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Vodafone has prized shares in infrastructure unit Vantage Towers at 28.7 dollars each valuing the firm at $14.5 Billion.

World Business Watch: Vodafone prizes shares in infrastructure unit Vantage Towers

More than 70,000 Uber drivers in the United Kingdom will now get the minimum wage in a major win for unions.

The service, whereby driver pick and drop passengers has agreed to grant rights to&nbsp;its workers after losing a case in the Supreme Court last months.

Uber has been criticised for its position on labour rights, both in the US and Europe. The company offered to implement another way, whereby on-demand work receives less benefits than traditional employment.

Now, Uber drivers in the UK will be classified as workers even though they may have lesser rights than employees, who in addition receive guaranteed parental leave and sick pay.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/uber-drivers-are-workers-not-self-employed-uk-supreme-court-364798" hreflang="en">Uber drivers are workers, not self-employed: UK Supreme Court</a>

Last year, Uber won a similar compromise in California. In 2016, two Uber drivers in the UK filed a case claiming entitlement tot paid holidays. A UK tribunal had ruled in favour of the drivers, prompting the company to approach the Supreme Court.

Reuters cited Uber as saying that the company will take up consultations with drivers while lawyers claim it could take multiple months to work out the details of the ruling. But in the meanwhile, more cases could be filed against the company.

Also read:&nbsp;<a href="http://13.235.153.162/world/sorry-love-uber-eats-delivery-agent-eats-customers-food-then-gives-cheeky-response-362627" hreflang="en">'Sorry, love': Uber Eats delivery agent eats customer's food, then gives cheeky response</a>

The company on Tuesday said that drivers in the UK would receive extra benefits which include paid holiday time, and that they would be enrolled into a pension scheme. In addition, they would receive minimum wage, which is roughly $12 an hour for people aged 25 and above.

"This follows the recent UK Supreme Court ruling, which provides a clearer path forward as to a model that gives drivers the rights of worker status while continuing to let them work flexibly," Uber said.

More than 70,000 Uber drivers in the United Kingdom will now get the minimum wage in a major win for unions. The service, whereby driver pick and drop passengers has agreed to grant rights to its workers after losing a case in the Supreme Court last months.

More than 70,000 Uber drivers in the United Kingdom will now get the minimum wage in a major win for unions. The service, whereby driver pick and drop passengers has agreed to grant rights to its workers after losing a case in the Supreme Court last months. Uber has been criticised for its position on labour rights, both in the US and Europe. The company offered to implement another way, whereby on-demand work receives less benefits than traditional employment. Now, Uber drivers in the UK will be classified as workers even though they may have lesser rights than employees, who in addition receive guaranteed parental leave and sick pay. Also read: Uber drivers are workers, not self-employed: UK Supreme Court Last year, Uber won a similar compromise in California. In 2016, two Uber drivers in the UK filed a case claiming entitlement tot paid holidays. A UK tribunal had ruled in favour of the drivers, prompting the company to approach the Supreme Court. Reuters cited Uber as saying that the company will take up consultations with drivers while lawyers claim it could take multiple months to work out the details of the ruling. But in the meanwhile, more cases could be filed against the company. Also read: 'Sorry, love': Uber Eats delivery agent eats customer's food, then gives cheeky response The company on Tuesday said that drivers in the UK would receive extra benefits which include paid holiday time, and that they would be enrolled into a pension scheme. In addition, they would receive minimum wage, which is roughly $12 an hour for people aged 25 and above. "This follows the recent UK Supreme Court ruling, which provides a clearer path forward as to a model that gives drivers the rights of worker status while continuing to let them work flexibly," Uber said.

Over 70,000 Uber drivers in UK now entitled to minimum wage, other workers' rights

In Japan, for the first time in 3 months exports have fallen last month as US and China-bound shipments weakened.

World Business Watch: United States, China-bound shipments weaken

In a sign, the COVID-19 pandemic is putting an end to the benefits brought on by former PM Shinzo Abe’s stimulus policies. Japanese companies are offering the lowest wage increases in eight years as labour talks wrap up today.

World Business Watch: Japan Inc to offer lowest pay rises in eight years

Honda Motor Co will temporarily suspend some production next week at all US, Canada plants. Honda would halt production for the entire week.

World Business Watch: Honda temporarily cutting production at all US, Canada plants

The giant tech Google's commission on the play store will be reduced to 15% from the current 30% from July this year.

World Business Watch: Google halves Play store commission fee for developers

Volkswagen is going all in on electric cars, with plans to build battery factories in Europe, install a network of charging stations and slash the cost of emission-free travel.

That was the message Monday as the German carmaker staged a so-called Power Day to showcase its latest electric car technology. The event was Volkswagen’s answer to Tesla’s Battery Day presentations, which draw intense attention from investors and electric car buffs.

The session included a number of attention-getting announcements, including a promise that Volkswagen would cut the cost of batteries by up to 50% by the end of the decade, while slashing charging time to 12 minutes.&nbsp;

That would make electric cars cheaper than gasoline vehicles and just as convenient.

Volkswagen also unveiled plans to build six battery factories in Europe in joint ventures with suppliers. And by 2025, the company said, it would have 18,000 charging stations on the continent operating in conjunction with energy companies including BP. The British oil producer said it would offer charging at its filling stations.

“Our transformation will be bigger than anything the industry has seen in the past century,” Herbert Diess, CEO of Volkswagen, said during the two-hour presentation.

The event coincided with the rollout in the United States of the ID.4, an electric SUV that is part of the first generation of Volkswagens designed from the ground up to run on batteries and seen as serious challengers to Tesla’s dominance in electric cars.

At least some analysts are starting to believe Volkswagen’s hype. Swiss bank UBS issued a report this month that ranked Volkswagen just behind Tesla in electric vehicle technology.

Tesla leads in battery technology and software, the UBS report said, but the bank’s analysts gave Volkswagen high marks for its electric car platform — the chassis, motor and other components that drive the vehicle forward and carry the car body. The Volkswagen platform can be produced very efficiently and is flexible enough to accommodate a range of body types, UBS said.

Volkswagen is “a blueprint for what legacy carmakers need to achieve in the years to come,” Patrick Hummel, a UBS analyst, said last week.

Volkswagen is going all in on electric cars, with plans to build battery factories in Europe, install a network of charging stations and slash the cost of emission-free travel.

Volkswagen is going all in on electric cars, with plans to build battery factories in Europe, install a network of charging stations and slash the cost of emission-free travel. That was the message Monday as the German carmaker staged a so-called Power Day to showcase its latest electric car technology. The event was Volkswagen’s answer to Tesla’s Battery Day presentations, which draw intense attention from investors and electric car buffs. The session included a number of attention-getting announcements, including a promise that Volkswagen would cut the cost of batteries by up to 50% by the end of the decade, while slashing charging time to 12 minutes. That would make electric cars cheaper than gasoline vehicles and just as convenient. Volkswagen also unveiled plans to build six battery factories in Europe in joint ventures with suppliers. And by 2025, the company said, it would have 18,000 charging stations on the continent operating in conjunction with energy companies including BP. The British oil producer said it would offer charging at its filling stations. “Our transformation will be bigger than anything the industry has seen in the past century,” Herbert Diess, CEO of Volkswagen, said during the two-hour presentation. The event coincided with the rollout in the United States of the ID.4, an electric SUV that is part of the first generation of Volkswagens designed from the ground up to run on batteries and seen as serious challengers to Tesla’s dominance in electric cars. At least some analysts are starting to believe Volkswagen’s hype. Swiss bank UBS issued a report this month that ranked Volkswagen just behind Tesla in electric vehicle technology. Tesla leads in battery technology and software, the UBS report said, but the bank’s analysts gave Volkswagen high marks for its electric car platform — the chassis, motor and other components that drive the vehicle forward and carry the car body. The Volkswagen platform can be produced very efficiently and is flexible enough to accommodate a range of body types, UBS said. Volkswagen is “a blueprint for what legacy carmakers need to achieve in the years to come,” Patrick Hummel, a UBS analyst, said last week.

Volkswagen aims to use its size to head off Tesla

Nokia on Tuesday announced plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities, as the Finnish telecoms group seeks to step up its challenge to Sweden's Ericsson and China's Huawei.

After taking over the top job last year, Chief Executive Pekka Lundmark has been making changes to recover from product missteps under the company's previous management that hurt its 5G ambitions and dragged on its shares.

He announced a new strategy in October, under which Nokia will have four business groups and said the company would "do whatever it takes" to take the lead in 5G, as it banks on also capturing share from Huawei.

Lundmark is expected to present his long-term strategy, discuss action plans and set financial targets during the company's capital markets day on Thursday.

The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023.

"Decisions that may have a potential impact on our employees are never taken lightly," Lundmark said in a statement. "My priority is to ensure that everyone impacted is supported through this process."

Nokia currently has 90,000 employees, and has cut thousands of jobs following its acquisition of Alcatel-Lucent in 2016.

It expects the current restructuring to lower its cost base by about 600 million euros by the end of 2023. Half of the savings are expected to be realised in 2021.

"These plans are global and likely to affect most countries," a Nokia representative said. "In Europe, we have only just informed local works councils and expect the consultation processes to start shortly, where applicable."

France, where Nokia cut&nbsp;more than a thousand jobs last year, was excluded from the current restructuring.

The savings programme is bigger than expected but what is interesting is that it will not actually result in lower costs, said Sami Sarkamies, an analyst with Nordea.

"The company is shifting focus from general costs to research and development which is expected to result in growth and better margins in the future," he said.

Nokia plans to increase investments in research and development and future capabilities including 5G, cloud and digital infrastructure.

Under Lundmark's predecessor, Nokia had slashed its profit outlook and halted dividend payouts, after product missteps knocked more than a fifth off its market value.

In February Nokia forecast&nbsp;2021 revenue to fall to between 20.6-21.8 billion euros ($25-26 billion) from 21.9 billion euros in 2020.

While both Nokia and Ericsson have been gaining more customers as more telecom operators start rolling out 5G networks, the Swedish company has got an edge partly due to it winning 5G radio contracts in China.

Nokia has not won any 5G radio contract in China and had also lost out to Samsung Electronics on a part of a contract to supply 5G equipment to Verizon.

Nokia shares were down marginally in morning trade.

Nokia on Tuesday announced plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities, as the Finnish telecoms group seeks to step up its challenge to Sweden's Ericsson and China's Huawei.

Nokia on Tuesday announced plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities, as the Finnish telecoms group seeks to step up its challenge to Sweden's Ericsson and China's Huawei. After taking over the top job last year, Chief Executive Pekka Lundmark has been making changes to recover from product missteps under the company's previous management that hurt its 5G ambitions and dragged on its shares. He announced a new strategy in October, under which Nokia will have four business groups and said the company would "do whatever it takes" to take the lead in 5G, as it banks on also capturing share from Huawei. Lundmark is expected to present his long-term strategy, discuss action plans and set financial targets during the company's capital markets day on Thursday. The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023. "Decisions that may have a potential impact on our employees are never taken lightly," Lundmark said in a statement. "My priority is to ensure that everyone impacted is supported through this process." Nokia currently has 90,000 employees, and has cut thousands of jobs following its acquisition of Alcatel-Lucent in 2016. It expects the current restructuring to lower its cost base by about 600 million euros by the end of 2023. Half of the savings are expected to be realised in 2021. "These plans are global and likely to affect most countries," a Nokia representative said. "In Europe, we have only just informed local works councils and expect the consultation processes to start shortly, where applicable." France, where Nokia cut more than a thousand jobs last year, was excluded from the current restructuring. The savings programme is bigger than expected but what is interesting is that it will not actually result in lower costs, said Sami Sarkamies, an analyst with Nordea. "The company is shifting focus from general costs to research and development which is expected to result in growth and better margins in the future," he said. Nokia plans to increase investments in research and development and future capabilities including 5G, cloud and digital infrastructure. Under Lundmark's predecessor, Nokia had slashed its profit outlook and halted dividend payouts, after product missteps knocked more than a fifth off its market value. In February Nokia forecast 2021 revenue to fall to between 20.6-21.8 billion euros ($25-26 billion) from 21.9 billion euros in 2020. While both Nokia and Ericsson have been gaining more customers as more telecom operators start rolling out 5G networks, the Swedish company has got an edge partly due to it winning 5G radio contracts in China. Nokia has not won any 5G radio contract in China and had also lost out to Samsung Electronics on a part of a contract to supply 5G equipment to Verizon. Nokia shares were down marginally in morning trade.

Nokia to cut up to 10,000 jobs over next 2 years

California prosecutors sued the country’s largest chain of senior living communities on Monday, accusing the company, Brookdale Senior Living, of manipulating the federal government’s nursing-home ratings system.

The lawsuit was filed by California Attorney General Xavier Becerra and other prosecutors against Brookdale, which operates multiple nursing homes in the state.

The lawsuit is among the first of its kind to accuse nursing homes of submitting false information to Medicare’s ratings program. The system assigns stars — one being the worst, five being the best — to the nation’s more than 15,000 nursing homes.

The system is powered by largely unaudited data submitted by nursing homes, including the amount of time that nurses spend with residents, and in-person examinations by state health inspectors.

Since its rollout more than a decade ago, the rating system, overseen by the U.S. Centers for Medicare &amp; Medicaid Services, or CMS, has become an essential tool for nursing homes to woo potential customers. It can mean the difference between a nursing home making or losing money.

The lawsuit, brought in Superior Court in California, comes on the heels of a New York Times investigation that found the rating system is broken. The Times found that much of the information that nursing homes, including Brookdale’s, submit to the government is wrong, painting a badly distorted picture of the quality of care at many homes.

In the case filed Monday, the California prosecutors said that until April 2018, Brookdale won “undeserved higher star ratings” by submitting false information about its staffing. In particular, the lawsuit said, the company exaggerated the number of hours that registered nurses worked.

The prosecutors said that Brookdale continued to game the statistics even after CMS improved the way it collected staffing data in an attempt to crack down on nursing homes’ inflating their figures. Starting in 2018, CMS began using payroll records, which logged nurses’ daily hours, to calculate the homes’ ratings, rather than relying on nursing homes to report the amount of time nurses spent with patients. Prosecutors accused Brookdale of “falsifying its payroll-based journals.”

Heather Hunter, a spokeswoman for Brookdale, strongly denied on Monday that the company had “engaged in intentional or fraudulent conduct.”

President Joe Biden nominated Becerra, whose office brought the case against Brookdale, for secretary of Health and Human Services, which oversees CMS. The Senate has not yet voted on the nomination.

California prosecutors sued the country’s largest chain of senior living communities on Monday, accusing the company, Brookdale Senior Living, of manipulating the federal government’s nursing-home ratings system.

California prosecutors sued the country’s largest chain of senior living communities on Monday, accusing the company, Brookdale Senior Living, of manipulating the federal government’s nursing-home ratings system. The lawsuit was filed by California Attorney General Xavier Becerra and other prosecutors against Brookdale, which operates multiple nursing homes in the state. The lawsuit is among the first of its kind to accuse nursing homes of submitting false information to Medicare’s ratings program. The system assigns stars — one being the worst, five being the best — to the nation’s more than 15,000 nursing homes. The system is powered by largely unaudited data submitted by nursing homes, including the amount of time that nurses spend with residents, and in-person examinations by state health inspectors. Since its rollout more than a decade ago, the rating system, overseen by the U.S. Centers for Medicare & Medicaid Services, or CMS, has become an essential tool for nursing homes to woo potential customers. It can mean the difference between a nursing home making or losing money. The lawsuit, brought in Superior Court in California, comes on the heels of a New York Times investigation that found the rating system is broken. The Times found that much of the information that nursing homes, including Brookdale’s, submit to the government is wrong, painting a badly distorted picture of the quality of care at many homes. In the case filed Monday, the California prosecutors said that until April 2018, Brookdale won “undeserved higher star ratings” by submitting false information about its staffing. In particular, the lawsuit said, the company exaggerated the number of hours that registered nurses worked. The prosecutors said that Brookdale continued to game the statistics even after CMS improved the way it collected staffing data in an attempt to crack down on nursing homes’ inflating their figures. Starting in 2018, CMS began using payroll records, which logged nurses’ daily hours, to calculate the homes’ ratings, rather than relying on nursing homes to report the amount of time nurses spent with patients. Prosecutors accused Brookdale of “falsifying its payroll-based journals.” Heather Hunter, a spokeswoman for Brookdale, strongly denied on Monday that the company had “engaged in intentional or fraudulent conduct.” President Joe Biden nominated Becerra, whose office brought the case against Brookdale, for secretary of Health and Human Services, which oversees CMS. The Senate has not yet voted on the nomination.

California sues nursing home chain, saying it manipulated ratings system

US airlines on Monday pointed to concrete signs of a domestic leisure travel recovery, pushing shares to their highest level since the COVID-19 crisis hits the sector years ago.

World Business Watch: US Airlines see recovery in 2021

Sales at H&M fell slightly less than expected in the three months through February and rose in the first half of March as pandemic restrictions were eased in some markets, allowing hundreds of stores to reopen.

World Business Watch: H&M's sales recover in March as stores reopen after lockdowns

Thorntons, the 110-year-old British chocolatier and retailer would permanently close all 61 UK stores, putting over 603 jobs at risk, blaming the impact of COVID-19 lockdown restrictions.

World Business Watch: Chocolate chain Thorntons to close UK stores

Argentina's industrial output should grow more than 6% this year versus last year. Argentina's economy as a whole is expected to expand 5% to 6% during the year, based on initial data and depending on how the novel coronavirus evolves.

World Business Watch: Argentina's industrial growth economy contracted

Equity benchmark Sensex tumbled over 600 points in opening trade on Monday, tracking losses in financial stocks amid foreign fund outflows.

The 30-share BSE index was trading 630.51 points or 1.24 per cent lower at 50,161.57, and the broader NSE Nifty was quoting 184.15 points or 1.23 per cent down at 14,846.80.

SBI was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&amp;M, Dr Reddy's Lab, Bajaj Auto, Axis Bank, Bajaj Finance and Kotak Bank.

On the other hand, Tech Mahindra and PowerGrid were the gainers.

In the previous session on Friday, the Sensex had ended 487.43 points or 0.95 per cent lower at 50,792.08, and Nifty tanked 143.85 points or 0.95 per cent to end at 15,030.95.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 942.60 crore, as per exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, a sharp increase in CPI print for February and unexpected contraction in IIP data for January are expected to weigh on investors' sentiments.

Further, sharp increase in US treasury yields and recent spike in fresh COVID-19 cases in various parts of the country are likely to keep markets volatile in the near term, he said.

Elsewhere in Asia, bourses in Shanghai and Seoul were in the red, while Hong Kong and Tokyo were trading on a positive note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.74 per cent higher at USD 69.73 per barrel.&nbsp;

Equity benchmark Sensex tumbled over 600 points in opening trade on Monday, tracking losses in financial stocks amid foreign fund outflows. The 30-share BSE index was trading 630.

Equity benchmark Sensex tumbled over 600 points in opening trade on Monday, tracking losses in financial stocks amid foreign fund outflows. The 30-share BSE index was trading 630.51 points or 1.24 per cent lower at 50,161.57, and the broader NSE Nifty was quoting 184.15 points or 1.23 per cent down at 14,846.80. SBI was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&M, Dr Reddy's Lab, Bajaj Auto, Axis Bank, Bajaj Finance and Kotak Bank. On the other hand, Tech Mahindra and PowerGrid were the gainers. In the previous session on Friday, the Sensex had ended 487.43 points or 0.95 per cent lower at 50,792.08, and Nifty tanked 143.85 points or 0.95 per cent to end at 15,030.95. Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 942.60 crore, as per exchange data. According to Binod Modi Head-Strategy at Reliance Securities, a sharp increase in CPI print for February and unexpected contraction in IIP data for January are expected to weigh on investors' sentiments. Further, sharp increase in US treasury yields and recent spike in fresh COVID-19 cases in various parts of the country are likely to keep markets volatile in the near term, he said. Elsewhere in Asia, bourses in Shanghai and Seoul were in the red, while Hong Kong and Tokyo were trading on a positive note in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 0.74 per cent higher at USD 69.73 per barrel.

Sensex slides over 600 pts in early trade; Nifty slips below 14,900

China`s economy is still in the process of recovery, spokeswoman for the National Bureau of Statistics Liu Aihua said on Monday. 
 
Liu made the comments during a news briefing after the release of activity data for January and February which showed a further pickup in momentum. 
 
(More details awaited)

China`s economy is still in the process of recovery, spokeswoman for the National Bureau of Statistics Liu Aihua said on Monday. Liu made the comments during a news briefing after the release of activity data for January and February which showed a further pickup in momentum.

China`s economy is still in the process of recovery, spokeswoman for the National Bureau of Statistics Liu Aihua said on Monday. Liu made the comments during a news briefing after the release of activity data for January and February which showed a further pickup in momentum. (More details awaited)

China statistics bureau says economy still in recovery process

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

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

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

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

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

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

United Kingdom businesses are more likely to expect a rebound in activity this year than their counterparts abroad, and expectations of a pick-up in growth are stronger than at any point since 2015, a survey has shown that.

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

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

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

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

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

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

Inflation rises over 4% over costlier food, fuel prices

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

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

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

Tesla investor sues Musk, claims tweets violate SEC settlement

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

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

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

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

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

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

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

Bitcoin goes past USD 60,000 for first time

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

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