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The Securities and Exchange Board of India has asked the National Stock Exchange to submit a report on root cause analysis of the trading halt today, according to a statement issued by the securities and market regulator.

“Sebi was in constant touch with the NSE officials and continued to monitor the situation closely. NSE was also advised to keep the market participants updated with the evolving developments,” Sebi said in a media statement.

The NSE should "explain the reasons for trading not migrating to the disaster recovery site" and asked it to submit a report at the earliest, according to an official statement.

A disaster recovery system helps as a plan-B in times of distress to ensure that activity is not affected.

Trading across segments was halted at 11.40 am on Wednesday due to "issues with the links with telecom service providers", according to the NSE.

The bourse said it depends on two telecom service providers for connectivity, and both failed simultaneously resulting in the outage.

The Securities and Exchange Board of India (Sebi) said it was in constant touch with NSE officials and continued to monitor the situation closely.

"The NSE was also advised to keep the market participants updated with the evolving developments," it said.

The "trading halt" continued till 3.30 pm. In view of the exceptional situation arising out of it, it was decided to extend the trading hours from 3.30 pm to 5.00 pm at the NSE, the BSE and the Metropolitan Stock Exchange of India.

(With inputs from agencies)

The Securities and Exchange Board of India has asked the National Stock Exchange to submit a report on root cause analysis of the trading halt today, according to a statement issued by the securities and market regulator.

The Securities and Exchange Board of India has asked the National Stock Exchange to submit a report on root cause analysis of the trading halt today, according to a statement issued by the securities and market regulator. “Sebi was in constant touch with the NSE officials and continued to monitor the situation closely. NSE was also advised to keep the market participants updated with the evolving developments,” Sebi said in a media statement. The NSE should "explain the reasons for trading not migrating to the disaster recovery site" and asked it to submit a report at the earliest, according to an official statement. A disaster recovery system helps as a plan-B in times of distress to ensure that activity is not affected. Trading across segments was halted at 11.40 am on Wednesday due to "issues with the links with telecom service providers", according to the NSE. The bourse said it depends on two telecom service providers for connectivity, and both failed simultaneously resulting in the outage. The Securities and Exchange Board of India (Sebi) said it was in constant touch with NSE officials and continued to monitor the situation closely. "The NSE was also advised to keep the market participants updated with the evolving developments," it said. The "trading halt" continued till 3.30 pm. In view of the exceptional situation arising out of it, it was decided to extend the trading hours from 3.30 pm to 5.00 pm at the NSE, the BSE and the Metropolitan Stock Exchange of India. (With inputs from agencies)

Trading outage: Sebi seeks report from NSE on shutdown over tech glitch

London now has the highest concentration of dollar millionaires in the entire world, trumping New York City.

At least 875,000 people from London are dollar millionaires, ie, they possess asserts worth more than $10,15,812 (£720,000), based on the annual study undertaken of the world’s wealthiest people by Knight Frank - a property consultant entity.

This implies that one out of every 10 people in London is now a dollar millionaire. The data highlights the widening inequality gap, which has become steeper owing to the ongoing COVID-19 pandemic. According to government figures, over 2.5 million people in London are classified as “living in poverty”.

The report adds that 874,354 people in London possess assets like property which amounts to over $1 million, making them “high net worth individuals”.

Also read:&nbsp;<a href="http://13.235.153.162/world/europes-biggest-haul-23-tonnes-of-cocaine-seized-by-customs-authorities-365960" hreflang="en">'Europe's biggest haul': 23 tonnes of cocaine seized by customs authorities</a> 
 
In New York, the number stands at 820,000. Knight Frank’s global head of research, Liam Bailey told The Guardian the following - &nbsp;“The main point is that our HNWI threshold is $1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category… Ironically, the high cost of housing in London is the main driver for categorising so many households as being wealthy.”

The research also found that London that the most number of “prime” homes for any city in the world. There are 68,000 such prime units costing over £2m each.

Also read:&nbsp;<a href="http://13.235.153.162/world/uk-ministry-confirms-second-hq-outside-london-365045" hreflang="en">UK ministry confirms second HQ outside London</a>

Expensive property sales have gone up in London during the pandemic, with foreign investors exploiting the drop in the value of the pound and tax advantages in the aftermath of Brexit.

The survey also named London the rich person’s city of choice in terms of lifestyle, and what it offers - opera houses, theatres, universities, sports, shopping facilities, and Michelin-starred restaurants.

London now has the highest concentration of dollar millionaires in the entire world, trumping New York City. At least 875,000 people from London are dollar millionaires, ie, they possess asserts worth more than $10,15,812 (£720,000), based on the annual study undertaken of the world’s wealthiest people by Knight Frank - a property consultant entity.

London now has the highest concentration of dollar millionaires in the entire world, trumping New York City. At least 875,000 people from London are dollar millionaires, ie, they possess asserts worth more than $10,15,812 (£720,000), based on the annual study undertaken of the world’s wealthiest people by Knight Frank - a property consultant entity. This implies that one out of every 10 people in London is now a dollar millionaire. The data highlights the widening inequality gap, which has become steeper owing to the ongoing COVID-19 pandemic. According to government figures, over 2.5 million people in London are classified as “living in poverty”. The report adds that 874,354 people in London possess assets like property which amounts to over $1 million, making them “high net worth individuals”. Also read: 'Europe's biggest haul': 23 tonnes of cocaine seized by customs authorities In New York, the number stands at 820,000. Knight Frank’s global head of research, Liam Bailey told The Guardian the following - “The main point is that our HNWI threshold is $1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category… Ironically, the high cost of housing in London is the main driver for categorising so many households as being wealthy.” The research also found that London that the most number of “prime” homes for any city in the world. There are 68,000 such prime units costing over £2m each. Also read: UK ministry confirms second HQ outside London Expensive property sales have gone up in London during the pandemic, with foreign investors exploiting the drop in the value of the pound and tax advantages in the aftermath of Brexit. The survey also named London the rich person’s city of choice in terms of lifestyle, and what it offers - opera houses, theatres, universities, sports, shopping facilities, and Michelin-starred restaurants.

London now has the most number of dollar millionaires, trumping New York City

Finance Minister Nirmala Sitharaman announced on Wednesday that all private banks are now allowed to participate in government businesses. The business operations linked to the government were so far the forte of public sector lenders.

"Embargo lifted on the grant of Govt business to private banks. All banks can now participate. Private Banks can now be equal partners in the development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience," Finance Minister Nirmala Sitharaman said in a tweet.&nbsp;

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Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience. <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/DFS_India?ref_src=twsrc%5Etfw">@DFS_India</a>
— NSitharamanOffice (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1364524763251544068?ref_src=twsrc%5Etfw">February 24, 2021</a></blockquote>
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This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services, an official statement said.

Private sector banks, which are at the forefront of imbibing and implementing the latest technology and innovation in banking, will now be equal partners in the development of the Indian economy and in furthering the social sector initiatives of the government, the statement said.

"With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business. The Government has conveyed its decision to RBI," it added.

The government has already announced its intent to privatise two public sector lenders, other than IDBI Bank, in the Budget 2021-22.

Sitharaman, while presenting Budget 2021-22 earlier this month, had announced the privatisation of Public Sector Banks (PSBs) as part of the disinvestment drive to garner Rs 1.75 lakh crore.

"Other than IDBI Bank, we propose to take up the privatisation of two Public Sector Banks and one General Insurance company in the year 2021-22," she had said.&nbsp;

The government last year consolidated 10 public sector banks into four and as a result, the total number of PSBs came down to 12 from 27 in March 2017.

As per the amalgamation plan, the United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank, making the proposed entity the second-largest PSB.

Syndicate Bank was merged with Canara Bank, while Allahabad Bank was subsumed in Indian Bank. Andhra Bank and Corporation Bank were amalgamated with the Union Bank of India.

In a first three-way merger, Bank of Baroda merged Vijaya Bank and Dena Bank with itself in 2019. SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad -- and also Bharatiya Mahila Bank effective April 2017.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman announced on Wednesday that all private banks are now allowed to participate in government businesses. The business operations linked to the government were so far the forte of public sector lenders.

Finance Minister Nirmala Sitharaman announced on Wednesday that all private banks are now allowed to participate in government businesses. The business operations linked to the government were so far the forte of public sector lenders. "Embargo lifted on the grant of Govt business to private banks. All banks can now participate. Private Banks can now be equal partners in the development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience," Finance Minister Nirmala Sitharaman said in a tweet. Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt's social sector initiatives, and enhancing customer convenience. @FinMinIndia @DFS_India — NSitharamanOffice (@nsitharamanoffc) February 24, 2021 × This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services, an official statement said. Private sector banks, which are at the forefront of imbibing and implementing the latest technology and innovation in banking, will now be equal partners in the development of the Indian economy and in furthering the social sector initiatives of the government, the statement said. "With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business. The Government has conveyed its decision to RBI," it added. The government has already announced its intent to privatise two public sector lenders, other than IDBI Bank, in the Budget 2021-22. Sitharaman, while presenting Budget 2021-22 earlier this month, had announced the privatisation of Public Sector Banks (PSBs) as part of the disinvestment drive to garner Rs 1.75 lakh crore. "Other than IDBI Bank, we propose to take up the privatisation of two Public Sector Banks and one General Insurance company in the year 2021-22," she had said. The government last year consolidated 10 public sector banks into four and as a result, the total number of PSBs came down to 12 from 27 in March 2017. As per the amalgamation plan, the United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank, making the proposed entity the second-largest PSB. Syndicate Bank was merged with Canara Bank, while Allahabad Bank was subsumed in Indian Bank. Andhra Bank and Corporation Bank were amalgamated with the Union Bank of India. In a first three-way merger, Bank of Baroda merged Vijaya Bank and Dena Bank with itself in 2019. SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad -- and also Bharatiya Mahila Bank effective April 2017. (With inputs from agencies)

Private banks can get govt business, the embargo lifted: Nirmala Sitharaman

The U.S. economy remains mired in a pandemic winter of shuttered storefronts, high unemployment and sluggish job growth. But on Wall Street and in Washington, attention is shifting to an intriguing if indistinct prospect: a post-COVID boom.

Forecasters have always expected the pandemic to be followed by a period of strong growth as businesses reopen and Americans resume their normal activities. But in recent weeks, economists have begun to talk of something stronger: a supercharged rebound that brings down unemployment, drives up wages and may foster years of stronger growth.

There are hints that the economy has turned a corner: Retail sales jumped last month as the latest round of government aid began showing up in consumers’ bank accounts. New unemployment claims have declined from early January, though they remain high. Measures of business investment have picked up, a sign of confidence from corporate leaders.

Economists surveyed by the Federal Reserve Bank of Philadelphia this month predicted that U.S. output will increase 4.5% this year, which would make it the best year since 1999. Some expect an even stronger bounce: Economists at Goldman Sachs forecast that the economy will grow 6.8% this year and that the unemployment rate will drop to 4.1% by December, a level that took eight years to achieve after the last recession.

“We’re extremely likely to get a very high growth rate,” said Jan Hatzius, Goldman’s chief economist. “Whether it’s a boom or not, I do think it’s a V-shaped recovery,” he added, referring to a steep drop followed by a sharp rebound.

The growing optimism stems from the confluence of several factors. Coronavirus cases are falling in the United States. The vaccine rollout, though slower than hoped, is gaining steam. And largely because of trillions of dollars in federal help, the economy appears to have made it through last year with less structural damage — in the form of business failures, home foreclosures and personal bankruptcies — than many people feared last spring.

Lastly, consumers are sitting on a trillion-dollar mountain of cash, a result of months of lockdown-induced saving and successive rounds of stimulus payments. That mountain could grow if Congress approves the aid to households that President Joe Biden has proposed.

When the pandemic ends, cash could be unleashed like melting snow in the Rockies: Consumers, released from their cabin fever, compete for hotel rooms and restaurant tables. Businesses compete for employees and supplies to meet the demand. Workers who were sidelined by child care responsibilities or virus fears are drawn back to the labor force by suddenly abundant opportunities.

“There will be this big boom as pent-up demand comes through and the economy is opening,” said Ellen Zentner, chief U.S. economist for Morgan Stanley. “There is an awful lot of buying power that we’ve transferred to households to fuel that pent-up demand.”

That vision is far from a certainty. Delays in the vaccine rollout could stall the recovery. So could new strains of the virus that render vaccines less effective. A political standoff in Washington could hold up aid for unemployed workers and struggling businesses. And even if the economy avoids all of those traps, there is unlikely to be a single moment when public health officials give an “all clear”; it could be years before people pack into bars and sports stadiums the way they did before the pandemic.

A boom also carries risks. In recent weeks, prominent economists including Lawrence H. Summers, a Treasury secretary under President Bill Clinton, have warned that Biden’s relief proposal is too large and could lead the economy to overheat, pushing up prices and forcing the Federal Reserve to bring the party to a premature end. Fed officials have largely dismissed those concerns, noting that the consistent problem in recent decades has been too little inflation rather than too much.

Other economists fear that the rebound will primarily benefit those at the top, compounding inequities that the pandemic has widened.

“We may see a boom in the future, but that may just leave some people even further behind, or may give them a trickle when they need a waterfall,” said Tara Sinclair, a George Washington University economist.

But for many businesses and households that have struggled to stay afloat during the pandemic, those concerns pale in comparison with the opportunities that a boom could provide.

Workout Anytime, a chain of 24-hour fitness clubs, was hit hard by the early stages of the pandemic, which shut down gyms nationwide. Business has since rebounded, but not to previous levels, as customers remain wary about working out in close quarters.

But Greg Maurer, a company vice president, sees better times ahead. The pandemic hasn’t dampened people’s enthusiasm for working out, he said — if anything, it has made the importance of physical fitness clearer. As soon as people are sure it’s safe, he said, he expects business to be gangbusters.

“This may be the biggest growth period we’ve ever had coming up,” he said. “There is a huge group of people out there saying, ‘I cannot wait to get back to the club.’”

Maurer doesn’t just expect to get all his old customers back, or even to resume the company’s old growth trajectory. He expects business to leap ahead of its path before the virus. That’s partly because the pandemic has wiped out many smaller gym chains, leaving less competition. But it is also because the pandemic led Workout Anytime and other chains to adopt digital tools, like online bookings and video workouts, that could open up new revenue streams.

“We are a way better organization today as a result of these challenges than we were a year ago because we had to get better,” Maurer said.

Stories like his are behind one of the most intriguing possibilities for the post-COVID-19 era: a surge in productivity. Companies and workers have been forced to embrace a wide range of technologies and policies — online meetings, file sharing, flexible work schedules — that could make their operations more efficient. Spread across the whole economy, such changes could allow faster growth that is sustainable over decades, not just a short-term burst.

Constance L. Hunter, chief economist at the accounting firm KPMG, likened the possibility to the period after World War II. The war led to the development of new technologies and spread existing ones to factories across the country. Those advancements helped make the postwar period one of the best on record for productivity growth, and for economic growth in general.

There is no single definition of a boom, nor a committee of elite economists who agree when one has begun, as there is with recessions. But economists generally agree that booms are characterized by a combination of strong growth and a high absolute level of activity. By that standard, the period after World War II certainly qualifies as a boom. So do the late 1960s.

In recent decades, however, booms have become less common. Growth never took off after the mild recession that hit in 2001, and while the unemployment rate hit a half-century low after the last recession, it took a decade to get there.

There are reasons to think this recovery could be different. For one thing, the economy was fundamentally healthy when the recession began. There was no housing bubble; household debt was low; banks weren’t sitting on a tower of dubious loans that could collapse at any moment. That means there is no reason, at least in theory, that the economy can’t pick up more or less where it left off.

Policymakers have also responded much more aggressively to this crisis than to past ones. The Fed moved quickly to prevent the pandemic from setting off a financial crisis. Congress spent trillions of dollars to make sure unemployed workers could keep their homes and feed their families, and to help small businesses.

Those efforts were far from a total success. The unemployment system buckled under the crush of applicants, and millions had to wait weeks or months to get benefits, if they got them at all. Government aid was inadequate, or came too late, to save thousands of businesses. State and local governments have slashed jobs. Hunger rates have risen.

But government aid appears to have been largely effective at preventing deep structural damage that could prevent a strong rebound. There has been no wave of foreclosures or corporate bankruptcies. Rates of entrepreneurship have soared, signaling that Americans are optimistic and have access to the capital necessary to act on that optimism.

Even if there is a strong rebound, however, economists warn that not everyone will benefit.

Kara Gray and her husband, Christopher DeSure, spent years building their small Ohio construction company into a successful business. Then the pandemic shut them down, and, having a daughter at home with a compromised immune system, they haven’t felt comfortable returning to in-person work.

With the housing market strong, Gray is confident they will be able to get back to work once the pandemic is over. But she worries they won’t be able to take full advantage of the boom. She and her husband were forced to spend the money they had set aside to buy a house, and have fallen behind on bills and run up credit card debt. That could make it hard for them to qualify for a mortgage or for a business loan to expand their company.

“It’s going to affect me and my husband longer term,” she said. “It’s not just ‘Can I pay my bills this month?’ It’s that once this is over, I’m going to have to start all over.”

Stories like Gray’s point to a challenge for policymakers. Standard economic statistics like the unemployment rate and gross domestic product could mask persistent challenges facing many families, particularly the Black and Hispanic workers who have borne the brunt of the pandemic’s economic pain. That could lead Congress to pull back on aid when it is still needed.

“The risk is that within the aggregate data that look relatively encouraging, the stories of many, many households are going to get lost,” said David Wilcox, a former Fed economist who is now a senior fellow at the Peterson Institute for International Economics.

Still, for all its shortcomings, a boom may be the best chance many workers have to make up lost ground. The strong labor market that preceded the pandemic was delivering wage gains to low-income workers and giving opportunities to people with disabilities, criminal records and other barriers to employment. A quick drop in the unemployment rate won’t heal all the wounds caused by the pandemic, but it might at least stanch the bleeding.

“Root for the boom,” Sinclair said. “But don’t count on the boom doing everything for us.”

The U.S. economy remains mired in a pandemic winter of shuttered storefronts, high unemployment and sluggish job growth. But on Wall Street and in Washington, attention is shifting to an intriguing if indistinct prospect: a post-COVID boom.

The U.S. economy remains mired in a pandemic winter of shuttered storefronts, high unemployment and sluggish job growth. But on Wall Street and in Washington, attention is shifting to an intriguing if indistinct prospect: a post-COVID boom. Forecasters have always expected the pandemic to be followed by a period of strong growth as businesses reopen and Americans resume their normal activities. But in recent weeks, economists have begun to talk of something stronger: a supercharged rebound that brings down unemployment, drives up wages and may foster years of stronger growth. There are hints that the economy has turned a corner: Retail sales jumped last month as the latest round of government aid began showing up in consumers’ bank accounts. New unemployment claims have declined from early January, though they remain high. Measures of business investment have picked up, a sign of confidence from corporate leaders. Economists surveyed by the Federal Reserve Bank of Philadelphia this month predicted that U.S. output will increase 4.5% this year, which would make it the best year since 1999. Some expect an even stronger bounce: Economists at Goldman Sachs forecast that the economy will grow 6.8% this year and that the unemployment rate will drop to 4.1% by December, a level that took eight years to achieve after the last recession. “We’re extremely likely to get a very high growth rate,” said Jan Hatzius, Goldman’s chief economist. “Whether it’s a boom or not, I do think it’s a V-shaped recovery,” he added, referring to a steep drop followed by a sharp rebound. The growing optimism stems from the confluence of several factors. Coronavirus cases are falling in the United States. The vaccine rollout, though slower than hoped, is gaining steam. And largely because of trillions of dollars in federal help, the economy appears to have made it through last year with less structural damage — in the form of business failures, home foreclosures and personal bankruptcies — than many people feared last spring. Lastly, consumers are sitting on a trillion-dollar mountain of cash, a result of months of lockdown-induced saving and successive rounds of stimulus payments. That mountain could grow if Congress approves the aid to households that President Joe Biden has proposed. When the pandemic ends, cash could be unleashed like melting snow in the Rockies: Consumers, released from their cabin fever, compete for hotel rooms and restaurant tables. Businesses compete for employees and supplies to meet the demand. Workers who were sidelined by child care responsibilities or virus fears are drawn back to the labor force by suddenly abundant opportunities. “There will be this big boom as pent-up demand comes through and the economy is opening,” said Ellen Zentner, chief U.S. economist for Morgan Stanley. “There is an awful lot of buying power that we’ve transferred to households to fuel that pent-up demand.” That vision is far from a certainty. Delays in the vaccine rollout could stall the recovery. So could new strains of the virus that render vaccines less effective. A political standoff in Washington could hold up aid for unemployed workers and struggling businesses. And even if the economy avoids all of those traps, there is unlikely to be a single moment when public health officials give an “all clear”; it could be years before people pack into bars and sports stadiums the way they did before the pandemic. A boom also carries risks. In recent weeks, prominent economists including Lawrence H. Summers, a Treasury secretary under President Bill Clinton, have warned that Biden’s relief proposal is too large and could lead the economy to overheat, pushing up prices and forcing the Federal Reserve to bring the party to a premature end. Fed officials have largely dismissed those concerns, noting that the consistent problem in recent decades has been too little inflation rather than too much. Other economists fear that the rebound will primarily benefit those at the top, compounding inequities that the pandemic has widened. “We may see a boom in the future, but that may just leave some people even further behind, or may give them a trickle when they need a waterfall,” said Tara Sinclair, a George Washington University economist. But for many businesses and households that have struggled to stay afloat during the pandemic, those concerns pale in comparison with the opportunities that a boom could provide. Workout Anytime, a chain of 24-hour fitness clubs, was hit hard by the early stages of the pandemic, which shut down gyms nationwide. Business has since rebounded, but not to previous levels, as customers remain wary about working out in close quarters. But Greg Maurer, a company vice president, sees better times ahead. The pandemic hasn’t dampened people’s enthusiasm for working out, he said — if anything, it has made the importance of physical fitness clearer. As soon as people are sure it’s safe, he said, he expects business to be gangbusters. “This may be the biggest growth period we’ve ever had coming up,” he said. “There is a huge group of people out there saying, ‘I cannot wait to get back to the club.’” Maurer doesn’t just expect to get all his old customers back, or even to resume the company’s old growth trajectory. He expects business to leap ahead of its path before the virus. That’s partly because the pandemic has wiped out many smaller gym chains, leaving less competition. But it is also because the pandemic led Workout Anytime and other chains to adopt digital tools, like online bookings and video workouts, that could open up new revenue streams. “We are a way better organization today as a result of these challenges than we were a year ago because we had to get better,” Maurer said. Stories like his are behind one of the most intriguing possibilities for the post-COVID-19 era: a surge in productivity. Companies and workers have been forced to embrace a wide range of technologies and policies — online meetings, file sharing, flexible work schedules — that could make their operations more efficient. Spread across the whole economy, such changes could allow faster growth that is sustainable over decades, not just a short-term burst. Constance L. Hunter, chief economist at the accounting firm KPMG, likened the possibility to the period after World War II. The war led to the development of new technologies and spread existing ones to factories across the country. Those advancements helped make the postwar period one of the best on record for productivity growth, and for economic growth in general. There is no single definition of a boom, nor a committee of elite economists who agree when one has begun, as there is with recessions. But economists generally agree that booms are characterized by a combination of strong growth and a high absolute level of activity. By that standard, the period after World War II certainly qualifies as a boom. So do the late 1960s. In recent decades, however, booms have become less common. Growth never took off after the mild recession that hit in 2001, and while the unemployment rate hit a half-century low after the last recession, it took a decade to get there. There are reasons to think this recovery could be different. For one thing, the economy was fundamentally healthy when the recession began. There was no housing bubble; household debt was low; banks weren’t sitting on a tower of dubious loans that could collapse at any moment. That means there is no reason, at least in theory, that the economy can’t pick up more or less where it left off. Policymakers have also responded much more aggressively to this crisis than to past ones. The Fed moved quickly to prevent the pandemic from setting off a financial crisis. Congress spent trillions of dollars to make sure unemployed workers could keep their homes and feed their families, and to help small businesses. Those efforts were far from a total success. The unemployment system buckled under the crush of applicants, and millions had to wait weeks or months to get benefits, if they got them at all. Government aid was inadequate, or came too late, to save thousands of businesses. State and local governments have slashed jobs. Hunger rates have risen. But government aid appears to have been largely effective at preventing deep structural damage that could prevent a strong rebound. There has been no wave of foreclosures or corporate bankruptcies. Rates of entrepreneurship have soared, signaling that Americans are optimistic and have access to the capital necessary to act on that optimism. Even if there is a strong rebound, however, economists warn that not everyone will benefit. Kara Gray and her husband, Christopher DeSure, spent years building their small Ohio construction company into a successful business. Then the pandemic shut them down, and, having a daughter at home with a compromised immune system, they haven’t felt comfortable returning to in-person work. With the housing market strong, Gray is confident they will be able to get back to work once the pandemic is over. But she worries they won’t be able to take full advantage of the boom. She and her husband were forced to spend the money they had set aside to buy a house, and have fallen behind on bills and run up credit card debt. That could make it hard for them to qualify for a mortgage or for a business loan to expand their company. “It’s going to affect me and my husband longer term,” she said. “It’s not just ‘Can I pay my bills this month?’ It’s that once this is over, I’m going to have to start all over.” Stories like Gray’s point to a challenge for policymakers. Standard economic statistics like the unemployment rate and gross domestic product could mask persistent challenges facing many families, particularly the Black and Hispanic workers who have borne the brunt of the pandemic’s economic pain. That could lead Congress to pull back on aid when it is still needed. “The risk is that within the aggregate data that look relatively encouraging, the stories of many, many households are going to get lost,” said David Wilcox, a former Fed economist who is now a senior fellow at the Peterson Institute for International Economics. Still, for all its shortcomings, a boom may be the best chance many workers have to make up lost ground. The strong labor market that preceded the pandemic was delivering wage gains to low-income workers and giving opportunities to people with disabilities, criminal records and other barriers to employment. A quick drop in the unemployment rate won’t heal all the wounds caused by the pandemic, but it might at least stanch the bleeding. “Root for the boom,” Sinclair said. “But don’t count on the boom doing everything for us.”

On the post-pandemic horizon, could that be ... a boom?

Trading has been halted on the NSE due to technical glitches as the live price quotes of spot Nifty and Bank Nifty indexes are not updating on the National Stock Exchange (NSE).

The index is currently frozen at 14,820.45-level up 112.65 points or 0.77 per cent. &nbsp;Following this, the cash market price at the exchange is not getting updated.&nbsp;

"NSE has multiple telecom links with two service providers to ensure redundancy and we have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system. We are working on restoring the systems as soon as possible," the NSE said.

The country`s other major stock exchange BSE, however, said it continues to have normal trading in all segments.

"The NSE outage is unfortunate, especially for this long. Global Exchanges should have adequate backups to ensure that even if there is an outage it`s restored fast," said Sandip Sabharwal, a Mumbai-based fund manager.

"Asian markets have seen a significant crash today and at such times price discovery real-time becomes even more important."

Market regulator Securities and Exchange Board of India (SEBI) did not immediately respond to&nbsp;the NSE trading halt.

(With inputs from agencies)

Trading has been halted on the NSE due to technical glitches as the live price quotes of spot Nifty and Bank Nifty indexes are not updating on the National Stock Exchange (NSE).

Trading has been halted on the NSE due to technical glitches as the live price quotes of spot Nifty and Bank Nifty indexes are not updating on the National Stock Exchange (NSE). The index is currently frozen at 14,820.45-level up 112.65 points or 0.77 per cent. Following this, the cash market price at the exchange is not getting updated. "NSE has multiple telecom links with two service providers to ensure redundancy and we have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system. We are working on restoring the systems as soon as possible," the NSE said. The country`s other major stock exchange BSE, however, said it continues to have normal trading in all segments. "The NSE outage is unfortunate, especially for this long. Global Exchanges should have adequate backups to ensure that even if there is an outage it`s restored fast," said Sandip Sabharwal, a Mumbai-based fund manager. "Asian markets have seen a significant crash today and at such times price discovery real-time becomes even more important." Market regulator Securities and Exchange Board of India (SEBI) did not immediately respond to the NSE trading halt. (With inputs from agencies)

National Stock Exchange halts trading due to technical glitch

About 50% UK firms are eyeing up opening offices in the UK for the first time after being badly hit by Coronavirus pandemic. The firms are looking towards hiring new staff in order to resume the operations.

Over 50% UK firms plan to hire new staff

Federal Reserve President Robert Kaplan on Monday said his forecast for 5% U.S. GDP growth this year.

Fed sees U.S. economy growing at least 5% this year

Stock market indices, Sensex and Nifty ended flat on Tuesday as gains in metal and energy stocks were capped by losses in banking and financial space. &nbsp;Broader markets, smallcap and midcap indices outperformed the benchmarks as they gained 1 per cent each.&nbsp;

A spurt in COVID-19 cases and lack of fresh buying triggers continued to weigh on sentiment, traders said.

After gyrating 667.46 points during the day, the 30-share BSE Sensex ended just 7.09 points or 0.01 per cent higher at 49,751.41.

On similar lines, the broader NSE Nifty settled 32.10 points or 0.22 per cent up at 14,707.80.

ONGC topped the Sensex gainers' chart, climbing 5.55 per cent, followed by IndusInd Bank, L&amp;T, UltraTech Cement, SBI, NTPC and Titan.

Index heavyweight Reliance Industries rose 0.84 per cent after the company announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.

On the other hand, Kotak Bank, Maruti, Bajaj Auto, HDFC Bank, HCL Tech and HDFC were among the laggards, sliding as much as 3.87 per cent.

World shares were mixed ahead of Federal Reserve Chairman Jerome Powell's semi-annual testimony before the Senate Banking Committee, where he is expected to underscore the Fed's dovish stance to boost growth.

"Domestic market got back on its feet during the morning trade supported by strong Asian market while negative waves from European peers outweighed the gains by the end of the day. The expectation of strong global recovery as prompted by rising international commodity prices helped the market but was tempered due to elevated bond yield and virus cases.

"Consequently, volatility has increased in the domestic front, but broad markets continue to be attracted with themes like mid and small caps, cyclicals, energy, PSUs, metals and industries," said Vinod Nair, Head of Research at Geojit Financial Services.&nbsp;

BSE metal, realty, basic materials, oil and gas, capital goods, power and consumer durables indices rose up to 3.71 per cent, while bankex, finance and telecom closed with losses. 
Broader BSE midcap and smallcap indices advanced up to 0.98 per cent.

Elsewhere in Asia, bourses in Shanghai and Seoul ended on a negative note, while Hong Kong settled with gains.

Stock exchanges in Europe were also trading in the red in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.81 per cent higher at USD 64.88 per barrel.

The rupee slipped from the day's highest level but managed to eke out a marginal gain of 3 paise at 72.46 against the US dollar.&nbsp;

(With inputs from agencies)

Stock market indices, Sensex and Nifty ended flat on Tuesday as gains in metal and energy stocks were capped by losses in banking and financial space. Broader markets, smallcap and midcap indices outperformed the benchmarks as they gained 1 per cent each.

Stock market indices, Sensex and Nifty ended flat on Tuesday as gains in metal and energy stocks were capped by losses in banking and financial space. Broader markets, smallcap and midcap indices outperformed the benchmarks as they gained 1 per cent each. A spurt in COVID-19 cases and lack of fresh buying triggers continued to weigh on sentiment, traders said. After gyrating 667.46 points during the day, the 30-share BSE Sensex ended just 7.09 points or 0.01 per cent higher at 49,751.41. On similar lines, the broader NSE Nifty settled 32.10 points or 0.22 per cent up at 14,707.80. ONGC topped the Sensex gainers' chart, climbing 5.55 per cent, followed by IndusInd Bank, L&T, UltraTech Cement, SBI, NTPC and Titan. Index heavyweight Reliance Industries rose 0.84 per cent after the company announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco. On the other hand, Kotak Bank, Maruti, Bajaj Auto, HDFC Bank, HCL Tech and HDFC were among the laggards, sliding as much as 3.87 per cent. World shares were mixed ahead of Federal Reserve Chairman Jerome Powell's semi-annual testimony before the Senate Banking Committee, where he is expected to underscore the Fed's dovish stance to boost growth. "Domestic market got back on its feet during the morning trade supported by strong Asian market while negative waves from European peers outweighed the gains by the end of the day. The expectation of strong global recovery as prompted by rising international commodity prices helped the market but was tempered due to elevated bond yield and virus cases. "Consequently, volatility has increased in the domestic front, but broad markets continue to be attracted with themes like mid and small caps, cyclicals, energy, PSUs, metals and industries," said Vinod Nair, Head of Research at Geojit Financial Services. BSE metal, realty, basic materials, oil and gas, capital goods, power and consumer durables indices rose up to 3.71 per cent, while bankex, finance and telecom closed with losses. Broader BSE midcap and smallcap indices advanced up to 0.98 per cent. Elsewhere in Asia, bourses in Shanghai and Seoul ended on a negative note, while Hong Kong settled with gains. Stock exchanges in Europe were also trading in the red in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 0.81 per cent higher at USD 64.88 per barrel. The rupee slipped from the day's highest level but managed to eke out a marginal gain of 3 paise at 72.46 against the US dollar. (With inputs from agencies)

Sensex ends flat with a positive bias, Nifty holds 14,700; metals outshine, banks underperform

Domestic stock market Sensex and Nifty traded with heavy losses dragged by selling in PSU banks and auto stocks. Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices traded lower. Gains were witnessed only in metal stocks.

The BSE Sensex fell to 50,160.17 levels, down 737.31 points and the Nifty gave up the 15,000 level, dropping 198.15 points or 1.30% to 14,784.25. &nbsp;shortly after reclaiming it in the opening deals.&nbsp;

IndusInd Bank, Bajaj Auto, Larsen &amp; Toubro, PowerGrid, and HDFC were all down over 1 per cent.

L&amp;T was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&amp;M, Dr Reddy's, Maruti, HDFC, TCS and Bajaj Auto.

On the other hand, ONGC, HDFC Bank, Tech Mahindra and Infosys were among the gainers.

In the previous session, Sensex ended 434.93 points or 0.85 per cent lower at 50,889.76, and Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 per cent to 14,981.75.&nbsp;

Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red.

Meanwhile, the global oil benchmark Brent crude was trading 1.06 per cent higher at USD 62.80 per barrel.&nbsp;

(With inputs from agencies)

Domestic stock market Sensex and Nifty traded with heavy losses dragged by selling in PSU banks and auto stocks. Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices traded lower.

Domestic stock market Sensex and Nifty traded with heavy losses dragged by selling in PSU banks and auto stocks. Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices traded lower. Gains were witnessed only in metal stocks. The BSE Sensex fell to 50,160.17 levels, down 737.31 points and the Nifty gave up the 15,000 level, dropping 198.15 points or 1.30% to 14,784.25. shortly after reclaiming it in the opening deals. IndusInd Bank, Bajaj Auto, Larsen & Toubro, PowerGrid, and HDFC were all down over 1 per cent. L&T was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&M, Dr Reddy's, Maruti, HDFC, TCS and Bajaj Auto. On the other hand, ONGC, HDFC Bank, Tech Mahindra and Infosys were among the gainers. In the previous session, Sensex ended 434.93 points or 0.85 per cent lower at 50,889.76, and Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 per cent to 14,981.75. Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red. Meanwhile, the global oil benchmark Brent crude was trading 1.06 per cent higher at USD 62.80 per barrel. (With inputs from agencies)

Sensex sinks over 700 points, Nifty around 14,780

Indian stock markets nosedived on Monday as they continued to fall for the fifth consecutive trading session; Sensex and Nifty were under the strong grip of bears.

The BSE barometer of the 30-share index settled at a 3-week low of 49,744 levels, down 1,145 points or 2.25 per cent. The Nifty50 index managed to end above the 14,650-mark at 14,676, down 306 points or 2 per cent.&nbsp;

Domestic equities rose sharply in the first two weeks of February thanks to solid corporate earnings and a well-received federal budget, but markets have pared some of those gains in recent sessions due to profit-taking.

Global markets

World shares sank on Monday as expectations for faster economic growth and inflation battered bonds and boosted commodities, while rising real yields made equity valuations look more stretched in comparison.

MSCI’s All Country World Index, which tracks shares across 49 countries, was down 0.4 per cent after the start of European trade.

The pan-European STOXX 600 index was down 1 per cent, at its lowest in 10 days. Germany’s DAX, France’s CAC 40 and Spain’s IBEX 35 index fell 1 per cent each, Britain’s FTSE 100 lost 0.85 per cent and Italy’s FTSE MIB index fell 0.9%.

S&amp;P 500 futures fell to their lowest since Feb. 4, down 1% on the day.

(With inputs from Reuters)

Indian stock markets nosedived on Monday as they continued to fall for the fifth consecutive trading session; Sensex and Nifty were under the strong grip of bears.

Indian stock markets nosedived on Monday as they continued to fall for the fifth consecutive trading session; Sensex and Nifty were under the strong grip of bears. The BSE barometer of the 30-share index settled at a 3-week low of 49,744 levels, down 1,145 points or 2.25 per cent. The Nifty50 index managed to end above the 14,650-mark at 14,676, down 306 points or 2 per cent. Domestic equities rose sharply in the first two weeks of February thanks to solid corporate earnings and a well-received federal budget, but markets have pared some of those gains in recent sessions due to profit-taking. Global markets World shares sank on Monday as expectations for faster economic growth and inflation battered bonds and boosted commodities, while rising real yields made equity valuations look more stretched in comparison. MSCI’s All Country World Index, which tracks shares across 49 countries, was down 0.4 per cent after the start of European trade. The pan-European STOXX 600 index was down 1 per cent, at its lowest in 10 days. Germany’s DAX, France’s CAC 40 and Spain’s IBEX 35 index fell 1 per cent each, Britain’s FTSE 100 lost 0.85 per cent and Italy’s FTSE MIB index fell 0.9%. S&P 500 futures fell to their lowest since Feb. 4, down 1% on the day. (With inputs from Reuters)

Sensex hits 3-week low, ends 1,145 points down; Nifty holds 14,650

British automotive magazine Car last year reported here that Volkswagen was on the verge of selling Bugatti to Rimac Automobili

Volkswagen to make decision on Bugatti in H1: Reports

Arturo Di Modica, the sculptor of Wall Street`s "Charging Bull" statue has died in his home town of Vittoria, Sicily, Italian media reported on Saturday, citing friends of the Italian artist.

Di Modica, who recently turned 80, had been fighting cancer for many years, La Repubblica daily said.

Located in Bowling Green at the heart of Manhattan`s financial district, the 7,100-pound sculpture, Di Modica`s most famous, became a symbol of New York City.

Originally appearing as guerrilla art, it was unofficially installed in front of the New York Stock Exchange by Di Modica in 1989 and intended to convey the fighting spirit of the United States and of New York.

After police seized the sculpture, public outcry led the city`s parks department to reinstall it days later at its current location nearby.

Arturo Di Modica, the sculptor of Wall Street`s "Charging Bull" statue has died in his home town of Vittoria, Sicily, Italian media reported on Saturday, citing friends of the Italian artist.

Arturo Di Modica, the sculptor of Wall Street`s "Charging Bull" statue has died in his home town of Vittoria, Sicily, Italian media reported on Saturday, citing friends of the Italian artist. Di Modica, who recently turned 80, had been fighting cancer for many years, La Repubblica daily said. Located in Bowling Green at the heart of Manhattan`s financial district, the 7,100-pound sculpture, Di Modica`s most famous, became a symbol of New York City. Originally appearing as guerrilla art, it was unofficially installed in front of the New York Stock Exchange by Di Modica in 1989 and intended to convey the fighting spirit of the United States and of New York. After police seized the sculpture, public outcry led the city`s parks department to reinstall it days later at its current location nearby.

Wall Street Charging Bull sculptor Arturo Di Modica dies aged 80

German business morale slumped to a six-month low in January as a second wave of COVID-19 halted an economic recovery

German economy likely subdued in coming weeks

Domestic stock market indices ended lower for the fourth straight session on Friday amid broad-based selling seen across all sectors. Losses in banking, auto and metal stocks dragged the markets the most.&nbsp;

BSE Sensex nursed losses of 435 points, or 0.85 per cent, to end the day at 50,890 levels. In the intra-day trade, the index tanked 800 points from the day's high to hit a low of 50,624.&nbsp;

The Nifty50 index gave up the 15,000-mark and settled at 14,982 levels, down 137 points or 0.9 per cent. It hit an intra-day low of 14,898.

Global markets

Shares struggled to avoid a fourth straight day of losses on Friday as data showed eurozone business activity slowing in February, while German and British 10-year bond yields touched multi-month highs, driven up by bets on rising inflation.

The pan European index was up 0.1 per cent, while London's FTSE index was 0.1 per cent weaker.

In Asia, MSCI world equity benchmark was up 0.1 per cent, MSCI's broadest index of Asia Pacific shares outside of Japan was down 0.1 per cent, while E-mini futures for the S&amp;P 500 were broadly flat.

(With inputs from Reuters)

Domestic stock market indices ended lower for the fourth straight session on Friday amid broad-based selling seen across all sectors. Losses in banking, auto and metal stocks dragged the markets the most.

Domestic stock market indices ended lower for the fourth straight session on Friday amid broad-based selling seen across all sectors. Losses in banking, auto and metal stocks dragged the markets the most. BSE Sensex nursed losses of 435 points, or 0.85 per cent, to end the day at 50,890 levels. In the intra-day trade, the index tanked 800 points from the day's high to hit a low of 50,624. The Nifty50 index gave up the 15,000-mark and settled at 14,982 levels, down 137 points or 0.9 per cent. It hit an intra-day low of 14,898. Global markets Shares struggled to avoid a fourth straight day of losses on Friday as data showed eurozone business activity slowing in February, while German and British 10-year bond yields touched multi-month highs, driven up by bets on rising inflation. The pan European index was up 0.1 per cent, while London's FTSE index was 0.1 per cent weaker. In Asia, MSCI world equity benchmark was up 0.1 per cent, MSCI's broadest index of Asia Pacific shares outside of Japan was down 0.1 per cent, while E-mini futures for the S&P 500 were broadly flat. (With inputs from Reuters)

Sensex gives up 51,000 amid broad-based sell-off, dips 435 points

Britain's top court on Friday ruled that ride-hailing giant Uber's drivers are entitled to workers' rights, in a judgment with huge implications for the "gig economy".

The Supreme Court ruling that the drivers were employees followed a years-long legal battle with the Silicon Valley taxi and delivery company.

"This has been a gruelling four-year legal battle for our members -- but it's ended in a historic win," said Mick Rix, from the GMB trade union.

"The Supreme Court has upheld the decision of three previous courts, backing up what GMB has said all along; Uber drivers are workers and entitled to breaks, holiday pay and minimum wage," he added.

Uber said it respected the court ruling.

Lower courts ruled in 2016, 2017 and 2018 in favour of a group of 20 Uber drivers who argue they were entitled to employee status given the length of time they had been working through the Uber app, and the way that the company oversaw their work.

Uber insisted that the drivers were self-employed since they choose their own hours and place of work, and often find passengers through rival apps.

The complainants can now ask an employment tribunal for compensation, and it could trigger further-reaching changes affecting all ride-hailing drivers.

"GMB will now consult with our Uber driver members over their forthcoming compensation claim," said Rix.

The ruling could equally affect other online platforms behind the so-called gig economy in Britain -- people doing short-term work without formal contracts, or working without guaranteed hours.

Couriers for the Deliveroo food app are currently fighting in the Court of Appeal in London for the right to collective bargaining.

Uber claimed that it has changed the way it works since legal action began.

Drivers can now choose when and where they drive and can also access free health insurance as well as compensation for parental leave, it said.

Joint fund

Ahead of the court ruling, Uber vowed to increase protection for drivers while keeping them self-employed.

Uber chief executive Dara Khosrowshahi on Monday presented a series of promises to European governments and trade unions.

He said the aim was to offer a transparent and fair pay structure and more benefits to drivers.

Uber is calling for companies in the sector to form a joint fund that would allow drivers who work for different apps to be able to access protections and benefits such as paid holidays.

Uber plans to replicate in Europe proposals it first made in California after a court in the US state ordered the platform to classify its tens of thousands of drivers as employees.

But voters in November then backed Proposition 22, a measure designed by Uber and other gig companies that would mean drivers remained independent contractors while receiving some benefits.

Friday's decision is not expected to affect Uber's right to operate in London, which has been subject to a separate dispute.

The platform last September regained the right in London for 18 months, after a court overruled a decision by city authorities to suspend its licence due to concerns over passenger security.

Britain's top court on Friday ruled that ride-hailing giant Uber's drivers are entitled to workers' rights, in a judgment with huge implications for the "gig economy".

Britain's top court on Friday ruled that ride-hailing giant Uber's drivers are entitled to workers' rights, in a judgment with huge implications for the "gig economy". The Supreme Court ruling that the drivers were employees followed a years-long legal battle with the Silicon Valley taxi and delivery company. "This has been a gruelling four-year legal battle for our members -- but it's ended in a historic win," said Mick Rix, from the GMB trade union. "The Supreme Court has upheld the decision of three previous courts, backing up what GMB has said all along; Uber drivers are workers and entitled to breaks, holiday pay and minimum wage," he added. Uber said it respected the court ruling. Lower courts ruled in 2016, 2017 and 2018 in favour of a group of 20 Uber drivers who argue they were entitled to employee status given the length of time they had been working through the Uber app, and the way that the company oversaw their work. Uber insisted that the drivers were self-employed since they choose their own hours and place of work, and often find passengers through rival apps. The complainants can now ask an employment tribunal for compensation, and it could trigger further-reaching changes affecting all ride-hailing drivers. "GMB will now consult with our Uber driver members over their forthcoming compensation claim," said Rix. The ruling could equally affect other online platforms behind the so-called gig economy in Britain -- people doing short-term work without formal contracts, or working without guaranteed hours. Couriers for the Deliveroo food app are currently fighting in the Court of Appeal in London for the right to collective bargaining. Uber claimed that it has changed the way it works since legal action began. Drivers can now choose when and where they drive and can also access free health insurance as well as compensation for parental leave, it said. Joint fund Ahead of the court ruling, Uber vowed to increase protection for drivers while keeping them self-employed. Uber chief executive Dara Khosrowshahi on Monday presented a series of promises to European governments and trade unions. He said the aim was to offer a transparent and fair pay structure and more benefits to drivers. Uber is calling for companies in the sector to form a joint fund that would allow drivers who work for different apps to be able to access protections and benefits such as paid holidays. Uber plans to replicate in Europe proposals it first made in California after a court in the US state ordered the platform to classify its tens of thousands of drivers as employees. But voters in November then backed Proposition 22, a measure designed by Uber and other gig companies that would mean drivers remained independent contractors while receiving some benefits. Friday's decision is not expected to affect Uber's right to operate in London, which has been subject to a separate dispute. The platform last September regained the right in London for 18 months, after a court overruled a decision by city authorities to suspend its licence due to concerns over passenger security.

Uber drivers are workers, not self-employed: UK Supreme Court

Airbus delivered 566 commercial aircraft in 2020, down sharply from 863 the year before, and expects to deliver the same number in 2021.

Record loss, forecast disappoints Airbus investors

The agency said 78 "Brexit" companies moved to the Netherlands last year, the same number as in 2019 lifting the total since the 2016 Brexit referendum to 218.

More 'Brexit' companies shift to the Amsterdam

A federal judge on Tuesday said Citigroup Inc is not entitled to half a billion dollars of its own money that it mistakenly wired in what he called "a banking error of perhaps unprecedented nature and magnitude."

U.S. District Judge Jesse Furman in Manhattan said August&nbsp;11, 2020, wire transfers to lenders of cosmetics maker Revlon Inc at issue were "final and complete transactions, not subject to revocation."

A spokeswoman for Citigroup said the bank strongly disagrees with this decision and intends to appeal.

"We believe we are entitled to the funds and will continue to pursue a complete recovery of them," the bank said.

The case stemmed from an incident where Citigroup, acting as Revlon`s loan agent, wired $893 million to Revlon`s lenders, appearing to pay off a loan not due until 2023.

Citigroup had intended to send a $7.8 million interest payment and blamed human error for the gaffe.

Some lenders returned the money they were sent, but 10 asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management refused, prompting Citigroup`s lawsuit to recoup the estimated $501 million they received.

Citigroup had argued that the lenders should return the money because they knew or should have known it made a mistake and that Revlon could not afford the payment.

But in a 101-page decision, following a six-day trial in December, Furman noted that the transfers matched "to the penny" what the lenders were owed, and said it appeared there had never been a mistake of this size before.

"The non-returning lenders believed, and were justified in believing, that the payments were intentional," Furman wrote. "To believe otherwise - to believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion - would have been borderline irrational."

Lawyers for both parties did not immediately respond to requests for comment.

Administrative agents typically distribute interest payments and perform back-office services for clients such as Revlon.

Industry groups have said a ruling against Citigroup could expose banks to excessive liability risks.

A federal judge on Tuesday said Citigroup Inc is not entitled to half a billion dollars of its own money that it mistakenly wired in what he called "a banking error of perhaps unprecedented nature and magnitude.

A federal judge on Tuesday said Citigroup Inc is not entitled to half a billion dollars of its own money that it mistakenly wired in what he called "a banking error of perhaps unprecedented nature and magnitude." U.S. District Judge Jesse Furman in Manhattan said August 11, 2020, wire transfers to lenders of cosmetics maker Revlon Inc at issue were "final and complete transactions, not subject to revocation." A spokeswoman for Citigroup said the bank strongly disagrees with this decision and intends to appeal. "We believe we are entitled to the funds and will continue to pursue a complete recovery of them," the bank said. The case stemmed from an incident where Citigroup, acting as Revlon`s loan agent, wired $893 million to Revlon`s lenders, appearing to pay off a loan not due until 2023. Citigroup had intended to send a $7.8 million interest payment and blamed human error for the gaffe. Some lenders returned the money they were sent, but 10 asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management refused, prompting Citigroup`s lawsuit to recoup the estimated $501 million they received. Citigroup had argued that the lenders should return the money because they knew or should have known it made a mistake and that Revlon could not afford the payment. But in a 101-page decision, following a six-day trial in December, Furman noted that the transfers matched "to the penny" what the lenders were owed, and said it appeared there had never been a mistake of this size before. "The non-returning lenders believed, and were justified in believing, that the payments were intentional," Furman wrote. "To believe otherwise - to believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion - would have been borderline irrational." Lawyers for both parties did not immediately respond to requests for comment. Administrative agents typically distribute interest payments and perform back-office services for clients such as Revlon. Industry groups have said a ruling against Citigroup could expose banks to excessive liability risks.

Biggest blunder in banking history: Citibank can't get back $500 million it accidentally wired to ten companies, says US judge

The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery. He would be the first African to lead the International Finance Corporation (IFC) which leverages financing to support private firms in developing nations.

Diop, an economist who studied in Britain, worked in finance before entering government. He was named Senegal's minister of Economy and Finance in April 2000, a position he held for just over a year.

The announcement comes just days after the World Trade Organisation selected Nigeria's former finance minister Ngozi Okonjo-Iweala as its new director-general, the first African and first woman to serve in that role.

<a href="https://www.wionews.com/world/a-black-woman-will-lead-the-wto-for-the-first-time-361823">Also read |&nbsp;A Black woman will lead the WTO for the first time</a>

Diop's "skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," World Bank President David Malpass said.

Diop, currently World Bank vice president for infrastructure and previously vice president for Africa, will take his new post at the IFC on March 1.

His key responsibilities will be to "deepen and energise" what it called the IFC's 3.0 strategy to mobilize private capital, increase climate and gender investments and support countries facing conflict.

 
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The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery.

The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery. He would be the first African to lead the International Finance Corporation (IFC) which leverages financing to support private firms in developing nations. Diop, an economist who studied in Britain, worked in finance before entering government. He was named Senegal's minister of Economy and Finance in April 2000, a position he held for just over a year. The announcement comes just days after the World Trade Organisation selected Nigeria's former finance minister Ngozi Okonjo-Iweala as its new director-general, the first African and first woman to serve in that role. Also read | A Black woman will lead the WTO for the first time Diop's "skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," World Bank President David Malpass said. Diop, currently World Bank vice president for infrastructure and previously vice president for Africa, will take his new post at the IFC on March 1. His key responsibilities will be to "deepen and energise" what it called the IFC's 3.0 strategy to mobilize private capital, increase climate and gender investments and support countries facing conflict.

Former Senegal finance minister to head IFC, World Bank declares

Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower for the third day on the trot on Thursday.&nbsp;

The benchmark S&amp;P BSE Sensex tanked 379 points today to settle at 51,325 levels. From the day's high of 51,904, the index skid over 700 points to hit a low of 51,187. At close, Bajaj Finance, Nestle, M&amp;M, ICICI Bank, and HDFC, down up to 2.5 per cent, ended the day as the top losers.

Global markets

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.42 per cent, Australian stocks rose 0.01 per cent, while Japan’s Nikkei fell 0.14 per cent.

However, in signs that global sentiment was still buoyant, Euro Stoxx 50 futures were up 0.22 per cent, German DAX futures were up 0.15 per cent, and FTSE futures rose 0.3 per cent.

(With inputs from Reuters) &nbsp; &nbsp;

Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower for the third day on the trot on Thursday. The benchmark S&P BSE Sensex tanked 379 points today to settle at 51,325 levels.

Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower for the third day on the trot on Thursday. The benchmark S&P BSE Sensex tanked 379 points today to settle at 51,325 levels. From the day's high of 51,904, the index skid over 700 points to hit a low of 51,187. At close, Bajaj Finance, Nestle, M&M, ICICI Bank, and HDFC, down up to 2.5 per cent, ended the day as the top losers. Global markets MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.42 per cent, Australian stocks rose 0.01 per cent, while Japan’s Nikkei fell 0.14 per cent. However, in signs that global sentiment was still buoyant, Euro Stoxx 50 futures were up 0.22 per cent, German DAX futures were up 0.15 per cent, and FTSE futures rose 0.3 per cent. (With inputs from Reuters)

Sensex falls 379 points, Nifty ends below 15,150

Gold prices on Thursday clawed back from the previous session's 2-1/2 month low, as a retreat in U.S. Treasury yields lifted the non-yielding bullion's appeal.

Spot gold rose 0.3% to $1,781.50 per ounce by 0807 GMT, having dropped to its lowest since Nov. 30 at $1,768.60 on Wednesday. U.S. gold futures advanced 0.4% to $1,780.40.

"The U.S. long-dated yields backing off highs is offering some support. It also appears dip buyers from China have returned from Lunar New Year holidays," said OANDA senior market analyst Jeffrey Halley.

"In the bigger picture ... gold is merely pausing for breath, $1,760 remains a critical level, a break below that suggests deeper losses to the $1,600/$1,650 region."

Benchmark 10-year Treasury yields retreated from a near one-year peak hit on Wednesday. Lower yields reduce the opportunity cost of holding bullion, which pays no interest.

Federal Reserve officials were still prepared to keep monetary policy easy to help the coronavirus-hit economy, minutes of the Fed's January meeting showed.

Investor focus remained on the developments of a $1.9 trillion U.S. coronavirus stimulus.

U.S. retail sales rebounded in January, while U.S. producer prices increased by the most since 2009, suggesting inflation was starting to rise.

"Other asset classes as well as those within commodities are providing a more compelling investment payoff than gold presently," cautioned Michael Langford, director at corporate advisory AirGuide.

"We're seeing a re-allocation under renewed optimism, factory orders and general views of stronger underlying growth," Langford said, adding gold's typical attribute as an inflationary hedge was not enough to counter the strong demand for other assets.

Analysts also said the recent technical move of gold's 50-day moving average price dipping below the 200-day moving average, known as a death cross, could lead to more selling.

Silver eased 0.7% to $27.17 an ounce. Platinum gained 0.3% to $1,256.86 and palladium rose 0.1% to $2,372.59.

Gold prices on Thursday clawed back from the previous session's 2-1/2 month low, as a retreat in U.S. Treasury yields lifted the non-yielding bullion's appeal. Spot gold rose 0.

Gold prices on Thursday clawed back from the previous session's 2-1/2 month low, as a retreat in U.S. Treasury yields lifted the non-yielding bullion's appeal. Spot gold rose 0.3% to $1,781.50 per ounce by 0807 GMT, having dropped to its lowest since Nov. 30 at $1,768.60 on Wednesday. U.S. gold futures advanced 0.4% to $1,780.40. "The U.S. long-dated yields backing off highs is offering some support. It also appears dip buyers from China have returned from Lunar New Year holidays," said OANDA senior market analyst Jeffrey Halley. "In the bigger picture ... gold is merely pausing for breath, $1,760 remains a critical level, a break below that suggests deeper losses to the $1,600/$1,650 region." Benchmark 10-year Treasury yields retreated from a near one-year peak hit on Wednesday. Lower yields reduce the opportunity cost of holding bullion, which pays no interest. Federal Reserve officials were still prepared to keep monetary policy easy to help the coronavirus-hit economy, minutes of the Fed's January meeting showed. Investor focus remained on the developments of a $1.9 trillion U.S. coronavirus stimulus. U.S. retail sales rebounded in January, while U.S. producer prices increased by the most since 2009, suggesting inflation was starting to rise. "Other asset classes as well as those within commodities are providing a more compelling investment payoff than gold presently," cautioned Michael Langford, director at corporate advisory AirGuide. "We're seeing a re-allocation under renewed optimism, factory orders and general views of stronger underlying growth," Langford said, adding gold's typical attribute as an inflationary hedge was not enough to counter the strong demand for other assets. Analysts also said the recent technical move of gold's 50-day moving average price dipping below the 200-day moving average, known as a death cross, could lead to more selling. Silver eased 0.7% to $27.17 an ounce. Platinum gained 0.3% to $1,256.86 and palladium rose 0.1% to $2,372.59.

Gold off two and half months low as US Treasury yields retreat

European aircraft giant Airbus said Thursday it was able to limit its losses last year, even as the airline sector collapsed in the wake of the coronavirus pandemic.

Airbus said in a statement that it booked a net loss of 1.1 billion euros ($1.3 billion) in 2020.

That was a slight improvement over the previous year's bottom-line loss of 1.4 billion euros, when Airbus was hit with a huge fine of 3.6 billion euros in a corruption scandal.

The company's fierce US rival Boeing had a massive loss of $11.9 billion last year as the Covid-19 crisis played out, combined with getting its key 737 MAX aircraft back in the air.

"The 2020 results demonstrate the resilience of Airbus in the most challenging crisis to hit the aerospace industry," said chief executive Guillaume Faury.&nbsp; 
Group revenues plunged to 49.9 billion euros from 70.5 billion euros a year earlier, "driven by the difficult market environment impacting the commercial aircraft business with 34 percent fewer deliveries year-on-year," Airbus said.

A total of 566 commercial aircraft were delivered, comprising 38 A220s, 446 A320s, 19 A330s, 59 A350s and four A380s, compared with 863 aircraft in 2019. 
Airbus said it saw no immediate improvement for the industry's prospects for now.

"Many uncertainties remain for our industry in 2021 as the pandemic continues to impact lives, economies and societies," Faury said.

European aircraft giant Airbus said Thursday it was able to limit its losses last year, even as the airline sector collapsed in the wake of the coronavirus pandemic.

European aircraft giant Airbus said Thursday it was able to limit its losses last year, even as the airline sector collapsed in the wake of the coronavirus pandemic. Airbus said in a statement that it booked a net loss of 1.1 billion euros ($1.3 billion) in 2020. That was a slight improvement over the previous year's bottom-line loss of 1.4 billion euros, when Airbus was hit with a huge fine of 3.6 billion euros in a corruption scandal. The company's fierce US rival Boeing had a massive loss of $11.9 billion last year as the Covid-19 crisis played out, combined with getting its key 737 MAX aircraft back in the air. "The 2020 results demonstrate the resilience of Airbus in the most challenging crisis to hit the aerospace industry," said chief executive Guillaume Faury. Group revenues plunged to 49.9 billion euros from 70.5 billion euros a year earlier, "driven by the difficult market environment impacting the commercial aircraft business with 34 percent fewer deliveries year-on-year," Airbus said. A total of 566 commercial aircraft were delivered, comprising 38 A220s, 446 A320s, 19 A330s, 59 A350s and four A380s, compared with 863 aircraft in 2019. Airbus said it saw no immediate improvement for the industry's prospects for now. "Many uncertainties remain for our industry in 2021 as the pandemic continues to impact lives, economies and societies," Faury said.

Airbus books 1.1-billion-euro loss in 2020 in wake of Covid-19

The Bank of Canada has said it will keep its key overnight rate at a record low 0.25% into 2023.

Canada's inflation accelerates in January

By 2024, the company’s entire commercial vehicle lineup will be “zero-emissions capable, all-electric or plug-in hybrid.”

Ford Europe to go fully electric on passenger vehicles by 2030

The sentiment index for manufacturers rose to 3 from minus 1 in the previous month, led by chemicals and manufactured food.

Japan's factory mood turns positive for first time since 2019

The German company had acquired Boston-based Reebok in 2006 hoping that it could take on US rival Nike.

Adidas To Sell-off Long-struggling Reebok