Italy plans to launch a fund worth up to $47.8 billion this month to help its companies hit by the COVID-19 crisis raise capital and strengthen their balance sheets.

World Business Watch: Italy set to launch fund for virus-hit firms

OPEC has said a recovery in oil prices and demand will be focused on the second half of the year as the impact of the COVID-19 lingers as a headwind for a group and its allies in supporting the market.

World Business Watch: 2021 oil demand recovery in second half

The Australian government unveiled a A$1.2 billion ($928 million) tourism support package aimed at boosting local travel while international routes remain closed because of the coronavirus pandemic.

World Business Watch: Australia unveils $928 mn tourism support package

Industry group Make UK said that three out of every four British manufacturers have experienced Brexit-linked delays during the past three months and the government must sort out problems that are still affecting ports.

World Business Watch: Three-quarters of UK manufacturers hit by Brexit delays

<p>Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as books opened on Thursday for its Hong Kong listing, a filing from the company showed.</p>

<p>The shares will be priced at no more than HK$295 per share for retail shareholders and represent 3.4% of the company's total shares, it said in documents sent to the Securities and Exchange Commission.</p>

<p>Institutional investors could pay more for the shares, a term sheet obtained by Reuters showed, without specifying a range.</p>

<p>One Baidu ADR is equivalent to eight of its Hong Kong shares, the filings show.</p>

<p>A further 14.25 million shares can be sold as part of a so-called greenshoe option that would take the size of the issue to $3.48 billion, according to the term sheet.</p>

<p>The final price for Baidu's shares will be set on March 17 and trading will begin on the Hong Kong market on March 23, it says.</p>


Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as books opened on Thursday for its Hong Kong listing, a filing from the company showed.

Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as books opened on Thursday for its Hong Kong listing, a filing from the company showed. The shares will be priced at no more than HK$295 per share for retail shareholders and represent 3.4% of the company's total shares, it said in documents sent to the Securities and Exchange Commission. Institutional investors could pay more for the shares, a term sheet obtained by Reuters showed, without specifying a range. One Baidu ADR is equivalent to eight of its Hong Kong shares, the filings show. A further 14.25 million shares can be sold as part of a so-called greenshoe option that would take the size of the issue to $3.48 billion, according to the term sheet. The final price for Baidu's shares will be set on March 17 and trading will begin on the Hong Kong market on March 23, it says.

Baidu looks to raise $3.03 billion in Hong Kong listing

<p>In the realm of consumer alerts, the advisory Tuesday from the National Highway Traffic Safety Administration about a recall of nearly 380,000 Kia vehicles was the equivalent of a flashing dashboard light.</p>

<p>“Until these recalled vehicles have been repaired,” the advisory said, “the safest place to park them is outside and away from homes and other structures.”</p>

<p>Kia, the Korean automobile manufacturer, issued a recall Tuesday for Sportage compact sport-utility vehicles from 2017-21 and Sportage sedans from the same period, over concerns that electronic components could short-circuit and cause fires in the engine compartments of certain models.</p>

<p>The affected vehicles are models not equipped with “smart cruise control,” the National Highway Traffic Safety Administration, a unit of the U.S. Department of Transportation, said in its consumer report Tuesday.</p>

<p>“The electrical circuit in the hydraulic electronic control unit may short-circuit,” the agency said. This short circuit “could cause a fire in the engine compartment.”</p>

<p>On its website, Kia describes the Sportage, which has a starting price of around $24,000, as having a “coupe-like profile and athletic stance.” The Cadenza, a full-size sedan, is “a step toward luxury,” Kia says on its site, with a starting cost of around $38,000.</p>

<p>Affected car owners can bring their vehicles to a Kia dealer to have the problem fixed, federal officials said. In affected Sportage vehicles, dealers can replace certain fuses in the electrical junction box, and update the hydraulic electronic control unit software, the agency said. In affected Cadenza vehicles, it said, a new fuse kit containing a 25A fuse can be installed, replacing a kit containing a 40A fuse.</p>

<p>In addition to seeing warning lights, drivers of affected vehicles may detect a “burning/melting odor” or see “smoke from engine compartment” the agency said in a safety recall report.</p>

<p>The recall comes after the traffic safety administration began an investigation into engine fires involving certain vehicles made by Kia and another carmaker, Hyundai, The Associated Press reported. A message left with a Kia representative requesting comment was not immediately returned Tuesday evening.</p>

<p>The recall comes as the auto industry is facing a number of challenges, including a global shortage of semiconductors and a winter storm that halted or shut down auto productions in several states. Broader technological changes, like a growing hunger by some for electrical vehicles and driverless cars, is also reshaping the industry.</p>

<p>In 2010, Toyota agreed to pay millions of dollars in fines for failing to swiftly recall millions of its defective vehicles, federal transportation officials said. In 2014, Kia Motors and Hyundai Motor were fined a total of $300 million as part of a settlement with the federal government for overstating vehicle fuel-economy standards on 1.2 million cars.</p>


In the realm of consumer alerts, the advisory Tuesday from the National Highway Traffic Safety Administration about a recall of nearly 380,000 Kia vehicles was the equivalent of a flashing dashboard light.

In the realm of consumer alerts, the advisory Tuesday from the National Highway Traffic Safety Administration about a recall of nearly 380,000 Kia vehicles was the equivalent of a flashing dashboard light. “Until these recalled vehicles have been repaired,” the advisory said, “the safest place to park them is outside and away from homes and other structures.” Kia, the Korean automobile manufacturer, issued a recall Tuesday for Sportage compact sport-utility vehicles from 2017-21 and Sportage sedans from the same period, over concerns that electronic components could short-circuit and cause fires in the engine compartments of certain models. The affected vehicles are models not equipped with “smart cruise control,” the National Highway Traffic Safety Administration, a unit of the U.S. Department of Transportation, said in its consumer report Tuesday. “The electrical circuit in the hydraulic electronic control unit may short-circuit,” the agency said. This short circuit “could cause a fire in the engine compartment.” On its website, Kia describes the Sportage, which has a starting price of around $24,000, as having a “coupe-like profile and athletic stance.” The Cadenza, a full-size sedan, is “a step toward luxury,” Kia says on its site, with a starting cost of around $38,000. Affected car owners can bring their vehicles to a Kia dealer to have the problem fixed, federal officials said. In affected Sportage vehicles, dealers can replace certain fuses in the electrical junction box, and update the hydraulic electronic control unit software, the agency said. In affected Cadenza vehicles, it said, a new fuse kit containing a 25A fuse can be installed, replacing a kit containing a 40A fuse. In addition to seeing warning lights, drivers of affected vehicles may detect a “burning/melting odor” or see “smoke from engine compartment” the agency said in a safety recall report. The recall comes after the traffic safety administration began an investigation into engine fires involving certain vehicles made by Kia and another carmaker, Hyundai, The Associated Press reported. A message left with a Kia representative requesting comment was not immediately returned Tuesday evening. The recall comes as the auto industry is facing a number of challenges, including a global shortage of semiconductors and a winter storm that halted or shut down auto productions in several states. Broader technological changes, like a growing hunger by some for electrical vehicles and driverless cars, is also reshaping the industry. In 2010, Toyota agreed to pay millions of dollars in fines for failing to swiftly recall millions of its defective vehicles, federal transportation officials said. In 2014, Kia Motors and Hyundai Motor were fined a total of $300 million as part of a settlement with the federal government for overstating vehicle fuel-economy standards on 1.2 million cars.

Recall of Kia vehicles comes with special caution: Don’t park in the garage

<p>Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index.</p>

<p>Spot gold were up 0.7% at $1,738.08 per ounce by 0926 GMT, after hitting its highest since March 3 at $1,739.63 earlier. U.S. gold futures climbed 0.9% to $1,736.30.</p>

<p>"Real rates are falling again and the lower real rates are, the better it is for gold. The second element is the strength in dollar we have seen recently has ended again and this is also helping gold," said UBS analyst Giovanni Staunovo.</p>

<p>U.S. 10-year Treasury yields held near a one-week low, while the dollar fell as data showed U.S. core consumer price growth slowed slightly in February.</p>

<p>While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion.</p>

<p>The $1.9 trillion U.S. COVID-19 relief bill was finally approved on Wednesday and is expected to supercharge the economic recovery.</p>

<p>"At the moment it's (relief bill) helping gold due to higher inflation expectations but it could also mean that the U.S. Federal Reserve starts to change its tone a little bit," said UBS' Staunovo, adding that a less dovish Fed could see gold prices remain under pressure.</p>

<p>Investors await a European Central Bank meeting due later in the day to see if policymakers will take any action to rein in rising yields.</p>

<p>Michael Langford, director at corporate advisory AirGuide said there was a greater upside in other assets like copper and small-cap equities than in gold in the short term.</p>

<p>Silver rose 0.8% to $26.38 an ounce. Palladium climbed 1.3% to $2,336.93, while platinum gained 1.4% to $1,219.50.</p>


Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index.

Gold prices gained for a third straight session on Thursday, hitting a one-week peak as softer inflation data in the United States pressured Treasury yields and the dollar index. Spot gold were up 0.7% at $1,738.08 per ounce by 0926 GMT, after hitting its highest since March 3 at $1,739.63 earlier. U.S. gold futures climbed 0.9% to $1,736.30. "Real rates are falling again and the lower real rates are, the better it is for gold. The second element is the strength in dollar we have seen recently has ended again and this is also helping gold," said UBS analyst Giovanni Staunovo. U.S. 10-year Treasury yields held near a one-week low, while the dollar fell as data showed U.S. core consumer price growth slowed slightly in February. While gold is considered a hedge against inflation from widespread stimulus, higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion. The $1.9 trillion U.S. COVID-19 relief bill was finally approved on Wednesday and is expected to supercharge the economic recovery. "At the moment it's (relief bill) helping gold due to higher inflation expectations but it could also mean that the U.S. Federal Reserve starts to change its tone a little bit," said UBS' Staunovo, adding that a less dovish Fed could see gold prices remain under pressure. Investors await a European Central Bank meeting due later in the day to see if policymakers will take any action to rein in rising yields. Michael Langford, director at corporate advisory AirGuide said there was a greater upside in other assets like copper and small-cap equities than in gold in the short term. Silver rose 0.8% to $26.38 an ounce. Palladium climbed 1.3% to $2,336.93, while platinum gained 1.4% to $1,219.50.

Gold gains for third day as bond yields, dollar retreat

The Indian economy may revive and retake its place as the fastest-growing one in 2021, says the forecast released by the Organisation for Economic Cooperation and Development (OECD).

World Business Watch: India could be back as fastest growing economy again

Rolls-Royce has completed the first taxiing of its electric aircraft ahead of its first flight and an attempt to break the world record for the fastest electric aeroplane later this year.

World Business Watch: Rolls-Royce powers up all-electric aircraft

South Africa's GDP grew quarter and quarter in three months ending in December but the economy recorded its biggest annual contraction in seven decades last year.

World Business Watch: South Africa’s economy shrank by most in century last year

<p>India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said.&nbsp;</p>

<p>The report also projected the Indian economy to grow at 12.6 per cent, the highest among the G20 countries in the financial year 2021-22.&nbsp;</p>

<p>It said if India achieves the projected growth, the country will "reclaim its status as the fastest-growing major economy from China."</p>

<p><strong>Watch |&nbsp;</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-india-could-be-back-as-fastest-growing-economy-again-369296/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>The projections have come after India recorded a 0.4 per cent rise in GDP in the last quarter, ending two back-to-back negative growth rates.&nbsp;</p>

<p>The forecast for the global economy rose to 5.6 per cent in 2021 from the previous estimate of 4.2 per cent, the report said.</p>

<p>It said that in recent months global economic prospects have improved considerably due to a gradual supply of effective vaccines and countries have announced more fiscal support.&nbsp;</p>

<p>"Significant fiscal and monetary support continues to underpin activity. Additional discretionary fiscal measures announced in several countries during the past three months will add to the overall support this year, including in the US, Japan, Germany, Canada, and India," the report said.<br />
&nbsp;</p>


India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said.

India can again reclaim the position of the fastest growing economy in the world in 2021-22, a report by The Organisation for Economic Co-operation and Development (OECD) on Tuesday said. The report also projected the Indian economy to grow at 12.6 per cent, the highest among the G20 countries in the financial year 2021-22. It said if India achieves the projected growth, the country will "reclaim its status as the fastest-growing major economy from China." Watch | The projections have come after India recorded a 0.4 per cent rise in GDP in the last quarter, ending two back-to-back negative growth rates. The forecast for the global economy rose to 5.6 per cent in 2021 from the previous estimate of 4.2 per cent, the report said. It said that in recent months global economic prospects have improved considerably due to a gradual supply of effective vaccines and countries have announced more fiscal support. "Significant fiscal and monetary support continues to underpin activity. Additional discretionary fiscal measures announced in several countries during the past three months will add to the overall support this year, including in the US, Japan, Germany, Canada, and India," the report said.

With growth rate of 12.6%, India could become world's fastest-growing economy: Report

<p>Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity.</p>

<p>"just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).</p>

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<p>NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Dorsey, a known bitcoin enthusiast, said the auction will end on March 21.</p>

<p>Payments company Square Inc, also led by Dorsey, invested $170 million more in bitcoin last month, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors.</p>

<p>Dorsey's 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday.</p>

<p>The proceeds are being donated to GiveDirectly, a fundraising project to give cash directly to families experiencing extreme poverty in Africa.</p>


Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity. "just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).

Twitter Inc boss Jack Dorsey said on Tuesday he will convert proceeds from the digital auction of the first ever tweet on the platform to bitcoin for charity. "just setting up my twttr" - the first ever tweet went live for sale after Dorsey listed it as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs). View this post on Instagram A post shared by WION (@wionews) NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Dorsey, a known bitcoin enthusiast, said the auction will end on March 21. Payments company Square Inc, also led by Dorsey, invested $170 million more in bitcoin last month, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors. Dorsey's 15-year old tweet could attract bidders to pay a high price for the digital memorabilia. The highest bid for the tweet stood at $2.5 million as of 17:05 GMT on Tuesday. The proceeds are being donated to GiveDirectly, a fundraising project to give cash directly to families experiencing extreme poverty in Africa.

Jack Dorsey to convert proceeds from auction of first tweet to bitcoin

<p>The International Air Transport Association (IATA) has announced results from its latest poll of recent travellers, showing growing confidence in a return to air travel, frustration with current travel restrictions and acceptance of a travel app to manage health credentials for travel.</p>

<p>While 88 per cent believe that when opening borders, the right balance must be struck between managing Covid-19 risks and getting the economy going again, 85 per cent believe that governments should set Covid-19 targets (like testing capacity or vaccine distribution) to re-open borders.</p>

<p>About 84 per cent believe that Covid-19 will not disappear and there is need to manage its risks while living and travelling normally, 68 per cent agreed that their quality of life has suffered with travel restrictions.</p>

<p>Nearly 49 per cent believe that air travel restrictions have gone too far.</p>

<p>A total of 4,700 interviews were conducted online in 11 markets between February 15 and 23. The sample size was 500 in the United States, Canada, United Kingdom, France, Germany, India and Australia.</p>

<p>In Chile, Japan, UAE and Singapore the sample size was 300.</p>

<p>The poll showed while there is public support for travel restrictions, it is becoming clear that people are feeling more comfortable with managing the risks of Covid-19.</p>

<p>People are also feeling frustrated with the loss of freedom to travel with 68 per cent of respondents indicating their quality of life is suffering as a result.</p>

<p>Travel restrictions come with health, social and economic consequences.</p>

<p>Nearly 40 per cent of respondents reported mental stress and missing an important human moment as a result of travel restrictions.</p>

<p>And over a third have said that restrictions prevent them from doing business normally.</p>

<p>"The top priority of everybody at the moment is staying safe amid the Covid-19 crisis. But it is important that we map a way to being able to re-open borders, manage risks and enable people to get on with their lives," said Alexandre de Juniac, IATA`s Director General and CEO.</p>

<p>"That includes the freedom to travel. It is becoming clear that we will need to learn to live and travel in a world that has Covid-19. Given the health, social and economic costs of travel restrictions, airlines should be ready to re-connect the world as soon as governments are able to re-open borders.</p>

<p>"The poll showed that 57 per cent expect to be travelling within two months of the pandemic being contained (improved from 49 per cent in September 2020). About 72 per cent want to travel to see family and friends as soon as possible (improved from 63 per cent in September 2020).</p>

<p>Nearly 81 per cent believe that they will be more likely to travel once they are vaccinated and 84 per cent said they will not travel if there is a chance of quarantine at destination (largely unchanged from 83 per cent in September 2020).</p>

<p>About 56 per cent believe that they will postpone travel until the economy stabilises (improved from 65 per cent in September 2020).</p>

<p>There are some headwinds in travel trends. About 84 per cent of travellers will not travel if it involves quarantine at destination.</p>

<p>And there are still indications that the pick-up in business travel will take time with 62 per cent of respondents saying they are likely to travel less for business even after the virus is contained.&nbsp;</p>


The International Air Transport Association (IATA) has announced results from its latest poll of recent travellers, showing growing confidence in a return to air travel, frustration with current travel restrictions and acceptance of a travel app to manage health credentials for travel.

The International Air Transport Association (IATA) has announced results from its latest poll of recent travellers, showing growing confidence in a return to air travel, frustration with current travel restrictions and acceptance of a travel app to manage health credentials for travel. While 88 per cent believe that when opening borders, the right balance must be struck between managing Covid-19 risks and getting the economy going again, 85 per cent believe that governments should set Covid-19 targets (like testing capacity or vaccine distribution) to re-open borders. About 84 per cent believe that Covid-19 will not disappear and there is need to manage its risks while living and travelling normally, 68 per cent agreed that their quality of life has suffered with travel restrictions. Nearly 49 per cent believe that air travel restrictions have gone too far. A total of 4,700 interviews were conducted online in 11 markets between February 15 and 23. The sample size was 500 in the United States, Canada, United Kingdom, France, Germany, India and Australia. In Chile, Japan, UAE and Singapore the sample size was 300. The poll showed while there is public support for travel restrictions, it is becoming clear that people are feeling more comfortable with managing the risks of Covid-19. People are also feeling frustrated with the loss of freedom to travel with 68 per cent of respondents indicating their quality of life is suffering as a result. Travel restrictions come with health, social and economic consequences. Nearly 40 per cent of respondents reported mental stress and missing an important human moment as a result of travel restrictions. And over a third have said that restrictions prevent them from doing business normally. "The top priority of everybody at the moment is staying safe amid the Covid-19 crisis. But it is important that we map a way to being able to re-open borders, manage risks and enable people to get on with their lives," said Alexandre de Juniac, IATA`s Director General and CEO. "That includes the freedom to travel. It is becoming clear that we will need to learn to live and travel in a world that has Covid-19. Given the health, social and economic costs of travel restrictions, airlines should be ready to re-connect the world as soon as governments are able to re-open borders. "The poll showed that 57 per cent expect to be travelling within two months of the pandemic being contained (improved from 49 per cent in September 2020). About 72 per cent want to travel to see family and friends as soon as possible (improved from 63 per cent in September 2020). Nearly 81 per cent believe that they will be more likely to travel once they are vaccinated and 84 per cent said they will not travel if there is a chance of quarantine at destination (largely unchanged from 83 per cent in September 2020). About 56 per cent believe that they will postpone travel until the economy stabilises (improved from 65 per cent in September 2020). There are some headwinds in travel trends. About 84 per cent of travellers will not travel if it involves quarantine at destination. And there are still indications that the pick-up in business travel will take time with 62 per cent of respondents saying they are likely to travel less for business even after the virus is contained.

Air travellers gaining confidence, time to plan for restart: IATA

<p>Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.<br />
<br />
The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid.<br />
<br />
Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping.<br />
<br />
The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday.<br />
<br />
The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain.<br />
<br />
Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase.<br />
<br />
Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point.<br />
<br />
"Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.<br />
<br />
"We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter."<br />
<br />
Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading.<br />
<br />
Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point.<br />
<br />
The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump.<br />
<br />
Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll.<br />
<br />
Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver.<br />
<br />
The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.</p>


Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. "Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan downgrades fourth-quarter GDP as companies scale back spending

<p>India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted in view of good Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament.</p>

<p>The government lifted the ban on export with effect from January 1 in view of good prospects of Kharif and late Kharif production estimates, he said in a written reply to the Lok Sabha.</p>

<p>"After the recent lifting of the ban, the export of onion in the months of January and February 2021 has been 56,000 tonnes and 31,000 tonnes respectively, as against monthly average export of 2.18 lakh tonnes prior to the imposition of the ban in September 2020," Tomar said.</p>

<p>The All India average retail prices of onion in December 2020 was Rs 44.33 per kg, whereas during January and February 2021 the prices have been Rs 38.59 per kg and Rs 44.08 per kg, respectively, he added.</p>

<p>In 2019-20, the country exported 11.50 lakh tonne of onion at a value of Rs 2,320.70 crore. The minister said the government has approved the creation of 2 lakh tonne of onion buffer during 2021-22 under the Price Stabilisation Fund (PSF), which would be built by procuring the Rabi crop arriving from March this year.</p>

<p>To check onion prices last year, Tomar said the government had released onion from the buffer stock of 1 lakh tonne created from Rabi-2020 onion in a calibrated manner to moderate prices of the onion since September 2020.</p>

<p>The government had also approved procurement of 1 lakh tonne of onion from the Kharif 2020 crop under the PSF to recoup the buffer for further retail intervention besides banning export in September last year and imposing a stock limit on traders.</p>

<p>To augment domestic availability of onion through import, the government had eased the fumigation and quarantine norms and also accorded approval for procuring and disposal of the imported onion by the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) at pre-decided ceiling price through the issue of tenders at regular intervals.</p>

<p>"As a result of these measures, onion import came in significant quantities from October onward, and by the end of December 2020 a total of over 65,546 MT was imported," he added.</p>

<p>The price of onion has been on a declining trend from November 2020 and by December, prices in the mandis were reported to be significantly low. Retail price had also declined substantially, the minister added.</p>


India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted in view of good Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament.

India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted in view of good Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament. The government lifted the ban on export with effect from January 1 in view of good prospects of Kharif and late Kharif production estimates, he said in a written reply to the Lok Sabha. "After the recent lifting of the ban, the export of onion in the months of January and February 2021 has been 56,000 tonnes and 31,000 tonnes respectively, as against monthly average export of 2.18 lakh tonnes prior to the imposition of the ban in September 2020," Tomar said. The All India average retail prices of onion in December 2020 was Rs 44.33 per kg, whereas during January and February 2021 the prices have been Rs 38.59 per kg and Rs 44.08 per kg, respectively, he added. In 2019-20, the country exported 11.50 lakh tonne of onion at a value of Rs 2,320.70 crore. The minister said the government has approved the creation of 2 lakh tonne of onion buffer during 2021-22 under the Price Stabilisation Fund (PSF), which would be built by procuring the Rabi crop arriving from March this year. To check onion prices last year, Tomar said the government had released onion from the buffer stock of 1 lakh tonne created from Rabi-2020 onion in a calibrated manner to moderate prices of the onion since September 2020. The government had also approved procurement of 1 lakh tonne of onion from the Kharif 2020 crop under the PSF to recoup the buffer for further retail intervention besides banning export in September last year and imposing a stock limit on traders. To augment domestic availability of onion through import, the government had eased the fumigation and quarantine norms and also accorded approval for procuring and disposal of the imported onion by the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) at pre-decided ceiling price through the issue of tenders at regular intervals. "As a result of these measures, onion import came in significant quantities from October onward, and by the end of December 2020 a total of over 65,546 MT was imported," he added. The price of onion has been on a declining trend from November 2020 and by December, prices in the mandis were reported to be significantly low. Retail price had also declined substantially, the minister added.

India exports 87,000 tons of onion in January-February after ban lifted

Japan's economy expanded at a slower-than-initially-reported pace in October-December as the impact of the COVID-19 pandemic weighed on the economic outlook.

World Business Watch: Japan downgrades fourth-quarter GDP as pandemic hurts domestic demands

Oil prices settled lower, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.

World Business Watch: Oil settles lower after attacks on oil facilities in Saudi Arabia

The European Union should shake off its ill will and build a good relationship with Britain as sovereign equals, Britain's top EU adviser David Frost said promising to stand up for the country's interests.

World Business Watch: Shake off your ill will, Britain tells EU over Post-Brexit trade

The United Kingdom lost market share in the United States, Germany and China during the COVID-19 pandemic due to global trade chaos, Brexit and poor productivity, according to new research published.

World Business Watch: UK market share in US, Germany, China falls

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


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

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

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

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


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

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

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

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


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

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

ADB releases data to support more sustainable transport sector in Asia

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

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

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


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

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

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

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

World Business Watch: Hyundai profit hit after electric car recall

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

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