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Joint Chief Executive of online gambling company Bet365, Denise Coates was paid a total of £421 million last year, newly-released annual accounts for the gambling firm reveal.

The 53-year-old founder and chief executive officer of Bet365 Group Ltd. pocketed 468.9 million pounds ($648 million) in pay and dividends, almost 50% more than a year earlier, according to a filing from the online bookmaker.

Coates' mega pay package means she took home 3,126 times more than the UK Prime Minister, who earns around £150,000.

She founded the online gambling company in the early 2000s in Stoke-on-Trent after spotting the potential of internet betting to revolutionise the industry.

Coates, already Britain's highest-paid boss, saw her package increase from £277m the year before.

The privately held Bet365 is jointly owned by Denise Coates and members of her family, including Brother John, the joint CEO, and father Peter, who chairs the firm.

Bet365 also owns soccer club Stoke City, which made a loss of 8.7 million pounds following its relegation to the second-tier Championship in the 2017-18 season.

(With inputs from agencies)

Joint Chief Executive of online gambling company Bet365, Denise Coates was paid a total of £421 million last year, newly-released annual accounts for the gambling firm reveal.

Joint Chief Executive of online gambling company Bet365, Denise Coates was paid a total of £421 million last year, newly-released annual accounts for the gambling firm reveal. The 53-year-old founder and chief executive officer of Bet365 Group Ltd. pocketed 468.9 million pounds ($648 million) in pay and dividends, almost 50% more than a year earlier, according to a filing from the online bookmaker. Coates' mega pay package means she took home 3,126 times more than the UK Prime Minister, who earns around £150,000. She founded the online gambling company in the early 2000s in Stoke-on-Trent after spotting the potential of internet betting to revolutionise the industry. Coates, already Britain's highest-paid boss, saw her package increase from £277m the year before. The privately held Bet365 is jointly owned by Denise Coates and members of her family, including Brother John, the joint CEO, and father Peter, who chairs the firm. Bet365 also owns soccer club Stoke City, which made a loss of 8.7 million pounds following its relegation to the second-tier Championship in the 2017-18 season. (With inputs from agencies)

UK's richest woman Denise Coates takes home record £469 million pay packet

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Indian stock market indices, Sensex and Nifty ended with strong gains Thursday led by a rally in metals, banks and auto stocks amid positive global cues.&nbsp;

Broader markets outperformed the benchmarks as Nifty Midcap100 jumped 1.79 percent, while Nifty Smallcap100 ended 2.09 percent higher.

Among the frontline indices, the benchmark S&amp;P BSE Sensex reclaimed the 50,000-mark on a closing basis and closed at 50,030, after advancing 521 points or 1.05 per cent.&nbsp;

Earlier in the day, the index had briefly slipped in the red to touch a low of 49,478.5. On the NSE, the Nifty50 index closed at 14,867 levels, up 177 points or 1.2 per cent.

Global markets

Stocks crept higher on Thursday following their weakest quarter in a year, while higher Treasury yields supported the dollar.&nbsp;

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Japan's Nikkei rose 1.3 per cent as a survey showed big manufacturers' mood bouncing back to pre-pandemic levels.

In Europe, the pan-European STOXX 600 index rose 0.5 per cent, the German DAX climbed 0.6 per cent to hit a record high, while the UK's FTSE 100 also gained 0.6 per cent.

Nasdaq Futures, meanwhile, were last up 0.9 per cent and S&amp;P 500 futures added 0.4 per cent.

(With inputs from Reuters)

Indian stock market indices, Sensex and Nifty ended with strong gains Thursday led by a rally in metals, banks and auto stocks amid positive global cues. Broader markets outperformed the benchmarks as Nifty Midcap100 jumped 1.

Indian stock market indices, Sensex and Nifty ended with strong gains Thursday led by a rally in metals, banks and auto stocks amid positive global cues. Broader markets outperformed the benchmarks as Nifty Midcap100 jumped 1.79 percent, while Nifty Smallcap100 ended 2.09 percent higher. Among the frontline indices, the benchmark S&P BSE Sensex reclaimed the 50,000-mark on a closing basis and closed at 50,030, after advancing 521 points or 1.05 per cent. Earlier in the day, the index had briefly slipped in the red to touch a low of 49,478.5. On the NSE, the Nifty50 index closed at 14,867 levels, up 177 points or 1.2 per cent. Global markets Stocks crept higher on Thursday following their weakest quarter in a year, while higher Treasury yields supported the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Japan's Nikkei rose 1.3 per cent as a survey showed big manufacturers' mood bouncing back to pre-pandemic levels. In Europe, the pan-European STOXX 600 index rose 0.5 per cent, the German DAX climbed 0.6 per cent to hit a record high, while the UK's FTSE 100 also gained 0.6 per cent. Nasdaq Futures, meanwhile, were last up 0.9 per cent and S&P 500 futures added 0.4 per cent. (With inputs from Reuters)

Sensex jumps 521 points, reclaims 50,000; Nifty above 14,850

Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday.

Brent crude was up by 91 cents, or 1.5%, at $63.65 a barrel by 0849 GMT. U.S. oil was up 99 cents, or 1.7%, at $60.15 a barrel.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group called OPEC+, meet on Thursday to reassess output policy. 
OPEC+ will debate options from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.

OPEC+ is currently curbing output by just over 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million bpd.

"Given the recent wobble in prices, along with demand concerns re-emerging once again, there is a growing consensus that the OPEC+ will likely roll over current cuts for an additional month," ING analyst Warren Patterson said.

OPEC+ has trimmed its oil demand growth forecast for this year by 300,000 bpd over renewed lockdowns, making it more likely the group will agree to sustain its curbs.

France entered its third national lockdown and schools closed for three weeks to push back a third wave of COVID-19 infections that threatens to overwhelm hospitals. Several other European countries have also increased restrictions.

Oil also found some support in U.S. economic strength after President Joe Biden outlined a $2.3 trillion spending plan to invest in traditional projects such as roads and bridges alongside tackling climate change.

U.S. crude stocks also fell unexpectedly last week, helping to support oil prices, Energy Information Administration data showed.

"The inventory data ... showed that the situation is continuing to normalise on the U.S. oil market," Commerzbank analyst Eugen Weinberg said.

Other factors, including the rise of gasoline demand in the United States, also supported prices, Weinberg said.

Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday.

Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday. Brent crude was up by 91 cents, or 1.5%, at $63.65 a barrel by 0849 GMT. U.S. oil was up 99 cents, or 1.7%, at $60.15 a barrel. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group called OPEC+, meet on Thursday to reassess output policy. OPEC+ will debate options from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said. OPEC+ is currently curbing output by just over 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million bpd. "Given the recent wobble in prices, along with demand concerns re-emerging once again, there is a growing consensus that the OPEC+ will likely roll over current cuts for an additional month," ING analyst Warren Patterson said. OPEC+ has trimmed its oil demand growth forecast for this year by 300,000 bpd over renewed lockdowns, making it more likely the group will agree to sustain its curbs. France entered its third national lockdown and schools closed for three weeks to push back a third wave of COVID-19 infections that threatens to overwhelm hospitals. Several other European countries have also increased restrictions. Oil also found some support in U.S. economic strength after President Joe Biden outlined a $2.3 trillion spending plan to invest in traditional projects such as roads and bridges alongside tackling climate change. U.S. crude stocks also fell unexpectedly last week, helping to support oil prices, Energy Information Administration data showed. "The inventory data ... showed that the situation is continuing to normalise on the U.S. oil market," Commerzbank analyst Eugen Weinberg said. Other factors, including the rise of gasoline demand in the United States, also supported prices, Weinberg said.

Oil up as OPEC+ meets to decide on production policy

SAN FRANCISCO — In 2009, Shamir Karkal and several colleagues struggled to raise money for a banking startup, Simple. Most of the 70 venture capital firms they met over the course of a year did not see the point of the idea, he said. The few that did thought it would fail.

By last year, things had changed. When Karkal set out to raise funding for his new financial technology startup, Sila, which makes regulatory compliance software, he garnered $5 million in a few months with a fraction of the pitches. He said he was frustrated it did not happen even faster.

“I know folks in the space who raised rounds in less than one week,” he said.

Sila is one of thousands of financial technology startups riding an investor frenzy driven by a growing realization that Big Finance is ripe for a tech makeover. When the pandemic forced businesses to speed up their usage of digital tools, including e-commerce and online banking, the demand for what is known as fintech exploded.

Now startups with names like Blend, Brex and Dave that provide decidedly unglamorous banking, lending and payment processing offerings are hot tickets. That was punctuated this month when Stripe, a payments company, raised $600 million in a financing that valued it at $95 billion, the highest ever for a private startup in the United States.

Financial technology companies are also making a splash on the stock market. On March 23, Robinhood, a stock trading app popular with young adults, filed for an initial public offering. And Coinbase, a cryptocurrency startup, is scheduled to go public in the next few weeks in what could be a $100 billion listing.

Even tiny financial startups that have not formally introduced their products — such as Zeller, which will offer banking services to businesses; and Sivo, which is building lending software — have raised millions of dollars and been valued at nine-digit sums.

In total, venture capital investors poured $44.4 billion into financial technology startups last year, up from $1.1 billion in 2009, according to PitchBook, which tracks private financings.

Many investors are making bold predictions that these startups will upend big banks, established credit card providers — and in some cases, the entire financial system.

“The banks are extremely vulnerable” because they have not kept up with what customers expect, said Mark Goldberg, an investor at the venture capital firm Index Ventures. He predicted $1 trillion of market value could transfer from old guard financial institutions to tech companies over the next two decades.

“It’s what Amazon did to offline retail,” he said. “It’s just playing out 10 years later in fintech right now.”

The financial technology startups that are riding the boom run the gamut. They provide services including checking accounts, mortgages, insurance, investing, payment processing and cryptocurrencies.

Many are capitalizing on people’s long-simmering distrust of the big banks, especially after the 2008 financial crisis. Often, the startups offer slick and easy-to-use apps, no physical branches and low or no fees. And they are building on people’s growing familiarity over the past decade with tech tools and digital payments, a shift that has accelerated in the pandemic.

Just as cheap cloud computing and smartphones once enabled a wave of new app startups, the financial technology sector has developed its own set of building blocks, allowing new companies to spring up faster.

One of the building-block companies is Stripe. Founded in 2010, Stripe started out by offering to process payments for small businesses and startups. By 2018, it was worth $20 billion and had begun investing in other startups.

Stripe now processes hundreds of billions of dollars in payments a year, has expanded to larger customers including Salesforce and Booking.com, and has made more than 30 investments in other fintech startups.

“We are in a hypergrowth industry and within that, the company itself is experiencing hypergrowth,” Dhivya Suryadevara, Stripe’s chief financial officer, said in an interview.

Domm Holland, chief executive of Fast, an e-commerce checkout software startup, said Stripe sped up his company’s progress. Customers who use Stripe to accept online payments can then use Fast’s software for their checkout process.

“If Stripe didn’t exist today, we would first have to build Stripe,” Holland said. “That’s a lot of work. They’ve already done that.”

Last year, as Fast’s business grew in the pandemic, investors began messaging Holland daily asking to invest in the company. “I have people LinkedIn messaging and emailing, just offering, ‘Take $5 million at any valuation you like,’” he said. “It is a bizarre world to live in.”

He ended up raising $102 million for Fast in January. Stripe was one of the main investors in the financing.

Other companies that play similar “building block” roles in the financial technology boom include Affirm, which offers lending and went public this year; Shopify, which enables e-commerce transactions; and Plaid, which helps apps connect with bank accounts.

“The infrastructure has gone to a whole other level,” said CJ MacDonald, founder of Step, a debit card provider aimed at teenagers. Introduced in September, Step quickly reached 1 million customers, partly from endorsements from social media influencers like Charli D’Amelio.

In December, Step raised $50 million in funding. The company was not looking for more money, MacDonald said. But investors started calling as soon as the app joined the top-downloaded finance app list shortly after it was released. The money came together in a matter of weeks, he said.

Investors are even clamoring to buy into broken deals. Plaid, which had agreed to sell itself to Visa for $5.6 billion last year, saw the deal unravel in January after facing antitrust scrutiny. Now the fast-growing company is in talks with investors to raise funding at a valuation near $15 billion, said two people with knowledge of the company who spoke on the condition they not be identified because the discussions are confidential. The Information earlier reported Plaid’s funding talks.

Sheel Mohnot, an investor at Better Tomorrow Ventures, said Plaid’s sale price to Visa was viewed as “so amazing” at the time. But now, with multiple fintech companies approaching $100 billion valuations, it looks low.

Some caution that the excitement has gotten far ahead of reality.

Robert Le, an analyst at PitchBook, pointed to the valuation of Affirm, which has a market capitalization of $20 billion, or roughly 40 times its annual revenue. That is significantly higher than the value that investors typically assign to blue-chip financial services companies. American Express, for example, trades at just three times its annual revenue.

“I think it’s a little irrational,” Le said. “Over the long haul, some of these companies will have to come down.”

Some of the startups have already hit growing pains. Chime, a banking startup, had a series of outages in 2019, leaving millions of customers with no access to their money for hours. Some Coinbase customers have said they were locked out of their accounts or experienced thefts of their money. And Robinhood faces nearly 50 lawsuits and multiple regulatory investigations after it halted trading for some stocks during a frenzy in “meme” stocks in January.

Leigh Drogen, chief executive of Estimize, an investment data startup, said the hiccups, high valuations and irrational behaviors have not canceled out all the progress in fintech.

“There are a lot of very, very real things, and then there’s some insanity,” he said. “That happens in every boom.”

SAN FRANCISCO — In 2009, Shamir Karkal and several colleagues struggled to raise money for a banking startup, Simple. Most of the 70 venture capital firms they met over the course of a year did not see the point of the idea, he said.

SAN FRANCISCO — In 2009, Shamir Karkal and several colleagues struggled to raise money for a banking startup, Simple. Most of the 70 venture capital firms they met over the course of a year did not see the point of the idea, he said. The few that did thought it would fail. By last year, things had changed. When Karkal set out to raise funding for his new financial technology startup, Sila, which makes regulatory compliance software, he garnered $5 million in a few months with a fraction of the pitches. He said he was frustrated it did not happen even faster. “I know folks in the space who raised rounds in less than one week,” he said. Sila is one of thousands of financial technology startups riding an investor frenzy driven by a growing realization that Big Finance is ripe for a tech makeover. When the pandemic forced businesses to speed up their usage of digital tools, including e-commerce and online banking, the demand for what is known as fintech exploded. Now startups with names like Blend, Brex and Dave that provide decidedly unglamorous banking, lending and payment processing offerings are hot tickets. That was punctuated this month when Stripe, a payments company, raised $600 million in a financing that valued it at $95 billion, the highest ever for a private startup in the United States. Financial technology companies are also making a splash on the stock market. On March 23, Robinhood, a stock trading app popular with young adults, filed for an initial public offering. And Coinbase, a cryptocurrency startup, is scheduled to go public in the next few weeks in what could be a $100 billion listing. Even tiny financial startups that have not formally introduced their products — such as Zeller, which will offer banking services to businesses; and Sivo, which is building lending software — have raised millions of dollars and been valued at nine-digit sums. In total, venture capital investors poured $44.4 billion into financial technology startups last year, up from $1.1 billion in 2009, according to PitchBook, which tracks private financings. Many investors are making bold predictions that these startups will upend big banks, established credit card providers — and in some cases, the entire financial system. “The banks are extremely vulnerable” because they have not kept up with what customers expect, said Mark Goldberg, an investor at the venture capital firm Index Ventures. He predicted $1 trillion of market value could transfer from old guard financial institutions to tech companies over the next two decades. “It’s what Amazon did to offline retail,” he said. “It’s just playing out 10 years later in fintech right now.” The financial technology startups that are riding the boom run the gamut. They provide services including checking accounts, mortgages, insurance, investing, payment processing and cryptocurrencies. Many are capitalizing on people’s long-simmering distrust of the big banks, especially after the 2008 financial crisis. Often, the startups offer slick and easy-to-use apps, no physical branches and low or no fees. And they are building on people’s growing familiarity over the past decade with tech tools and digital payments, a shift that has accelerated in the pandemic. Just as cheap cloud computing and smartphones once enabled a wave of new app startups, the financial technology sector has developed its own set of building blocks, allowing new companies to spring up faster. One of the building-block companies is Stripe. Founded in 2010, Stripe started out by offering to process payments for small businesses and startups. By 2018, it was worth $20 billion and had begun investing in other startups. Stripe now processes hundreds of billions of dollars in payments a year, has expanded to larger customers including Salesforce and Booking.com, and has made more than 30 investments in other fintech startups. “We are in a hypergrowth industry and within that, the company itself is experiencing hypergrowth,” Dhivya Suryadevara, Stripe’s chief financial officer, said in an interview. Domm Holland, chief executive of Fast, an e-commerce checkout software startup, said Stripe sped up his company’s progress. Customers who use Stripe to accept online payments can then use Fast’s software for their checkout process. “If Stripe didn’t exist today, we would first have to build Stripe,” Holland said. “That’s a lot of work. They’ve already done that.” Last year, as Fast’s business grew in the pandemic, investors began messaging Holland daily asking to invest in the company. “I have people LinkedIn messaging and emailing, just offering, ‘Take $5 million at any valuation you like,’” he said. “It is a bizarre world to live in.” He ended up raising $102 million for Fast in January. Stripe was one of the main investors in the financing. Other companies that play similar “building block” roles in the financial technology boom include Affirm, which offers lending and went public this year; Shopify, which enables e-commerce transactions; and Plaid, which helps apps connect with bank accounts. “The infrastructure has gone to a whole other level,” said CJ MacDonald, founder of Step, a debit card provider aimed at teenagers. Introduced in September, Step quickly reached 1 million customers, partly from endorsements from social media influencers like Charli D’Amelio. In December, Step raised $50 million in funding. The company was not looking for more money, MacDonald said. But investors started calling as soon as the app joined the top-downloaded finance app list shortly after it was released. The money came together in a matter of weeks, he said. Investors are even clamoring to buy into broken deals. Plaid, which had agreed to sell itself to Visa for $5.6 billion last year, saw the deal unravel in January after facing antitrust scrutiny. Now the fast-growing company is in talks with investors to raise funding at a valuation near $15 billion, said two people with knowledge of the company who spoke on the condition they not be identified because the discussions are confidential. The Information earlier reported Plaid’s funding talks. Sheel Mohnot, an investor at Better Tomorrow Ventures, said Plaid’s sale price to Visa was viewed as “so amazing” at the time. But now, with multiple fintech companies approaching $100 billion valuations, it looks low. Some caution that the excitement has gotten far ahead of reality. Robert Le, an analyst at PitchBook, pointed to the valuation of Affirm, which has a market capitalization of $20 billion, or roughly 40 times its annual revenue. That is significantly higher than the value that investors typically assign to blue-chip financial services companies. American Express, for example, trades at just three times its annual revenue. “I think it’s a little irrational,” Le said. “Over the long haul, some of these companies will have to come down.” Some of the startups have already hit growing pains. Chime, a banking startup, had a series of outages in 2019, leaving millions of customers with no access to their money for hours. Some Coinbase customers have said they were locked out of their accounts or experienced thefts of their money. And Robinhood faces nearly 50 lawsuits and multiple regulatory investigations after it halted trading for some stocks during a frenzy in “meme” stocks in January. Leigh Drogen, chief executive of Estimize, an investment data startup, said the hiccups, high valuations and irrational behaviors have not canceled out all the progress in fintech. “There are a lot of very, very real things, and then there’s some insanity,” he said. “That happens in every boom.”

The startup enemies of Wall Street are booming

The World Bank has estimated India’s GDP (Gross Domestic Product) growth to be in the range of 7.5 to 12.5 per cent during FY 2021-22 (FY 22).&nbsp;

For the fiscal year 2020-21 ending on Wednesday, GDP contraction is estimated at 8.5 per cent as against a growth of 4 per cent during FY 2019-20.

The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded.

After reaching 8.3 per cent in FY17, growth decelerated to 4.0 per cent in FY20, it said.

The slowdown was caused by a decline in private consumption growth and shocks to the financial sector (the collapse of a large non-bank finance institution), which compounded pre-existing weaknesses in investment, it said.

Given the significant uncertainty pertaining to both epidemiological and policy developments, the real GDP growth for FY21/22 can range from 7.5 to 12.5 per cent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers, the World Bank said.

"It is amazing how far India has come compared to a year ago. If you think a year ago, how deep the recession was... unprecedented declines inactivity of 30 to 40 per cent, no clarity about vaccines, huge uncertainty about the disease. And then if you compare it now, India is bouncing back, has opened up many of the activities, started vaccination and is leading in the production of vaccination," Hans Timmer, World Bank Chief Economist for the South Asia Region, told in an interview.

However, the situation is still incredibly challenging, both on the pandemic side with the flare-up that is being experienced now. It is an enormous challenge to vaccinate everybody in India, the official said.

"Most of the people underestimate the challenge," he said.

On the economic side, Timmer said that even with the rebound and there is uncertainty here about the numbers, but it basically means that over two years there was no growth in India and there might well have been over two years, a decline in per capita income.

"That's such a difference from what India was accustomed to. And it means that there are still many parts of the economy that have not recovered or have not fared as well as they would have without a pandemic. There is a huge concern about the financial markets," Timmer said.

"As economic activity normalises, domestically and in key export markets, the current account is expected to return to mild deficits (around 1 per cent in FY22 and FY23) and capital inflows are projected by continued accommodative monetary policy and abundant international liquidity conditions," the report said.

Noting that the COVID-19 shock will lead to a long-lasting inflexion in India's fiscal trajectory, the report said that the general government deficit is expected to remain above 10 per cent of GDP until FY22. As a result, public debt is projected to peak at almost 90 per cent of GDP in FY21 before declining gradually thereafter.

As growth resumes and the labour market prospects improve, poverty reduction is expected to return to its pre-pandemic trajectory.

The poverty rate (at the USD 1.90 line) is projected to return to pre-pandemic levels in FY22, falling within 6 and 9 per cent, and fall further to between 4 and 7 per cent by FY24, the World Bank said.

The Indian economy, Timmer said, has bounced back from the initial enormous hit.

"It has bounced back even quicker than we initially thought. The availability of vaccines helped a lot there. That made it possible to open up more and in general to improve confidence in the economy.

"If you have no further deterioration or fall back then, that means that the economy this year would grow around nine per cent. With some additional growth, you are in double digits. That's the positive story," Timmer said, adding that there is also uncertainty.

India also has the advantage as compared to some of the other countries that it has foreign direct investment inflows.

"(This) probably has to do also with the geopolitical changes in the world economy... investors moving away from China and looking at India. That is an advantage, but you don't see very strong investments, you see some first signs of domestic investments recovering, that is still an uncertain point," Timmer said.

Responding to a question, Timmer said it is "impressive" how quickly the Indian government came up with relief efforts including the transfer of money, measures allowing companies to forego debt service.

"Given the difficult situation, I think that was very impressive. At the same time, it was not enough because, and that's one of the lessons of the crisis.

"There are so many people and so many, very small companies that are really difficult to reach, and you need a more comprehensive overhaul of the whole system to make the support a lot more universal," Timmer added.

According to officials, India has so far registered 1,20,95,855 COVID-19 cases and 1,62,114 fatalities.

The number of people who have recuperated from the disease surged to 1,13,93,021, while the case fatality rate stands at 1.34 per cent.

(With inputs from agencies)

The World Bank has estimated India’s GDP (Gross Domestic Product) growth to be in the range of 7.5 to 12.5 per cent during FY 2021-22 (FY 22). For the fiscal year 2020-21 ending on Wednesday, GDP contraction is estimated at 8.

The World Bank has estimated India’s GDP (Gross Domestic Product) growth to be in the range of 7.5 to 12.5 per cent during FY 2021-22 (FY 22). For the fiscal year 2020-21 ending on Wednesday, GDP contraction is estimated at 8.5 per cent as against a growth of 4 per cent during FY 2019-20. The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded. After reaching 8.3 per cent in FY17, growth decelerated to 4.0 per cent in FY20, it said. The slowdown was caused by a decline in private consumption growth and shocks to the financial sector (the collapse of a large non-bank finance institution), which compounded pre-existing weaknesses in investment, it said. Given the significant uncertainty pertaining to both epidemiological and policy developments, the real GDP growth for FY21/22 can range from 7.5 to 12.5 per cent, depending on how the ongoing vaccination campaign proceeds, whether new restrictions to mobility are required, and how quickly the world economy recovers, the World Bank said. "It is amazing how far India has come compared to a year ago. If you think a year ago, how deep the recession was... unprecedented declines inactivity of 30 to 40 per cent, no clarity about vaccines, huge uncertainty about the disease. And then if you compare it now, India is bouncing back, has opened up many of the activities, started vaccination and is leading in the production of vaccination," Hans Timmer, World Bank Chief Economist for the South Asia Region, told in an interview. However, the situation is still incredibly challenging, both on the pandemic side with the flare-up that is being experienced now. It is an enormous challenge to vaccinate everybody in India, the official said. "Most of the people underestimate the challenge," he said. On the economic side, Timmer said that even with the rebound and there is uncertainty here about the numbers, but it basically means that over two years there was no growth in India and there might well have been over two years, a decline in per capita income. "That's such a difference from what India was accustomed to. And it means that there are still many parts of the economy that have not recovered or have not fared as well as they would have without a pandemic. There is a huge concern about the financial markets," Timmer said. "As economic activity normalises, domestically and in key export markets, the current account is expected to return to mild deficits (around 1 per cent in FY22 and FY23) and capital inflows are projected by continued accommodative monetary policy and abundant international liquidity conditions," the report said. Noting that the COVID-19 shock will lead to a long-lasting inflexion in India's fiscal trajectory, the report said that the general government deficit is expected to remain above 10 per cent of GDP until FY22. As a result, public debt is projected to peak at almost 90 per cent of GDP in FY21 before declining gradually thereafter. As growth resumes and the labour market prospects improve, poverty reduction is expected to return to its pre-pandemic trajectory. The poverty rate (at the USD 1.90 line) is projected to return to pre-pandemic levels in FY22, falling within 6 and 9 per cent, and fall further to between 4 and 7 per cent by FY24, the World Bank said. The Indian economy, Timmer said, has bounced back from the initial enormous hit. "It has bounced back even quicker than we initially thought. The availability of vaccines helped a lot there. That made it possible to open up more and in general to improve confidence in the economy. "If you have no further deterioration or fall back then, that means that the economy this year would grow around nine per cent. With some additional growth, you are in double digits. That's the positive story," Timmer said, adding that there is also uncertainty. India also has the advantage as compared to some of the other countries that it has foreign direct investment inflows. "(This) probably has to do also with the geopolitical changes in the world economy... investors moving away from China and looking at India. That is an advantage, but you don't see very strong investments, you see some first signs of domestic investments recovering, that is still an uncertain point," Timmer said. Responding to a question, Timmer said it is "impressive" how quickly the Indian government came up with relief efforts including the transfer of money, measures allowing companies to forego debt service. "Given the difficult situation, I think that was very impressive. At the same time, it was not enough because, and that's one of the lessons of the crisis. "There are so many people and so many, very small companies that are really difficult to reach, and you need a more comprehensive overhaul of the whole system to make the support a lot more universal," Timmer added. According to officials, India has so far registered 1,20,95,855 COVID-19 cases and 1,62,114 fatalities. The number of people who have recuperated from the disease surged to 1,13,93,021, while the case fatality rate stands at 1.34 per cent. (With inputs from agencies)

India’s GDP growth estimated to be in the range of 7.5-12.5%: World Bank

Businesses with turnover of more than Rs 5 crore will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1, the Finance Ministry said on Wednesday.&nbsp;

Those with a turnover of up to Rs 5 crore in the preceding financial year would be required to mandatorily furnish four-digit HSN code on B2B invoices. Earlier, the requirement was four-digits and two-digits respectively.&nbsp;

“With effect from the 1st April, 2021, GST taxpayers will have to furnish HSN (Harmonised System of Nomenclature Code), or Service Accounting Code (SAC) in their invoices, as per the revised requirement, the Ministry said in a statement.

In trade parlance, every product is categorised under an HSN code (Harmonised System of Nomenclature). It helps in systematic classification of goods across the globe. HSN codes for goods at 6 digits are universally common. Therefore, common HSN codes apply to Customs and GST.&nbsp;

Accordingly, codes prescribed in the Customs tariff are used for the GST purposes too. The Ministry said manufacturers and importers/exporters have been commonly using HSN Codes. Manufacturers were furnishing these codes even in the pre-GST regime. Importers and exporters have been furnishing these codes in import/export documents.&nbsp;

Traders would mostly be using HSN codes furnished in the invoices issued to them by the manufacturer or importer suppliers.

“A large number of GST taxpayers are already furnishing HS codes/SAC at 6/8 digits on a voluntary basis on the invoices, e -waybills and GSTR 1 returns,” it added.

AMRG &amp; Associates Senior Partner Rajat Mohan said traders, manufacturers and services providers would be required to give a more precise HSN code while issuing an invoice to the supplies with effect from April 1. “This will help tax officers with deeper data analytics for every item supplied and help them in arresting tax evasion emanating from fake invoices and irregular tax credit claims,” Mohan added.

Businesses with turnover of more than Rs 5 crore will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1, the Finance Ministry said on Wednesday.

Businesses with turnover of more than Rs 5 crore will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1, the Finance Ministry said on Wednesday. Those with a turnover of up to Rs 5 crore in the preceding financial year would be required to mandatorily furnish four-digit HSN code on B2B invoices. Earlier, the requirement was four-digits and two-digits respectively. “With effect from the 1st April, 2021, GST taxpayers will have to furnish HSN (Harmonised System of Nomenclature Code), or Service Accounting Code (SAC) in their invoices, as per the revised requirement, the Ministry said in a statement. In trade parlance, every product is categorised under an HSN code (Harmonised System of Nomenclature). It helps in systematic classification of goods across the globe. HSN codes for goods at 6 digits are universally common. Therefore, common HSN codes apply to Customs and GST. Accordingly, codes prescribed in the Customs tariff are used for the GST purposes too. The Ministry said manufacturers and importers/exporters have been commonly using HSN Codes. Manufacturers were furnishing these codes even in the pre-GST regime. Importers and exporters have been furnishing these codes in import/export documents. Traders would mostly be using HSN codes furnished in the invoices issued to them by the manufacturer or importer suppliers. “A large number of GST taxpayers are already furnishing HS codes/SAC at 6/8 digits on a voluntary basis on the invoices, e -waybills and GSTR 1 returns,” it added. AMRG & Associates Senior Partner Rajat Mohan said traders, manufacturers and services providers would be required to give a more precise HSN code while issuing an invoice to the supplies with effect from April 1. “This will help tax officers with deeper data analytics for every item supplied and help them in arresting tax evasion emanating from fake invoices and irregular tax credit claims,” Mohan added.

6-digit HSN code mandatory in invoices for biz with over Rs 5crore turnover

Investors are shifting focus to the upcoming OPEC+ ministerial meeting that is happening this Thursday (01 April). Analysts expect the group to extend supply curbs given dim demand prospects.

World Business Watch: Analysts expect OPEC+ to extend supply curbs

US consumer confidence has raised this month to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months, driven by more fiscal stimulus and an improving public health situation.

World Business Watch: US consumer confidence hits one-year high

Brazil’s economy added over 400,000 formal jobs in February, the highest monthly figure since the data series began in 1992, led by a surge in the dominant services sector.

World Business Watch: Brazil creates over 400,000 formal jobs in Feb, highest on record

Dozens of the most prominent Black business leaders in America are banding together to call on companies to fight a wave of restrictive voting bills being advanced by Republicans in at least 43 states. The campaign appears to be the first time that so many powerful Black executives have organized to directly call out their peers for failing to stand up for racial justice.

The effort, led by Kenneth Chenault, a former chief executive of American Express, and Kenneth Frazier, the chief executive of Merck, is a response to the swift passage of a Georgia law that they contend makes it harder for Black people to vote. As the debate about that bill raged in recent weeks, most major corporations — including those with headquarters in Atlanta — did not take a position on the legislation.

“There is no middle ground here,” Chenault said. “You either are for more people voting, or you want to suppress the vote.”

The executives did not criticize specific companies but instead called on all of corporate America to publicly and directly oppose new laws that would restrict the rights of Black voters and to use their clout, money and lobbyists to sway the debate with lawmakers.

“This impacts all Americans, but we also need to acknowledge the history of voting rights for African Americans,” Chenault said. “And as African American executives in corporate America, what we were saying is we want corporate America to understand that, and we want them to work with us.”

The letter was signed by 72 Black executives. They included Roger Ferguson Jr., chief executive of TIAA; Mellody Hobson and John Rogers Jr., co-chief executives of Ariel Investments; Robert Smith, chief executive of Vista Equity Partners; and Raymond McGuire, a former Citigroup executive who is running for mayor of New York.

In the days before the Georgia law was passed, almost no major companies spoke out against the legislation, which introduced stricter voter identification requirements for absentee balloting, limited drop boxes and expanded the legislature’s power over elections.

Big corporations based in Atlanta, including Delta Air Lines, Coca-Cola and Home Depot, offered general statements of support for voting rights, but none took a specific stance on the bills. The same was true for most of the executives who signed the new letter, including Frazier and Chenault.

Frazier said he had paid only peripheral attention to the matter before the Georgia law was passed Thursday. “When the law passed, I started paying attention,” he said.

When Frazier realized what was in the new law, and that similar bills were being advanced in other states, he and Chenault decided to take action. On Sunday, they began emailing and texting with a group of Black executives, discussing what more corporations could do.

“There seems to be no one speaking out,” Frazier said. “We thought if we spoke up, it might lead to a situation where others felt the responsibility to speak up.”

Among the other executives who signed the letter were Ursula Burns, a former chief executive of Xerox; Richard Parsons, a former chair of Citigroup and chief executive of Time Warner; and Tony West, chief legal officer at Uber. The group of leaders, with support from the Black Economic Alliance, bought a full-page ad in the Wednesday print edition of The New York Times.

The executives are hoping that big companies will help prevent dozens of similar bills in other states from becoming law.

“The Georgia legislature was the first one,” Frazier said. “If corporate America doesn’t stand up, we’ll get these laws passed in many places in this country.”

In 2017, Frazier was the first chief executive to publicly resign from President Donald Trump’s business advisory councils after the president’s equivocating response to white nationalist violence in Charlottesville, Virginia. His resignation led other chief executives to distance themselves from Trump, and the advisory groups disbanded.

“As African American business executives, we don’t have the luxury of being bystanders to injustice,” Frazier said. “We don’t have the luxury of sitting on the sidelines when these kinds of injustices are happening all around us.”

Companies have taken stands on state legislation in recent years, often to powerful effect. In 2016 and 2017, as conservatives advanced so-called bathroom bills in states including Indiana, North Carolina, Georgia and Texas, big companies went so far as to threaten to take their business elsewhere if the laws were enacted. Those bills were never signed into law.

Last year, the Human Rights Campaign began persuading companies to sign on to a pledge that states their “clear opposition to harmful legislation aimed at restricting the access of LGBTQ people in society.” Dozens of major companies, including AT&amp;T, Facebook, Nike and Pfizer, signed on.

To Chenault, the contrast between the business community’s response to that issue and to voting restrictions that disproportionately harm Black voters was telling.

“You had 60 major companies — Amazon, Google, American Airlines — that signed on to the statement that states a very clear opposition to harmful legislation aimed at restricting the access of LGBTQ people in society,” he said. “So, you know, it is bizarre that we don’t have companies standing up to this.”

“This is not new,” Chenault added. “When it comes to race, there’s differential treatment. That’s the reality.”

Activists are calling for boycotts of Delta and Coca-Cola for their tepid engagement before the Georgia law was passed. And there are signs that other companies and sports leagues are becoming more engaged with the issue.

The head of the Major League Baseball Players Association said he “would look forward” to a discussion about moving the All-Star Game from Atlanta, where it is planned for July. And Jamie Dimon, chief executive of JPMorgan Chase, released a statement Tuesday affirming his company’s commitment to voting rights.

“Voting is fundamental to the health and future of our democracy,” he said. “We regularly encourage our employees to exercise their fundamental right to vote, and we stand against efforts that may prevent them from being able to do so.”

That language echoed statements made by many big companies before the Georgia law was passed. The executives who signed the letter are likely to seek more.

“People ask, ‘What can I do?’” Chenault said. “I’ll tell you what you can do. You can publicly oppose any discriminatory legislation and all measures designed to limit Americans’ ability to vote.” 
&nbsp;

Dozens of the most prominent Black business leaders in America are banding together to call on companies to fight a wave of restrictive voting bills being advanced by Republicans in at least 43 states.

Dozens of the most prominent Black business leaders in America are banding together to call on companies to fight a wave of restrictive voting bills being advanced by Republicans in at least 43 states. The campaign appears to be the first time that so many powerful Black executives have organized to directly call out their peers for failing to stand up for racial justice. The effort, led by Kenneth Chenault, a former chief executive of American Express, and Kenneth Frazier, the chief executive of Merck, is a response to the swift passage of a Georgia law that they contend makes it harder for Black people to vote. As the debate about that bill raged in recent weeks, most major corporations — including those with headquarters in Atlanta — did not take a position on the legislation. “There is no middle ground here,” Chenault said. “You either are for more people voting, or you want to suppress the vote.” The executives did not criticize specific companies but instead called on all of corporate America to publicly and directly oppose new laws that would restrict the rights of Black voters and to use their clout, money and lobbyists to sway the debate with lawmakers. “This impacts all Americans, but we also need to acknowledge the history of voting rights for African Americans,” Chenault said. “And as African American executives in corporate America, what we were saying is we want corporate America to understand that, and we want them to work with us.” The letter was signed by 72 Black executives. They included Roger Ferguson Jr., chief executive of TIAA; Mellody Hobson and John Rogers Jr., co-chief executives of Ariel Investments; Robert Smith, chief executive of Vista Equity Partners; and Raymond McGuire, a former Citigroup executive who is running for mayor of New York. In the days before the Georgia law was passed, almost no major companies spoke out against the legislation, which introduced stricter voter identification requirements for absentee balloting, limited drop boxes and expanded the legislature’s power over elections. Big corporations based in Atlanta, including Delta Air Lines, Coca-Cola and Home Depot, offered general statements of support for voting rights, but none took a specific stance on the bills. The same was true for most of the executives who signed the new letter, including Frazier and Chenault. Frazier said he had paid only peripheral attention to the matter before the Georgia law was passed Thursday. “When the law passed, I started paying attention,” he said. When Frazier realized what was in the new law, and that similar bills were being advanced in other states, he and Chenault decided to take action. On Sunday, they began emailing and texting with a group of Black executives, discussing what more corporations could do. “There seems to be no one speaking out,” Frazier said. “We thought if we spoke up, it might lead to a situation where others felt the responsibility to speak up.” Among the other executives who signed the letter were Ursula Burns, a former chief executive of Xerox; Richard Parsons, a former chair of Citigroup and chief executive of Time Warner; and Tony West, chief legal officer at Uber. The group of leaders, with support from the Black Economic Alliance, bought a full-page ad in the Wednesday print edition of The New York Times. The executives are hoping that big companies will help prevent dozens of similar bills in other states from becoming law. “The Georgia legislature was the first one,” Frazier said. “If corporate America doesn’t stand up, we’ll get these laws passed in many places in this country.” In 2017, Frazier was the first chief executive to publicly resign from President Donald Trump’s business advisory councils after the president’s equivocating response to white nationalist violence in Charlottesville, Virginia. His resignation led other chief executives to distance themselves from Trump, and the advisory groups disbanded. “As African American business executives, we don’t have the luxury of being bystanders to injustice,” Frazier said. “We don’t have the luxury of sitting on the sidelines when these kinds of injustices are happening all around us.” Companies have taken stands on state legislation in recent years, often to powerful effect. In 2016 and 2017, as conservatives advanced so-called bathroom bills in states including Indiana, North Carolina, Georgia and Texas, big companies went so far as to threaten to take their business elsewhere if the laws were enacted. Those bills were never signed into law. Last year, the Human Rights Campaign began persuading companies to sign on to a pledge that states their “clear opposition to harmful legislation aimed at restricting the access of LGBTQ people in society.” Dozens of major companies, including AT&T, Facebook, Nike and Pfizer, signed on. To Chenault, the contrast between the business community’s response to that issue and to voting restrictions that disproportionately harm Black voters was telling. “You had 60 major companies — Amazon, Google, American Airlines — that signed on to the statement that states a very clear opposition to harmful legislation aimed at restricting the access of LGBTQ people in society,” he said. “So, you know, it is bizarre that we don’t have companies standing up to this.” “This is not new,” Chenault added. “When it comes to race, there’s differential treatment. That’s the reality.” Activists are calling for boycotts of Delta and Coca-Cola for their tepid engagement before the Georgia law was passed. And there are signs that other companies and sports leagues are becoming more engaged with the issue. The head of the Major League Baseball Players Association said he “would look forward” to a discussion about moving the All-Star Game from Atlanta, where it is planned for July. And Jamie Dimon, chief executive of JPMorgan Chase, released a statement Tuesday affirming his company’s commitment to voting rights. “Voting is fundamental to the health and future of our democracy,” he said. “We regularly encourage our employees to exercise their fundamental right to vote, and we stand against efforts that may prevent them from being able to do so.” That language echoed statements made by many big companies before the Georgia law was passed. The executives who signed the letter are likely to seek more. “People ask, ‘What can I do?’” Chenault said. “I’ll tell you what you can do. You can publicly oppose any discriminatory legislation and all measures designed to limit Americans’ ability to vote.”

Black executives call on corporations to fight restrictive voting laws

The traffic jam at the Suez Canal will soon begin easing, but behemoth container ships such as the one that blocked that crucial passageway for almost a week and caused headaches for shippers around the world aren’t going anywhere.

Global supply chains were already under pressure when the Ever Given, a ship longer than the height of the Empire State Building and capable of carrying furnishings for 20,000 apartments, wedged itself between the banks of the Suez Canal last week. It was freed Monday, but it left behind “disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” according to A.P. Moller-Maersk, the world’s largest shipping company.

The crisis was short, but it was also years in the making.

For decades, shipping lines have been making bigger and bigger vessels, driven by an expanding global appetite for electronics, clothes, toys and other goods. The growth in ship size, which sped up in recent years, often made economic sense: Bigger vessels are generally cheaper to build and operate on a per-container basis. But the largest ships can come with their own set of problems, not only for the canals and ports that have to handle them, but for the companies that build them.

“They did what they thought was most efficient for themselves — make the ships big — and they didn’t pay much attention at all to the rest of the world,” said Marc Levinson, an economist and author of “Outside the Box,” a history of globalization. “But it turns out that these really big ships are not as efficient as the shipping lines had imagined.”

Despite the risks they pose, however, massive vessels still dominate global shipping. According to Alphaliner, a shipping-data firm, the global fleet of container ships includes 133 of the largest ship type — those that can carry 18,000 to 24,000 containers. Another 53 ships are on order.

The world’s first commercially successful container trip took place in 1956 aboard a converted steamship, which transported a few dozen containers from New Jersey to Texas. The industry has grown steadily in the decades since, but as global trade accelerated in the 1980s, so did the growth of the shipping industry — and ship size.

In that decade, the average capacity of a container ship grew by 28%, according to the International Transport Forum, a unit of the Organization for Economic Cooperation and Development. Container-ship capacity grew again by 36% in the 1990s. Then, in 2006, Maersk introduced a massive new vessel, the Emma Maersk, which could hold about 15,000 containers, almost 70% more than any other vessel.

“Instead of this pattern of small increases in capacity over time, all of a sudden we had a quantum leap and that really set off an arms race,” Levinson said.

Today, the largest ships can hold as many as 24,000 containers — a standard 20-foot box can hold a pair of midsize SUVs or enough produce to fill one to two aisles in a grocery store.

The growth of the shipping industry and ship size has played a central role in creating the modern economy, helping to make China a manufacturing powerhouse and facilitating the rise of everything from e-commerce to retailers such as Ikea and Amazon. To the container lines, building bigger made sense: Larger ships allowed them to squeeze out savings on construction, fuel and staffing.

“Ultra Large Container Vessels (ULCV) are extremely efficient when it is about transporting large quantities of goods around the globe,” Tim Seifert, a spokesman for Hapag-Lloyd, a large shipping company, said in a statement. “We also doubt that it would make shipping safer or more environmentally friendly if there would be more- or less-efficient vessels on the oceans or in the canals.”

A.P. Moller-Maersk said it was premature to blame Ever Given’s size for what happened in the Suez. Ultralarge ships “have existed for many years and have sailed through the Suez Canal without issues,” company chief technical officer Palle Brodsgaard Laursen said in a statement Tuesday.

But the growth in ship size has come at a cost. It has effectively pitted port against port, canal against canal. To make way for bigger ships, for example, the Panama Canal expanded in 2016 at a cost of more than $5 billion.

That set off a race among ports along the East Coast of the United States to attract the larger ships coming through the canal. Several ports, including those in Baltimore, Miami and Norfolk, Virginia, began dredging projects to deepen their harbors. The Port Authority of New York and New Jersey spearheaded a $1.7 billion project to raise the Bayonne Bridge to accommodate mammoth ships laden with cargo from Asia and elsewhere.

The race to accommodate ever-larger ships also pushed ports and terminal operators to buy new equipment. This month, for example, the Port of Oakland, California, erected three 1,600-ton cranes that would, in the words of one port executive, allow it to “receive the biggest ships.”

But while ports incurred costs for accommodating larger ships, they didn’t reap all of the benefits, according to Jan Tiedemann, a senior analyst at Alphaliner.

“The savings are almost exclusively on the side of the carrier, so there was an argument that the carriers have been in the driving seat and have just pushed through with this big tonnage, while terminal operators, ports and, in some cases, the taxpayer, has footed the bill,” he said.

The shift to bigger ships also coincided with and contributed to industry consolidation that has both limited competition among shipping giants and made the world more vulnerable to supply disruptions. Buying and maintaining large vessels is expensive, and shippers who couldn’t afford those costs had to find ways to become bigger themselves. Some firms merged, and others joined alliances that allowed them to pool their ships to offer more-frequent service.

Those trends aren’t necessarily all bad. The alliances allow shippers to offer expanded service and help keep costs low for customers. And the fact that bigger ships cut fuel costs has helped the industry make the case that it is doing its part to reduce planet-warming emissions.

But the argument for even bigger ships may finally be fading, even for container lines themselves — a concept known in economics as the law of diminishing returns.

For one, the benefits of building bigger tend to shrink with each successive round of growth, according to Olaf Merk, lead author of a 2015 International Transport Forum report on very big ships. According to the report, the savings from moving to ships that can carry 19,000 containers were four to six times smaller than those realized by the previous expansion of ship size. And most of the savings came from more efficient ship engines than the size of the ship.

“There’s still economies of scale, but less and less as the ships become bigger,” Merk said.

The bigger vessels can also call on fewer ports and navigate through fewer tight waterways. They are also harder to fill, cost more to insure and pose a greater threat to supply chains when things go wrong, such as Ever Given’s beaching in the Suez Canal. Giant ships are also designed for a world in which trade is growing rapidly, which is far from guaranteed these days given high geopolitical and economic tensions between the United States and China, between Britain and the European Union and between other large trading partners.

The traffic jam at the Suez Canal will soon begin easing, but behemoth container ships such as the one that blocked that crucial passageway for almost a week and caused headaches for shippers around the world aren’t going anywhere.

The traffic jam at the Suez Canal will soon begin easing, but behemoth container ships such as the one that blocked that crucial passageway for almost a week and caused headaches for shippers around the world aren’t going anywhere. Global supply chains were already under pressure when the Ever Given, a ship longer than the height of the Empire State Building and capable of carrying furnishings for 20,000 apartments, wedged itself between the banks of the Suez Canal last week. It was freed Monday, but it left behind “disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” according to A.P. Moller-Maersk, the world’s largest shipping company. The crisis was short, but it was also years in the making. For decades, shipping lines have been making bigger and bigger vessels, driven by an expanding global appetite for electronics, clothes, toys and other goods. The growth in ship size, which sped up in recent years, often made economic sense: Bigger vessels are generally cheaper to build and operate on a per-container basis. But the largest ships can come with their own set of problems, not only for the canals and ports that have to handle them, but for the companies that build them. “They did what they thought was most efficient for themselves — make the ships big — and they didn’t pay much attention at all to the rest of the world,” said Marc Levinson, an economist and author of “Outside the Box,” a history of globalization. “But it turns out that these really big ships are not as efficient as the shipping lines had imagined.” Despite the risks they pose, however, massive vessels still dominate global shipping. According to Alphaliner, a shipping-data firm, the global fleet of container ships includes 133 of the largest ship type — those that can carry 18,000 to 24,000 containers. Another 53 ships are on order. The world’s first commercially successful container trip took place in 1956 aboard a converted steamship, which transported a few dozen containers from New Jersey to Texas. The industry has grown steadily in the decades since, but as global trade accelerated in the 1980s, so did the growth of the shipping industry — and ship size. In that decade, the average capacity of a container ship grew by 28%, according to the International Transport Forum, a unit of the Organization for Economic Cooperation and Development. Container-ship capacity grew again by 36% in the 1990s. Then, in 2006, Maersk introduced a massive new vessel, the Emma Maersk, which could hold about 15,000 containers, almost 70% more than any other vessel. “Instead of this pattern of small increases in capacity over time, all of a sudden we had a quantum leap and that really set off an arms race,” Levinson said. Today, the largest ships can hold as many as 24,000 containers — a standard 20-foot box can hold a pair of midsize SUVs or enough produce to fill one to two aisles in a grocery store. The growth of the shipping industry and ship size has played a central role in creating the modern economy, helping to make China a manufacturing powerhouse and facilitating the rise of everything from e-commerce to retailers such as Ikea and Amazon. To the container lines, building bigger made sense: Larger ships allowed them to squeeze out savings on construction, fuel and staffing. “Ultra Large Container Vessels (ULCV) are extremely efficient when it is about transporting large quantities of goods around the globe,” Tim Seifert, a spokesman for Hapag-Lloyd, a large shipping company, said in a statement. “We also doubt that it would make shipping safer or more environmentally friendly if there would be more- or less-efficient vessels on the oceans or in the canals.” A.P. Moller-Maersk said it was premature to blame Ever Given’s size for what happened in the Suez. Ultralarge ships “have existed for many years and have sailed through the Suez Canal without issues,” company chief technical officer Palle Brodsgaard Laursen said in a statement Tuesday. But the growth in ship size has come at a cost. It has effectively pitted port against port, canal against canal. To make way for bigger ships, for example, the Panama Canal expanded in 2016 at a cost of more than $5 billion. That set off a race among ports along the East Coast of the United States to attract the larger ships coming through the canal. Several ports, including those in Baltimore, Miami and Norfolk, Virginia, began dredging projects to deepen their harbors. The Port Authority of New York and New Jersey spearheaded a $1.7 billion project to raise the Bayonne Bridge to accommodate mammoth ships laden with cargo from Asia and elsewhere. The race to accommodate ever-larger ships also pushed ports and terminal operators to buy new equipment. This month, for example, the Port of Oakland, California, erected three 1,600-ton cranes that would, in the words of one port executive, allow it to “receive the biggest ships.” But while ports incurred costs for accommodating larger ships, they didn’t reap all of the benefits, according to Jan Tiedemann, a senior analyst at Alphaliner. “The savings are almost exclusively on the side of the carrier, so there was an argument that the carriers have been in the driving seat and have just pushed through with this big tonnage, while terminal operators, ports and, in some cases, the taxpayer, has footed the bill,” he said. The shift to bigger ships also coincided with and contributed to industry consolidation that has both limited competition among shipping giants and made the world more vulnerable to supply disruptions. Buying and maintaining large vessels is expensive, and shippers who couldn’t afford those costs had to find ways to become bigger themselves. Some firms merged, and others joined alliances that allowed them to pool their ships to offer more-frequent service. Those trends aren’t necessarily all bad. The alliances allow shippers to offer expanded service and help keep costs low for customers. And the fact that bigger ships cut fuel costs has helped the industry make the case that it is doing its part to reduce planet-warming emissions. But the argument for even bigger ships may finally be fading, even for container lines themselves — a concept known in economics as the law of diminishing returns. For one, the benefits of building bigger tend to shrink with each successive round of growth, according to Olaf Merk, lead author of a 2015 International Transport Forum report on very big ships. According to the report, the savings from moving to ships that can carry 19,000 containers were four to six times smaller than those realized by the previous expansion of ship size. And most of the savings came from more efficient ship engines than the size of the ship. “There’s still economies of scale, but less and less as the ships become bigger,” Merk said. The bigger vessels can also call on fewer ports and navigate through fewer tight waterways. They are also harder to fill, cost more to insure and pose a greater threat to supply chains when things go wrong, such as Ever Given’s beaching in the Suez Canal. Giant ships are also designed for a world in which trade is growing rapidly, which is far from guaranteed these days given high geopolitical and economic tensions between the United States and China, between Britain and the European Union and between other large trading partners.

Why the world’s container ships grew so big

German carmaker Volkswagen is not changing its name in the United States, contrary to a news release commissioned by the company itself. Turns out, the company announced that the US operations would be renamed to&nbsp;“Voltswagen of America” to shed light on its efforts in development of electric vehicles.

However, it all turned out to be an early April Fool’s gimmick.&nbsp;

Soon after the announcement, many criticised the company for the misleading news release, while others reminded the company of the diesel scandal from years ago whereby thousands of customers were misled into believing their cars were in line with environment protocols, but a cheat device was used to show these readings.

"Volkswagen&nbsp;of America will not be changing its name to Voltswagen. The renaming was designed to be an announcement in the spirit of April Fool’s Day, highlighting the launch of the all-electric ID.4 SUV and signaling our commitment to bringing electric mobility to all," a Volkswagen spokesperson said.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/volkswagen-aims-to-use-its-size-to-head-off-tesla-370942" hreflang="en">Volkswagen aims to use its size to head off Tesla</a>

The news release first emerged on the company’s website, and included a detailed description of the company’s rebranding efforts, including new logos. But it was withdrawn later on Tuesday. Reuters cited a Volkswagen spokesman in Germany saying that the rebranding was a “nice idea” to market the vehicles.

Volkswagen is the world’s second-largest carmaker, and expects to increase electric car deliveries this year in a bid to completely switch from fuel cars.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/volkswagen-signs-deal-with-microsoft-to-develop-self-driving-vehicles-362855" hreflang="en">Volkswagen signs deal with Microsoft to develop self-driving vehicles</a>

The company is investing $19 billion in electrification and digitalisation of its vehicles by 2025. The company has committed to selling one million electric vehicles worldwide by 2025.

In 2015, the company admitted to rigging the software in diesel cars for better results. The company had to pay $38 billion in fines and legal costs.

After pleading guilty to fraud, obstruction of justice, and making false statements in 2017, Volkswagen reached a $4.3 billion settlement with the US Justice Department.

German carmaker Volkswagen is not changing its name in the United States, contrary to a news release commissioned by the company itself. Turns out, the company announced that the US operations would be renamed to “Voltswagen of America” to shed light on its efforts in development of electric vehicles.

German carmaker Volkswagen is not changing its name in the United States, contrary to a news release commissioned by the company itself. Turns out, the company announced that the US operations would be renamed to “Voltswagen of America” to shed light on its efforts in development of electric vehicles. However, it all turned out to be an early April Fool’s gimmick. Soon after the announcement, many criticised the company for the misleading news release, while others reminded the company of the diesel scandal from years ago whereby thousands of customers were misled into believing their cars were in line with environment protocols, but a cheat device was used to show these readings. "Volkswagen of America will not be changing its name to Voltswagen. The renaming was designed to be an announcement in the spirit of April Fool’s Day, highlighting the launch of the all-electric ID.4 SUV and signaling our commitment to bringing electric mobility to all," a Volkswagen spokesperson said. Also read: Volkswagen aims to use its size to head off Tesla The news release first emerged on the company’s website, and included a detailed description of the company’s rebranding efforts, including new logos. But it was withdrawn later on Tuesday. Reuters cited a Volkswagen spokesman in Germany saying that the rebranding was a “nice idea” to market the vehicles. Volkswagen is the world’s second-largest carmaker, and expects to increase electric car deliveries this year in a bid to completely switch from fuel cars. Also read: Volkswagen signs deal with Microsoft to develop self-driving vehicles The company is investing $19 billion in electrification and digitalisation of its vehicles by 2025. The company has committed to selling one million electric vehicles worldwide by 2025. In 2015, the company admitted to rigging the software in diesel cars for better results. The company had to pay $38 billion in fines and legal costs. After pleading guilty to fraud, obstruction of justice, and making false statements in 2017, Volkswagen reached a $4.3 billion settlement with the US Justice Department.

No, Volkswagen is not changing its name to 'Voltswagen of America'

Domestic stock market indices, Sensex and Nifty ended over 1 per cent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues.&nbsp;

The 30-share BSE index ended 627.43 points or 1.25 per cent lower at 49,509.15, and the broader NSE Nifty slumped 154.40 points or 1.04 per cent to 14,690.70.

The HDFC duo was the top laggard in the Sensex pack, shedding nearly 4 per cent, followed by PowerGrid, Tech Mahindra, ICICI Bank, ONGC, Kotak Bank, Asian Paints, Infosys and Reliance Industries.

On the other hand, ITC, Bajaj Finserv, HUL, SBI and TCS were among the gainers.

"Domestic equities traded lower as concerns pertaining to a spike in COVID-19 cases and resultant restrictions continued to weigh on investors' sentiments,? said Binod Modi, Head - Strategy at Reliance Securities.

Further, rise in US treasury yields and the strengthening dollar index aggravated concerns, he added.

Financials, especially private banks, witnessed heavy profit-booking, which along with selling pressure in IT stocks dragged benchmarks. However, investors continue to lap up FMCG, metals and pharma names.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red.

Stock exchanges in Europe were also trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.58 per cent lower at USD 63.80 per barrel.&nbsp;

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty ended over 1 per cent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues.

Domestic stock market indices, Sensex and Nifty ended over 1 per cent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. The 30-share BSE index ended 627.43 points or 1.25 per cent lower at 49,509.15, and the broader NSE Nifty slumped 154.40 points or 1.04 per cent to 14,690.70. The HDFC duo was the top laggard in the Sensex pack, shedding nearly 4 per cent, followed by PowerGrid, Tech Mahindra, ICICI Bank, ONGC, Kotak Bank, Asian Paints, Infosys and Reliance Industries. On the other hand, ITC, Bajaj Finserv, HUL, SBI and TCS were among the gainers. "Domestic equities traded lower as concerns pertaining to a spike in COVID-19 cases and resultant restrictions continued to weigh on investors' sentiments,? said Binod Modi, Head - Strategy at Reliance Securities. Further, rise in US treasury yields and the strengthening dollar index aggravated concerns, he added. Financials, especially private banks, witnessed heavy profit-booking, which along with selling pressure in IT stocks dragged benchmarks. However, investors continue to lap up FMCG, metals and pharma names. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red. Stock exchanges in Europe were also trading on a negative note in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 0.58 per cent lower at USD 63.80 per barrel. (With inputs from agencies)

Sensex snaps 2-day gaining streak, falls 600 points, Nifty below 14,700

Underscoring the fragile nature of the economy's recovery from last year's slump, Japanese retail sales fell for the third straight month in February as households kept a lid on expenditure amid the coronavirus emergency.

World Business Watch: Japan's retail sales fall for third straight month

Hyundai of South Korea plans to temporarily suspend production at Ulsan No.1 plant due to chip shortage between April 5 and April 13. The affected Ulsan factory produces 311,000 vehicles annually including the Kona Electric and Ioniq 5.

World Business Watch: Hyundai to suspend production in South Korea due to chip shortage

Major payments platform Visa announced that it will allow the use of cryptocurrency USD Coin to settle transactions on its network in a move to promote digital currencies and bitcoin.

World Business Watch: Visa to open payment option on Crypto platforms

UN Secretary-General Antonio Guterres on Monday called for urgent, bold measures to address an emerging debt crisis caused largely by Covid-19. 
 
"We are on the verge of a debt crisis. Today`s meeting, convened with our partners, the prime ministers of Canada and Jamaica, is a call for urgent action," he told a high-level event on debt and liquidity, Xinhua news agency reported. 
 
Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least-developed and low-income countries. They face a painfully slow recovery that will put the 2030 Agenda for Sustainable Development and the Paris Agreement completely out of reach, he warned. 
 
Developing countries need access to additional liquidity to respond to the pandemic and to invest in recovery. The international community must urgently provide the necessary support to all developing countries in need, said Guterres. 
 
From the start of the pandemic, the United Nations has advocated for a three-phase approach to debt: a moratorium on debt payments, targeted debt relief, reforms to the international debt architecture, he noted. 
 
He welcomed the steps that have been taken, including fresh financing by international financial institutions, the Debt Service Suspension Initiative of the Group of 20, and the Common Framework for Debt Treatments, but said they are far from enough. 
 
"I am, therefore, calling for much bolder and more ambitious measures. 
 
"We strongly believe that the Debt Service Suspension Initiative must be extended into 2022, and made also available to highly indebted, vulnerable middle-income countries that request it.

UN Secretary-General Antonio Guterres on Monday called for urgent, bold measures to address an emerging debt crisis caused largely by Covid-19. "We are on the verge of a debt crisis.

UN Secretary-General Antonio Guterres on Monday called for urgent, bold measures to address an emerging debt crisis caused largely by Covid-19. "We are on the verge of a debt crisis. Today`s meeting, convened with our partners, the prime ministers of Canada and Jamaica, is a call for urgent action," he told a high-level event on debt and liquidity, Xinhua news agency reported. Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least-developed and low-income countries. They face a painfully slow recovery that will put the 2030 Agenda for Sustainable Development and the Paris Agreement completely out of reach, he warned. Developing countries need access to additional liquidity to respond to the pandemic and to invest in recovery. The international community must urgently provide the necessary support to all developing countries in need, said Guterres. From the start of the pandemic, the United Nations has advocated for a three-phase approach to debt: a moratorium on debt payments, targeted debt relief, reforms to the international debt architecture, he noted. He welcomed the steps that have been taken, including fresh financing by international financial institutions, the Debt Service Suspension Initiative of the Group of 20, and the Common Framework for Debt Treatments, but said they are far from enough. "I am, therefore, calling for much bolder and more ambitious measures. "We strongly believe that the Debt Service Suspension Initiative must be extended into 2022, and made also available to highly indebted, vulnerable middle-income countries that request it.

UN chief calls for bold measures to tackle debt crisis

Indian stock market indices Sensex and Nifty ended more than 2 percent higher Tuesday led by strong gains in IT, metals and pharma stocks. Broader markets supported the rally with smallcap and midcap indices ending over 1 percent higher each.

The BSE S&amp;P Sensex closed 1,128 points or 2.3 per cent higher at 50,137 while the Nifty 50 edged higher by 338 points or 2.33 per cent to 14,845.

Except for Nifty realty which dipped marginally, all other sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 2.9 per cent, metal by 2.8 per cent, pharma by 2.7 per cent and FMCG by 2.2 per cent.

Among stocks, JSW Steel gained by 4.9 per cent to Rs 467.35 per share while Tata Steel was up by 4.2 per cent to Rs 799.50.Wipro edged higher by 3.9 per cent, HCL Technologies by 3.8 per cent and Infosys by 3.7 per cent while agro-chemicals major ticked up by 7.6 per cent to close at Rs 629.85 per share.

The others which gained were HDFC Bank and NTPC. However, Hindalco, Axis Bank, Mahindra &amp; Mahindra and Bharti Airtel traded with a negative bias.Meanwhile, Asian shares were mixed as global investors shook off worries about a hedge fund default that roiled global banking stocks overnight.

Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector.Japan`s Nikkei was up by 0.16 per cent while Hong Kong`s Hang Seng Index gained by 0.84 per cent. South Korea added 1.12 per cent.

(With inputs from agencies)

Indian stock market indices Sensex and Nifty ended more than 2 percent higher Tuesday led by strong gains in IT, metals and pharma stocks. Broader markets supported the rally with smallcap and midcap indices ending over 1 percent higher each.

Indian stock market indices Sensex and Nifty ended more than 2 percent higher Tuesday led by strong gains in IT, metals and pharma stocks. Broader markets supported the rally with smallcap and midcap indices ending over 1 percent higher each. The BSE S&P Sensex closed 1,128 points or 2.3 per cent higher at 50,137 while the Nifty 50 edged higher by 338 points or 2.33 per cent to 14,845. Except for Nifty realty which dipped marginally, all other sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 2.9 per cent, metal by 2.8 per cent, pharma by 2.7 per cent and FMCG by 2.2 per cent. Among stocks, JSW Steel gained by 4.9 per cent to Rs 467.35 per share while Tata Steel was up by 4.2 per cent to Rs 799.50.Wipro edged higher by 3.9 per cent, HCL Technologies by 3.8 per cent and Infosys by 3.7 per cent while agro-chemicals major ticked up by 7.6 per cent to close at Rs 629.85 per share. The others which gained were HDFC Bank and NTPC. However, Hindalco, Axis Bank, Mahindra & Mahindra and Bharti Airtel traded with a negative bias.Meanwhile, Asian shares were mixed as global investors shook off worries about a hedge fund default that roiled global banking stocks overnight. Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector.Japan`s Nikkei was up by 0.16 per cent while Hong Kong`s Hang Seng Index gained by 0.84 per cent. South Korea added 1.12 per cent. (With inputs from agencies)

Sensex ends above 50,100, Nifty near 14,850

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when it can be refloated, the head of the canal authority said on Saturday. 
 
The 400 metre (430 yard) long Ever Given became wedged diagonally across a southern section of the canal amid high winds early on Tuesday, blocking one of the world`s busiest waterways. 
 
About 15% of world shipping traffic transits the canal and hundreds of vessels are waiting to pass once the blockage has been cleared. 
 
Suez Canal Authority (SCA) Chairman Osama Rabie said he hoped it would not be necessary to remove some of the 18,300 containers to lighten the ship`s load, but that strong tides and winds were complicating efforts to free it. 
 
"The ship`s stern began to move towards Suez, and that was a positive sign until 11 p.m. (2100 GMT) at night, but the tide fell significantly and we stopped," Rabie told journalists in Suez. 
 
"We expect that at any time the ship could slide and move from the spot it is in." 
 
Dredgers removed some 20,000 tonnes of sand from around its bow by Friday. A Dutch firm working to free the vessel said it could be freed by the start of next week if heavier tugboats, dredging and a high tide succeed in dislodging it. 
 
Tugging attempts restarted on Saturday afternoon and further efforts were planned on Saturday night and Sunday morning, SCA sources said, though they added it could be necessary to remove more sand from around the ship to free it. 
 
Two SCA sources said there had been further, minor progress in dislodging the ship on Saturday. One source said there had been some movement at the bow of the ship. 
 
"When dealing with a ship of this size, its behaviour with the dredgers is unknown, we don`t know how it will respond to the pulling," said Rabie. 
 
The head of Boskalis, parent company of Dutch firm Smit Salvage which has been brought in to help the SCA, said heavy tugboats with a combined capacity of 400 tonnes would arrive sometime this weekend. 
 
REALLY STUCK 
 
"We aim to get it done after the weekend, but everything will have to work out exactly right for that," Boskalis Chief Executive Peter Berdowski told Dutch TV programme Nieuwsuur late on Friday. 
 
"The bow is really stuck in the sandy clay, but the stern has not been pushed totally into the clay, which is positive. We can try to use that as leverage to pull it loose," Berdowski said. 
 
Egyptian Prime Minister Mostafa Madbouly on Saturday thanked foreign partners for offers to help refloat the ship. 
 
Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions. 
 
If it drags on, shippers may decide to reroute around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs. Rabie said the ships that are waiting were free to reroute around the Cape, but none had yet done so. 
 
He said 321 vessels were waiting to enter or continue their transit through the canal. Those included dozens of container ships, bulk carriers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, according to a shipping source. 
 
Fourteen tugs have so far been involved in efforts to refloat the Ever Given, although Boskalis and Smit Salvage have warned that using too much force to tug the ship could damage it. 
 
Berdowski said a land crane would be brought in at the weekend which could lighten the Ever Given`s load by removing containers, though experts have warned that such a process could be complex and lengthy. 
 
"If we don`t succeed in getting it loose next week, we will have to remove some 600 containers from the bow to reduce the weight," he said. "That will set us back days at least, because where to leave all those containers will be quite a puzzle." 
 
Rabie said empty container ships with cranes could offload containers.

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when it can be refloated, the head of the canal authority said on Saturday.

Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move, but it remains unclear when it can be refloated, the head of the canal authority said on Saturday. The 400 metre (430 yard) long Ever Given became wedged diagonally across a southern section of the canal amid high winds early on Tuesday, blocking one of the world`s busiest waterways. About 15% of world shipping traffic transits the canal and hundreds of vessels are waiting to pass once the blockage has been cleared. Suez Canal Authority (SCA) Chairman Osama Rabie said he hoped it would not be necessary to remove some of the 18,300 containers to lighten the ship`s load, but that strong tides and winds were complicating efforts to free it. "The ship`s stern began to move towards Suez, and that was a positive sign until 11 p.m. (2100 GMT) at night, but the tide fell significantly and we stopped," Rabie told journalists in Suez. "We expect that at any time the ship could slide and move from the spot it is in." Dredgers removed some 20,000 tonnes of sand from around its bow by Friday. A Dutch firm working to free the vessel said it could be freed by the start of next week if heavier tugboats, dredging and a high tide succeed in dislodging it. Tugging attempts restarted on Saturday afternoon and further efforts were planned on Saturday night and Sunday morning, SCA sources said, though they added it could be necessary to remove more sand from around the ship to free it. Two SCA sources said there had been further, minor progress in dislodging the ship on Saturday. One source said there had been some movement at the bow of the ship. "When dealing with a ship of this size, its behaviour with the dredgers is unknown, we don`t know how it will respond to the pulling," said Rabie. The head of Boskalis, parent company of Dutch firm Smit Salvage which has been brought in to help the SCA, said heavy tugboats with a combined capacity of 400 tonnes would arrive sometime this weekend. REALLY STUCK "We aim to get it done after the weekend, but everything will have to work out exactly right for that," Boskalis Chief Executive Peter Berdowski told Dutch TV programme Nieuwsuur late on Friday. "The bow is really stuck in the sandy clay, but the stern has not been pushed totally into the clay, which is positive. We can try to use that as leverage to pull it loose," Berdowski said. Egyptian Prime Minister Mostafa Madbouly on Saturday thanked foreign partners for offers to help refloat the ship. Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions. If it drags on, shippers may decide to reroute around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs. Rabie said the ships that are waiting were free to reroute around the Cape, but none had yet done so. He said 321 vessels were waiting to enter or continue their transit through the canal. Those included dozens of container ships, bulk carriers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels, according to a shipping source. Fourteen tugs have so far been involved in efforts to refloat the Ever Given, although Boskalis and Smit Salvage have warned that using too much force to tug the ship could damage it. Berdowski said a land crane would be brought in at the weekend which could lighten the Ever Given`s load by removing containers, though experts have warned that such a process could be complex and lengthy. "If we don`t succeed in getting it loose next week, we will have to remove some 600 containers from the bow to reduce the weight," he said. "That will set us back days at least, because where to leave all those containers will be quite a puzzle." Rabie said empty container ships with cranes could offload containers.

Ship blocking Suez Canal moves slightly, unclear when it will refloat

Alabama, a largely conservative state could become the first in the United States to have an Amazon union. Most companies came to the state to avoid the troubles of labour unions. But, now that is quickly changing as Amazon employees demand rights.

On Monday, employees at an Amazon warehouse in Alabama will decide whether the first union for the company’s employees will be instituted.&nbsp;If successful, the move could pave way for further unionisation within Amazon, a massive tech company.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-a-historic-vote-for-equal-worker-rights-at-amazon-367260/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

If employees chose to unionise, over 5,800 workers at the Amazon warehouse in Bessemer will find representation. Recently, Amazon made the headlines after reports of dire conditions for workers came to light, whereby employees didn’t even have the time to urinate.

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>

Many truck drivers were forced to urinate in bottles owing to this. Following this revelation, accounts from numerous Amazon employees shed light on how they were being treated at the company’s warehouses.&nbsp;

Workers have revealed that employees are being forced to take 14-hour long shifts with little or no bathroom breaks. Amazon imposes strict targets and penalises people who fail to achieve the set goals. The pressure is such that employees end up peeing in bottles to save time from taking a bathroom break.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/amazon-says-it-pays-alabama-workers-well-other-local-employers-pay-more-371771" hreflang="en">Amazon says it pays Alabama workers well; other local employers pay more</a>

Bernie Sanders, a progressive independent senator endorsed the plan for unionisation after visiting the area.

"This is historically a very anti-union state. That’s why I am incredibly moved and impressed by courage of these workers," Sanders said on Friday.

Alabama, a largely conservative state could become the first in the United States to have an Amazon union. Most companies came to the state to avoid the troubles of labour unions.

Alabama, a largely conservative state could become the first in the United States to have an Amazon union. Most companies came to the state to avoid the troubles of labour unions. But, now that is quickly changing as Amazon employees demand rights. On Monday, employees at an Amazon warehouse in Alabama will decide whether the first union for the company’s employees will be instituted. If successful, the move could pave way for further unionisation within Amazon, a massive tech company. If employees chose to unionise, over 5,800 workers at the Amazon warehouse in Bessemer will find representation. Recently, Amazon made the headlines after reports of dire conditions for workers came to light, whereby employees didn’t even have the time to urinate. Also read: 'Employees pee in bottles': Undercover writer reveals Amazon's poor work conditions Many truck drivers were forced to urinate in bottles owing to this. Following this revelation, accounts from numerous Amazon employees shed light on how they were being treated at the company’s warehouses. Workers have revealed that employees are being forced to take 14-hour long shifts with little or no bathroom breaks. Amazon imposes strict targets and penalises people who fail to achieve the set goals. The pressure is such that employees end up peeing in bottles to save time from taking a bathroom break. Also read: Amazon says it pays Alabama workers well; other local employers pay more Bernie Sanders, a progressive independent senator endorsed the plan for unionisation after visiting the area. "This is historically a very anti-union state. That’s why I am incredibly moved and impressed by courage of these workers," Sanders said on Friday.

Alabama could be home to first Amazon union in US after Monday vote

Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains for everything from grains to baby clothes. 
 
US&nbsp;President Joe Biden said his administration was looking at what it could do to help, after the 400-metre (430-yard) long Ever Given ran aground in the vital trade waterway on Tuesday due to strong wind. 
 
"We have equipment and capacity that most countries don’t have. And we are seeing what help we can be," Biden told reporters in Delaware. 
 
A U.S. official, speaking on the condition of anonymity, said the Navy was prepared to send a team of dredging experts to the canal, but was awaiting approval from local authorities. 
 
The latest effort to dislodge the ship with tug boats was suspended late on Friday, and attempts would resume on Saturday, three sources at the canal said. The Suez Canal Authority (SCA) could not immediately be reached for comment. 
 
Shipping rates for oil product tankers nearly doubled after the ship became stranded, and efforts to free the giant vessel may take weeks and be complicated by unstable weather, threatening costly delays for companies already dealing with COVID-19 restrictions. 
 
All its 25 crew members, who have remained on board, were safe, in good health and spirits, Bernhard Schulte Shipmanagement (BSM), the Ever Given`s technical manager said. 
 
A Dutch rescue team had confirmed two additional tugs would arrive on March 28 to help dislodge the ship, BSM said. 
 
"There have been no reports of pollution or cargo damage and initial investigations rule out any mechanical or engine failure as a cause of the grounding," a BSM statement said. 
 
Earlier, the SCA said efforts to free the ship by tug had resumed following the completion of dredging operations at its bow to remove 20,000 cubic metres of sand. 
 
"The tugging operations require the availability of a number of supporting factors including wind direction and tides, which makes it a complex technical process," the authority said. 
 
The SCA welcomed a U.S. offer to help. Turkey also said it can send a vessel to the canal, amid a push by Ankara to repair ties with Egypt after years of animosity. 
 
The suspension of traffic along the channel linking Europe and Asia has deepened problems for shipping lines. 
 
The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday. 
 
Ratings agency Moody`s expects Europe`s manufacturing and car parts suppliers to be most affected because they operate "just-in-time" supply chains, and said port congestion and further delays to the supply chain were "inevitable." 
 
IMPACT ON OIL 
 
Retired British Royal Navy commander Tom Sharpe said the best bet for the next attempt would be a high tide on Sunday, but because the ship was aground both front and rear there was a risk the hull could rupture if rescuers pulled too hard. 
 
Mohab Mamish, the Egyptian presidential adviser on Suez Canal projects and sea ports, told MBC Misr TV a floating crane should be used to transfer some of the Ever Given`s containers to another ship to lighten the vessel and enable it to float. 
 
About two dozen ships could be seen from the shores of Port Said on Friday morning, according to a Reuters witness. 
 
Oil rose over 3% on Friday as more than 30 oil tankers have been waiting on either side of the canal since Tuesday, shipping data on Refinitiv showed. However, there is low seasonal demand for crude and liquefied natural gas, which will likely mitigate the impact on prices, analysts said. 
 
About 4 million barrels of mostly Kazakh CPC Blend and some Russian Urals were waiting along with tankers carrying Libyan, Azeri and some North Sea crude oil for Asian refiners, traders said. 
 
Egypt`s SUMED pipeline operator approached crude traders to see whether they wanted to book space in the system but so far traders prefer to wait to avoid high additional costs. 
 
Analysts expect a greater price impact on smaller tankers carrying oil products, such as naphtha and fuel oil, for export from Europe to Asia, if the canal remains shut for weeks. 
 
Re-routing ships around the Cape of Good Hope could add about two weeks and extra fuel costs to the voyage, said Sri Paravaikkarasu, director for Asia oil at FGE. 
 
The blockage is weighing on the already weak Asian gasoil, or diesel, market. More than 60% of Asian exports to the west flowed via the choked Canal in 2020, according to FGE. 
 
Aframax and Suezmax rates in the Mediterranean have also reacted as the market starts to price in fewer vessels being available in the region, shipbroker Braemar ACM Shipbroking said. 
 
At least four Long-Range 2 tankers that might have been headed toward Suez from the Atlantic basin are now likely to be evaluating a passage around the Cape of Good Hope, Braemar ACM said. Each LR-2 tanker can carry around 75,000 tonnes of oil. 
 
The cost of shipping clean products, such as gasoline and diesel, from the Russian port of Tuapse on the Black Sea to southern France jumped 73% over the last three days to $2.58 a barrel on March 25, according to Refinitiv Eikon data. 
 
The shipping index benchmark for LR2 vessels from the Middle East to Japan, known as TC1, has climbed by a third since last week to 137.5 worldscale points, said Anoop Jayaraj, clean tanker broker at Fearnleys Singapore. Worldscale is an industry tool used to calculate freight rates. 
 
On the crude side, traders have had to pay 10-20% more for replacement tankers but market freight rates have not yet risen as charterers are not ready to commit to higher levels in case the container is freed this weekend, shipbrokers said.

Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains for everything from grains to baby clothes.

Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains for everything from grains to baby clothes. US President Joe Biden said his administration was looking at what it could do to help, after the 400-metre (430-yard) long Ever Given ran aground in the vital trade waterway on Tuesday due to strong wind. "We have equipment and capacity that most countries don’t have. And we are seeing what help we can be," Biden told reporters in Delaware. A U.S. official, speaking on the condition of anonymity, said the Navy was prepared to send a team of dredging experts to the canal, but was awaiting approval from local authorities. The latest effort to dislodge the ship with tug boats was suspended late on Friday, and attempts would resume on Saturday, three sources at the canal said. The Suez Canal Authority (SCA) could not immediately be reached for comment. Shipping rates for oil product tankers nearly doubled after the ship became stranded, and efforts to free the giant vessel may take weeks and be complicated by unstable weather, threatening costly delays for companies already dealing with COVID-19 restrictions. All its 25 crew members, who have remained on board, were safe, in good health and spirits, Bernhard Schulte Shipmanagement (BSM), the Ever Given`s technical manager said. A Dutch rescue team had confirmed two additional tugs would arrive on March 28 to help dislodge the ship, BSM said. "There have been no reports of pollution or cargo damage and initial investigations rule out any mechanical or engine failure as a cause of the grounding," a BSM statement said. Earlier, the SCA said efforts to free the ship by tug had resumed following the completion of dredging operations at its bow to remove 20,000 cubic metres of sand. "The tugging operations require the availability of a number of supporting factors including wind direction and tides, which makes it a complex technical process," the authority said. The SCA welcomed a U.S. offer to help. Turkey also said it can send a vessel to the canal, amid a push by Ankara to repair ties with Egypt after years of animosity. The suspension of traffic along the channel linking Europe and Asia has deepened problems for shipping lines. The blockage could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday. Ratings agency Moody`s expects Europe`s manufacturing and car parts suppliers to be most affected because they operate "just-in-time" supply chains, and said port congestion and further delays to the supply chain were "inevitable." IMPACT ON OIL Retired British Royal Navy commander Tom Sharpe said the best bet for the next attempt would be a high tide on Sunday, but because the ship was aground both front and rear there was a risk the hull could rupture if rescuers pulled too hard. Mohab Mamish, the Egyptian presidential adviser on Suez Canal projects and sea ports, told MBC Misr TV a floating crane should be used to transfer some of the Ever Given`s containers to another ship to lighten the vessel and enable it to float. About two dozen ships could be seen from the shores of Port Said on Friday morning, according to a Reuters witness. Oil rose over 3% on Friday as more than 30 oil tankers have been waiting on either side of the canal since Tuesday, shipping data on Refinitiv showed. However, there is low seasonal demand for crude and liquefied natural gas, which will likely mitigate the impact on prices, analysts said. About 4 million barrels of mostly Kazakh CPC Blend and some Russian Urals were waiting along with tankers carrying Libyan, Azeri and some North Sea crude oil for Asian refiners, traders said. Egypt`s SUMED pipeline operator approached crude traders to see whether they wanted to book space in the system but so far traders prefer to wait to avoid high additional costs. Analysts expect a greater price impact on smaller tankers carrying oil products, such as naphtha and fuel oil, for export from Europe to Asia, if the canal remains shut for weeks. Re-routing ships around the Cape of Good Hope could add about two weeks and extra fuel costs to the voyage, said Sri Paravaikkarasu, director for Asia oil at FGE. The blockage is weighing on the already weak Asian gasoil, or diesel, market. More than 60% of Asian exports to the west flowed via the choked Canal in 2020, according to FGE. Aframax and Suezmax rates in the Mediterranean have also reacted as the market starts to price in fewer vessels being available in the region, shipbroker Braemar ACM Shipbroking said. At least four Long-Range 2 tankers that might have been headed toward Suez from the Atlantic basin are now likely to be evaluating a passage around the Cape of Good Hope, Braemar ACM said. Each LR-2 tanker can carry around 75,000 tonnes of oil. The cost of shipping clean products, such as gasoline and diesel, from the Russian port of Tuapse on the Black Sea to southern France jumped 73% over the last three days to $2.58 a barrel on March 25, according to Refinitiv Eikon data. The shipping index benchmark for LR2 vessels from the Middle East to Japan, known as TC1, has climbed by a third since last week to 137.5 worldscale points, said Anoop Jayaraj, clean tanker broker at Fearnleys Singapore. Worldscale is an industry tool used to calculate freight rates. On the crude side, traders have had to pay 10-20% more for replacement tankers but market freight rates have not yet risen as charterers are not ready to commit to higher levels in case the container is freed this weekend, shipbrokers said.

Suez Canal steps up efforts to free stuck vessel as energy markets impacted

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