criticism that they are profiting from oppressed workers in countries like Myanmar and Bangladesh, where cheap costs of production reflect alarming safety conditions.

The brands have developed a proven playbook: They announce codes of conduct for their suppliers and hire auditors to ensure at least the appearance of compliance.

But China presents a gravely elevated risk. Xinjiang is not only the source of 85% of China’s cotton but synonymous with a form of repression that the U.S. government has officially termed genocide. As many as 1 million Uyghurs have been herded into detention camps and deployed as forced labour.

The taint of association with Xinjiang is so severe that both the Trump and Biden administrations have sought to prevent Americans from buying clothing produced with the region’s cotton.

For the apparel brands, their dilemma is heightened by the fact that the Chinese government has weaponized China’s consumer market. In fomenting nationalist outrage, Beijing is seeking to pressure the international brands to pick a side — to ignore reports of forced labour or risk their sales in the world’s largest potential consumer market.

Framing this choice is the reality that China remains the world’s central hub for making clothing.

In pursuit of alternatives, many international brands are shifting production from Chinese factories to plants in countries like Vietnam, Cambodia and Bangladesh. But moving does not eliminate their exposure to Xinjiang cotton.

China exports unprocessed cotton to 14 countries, including Vietnam, Thailand, India, Pakistan and Bangladesh, and yarn to 190 countries, according to the International Cotton Advisory Committee, an international trade association in Washington.

China is the source of nearly half of all cotton fabric exported around the world. Most of that material includes cotton harvested in Xinjiang.

“Supply chains are long and opaque, and the journey from field to shelf involves cotton gins, mills, weaving or knitting, dyeing and finishing — all steps that may take place in different parts of China, or different countries,” said Leonie Barrie, an apparel analyst at GlobalData, a consulting company in London. “Even if a brand had no direct relationship with Chinese factories, they can’t completely rule out any links to Xinjiang’s cotton.”

Long March to Xinjiang

The ubiquity of clothing made with Xinjiang cotton is the result of forces that have shaped the global economy for centuries.

Cotton’s history is intertwined with the barbarity of slavery, given that it is vital to the production of textiles and dependent on large numbers of people to harvest and refine in a gruelling process.

The lucre of cotton prompted plantations in the American South to turn to the African slave trade. In modern times, the cotton trade has frequently drawn accusations of forced labour from human rights groups, most prominently in Uzbekistan.

As China has transformed itself from an impoverished country into the world’s second-largest economy, it has leaned on the textile and apparel industries. China has courted foreign companies with the promise of low-wage workers operating free from the intrusions of unions.

The brands have turned China into an export colossus. They have also invested heavily in selling their products to a growing Chinese consumer class.

Xinjiang, a rugged expanse more than twice the size of Texas, holds China’s largest oil reserves. Its abundant land and sunshine have made it fertile ground for cotton.

The Chinese government has rejected claims of worker abuse in part by claiming that much of Xinjiang’s cotton harvest is now automated. But manual picking remains common in the south of the region, where most Uyghurs live. There, nearly two-thirds of cotton is hand-picked, the regional government said last year.

As human rights groups have focused on the exploitation of the Uyghurs, apparel brands have sought to distance themselves from Xinjiang. Nike, Burberry and PVH, the parent of Calvin Klein and Tommy Hilfiger, have issued assurances that they have ceased buying cotton from sources in the region while conducting audits of their suppliers.

But supply-chain experts caution that multinational manufacturers frequently game the audit process.

“The key tool it’s used for is rubber-stamping conditions in supply chains, as opposed to trying to deeply figure out what is going on,” said Genevieve LeBaron, an expert on international labour at the University of Sheffield in England.

In Xinjiang, efforts at probing supply chains collide with the reality that the Chinese government severely restricts access. Not even the most diligent apparel company can say with authority that its products are free of elements produced in Xinjiang. And many brands are less than rigorous in their audits.

Major apparel brands have coalesced around the Better Cotton Initiative, an organization based in Geneva and London whose official mission includes improving working conditions for those in the trade.

Last fall, the organization announced a halt to its activities in Xinjiang amid persistent reports of forced labour. But the body’s China branch recently asserted that its investigation in Xinjiang “has never found a single case related to incidents of forced labour,” dating back to 2012, according to a statement reported by Reuters.

That assertion flew in the face of a growing body of literature, including a recent statement from the United Nations Human Rights Council expressing “serious concerns” about reports of forced labour.

The Better Cotton Initiative declined a request for an interview to discuss how it had come to its conclusion.

“We are a not-for-profit organization with a small team,” the initiative’s communications manager, Joe Woodruff, said in an email.

The body’s membership includes some of the world’s largest, most profitable clothing manufacturers and retailers — among them Inditex, the Spanish conglomerate that owns Zara, and Nike, whose sales last year exceeded $37 billion.

Anger Among Consumers

Even as statements about Xinjiang cotton from apparel companies have failed to ease human rights concerns, they have provoked outrage among Chinese consumers.

On Chinese social media, people have posted photos of themselves throwing away their Nike sneakers or — for the less committed — covering the logos on their sweaters with masking tape.

An auto body shop in Hohhot, Inner Mongolia, put up a banner barring customers who wore Nike or H&amp;M. A bar in Beijing offered free drinks to customers who wore apparel from domestic brands.

In the southern Chinese city of Xiamen, Polly Cai, 24, said her taste for clothing and shoes from brands like Nike and Uniqlo had been trumped by her disgust for what she viewed as a blow to her country’s dignity.

“Western brands want to take Chinese consumers’ money and still step all over Xinjiang cotton,” she said. “It’s ridiculous.”

The global brands are putting stock in the enduring popularity of their products in China while seeking to avoid further provocation. Inditex removed from its website a statement in which it had promised to avoid Xinjiang cotton.

Yet in muting their condemnation of forced labour in Xinjiang, the brands risk amplifying their problems outside China.

“If they do the right thing, they face serious commercial risk in China,” said Scott Nova, executive director of the Worker Rights Consortium, an advocacy organization. “Yet they know consumers globally will be repulsed by a brand that willfully abets forced labour. It is a profound moral test.”

Beyond China

For the apparel brands, the furore over Xinjiang is merely the latest development driving them to move production to other countries.

As labour costs have climbed in China in recent decades, many industries have shifted operations to lower-cost nations like Vietnam, Cambodia and Bangladesh. The Trump administration furthered the trend by pressuring American multinational companies to abandon China.

“All of the economic forces that pushed this production to China are no longer at work,” said Pietra Rivoli, a trade expert at Georgetown University in Washington.

Still, China retains attributes not easily replicated — the world’s largest ports, plus a cluster of related industries, from chemicals to plastics.

Other countries present their human rights concerns. Last year, the European Union revoked duty-free access for garments from Cambodia in response to its government’s harsh crackdown on dissent.

Some global brands are seeking Beijing’s permission to import more cotton into China from the United States and Australia. They could employ that cotton to make products destined for Europe and North America while using the Xinjiang crop for the Chinese market.

Yet that approach may leave the apparel companies exposed to the same risks they face now.

“If the brand is labelled as ‘They are still using forced labour, but they are just using it for the Chinese market,’ is this going to suffice?” said Collinson, the industry lobbyist.

Last week, H&amp;M issued a new communication, beseeching Chinese consumers to return. “We are working together with our colleagues in China to do everything we can to manage the current challenges,” said the statement, which did not mention Xinjiang. “China is a very important market to us.”

Those words appear to have satisfied no one — not the human rights organizations sceptical of claims that apparel companies have severed links to Xinjiang; not Chinese consumers angry over a perceived national indignity.

On Chinese social media, criticism of H&amp;M remained fierce.

“For you, China is still an important market,” one post declared. “But for China, you are just an unnecessary brand.”

Faced with accusations that it was profiting from the forced labour of Uyghur people in the Chinese territory of Xinjiang, the H&M Group — the world’s second-largest clothing retailer — promised last year to stop buying cotton from the region.

Faced with accusations that it was profiting from the forced labour of Uyghur people in the Chinese territory of Xinjiang, the H&M Group — the world’s second-largest clothing retailer — promised last year to stop buying cotton from the region. But last month, H&M confronted a new outcry, this time from Chinese consumers who seized on the company’s renouncement of the cotton as an attack on China. Social media filled with angry demands for a boycott, urged on by the government. Global brands like H&M risked alienating a country of 1.4 billion people. The furore underscored how international clothing brands relying on Chinese materials and factories now face the mother of all conundrums — a conflict vastly more complex than their now-familiar reputational crises over exploitative working conditions in poor countries. If they fail to purge Xinjiang cotton from their supply chains, the apparel companies invite legal enforcement from Washington under a U.S. ban on imports. Labour activists will charge them with complicity in the grotesque repression of the Uyghurs. But forsaking Xinjiang cotton entails its troubles — the wrath of Chinese consumers who denounce the attention on the Uyghurs as a Western plot to sabotage China’s development. The global brands can protect their sales in North America and Europe, or preserve their markets in China. It is increasingly difficult to see how they can do both. “They are being almost at this point told, ‘Choose the U.S. as your market, or choose China as your market,’” said Nicole Bivens Collinson, a lobbyist who represents major apparel brands at Sandler, Travis & Rosenberg, a law firm in Washington. In an age of globalization, international apparel brands have grown accustomed to criticism that they are profiting from oppressed workers in countries like Myanmar and Bangladesh, where cheap costs of production reflect alarming safety conditions. The brands have developed a proven playbook: They announce codes of conduct for their suppliers and hire auditors to ensure at least the appearance of compliance. But China presents a gravely elevated risk. Xinjiang is not only the source of 85% of China’s cotton but synonymous with a form of repression that the U.S. government has officially termed genocide. As many as 1 million Uyghurs have been herded into detention camps and deployed as forced labour. The taint of association with Xinjiang is so severe that both the Trump and Biden administrations have sought to prevent Americans from buying clothing produced with the region’s cotton. For the apparel brands, their dilemma is heightened by the fact that the Chinese government has weaponized China’s consumer market. In fomenting nationalist outrage, Beijing is seeking to pressure the international brands to pick a side — to ignore reports of forced labour or risk their sales in the world’s largest potential consumer market. Framing this choice is the reality that China remains the world’s central hub for making clothing. In pursuit of alternatives, many international brands are shifting production from Chinese factories to plants in countries like Vietnam, Cambodia and Bangladesh. But moving does not eliminate their exposure to Xinjiang cotton. China exports unprocessed cotton to 14 countries, including Vietnam, Thailand, India, Pakistan and Bangladesh, and yarn to 190 countries, according to the International Cotton Advisory Committee, an international trade association in Washington. China is the source of nearly half of all cotton fabric exported around the world. Most of that material includes cotton harvested in Xinjiang. “Supply chains are long and opaque, and the journey from field to shelf involves cotton gins, mills, weaving or knitting, dyeing and finishing — all steps that may take place in different parts of China, or different countries,” said Leonie Barrie, an apparel analyst at GlobalData, a consulting company in London. “Even if a brand had no direct relationship with Chinese factories, they can’t completely rule out any links to Xinjiang’s cotton.” Long March to Xinjiang The ubiquity of clothing made with Xinjiang cotton is the result of forces that have shaped the global economy for centuries. Cotton’s history is intertwined with the barbarity of slavery, given that it is vital to the production of textiles and dependent on large numbers of people to harvest and refine in a gruelling process. The lucre of cotton prompted plantations in the American South to turn to the African slave trade. In modern times, the cotton trade has frequently drawn accusations of forced labour from human rights groups, most prominently in Uzbekistan. As China has transformed itself from an impoverished country into the world’s second-largest economy, it has leaned on the textile and apparel industries. China has courted foreign companies with the promise of low-wage workers operating free from the intrusions of unions. The brands have turned China into an export colossus. They have also invested heavily in selling their products to a growing Chinese consumer class. Xinjiang, a rugged expanse more than twice the size of Texas, holds China’s largest oil reserves. Its abundant land and sunshine have made it fertile ground for cotton. The Chinese government has rejected claims of worker abuse in part by claiming that much of Xinjiang’s cotton harvest is now automated. But manual picking remains common in the south of the region, where most Uyghurs live. There, nearly two-thirds of cotton is hand-picked, the regional government said last year. As human rights groups have focused on the exploitation of the Uyghurs, apparel brands have sought to distance themselves from Xinjiang. Nike, Burberry and PVH, the parent of Calvin Klein and Tommy Hilfiger, have issued assurances that they have ceased buying cotton from sources in the region while conducting audits of their suppliers. But supply-chain experts caution that multinational manufacturers frequently game the audit process. “The key tool it’s used for is rubber-stamping conditions in supply chains, as opposed to trying to deeply figure out what is going on,” said Genevieve LeBaron, an expert on international labour at the University of Sheffield in England. In Xinjiang, efforts at probing supply chains collide with the reality that the Chinese government severely restricts access. Not even the most diligent apparel company can say with authority that its products are free of elements produced in Xinjiang. And many brands are less than rigorous in their audits. Major apparel brands have coalesced around the Better Cotton Initiative, an organization based in Geneva and London whose official mission includes improving working conditions for those in the trade. Last fall, the organization announced a halt to its activities in Xinjiang amid persistent reports of forced labour. But the body’s China branch recently asserted that its investigation in Xinjiang “has never found a single case related to incidents of forced labour,” dating back to 2012, according to a statement reported by Reuters. That assertion flew in the face of a growing body of literature, including a recent statement from the United Nations Human Rights Council expressing “serious concerns” about reports of forced labour. The Better Cotton Initiative declined a request for an interview to discuss how it had come to its conclusion. “We are a not-for-profit organization with a small team,” the initiative’s communications manager, Joe Woodruff, said in an email. The body’s membership includes some of the world’s largest, most profitable clothing manufacturers and retailers — among them Inditex, the Spanish conglomerate that owns Zara, and Nike, whose sales last year exceeded $37 billion. Anger Among Consumers Even as statements about Xinjiang cotton from apparel companies have failed to ease human rights concerns, they have provoked outrage among Chinese consumers. On Chinese social media, people have posted photos of themselves throwing away their Nike sneakers or — for the less committed — covering the logos on their sweaters with masking tape. An auto body shop in Hohhot, Inner Mongolia, put up a banner barring customers who wore Nike or H&M. A bar in Beijing offered free drinks to customers who wore apparel from domestic brands. In the southern Chinese city of Xiamen, Polly Cai, 24, said her taste for clothing and shoes from brands like Nike and Uniqlo had been trumped by her disgust for what she viewed as a blow to her country’s dignity. “Western brands want to take Chinese consumers’ money and still step all over Xinjiang cotton,” she said. “It’s ridiculous.” The global brands are putting stock in the enduring popularity of their products in China while seeking to avoid further provocation. Inditex removed from its website a statement in which it had promised to avoid Xinjiang cotton. Yet in muting their condemnation of forced labour in Xinjiang, the brands risk amplifying their problems outside China. “If they do the right thing, they face serious commercial risk in China,” said Scott Nova, executive director of the Worker Rights Consortium, an advocacy organization. “Yet they know consumers globally will be repulsed by a brand that willfully abets forced labour. It is a profound moral test.” Beyond China For the apparel brands, the furore over Xinjiang is merely the latest development driving them to move production to other countries. As labour costs have climbed in China in recent decades, many industries have shifted operations to lower-cost nations like Vietnam, Cambodia and Bangladesh. The Trump administration furthered the trend by pressuring American multinational companies to abandon China. “All of the economic forces that pushed this production to China are no longer at work,” said Pietra Rivoli, a trade expert at Georgetown University in Washington. Still, China retains attributes not easily replicated — the world’s largest ports, plus a cluster of related industries, from chemicals to plastics. Other countries present their human rights concerns. Last year, the European Union revoked duty-free access for garments from Cambodia in response to its government’s harsh crackdown on dissent. Some global brands are seeking Beijing’s permission to import more cotton into China from the United States and Australia. They could employ that cotton to make products destined for Europe and North America while using the Xinjiang crop for the Chinese market. Yet that approach may leave the apparel companies exposed to the same risks they face now. “If the brand is labelled as ‘They are still using forced labour, but they are just using it for the Chinese market,’ is this going to suffice?” said Collinson, the industry lobbyist. Last week, H&M issued a new communication, beseeching Chinese consumers to return. “We are working together with our colleagues in China to do everything we can to manage the current challenges,” said the statement, which did not mention Xinjiang. “China is a very important market to us.” Those words appear to have satisfied no one — not the human rights organizations sceptical of claims that apparel companies have severed links to Xinjiang; not Chinese consumers angry over a perceived national indignity. On Chinese social media, criticism of H&M remained fierce. “For you, China is still an important market,” one post declared. “But for China, you are just an unnecessary brand.”

Global brands find it hard to untangle themselves from Xinjiang cotton

French Finance Minister Bruno Le Maire on Sunday said that France's public deficit is expected to reach 9% of gross domestic product (GDP) in 2021, it is up from a previous forecast of 8.5% as the country enters its third national Coronavirus lockdown.

World Business Watch: France lifts 2021 deficit, debt forecasts, lowers GDP projections to 5%

Oil prices have went down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

World Business Watch: Oil prices slip after OPEC+ agree to ease output cuts

Indian stock market shares slid on Monday as daily covid-19 surpassed 100,000 for the first time, and some states imposed fresh restrictions on outdoor movement, sparking concerns about the pace of the country’s economic recovery.

Around 11.20 a.m., Sensex was trading at 48,707.16, lower by 1,322.97 points or 2.64 per cent from its previous close.

The Nifty50 on the National Stock Exchange was trading at 14,501.90, lower by 365.45 from its previous close.

The losers on the Sensex were IndusInd Bank, Bajaj Finance and Bajaj Finserv, while the only gainers were Infosys HCL Technologies and TCS.

(With inputs from agencies)

Indian stock market shares slid on Monday as daily covid-19 surpassed 100,000 for the first time, and some states imposed fresh restrictions on outdoor movement, sparking concerns about the pace of the country’s economic recovery.

Indian stock market shares slid on Monday as daily covid-19 surpassed 100,000 for the first time, and some states imposed fresh restrictions on outdoor movement, sparking concerns about the pace of the country’s economic recovery. Around 11.20 a.m., Sensex was trading at 48,707.16, lower by 1,322.97 points or 2.64 per cent from its previous close. The Nifty50 on the National Stock Exchange was trading at 14,501.90, lower by 365.45 from its previous close. The losers on the Sensex were IndusInd Bank, Bajaj Finance and Bajaj Finserv, while the only gainers were Infosys HCL Technologies and TCS. (With inputs from agencies)

Sensex tanks 1,300 points; banking, auto stocks plunge 

The French government has reached the outline of a deal with the European Commission on a state-backed refinancing package to help strengthen Air France-KLM’s balance sheet.

World Business Watch:  Reports say France, Brussels agree on Air France-KLM refinancing

The stock market indices, Sensex and Nifty ended sharply lower on Monday dragged by heavy selling was witnessed in banks, auto, FMCG and financial sectors.&nbsp;

Broader markets, smallcap and midcap indices closed over 1 per cent lower each. Buying was witnessed in Nifty IT and Nifty Metal indices.&nbsp;

Sensex dropped 1,449 points in the intra-day deals to hit a low of 48,581 amid heavy selling in banking, financial services, and realty counters. However, a sharp rally in the IT ahead of the March quarter results gave investors some solace and the index ended 870.5 points, or 1.74 per cent, down at 49,159 levels.

On the NSE, the Nifty50 index recovered 179 points from the day's low level of 14,459, and settled at 14,638 levels, down 229 points or 1.5 per cent.

Global markets

Stock prices rose to a 1 1/2-month high on Monday after data showed a surge in US employment while US bonds came under pressure on worries the Federal Reserve may bump up interest rates sooner than it has indicated.

In Asia, Japan's Nikkei rose 0.8 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly, with China closed for Tomb-Sweeping day and Australia on Easter Monday.

(With inputs from Reuters)

The stock market indices, Sensex and Nifty ended sharply lower on Monday dragged by heavy selling was witnessed in banks, auto, FMCG and financial sectors. Broader markets, smallcap and midcap indices closed over 1 per cent lower each.

The stock market indices, Sensex and Nifty ended sharply lower on Monday dragged by heavy selling was witnessed in banks, auto, FMCG and financial sectors. Broader markets, smallcap and midcap indices closed over 1 per cent lower each. Buying was witnessed in Nifty IT and Nifty Metal indices. Sensex dropped 1,449 points in the intra-day deals to hit a low of 48,581 amid heavy selling in banking, financial services, and realty counters. However, a sharp rally in the IT ahead of the March quarter results gave investors some solace and the index ended 870.5 points, or 1.74 per cent, down at 49,159 levels. On the NSE, the Nifty50 index recovered 179 points from the day's low level of 14,459, and settled at 14,638 levels, down 229 points or 1.5 per cent. Global markets Stock prices rose to a 1 1/2-month high on Monday after data showed a surge in US employment while US bonds came under pressure on worries the Federal Reserve may bump up interest rates sooner than it has indicated. In Asia, Japan's Nikkei rose 0.8 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly, with China closed for Tomb-Sweeping day and Australia on Easter Monday. (With inputs from Reuters)

Sensex closes 870 points lower, Nifty at 14,637

Professional social network LinkedIn will give nearly all of its 15,900 full-time workers next week off in order to help them avoid burnout.

According to AFP news agency, the Microsoft-owned firm said that the "RestUp!" week starting Monday is meant to give employees time for their own well-being.

"There is something magical about the entire company taking a break at the same time," LinkedIn said. "And the best part? Not coming back to an avalanche of unanswered internal emails."

During the week, LinkedIn will provide employees who may feel isolated the option of taking part in daily activities such as volunteering for worthy causes through "random acts of kindness."

"A core team of employees will continue to work for the week, but they will be able to schedule time off later," LinkedIn said.

LinkedIn, whose employees are currently working from home, does not expect them to begin returning to its offices until September, and plans to make it standard practice to let them work from home as much as half of the time.

Major technology companies were among the first in the US to adopt working from home last year to help slow the spread of the coronavirus, and most have yet to fully reopen their offices.

Professional social network LinkedIn will give nearly all of its 15,900 full-time workers next week off in order to help them avoid burnout. According to AFP news agency, the Microsoft-owned firm said that the "RestUp!

Professional social network LinkedIn will give nearly all of its 15,900 full-time workers next week off in order to help them avoid burnout. According to AFP news agency, the Microsoft-owned firm said that the "RestUp!" week starting Monday is meant to give employees time for their own well-being. "There is something magical about the entire company taking a break at the same time," LinkedIn said. "And the best part? Not coming back to an avalanche of unanswered internal emails." During the week, LinkedIn will provide employees who may feel isolated the option of taking part in daily activities such as volunteering for worthy causes through "random acts of kindness." "A core team of employees will continue to work for the week, but they will be able to schedule time off later," LinkedIn said. LinkedIn, whose employees are currently working from home, does not expect them to begin returning to its offices until September, and plans to make it standard practice to let them work from home as much as half of the time. Major technology companies were among the first in the US to adopt working from home last year to help slow the spread of the coronavirus, and most have yet to fully reopen their offices.

LinkedIn to give staff week off for well-being

Semiconductors or computer chips are everywhere. From computers to smartphones, tablets, smartwatches and even cars. Chips run everything in the 21st century. But there is a serious shortage right now.

The problem started with the pandemic with workers staying home. The demand for computing devices went through the roof. This triggered an unprecedented global shortage. The demand continues to increase.

Automakers increasingly depend on chips for everything. From improving fuel economy through engine management to driver assistance.

But, since there is now a global shortage. Car-makers had to cut production.

General Motors, Ford, Volkswagen, Subaru, Toyota, Nissan... they are all scaling back. Chips are the heart of smartphones too. They handle everything.

Reports say, Qualcomm, a major smartphone chain supplier is now struggling to keep up demand. One of its biggest customers, Samsung is warning of supply issues already.

Apple's supplier Foxconn expects a 10 per cent decline in exports. The iPhone maker may face similar challenges as its competitors.

Refrigerators and microwave ovens could be the next victims. That's the prediction of the president of Whirlpool corp, Jason Ai.

Whirlpool corp is one of the largest appliance makers in the world. The company said its falling behind on its exports to America and Europe.

That's because its chip deliveries have dropped by about 10 per cent.

These chips power more than half of Whirlpool's products from microwaves to refrigerators and washing machines.

By now, you know how critical chips are to our world. They run most of our appliances. And manufacturers will only need more of them in the future.

The car industry alone could spend up to 45 per cent of its cost on semiconductors by 2030. But with only a few suppliers dominating the global market, companies are struggling with serious supply shortages.

Semiconductors or computer chips are everywhere. From computers to smartphones, tablets, smartwatches and even cars. Chips run everything in the 21st century. But there is a serious shortage right now.

Semiconductors or computer chips are everywhere. From computers to smartphones, tablets, smartwatches and even cars. Chips run everything in the 21st century. But there is a serious shortage right now. The problem started with the pandemic with workers staying home. The demand for computing devices went through the roof. This triggered an unprecedented global shortage. The demand continues to increase. Automakers increasingly depend on chips for everything. From improving fuel economy through engine management to driver assistance. But, since there is now a global shortage. Car-makers had to cut production. General Motors, Ford, Volkswagen, Subaru, Toyota, Nissan... they are all scaling back. Chips are the heart of smartphones too. They handle everything. Reports say, Qualcomm, a major smartphone chain supplier is now struggling to keep up demand. One of its biggest customers, Samsung is warning of supply issues already. Apple's supplier Foxconn expects a 10 per cent decline in exports. The iPhone maker may face similar challenges as its competitors. Refrigerators and microwave ovens could be the next victims. That's the prediction of the president of Whirlpool corp, Jason Ai. Whirlpool corp is one of the largest appliance makers in the world. The company said its falling behind on its exports to America and Europe. That's because its chip deliveries have dropped by about 10 per cent. These chips power more than half of Whirlpool's products from microwaves to refrigerators and washing machines. By now, you know how critical chips are to our world. They run most of our appliances. And manufacturers will only need more of them in the future. The car industry alone could spend up to 45 per cent of its cost on semiconductors by 2030. But with only a few suppliers dominating the global market, companies are struggling with serious supply shortages.

Companies struggle as supply of electronic chips goes down

Automobile companies posted exponential growth in their year-on-year wholesale numbers in March mainly because of the low base effect due to COVID-related disruptions last year.

World Business Watch: Base-effect drives March auto sales to new highs in India

A measure of US manufacturing activity soared to its highest level in more than 37 years in March, driven by strong growth in new orders, the clearest sign yet that a much anticipated economic boom was probably underway.

World Business Watch: US manufacturing sector index races to 37-year high in March

General Motors reported a modest rise in car sales in North America for the first quarter, but its operations continue to be hampered by a shortage of computer chips.

GM said on Thursday that it sold 642,250 cars and light trucks in the first three months of the year, up just 4% even though sales a year ago slowed sharply as the coronavirus pandemic took hold.

By contrast, Toyota Motor Corp. showed a strong rebound in sales compared with a year ago. The Japanese company reported that sales in North America jumped 22% in the first three months of 2021, to 603,066 cars and light trucks. Its March sales were a record high for that month.

Toyota’s big jump helped it outsell Ford Motor Co., which has also been hit by the semiconductor shortage. Ford’s sales in the first quarter were up just 1%, to 521,334. Stellantis — the company formed by the merger of Fiat Chrysler and France’s Peugeot SA — reported its U.S. sales increased 5% in the first quarter.

Ford and GM both enjoyed substantial increases in sales to individual customers at dealerships while reporting declines in sales to fleet operators like rental car companies and governments.

GM and Ford have had to halt or slow production at a handful of plants. GM has resorted to making some vehicles without parts containing computer chips with the intention of installing those components before sale when supply improves.

In a statement, GM said it hoped its strategy for building cars without some components would help it “quickly meet strong expected customer demand during the year.”

That approach to building cars “underscores the dire nature” of the semiconductor shortage, an analyst at CFRA Research, Garrett Nelson, said in a report. “One of the key questions is how much better the U.S. auto sales recovery can get from here.”

The chip shortage is reflected in GM’s unusually low inventory of 334,628 vehicles. That is about 76,000 less than at the end of the fourth quarter and is half the number of vehicles its dealers held in stock a year ago. Ford’s inventory was 56,100 lower than at the end of 2020.

GM’s sluggish sales were confined to its Chevrolet brand, whose sales fell 2% in the first quarter. That included a 13% decline in sales of its full-size Silverado pickup truck, a critical profit-maker for the company. The Buick, Cadillac and GMC brands reported strong sales in the quarter.

Toyota also reported a drop in sales of its full-size pickup, the Tundra. But the decline was more than offset by big increases in sales of its RAV4, Highlander and 4Runner sport-utility vehicles and cars from its Lexus luxury brand.

Also on Thursday, Honda Motor reported its first-quarter sale

General Motors reported a modest rise in car sales in North America for the first quarter, but its operations continue to be hampered by a shortage of computer chips.

General Motors reported a modest rise in car sales in North America for the first quarter, but its operations continue to be hampered by a shortage of computer chips. GM said on Thursday that it sold 642,250 cars and light trucks in the first three months of the year, up just 4% even though sales a year ago slowed sharply as the coronavirus pandemic took hold. By contrast, Toyota Motor Corp. showed a strong rebound in sales compared with a year ago. The Japanese company reported that sales in North America jumped 22% in the first three months of 2021, to 603,066 cars and light trucks. Its March sales were a record high for that month. Toyota’s big jump helped it outsell Ford Motor Co., which has also been hit by the semiconductor shortage. Ford’s sales in the first quarter were up just 1%, to 521,334. Stellantis — the company formed by the merger of Fiat Chrysler and France’s Peugeot SA — reported its U.S. sales increased 5% in the first quarter. Ford and GM both enjoyed substantial increases in sales to individual customers at dealerships while reporting declines in sales to fleet operators like rental car companies and governments. GM and Ford have had to halt or slow production at a handful of plants. GM has resorted to making some vehicles without parts containing computer chips with the intention of installing those components before sale when supply improves. In a statement, GM said it hoped its strategy for building cars without some components would help it “quickly meet strong expected customer demand during the year.” That approach to building cars “underscores the dire nature” of the semiconductor shortage, an analyst at CFRA Research, Garrett Nelson, said in a report. “One of the key questions is how much better the U.S. auto sales recovery can get from here.” The chip shortage is reflected in GM’s unusually low inventory of 334,628 vehicles. That is about 76,000 less than at the end of the fourth quarter and is half the number of vehicles its dealers held in stock a year ago. Ford’s inventory was 56,100 lower than at the end of 2020. GM’s sluggish sales were confined to its Chevrolet brand, whose sales fell 2% in the first quarter. That included a 13% decline in sales of its full-size Silverado pickup truck, a critical profit-maker for the company. The Buick, Cadillac and GMC brands reported strong sales in the quarter. Toyota also reported a drop in sales of its full-size pickup, the Tundra. But the decline was more than offset by big increases in sales of its RAV4, Highlander and 4Runner sport-utility vehicles and cars from its Lexus luxury brand. Also on Thursday, Honda Motor reported its first-quarter sale

Toyota sales surge, but GM and Ford’s rebounds are weaker

OPEC and its allies, including Russia, announced Thursday they would gradually increase oil production over the next three months.

In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output. They want to take advantage of what they see as a likely growing global thirst for oil as economies slowly expand after pandemic lockdowns.

The group, known as OPEC Plus, has been withholding 8 million barrels a day from the market.

On this occasion, the Saudis “decided to go with the consensus of the members,” said Helima Croft, a commodity strategist at RBC Capital Markets, an investment bank.

Under the agreement, OPEC Plus will increase production by 350,000 barrels a day in both May and June and by 441,000 barrels a day in July. Over the same period, Saudi Arabia will gradually unwind additional cuts of 1 million barrels a day that it has been making voluntarily.

Prince Abdulaziz said during a news conference after the meeting that OPEC Plus wanted to test out increased production but would still be able to change plans if demand failed to materialize.

“We can freeze; we can increase; we can decrease,” he said.

For now, the oil market has accepted the prospect of increases that would amount to less than 1% of global consumption per month. Larry Goldstein, an oil analyst at the Energy Policy Research Foundation, said that the approach to relaxing cuts was “very modest and conservative” and would tend to bolster prices over the coming months.

In addition, Croft said, OPEC’s willingness to increase output is seen as a vote of confidence in the global economic recovery.

OPEC and its allies, including Russia, announced Thursday they would gradually increase oil production over the next three months. In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output.

OPEC and its allies, including Russia, announced Thursday they would gradually increase oil production over the next three months. In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output. They want to take advantage of what they see as a likely growing global thirst for oil as economies slowly expand after pandemic lockdowns. The group, known as OPEC Plus, has been withholding 8 million barrels a day from the market. On this occasion, the Saudis “decided to go with the consensus of the members,” said Helima Croft, a commodity strategist at RBC Capital Markets, an investment bank. Under the agreement, OPEC Plus will increase production by 350,000 barrels a day in both May and June and by 441,000 barrels a day in July. Over the same period, Saudi Arabia will gradually unwind additional cuts of 1 million barrels a day that it has been making voluntarily. Prince Abdulaziz said during a news conference after the meeting that OPEC Plus wanted to test out increased production but would still be able to change plans if demand failed to materialize. “We can freeze; we can increase; we can decrease,” he said. For now, the oil market has accepted the prospect of increases that would amount to less than 1% of global consumption per month. Larry Goldstein, an oil analyst at the Energy Policy Research Foundation, said that the approach to relaxing cuts was “very modest and conservative” and would tend to bolster prices over the coming months. In addition, Croft said, OPEC’s willingness to increase output is seen as a vote of confidence in the global economic recovery.

OPEC and its allies agree to gradual increases in oil production