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

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

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

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

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

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

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

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

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

Record loss, forecast disappoints Airbus investors

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

More 'Brexit' companies shift to the Amsterdam

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

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

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

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

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

The World Bank has selected former Senegal finance minister Makhtar Diop to lead the agency responsible for private sector finance at a critical time for the global recovery.

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

Former Senegal finance minister to head IFC, World Bank declares

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

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

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

Sensex falls 379 points, Nifty ends below 15,150

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

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

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

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

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

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

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

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

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

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

Ford Europe to go fully electric on passenger vehicles by 2030

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

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

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

Adidas To Sell-off Long-struggling Reebok

Google is teaming up with the European Investment Fund (EIF) and two other organisations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19.

The funds are part of an $800 million initiative announced in March last year in response to the pandemic.

Google, a unit of Alphabet, said on Wednesday that it would invest in two EIF funds, giving $15 million in loan capital to 1,000 European small businesses and $10 million in EIF’s venture capital fund backing 200 life sciences companies.

The EIF is part of the European Investment Bank group, the lending arm of the European Union.

In Latin America, Google will work with the Inter-American Development Bank to allocate $8 million to small companies.

It has also set up a $26 million loan fund with Kiva, an organisation that crowdfunds loans, to help businesses in Africa, the Middle East and Indonesia. Indian companies will get $15 million.

Google is teaming up with the European Investment Fund (EIF) and two other organisations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19.

Google is teaming up with the European Investment Fund (EIF) and two other organisations in Latin America and Asia to provide $75 million in funding to small- and medium-sized companies suffering from the impact of COVID-19. The funds are part of an $800 million initiative announced in March last year in response to the pandemic. Google, a unit of Alphabet, said on Wednesday that it would invest in two EIF funds, giving $15 million in loan capital to 1,000 European small businesses and $10 million in EIF’s venture capital fund backing 200 life sciences companies. The EIF is part of the European Investment Bank group, the lending arm of the European Union. In Latin America, Google will work with the Inter-American Development Bank to allocate $8 million to small companies. It has also set up a $26 million loan fund with Kiva, an organisation that crowdfunds loans, to help businesses in Africa, the Middle East and Indonesia. Indian companies will get $15 million.

Google to invest $75 million in coronavirus-hit small businesses

After having reached fresh all-time highs, Sensex and Nifty retreated and closed the day’s trade in the red.&nbsp;

From its fresh record high level of 52,517, hit earlier today, the S&amp;P BSE Sensex tanked 650 points to hit a low of 51,864. The index, however, settled at 52,104 levels, down 50 points or 0.1 per cent.

The NSE's Nifty50, on the other hand, managed to hold the 15,300 level and ended at 15,313, down 1.25 points or 0.01 per cent. The index hit fresh lifetime high of 15,432 in the morning trade today.&nbsp;

Nifty Midcap 50 jumped 0.38% and the Smallcap 50 gained 0.40%. Among top gainers on BSE Sensex were Power Grid, up 6%, followed by ONGC’s 5% jump and NTPC. Axis Bank and ICICI Bank were among the drags.

(With inputs from agencies)

After having reached fresh all-time highs, Sensex and Nifty retreated and closed the day’s trade in the red. From its fresh record high level of 52,517, hit earlier today, the S&P BSE Sensex tanked 650 points to hit a low of 51,864.

After having reached fresh all-time highs, Sensex and Nifty retreated and closed the day’s trade in the red. From its fresh record high level of 52,517, hit earlier today, the S&P BSE Sensex tanked 650 points to hit a low of 51,864. The index, however, settled at 52,104 levels, down 50 points or 0.1 per cent. The NSE's Nifty50, on the other hand, managed to hold the 15,300 level and ended at 15,313, down 1.25 points or 0.01 per cent. The index hit fresh lifetime high of 15,432 in the morning trade today. Nifty Midcap 50 jumped 0.38% and the Smallcap 50 gained 0.40%. Among top gainers on BSE Sensex were Power Grid, up 6%, followed by ONGC’s 5% jump and NTPC. Axis Bank and ICICI Bank were among the drags. (With inputs from agencies)

Sensex ends flat after volatile trade, Nifty at 15,313

Cryptocurrency Bitcoin on Tuesday rose above $50,000 for the first time ever.&nbsp;

The record high stood at $50,602, and has risen by 72 per cent this year. Most of the gains were recorded after Tesla, the carmaking giant said that it had bought $1.5 billion in the cryptocurrency.

The currency is quickly gaining acceptance by investors across the board. In addition, Tesla said that it would now accept the currency as payment.

On February 8, Bitcoin hit its previous record-high above $43,000 &nbsp;after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has been up by around 50 per cent since the start of the year.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/india-mulls-bitcoin-ban-existing-investors-to-get-transition-period-363262" hreflang="en">India mulls Bitcoin ban, existing investors to get transition period</a>

Bitcoin hit $43,725.51 around 1300 GMT on February 8, before cooling slightly to $42,352.&nbsp;

Tesla's decision came just days after CEO Elon Musk changed his Twitter bio to simply read "#bitcoin." The announcement came in a US Securities and Exchange Commission document.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximising its returns on cash. It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term".

It is now expected that Tesla would soon begin accepting payment for its cars and other products with bitcoin in the near future.

Cryptocurrency Bitcoin on Tuesday rose above $50,000 for the first time ever. The record high stood at $50,602, and has risen by 72 per cent this year. Most of the gains were recorded after Tesla, the carmaking giant said that it had bought $1.

Cryptocurrency Bitcoin on Tuesday rose above $50,000 for the first time ever. The record high stood at $50,602, and has risen by 72 per cent this year. Most of the gains were recorded after Tesla, the carmaking giant said that it had bought $1.5 billion in the cryptocurrency. The currency is quickly gaining acceptance by investors across the board. In addition, Tesla said that it would now accept the currency as payment. On February 8, Bitcoin hit its previous record-high above $43,000 after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has been up by around 50 per cent since the start of the year. Also read: India mulls Bitcoin ban, existing investors to get transition period Bitcoin hit $43,725.51 around 1300 GMT on February 8, before cooling slightly to $42,352. Tesla's decision came just days after CEO Elon Musk changed his Twitter bio to simply read "#bitcoin." The announcement came in a US Securities and Exchange Commission document. Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximising its returns on cash. It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term". It is now expected that Tesla would soon begin accepting payment for its cars and other products with bitcoin in the near future.

Bitcoin rises above $50,000 for the first time ever

UK automaker Jaguar Land Rover (JLR) says its Jaguar luxury brand will be all-electric by 2025.

JLR to add six-electric variants in five years

Around a fifth of manufacturers thought they might gain from customers bringing work back to Britain from the EU.

UK: 54% manufacturers facing export difficulties

BSE Sensex was trading above the crucial 52,000-mark for the first time ever, while the Nifty 50 crossed the psychological 15,300 level

Sensex hits 52,000-mark for the first time ever, Nifty at record highs

Google has been hit with an of 1.1 million euros ($1.3 million) fine after a probe found that Google's hotel rankings could be misleading for consumers, France's finance ministry and fraud watchdog said on Monday.&nbsp;

Google used the official source Atout France as well as input from other hotel-industry websites in its algorithm to rank hotels from one to five stars.&nbsp;

After receiving complaints from hoteliers about Google's rankings, the French government’s fraud and competition agency launched an investigation in 2019 and 2020. &nbsp;

It said it was to monitor “the nature and fairness of the information provided by the platform” across 7,500 establishments.&nbsp;

Google said that it has now made the “necessary changes to only reflect the official French star rating for hotels on Google Maps and Search.”&nbsp;

In other Google-related news, the search giant has struck a deal with Australia's Seven West Media that became the country's first major news outlet to strike a licensing deal with Google, as the government pushes ahead with a law that would force the Internet giant to pay media companies for content.&nbsp;

At an earnings announcement on Tuesday, Seven, which owns a free-to-air television network and the main metro newspaper in the city of Perth, said it would supply content for Google's News Showcase platform. It did not disclose terms.&nbsp;

The deal shows Seven splittings from rivals News Corp and Nine Entertainment which have failed to reach agreements with Google and instead backed laws, set to be passed this week, where the government sets the online giant's content fees in the absence of a private deal.&nbsp;

So far in Australia, only specialist online publishers and one regional newspaper have struck deals to receive payment for their content appearing on the new Google platform which went live in the country this month. Outside Australia, Reuters is among news outlets with similar Google deals.&nbsp;

"The negotiations with Google recognise the value of quality and original journalism throughout the country and, in particular, in regional areas," said Seven West Chairman Kerry Stokes in a statement.&nbsp;

Google's Australia CEO Mel Silva said the US company was "proud to support original, trusted, and quality journalism" by featuring Seven on its platform. Last month, Silva told a parliamentary hearing Google would pull its search engine from Australia if the so-called News Media Bargaining Code became law. A Google representative declined to comment on the effect of the Seven deal.&nbsp; 
&nbsp; 
(With inputs from agencies)&nbsp;

Google has been hit with an of 1.1 million euros ($1.3 million) fine after a probe found that Google's hotel rankings could be misleading for consumers, France's finance ministry and fraud watchdog said on Monday.

Google has been hit with an of 1.1 million euros ($1.3 million) fine after a probe found that Google's hotel rankings could be misleading for consumers, France's finance ministry and fraud watchdog said on Monday. Google used the official source Atout France as well as input from other hotel-industry websites in its algorithm to rank hotels from one to five stars. After receiving complaints from hoteliers about Google's rankings, the French government’s fraud and competition agency launched an investigation in 2019 and 2020. It said it was to monitor “the nature and fairness of the information provided by the platform” across 7,500 establishments. Google said that it has now made the “necessary changes to only reflect the official French star rating for hotels on Google Maps and Search.” In other Google-related news, the search giant has struck a deal with Australia's Seven West Media that became the country's first major news outlet to strike a licensing deal with Google, as the government pushes ahead with a law that would force the Internet giant to pay media companies for content. At an earnings announcement on Tuesday, Seven, which owns a free-to-air television network and the main metro newspaper in the city of Perth, said it would supply content for Google's News Showcase platform. It did not disclose terms. The deal shows Seven splittings from rivals News Corp and Nine Entertainment which have failed to reach agreements with Google and instead backed laws, set to be passed this week, where the government sets the online giant's content fees in the absence of a private deal. So far in Australia, only specialist online publishers and one regional newspaper have struck deals to receive payment for their content appearing on the new Google platform which went live in the country this month. Outside Australia, Reuters is among news outlets with similar Google deals. "The negotiations with Google recognise the value of quality and original journalism throughout the country and, in particular, in regional areas," said Seven West Chairman Kerry Stokes in a statement. Google's Australia CEO Mel Silva said the US company was "proud to support original, trusted, and quality journalism" by featuring Seven on its platform. Last month, Silva told a parliamentary hearing Google would pull its search engine from Australia if the so-called News Media Bargaining Code became law. A Google representative declined to comment on the effect of the Seven deal. (With inputs from agencies)

Google to pay over $1 million for misleading French hotel rankings 

The fading of economic pessimism across the world is bringing much-needed relief in the markets. From Japan to India, the stock markets are on an upswing today.

It was&nbsp;around the same time last year that&nbsp;nations world over had started implementing lockdowns to slow the spread of COVID-19 pandemic. And within a year, the stock markets have more than doubled in some regions including India.

On the first day of the third week of February, the stock markets today are once again at record high levels.

Global shares rose for the 11th day in a row to reach a peak with Japan's Nikkei touching 30,000 mark for the first time in more than three decades while India's Sensex also crossed 52,000 mark for the first time closing at 52,154.13 registering gains of 609.83 while Nifty 50 also gained 1% to end at 15,314.70. Backing the markets across the globe is the optimism about the rollout of COVID-19 vaccines and new fiscal aid from Washington.

The UK has already issued a first COVID-19 vaccine dose to more than 15 million people across its priority groups and the inoculation is being done in many parts of the world at a faster pace.

However, China, Taiwan and Hong Kong markets are closed for the Lunar New Year holiday today and US stock markets are also shut for the Presidents'&nbsp;Day holiday. So, this rally could be visible there once they open tomorrow.

Receiving a positive cue from their Asia-Pacific peers, the European stocks have opened in positive territory with backing from the successful vaccine rollouts that are fueling hopes of a global economic recovery.

The fading of economic pessimism across the world is bringing much-needed relief in the markets. From Japan to India, the stock markets are on an upswing today. It was around the same time last year that nations world over had started implementing lockdowns to slow the spread of COVID-19 pandemic.

The fading of economic pessimism across the world is bringing much-needed relief in the markets. From Japan to India, the stock markets are on an upswing today. It was around the same time last year that nations world over had started implementing lockdowns to slow the spread of COVID-19 pandemic. And within a year, the stock markets have more than doubled in some regions including India. On the first day of the third week of February, the stock markets today are once again at record high levels. Global shares rose for the 11th day in a row to reach a peak with Japan's Nikkei touching 30,000 mark for the first time in more than three decades while India's Sensex also crossed 52,000 mark for the first time closing at 52,154.13 registering gains of 609.83 while Nifty 50 also gained 1% to end at 15,314.70. Backing the markets across the globe is the optimism about the rollout of COVID-19 vaccines and new fiscal aid from Washington. The UK has already issued a first COVID-19 vaccine dose to more than 15 million people across its priority groups and the inoculation is being done in many parts of the world at a faster pace. However, China, Taiwan and Hong Kong markets are closed for the Lunar New Year holiday today and US stock markets are also shut for the Presidents' Day holiday. So, this rally could be visible there once they open tomorrow. Receiving a positive cue from their Asia-Pacific peers, the European stocks have opened in positive territory with backing from the successful vaccine rollouts that are fueling hopes of a global economic recovery.

Surging global stock markets mark fading of economic pessimism

Indian stock markets ended the day’s trade at their highest ever closing levels on Monday. After touching a record high of 52,235.97 during the day, the 30-share BSE Sensex ended 609.83 points or 1.18 per cent up at its new closing peak of 52,154.13.

Similarly, the broader NSE Nifty soared 151.40 points or 1 per cent to finish at a record 15,314.70. It touched an intra-day peak of 15,340.15.

Axis Bank led the Sensex gainers' chart, climbing 5.88 per cent, followed by ICICI Bank, Bajaj Finance, SBI, IndusInd Bank, HDFC, Bajaj Finserv and HDFC Bank.

On the other hand, Dr Reddy's, TCS, Tech Mahindra, HUL, Asian Paints and Titan were among the laggards, sliding up to 1.77 per cent.

Meanwhile, the global oil benchmark Brent crude was trading 1.30 per cent higher at USD 63.24 per barrel.

The rupee gained 7 paise to settle at 72.68 against the US dollar.

Global markets

Global shares rose for the 11th day in a row to hit a fresh peak on optimism about the rollout of Covid-19 vaccines and new fiscal aid from Washington, while tensions in the Middle East drove oil to a 13-month high.

With China and Hong Kong markets closed for the Lunar New Year holiday, Japan's Nikkei led the way, climbing 1.9 per cent to reclaim the 30,000-point level for the first time in more than three decades.

In Europe, shares scaled one-year highs on Monday with the pan-European STOXX 600 up 0.7 per cent. 
&nbsp;&nbsp; 
Oil joined equity markets in pushing higher, reaching its highest level since January 2020. Brent crude rose 1.6 per cent to $63.41 a barrel. US crude oil gained 2.1 per cent to $60.74.

In the cryptocurrency market, Bitcoin recovered some of its overnight weakness to trade down 2.3 per cent at $47,539.49, below a record high of $49,714.66.

(With inputs from Reuters)&nbsp;

Indian stock markets ended the day’s trade at their highest ever closing levels on Monday. After touching a record high of 52,235.97 during the day, the 30-share BSE Sensex ended 609.

Indian stock markets ended the day’s trade at their highest ever closing levels on Monday. After touching a record high of 52,235.97 during the day, the 30-share BSE Sensex ended 609.83 points or 1.18 per cent up at its new closing peak of 52,154.13. Similarly, the broader NSE Nifty soared 151.40 points or 1 per cent to finish at a record 15,314.70. It touched an intra-day peak of 15,340.15. Axis Bank led the Sensex gainers' chart, climbing 5.88 per cent, followed by ICICI Bank, Bajaj Finance, SBI, IndusInd Bank, HDFC, Bajaj Finserv and HDFC Bank. On the other hand, Dr Reddy's, TCS, Tech Mahindra, HUL, Asian Paints and Titan were among the laggards, sliding up to 1.77 per cent. Meanwhile, the global oil benchmark Brent crude was trading 1.30 per cent higher at USD 63.24 per barrel. The rupee gained 7 paise to settle at 72.68 against the US dollar. Global markets Global shares rose for the 11th day in a row to hit a fresh peak on optimism about the rollout of Covid-19 vaccines and new fiscal aid from Washington, while tensions in the Middle East drove oil to a 13-month high. With China and Hong Kong markets closed for the Lunar New Year holiday, Japan's Nikkei led the way, climbing 1.9 per cent to reclaim the 30,000-point level for the first time in more than three decades. In Europe, shares scaled one-year highs on Monday with the pan-European STOXX 600 up 0.7 per cent. Oil joined equity markets in pushing higher, reaching its highest level since January 2020. Brent crude rose 1.6 per cent to $63.41 a barrel. US crude oil gained 2.1 per cent to $60.74. In the cryptocurrency market, Bitcoin recovered some of its overnight weakness to trade down 2.3 per cent at $47,539.49, below a record high of $49,714.66. (With inputs from Reuters)

Markets surge to lifetime highs: Sensex rallies 610 points, Nifty ends above 15,300 led by banks

Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades.

The Nikkei 225 index rose 1.91 percent, or 564.08 points, to 30,084.15, the highest close since 1990.

The broader Topix index advanced 1.04 percent, or 20.06 points, to 1,953.94.

"The 30,000 mark is symbolic but it's still a waypoint," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"Market sentiment has been supported by hopes for business recovery ahead of the nation's first vaccination," Horiuchi told AFP.

The coronavirus vaccine rollout is scheduled to start as early as Wednesday in Japan for healthcare professionals.

"Hopes for stimulus and monetary easing are also high, which helped bolster positive sentiment, but profit-taking could emerge at this level as the market is overheating," he added.

Masayuki Kubota, chief strategist at Rakuten Securities, said: "The Nikkei index is climbing as central banks in Japan, the United States and Europe keep their massive monetary easing policies in place because of the pandemic."

Ahead of the opening bell, the government said Japan's economy shrank in 2020 for the first time in more than a decade as it was battered by the coronavirus but the contraction was less than expected.

"The market largely shrugged off the GDP figures, which were already factored in," Horiuchi said.

The dollar fetched 105.02 yen in Asian afternoon trade, against 104.91 yen in New York late Friday.

Investors were paying attention to the impact of a 7.3-magnitude earthquake, which hit northeastern Japan late Saturday as news reports said more than 150 people were injured and shinkansen bullet train services were suspended.

"There was a chilling moment after the powerful quake in the Tohoku region this weekend, but the impact on the market seems to be limited," Okasan Online Securities said.

In Tokyo trading, SoftBank Group surged 2.12 percent to 10,005 yen after releasing strong earnings last week, while Uniqlo casual wear chain operator Fast Retailing jumped 4.09 percent to 99,460 yen.

Nissan plunged 2.83 percent to 609.9 yen following a news report that Apple had approached it in recent months about self-driving cars, which did not move forward. Nissan denied it was in talks with the US tech giant.

Toyota rose 0.51 percent to 8,456 yen with Honda up 1.09 percent at 3,052 yen.

Online mall giant and mobile carrier Rakuten plunged 6.48 percent to 1,110 yen after it reported a massive annual loss last week.

Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades.

Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades. The Nikkei 225 index rose 1.91 percent, or 564.08 points, to 30,084.15, the highest close since 1990. The broader Topix index advanced 1.04 percent, or 20.06 points, to 1,953.94. "The 30,000 mark is symbolic but it's still a waypoint," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities. "Market sentiment has been supported by hopes for business recovery ahead of the nation's first vaccination," Horiuchi told AFP. The coronavirus vaccine rollout is scheduled to start as early as Wednesday in Japan for healthcare professionals. "Hopes for stimulus and monetary easing are also high, which helped bolster positive sentiment, but profit-taking could emerge at this level as the market is overheating," he added. Masayuki Kubota, chief strategist at Rakuten Securities, said: "The Nikkei index is climbing as central banks in Japan, the United States and Europe keep their massive monetary easing policies in place because of the pandemic." Ahead of the opening bell, the government said Japan's economy shrank in 2020 for the first time in more than a decade as it was battered by the coronavirus but the contraction was less than expected. "The market largely shrugged off the GDP figures, which were already factored in," Horiuchi said. The dollar fetched 105.02 yen in Asian afternoon trade, against 104.91 yen in New York late Friday. Investors were paying attention to the impact of a 7.3-magnitude earthquake, which hit northeastern Japan late Saturday as news reports said more than 150 people were injured and shinkansen bullet train services were suspended. "There was a chilling moment after the powerful quake in the Tohoku region this weekend, but the impact on the market seems to be limited," Okasan Online Securities said. In Tokyo trading, SoftBank Group surged 2.12 percent to 10,005 yen after releasing strong earnings last week, while Uniqlo casual wear chain operator Fast Retailing jumped 4.09 percent to 99,460 yen. Nissan plunged 2.83 percent to 609.9 yen following a news report that Apple had approached it in recent months about self-driving cars, which did not move forward. Nissan denied it was in talks with the US tech giant. Toyota rose 0.51 percent to 8,456 yen with Honda up 1.09 percent at 3,052 yen. Online mall giant and mobile carrier Rakuten plunged 6.48 percent to 1,110 yen after it reported a massive annual loss last week.

Tokyo's Nikkei closes above 30,000, first time since 1990

Domestic stock market indices traded at record highs on Monday afternoon led by strong gains in banking stocks amid positive global cues.&nbsp;

Barring IT and media indices, all other sectors traded in the green led by Nifty Private Bank, Nifty Financial Services, Nifty Realty, Nifty Auto, and Nifty FMCG.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sensex-hits-52000-mark-for-the-first-time-ever-nifty-at-record-highs-363696/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<a href="https://www.wionews.com/business-economy/budget-rejuvenates-the-bulls-stock-markets-at-record-high-361126">Also read: Budget rejuvenates the bulls, stock markets at record high</a> 
 
BSE Sensex jumped to its lifetime high of 52,141.67, rallying 597.37 points during the morning trade on Monday.

The broader Nifty50 index also hovered above 15,300.

Banks and financial counters were the leading gainers in the market on Monday, with Bajaj Finance, Axis Bank, ICICI Bank, HDFC, Kotak Bank, IndusInd Bank, and HDFC Bank rising around 2.60 percent.

The benchmark index had closed above the 50,000 marks for the first time on February 3 this year, mainly driven by euphoria over the Union Budget. It closed above the 51,000 mark on February 8.

Markets have been rewarding investors of late as the BSE 30-share index has more than doubled from the massive lows it faced in March last year.

Proving to be a dreadful month for the domestic stock market, March 2020 saw the Sensex sinking a massive 8,828.8 points or 23 per cent during the month as concerns over the COVID-19 pandemic's impact on the economy ravaged investor sentiments.

From witnessing gigantic losses to record-shattering gains, investors witnessed a wide array of emotions in 2020.

Stock markets had depicted volatile trends during the last year, with the benchmark crashing to its one-year low of 25,638.9 on March 24, only to roar back to life during the later part of 2020 and hit its record high of 47,896.97 on the last day of trade on December 31.

In 2020, the benchmark index made monthly gains in seven, while closing with losses in five.

So far this year, the benchmark index has gained 4,390.34 points or 9.19 per cent.

Thanks to the ongoing rally, investor wealth has also been rising to new records and is currently at over Rs 205.47 lakh crore.&nbsp;

(With inputs from agencies)

Domestic stock market indices traded at record highs on Monday afternoon led by strong gains in banking stocks amid positive global cues. Barring IT and media indices, all other sectors traded in the green led by Nifty Private Bank, Nifty Financial Services, Nifty Realty, Nifty Auto, and Nifty FMCG.

Domestic stock market indices traded at record highs on Monday afternoon led by strong gains in banking stocks amid positive global cues. Barring IT and media indices, all other sectors traded in the green led by Nifty Private Bank, Nifty Financial Services, Nifty Realty, Nifty Auto, and Nifty FMCG. Also read: Budget rejuvenates the bulls, stock markets at record high BSE Sensex jumped to its lifetime high of 52,141.67, rallying 597.37 points during the morning trade on Monday. The broader Nifty50 index also hovered above 15,300. Banks and financial counters were the leading gainers in the market on Monday, with Bajaj Finance, Axis Bank, ICICI Bank, HDFC, Kotak Bank, IndusInd Bank, and HDFC Bank rising around 2.60 percent. The benchmark index had closed above the 50,000 marks for the first time on February 3 this year, mainly driven by euphoria over the Union Budget. It closed above the 51,000 mark on February 8. Markets have been rewarding investors of late as the BSE 30-share index has more than doubled from the massive lows it faced in March last year. Proving to be a dreadful month for the domestic stock market, March 2020 saw the Sensex sinking a massive 8,828.8 points or 23 per cent during the month as concerns over the COVID-19 pandemic's impact on the economy ravaged investor sentiments. From witnessing gigantic losses to record-shattering gains, investors witnessed a wide array of emotions in 2020. Stock markets had depicted volatile trends during the last year, with the benchmark crashing to its one-year low of 25,638.9 on March 24, only to roar back to life during the later part of 2020 and hit its record high of 47,896.97 on the last day of trade on December 31. In 2020, the benchmark index made monthly gains in seven, while closing with losses in five. So far this year, the benchmark index has gained 4,390.34 points or 9.19 per cent. Thanks to the ongoing rally, investor wealth has also been rising to new records and is currently at over Rs 205.47 lakh crore. (With inputs from agencies)

Markets surge to lifetime highs: Sensex reaches 52,000; Nifty above 15,300-mark

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency.

Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70% year to date.

After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle.

BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk`s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars.

On Friday, Canada`s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world`s first bitcoin exchange-traded fund, in a separate statement to Reuters.

“The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.”

Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies.

In January, BlackRock Inc, the world`s largest asset manager, added bitcoin as an eligible investment to two funds. Credit card giant Mastercard`s plans to offer support for some cryptocurrencies also boosted bitcoin`s ambitions towards mainstream finance, though many banks remain reluctant to engage with it.

Cryptocurrency miner Riot Blockchain rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency.

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency. Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70% year to date. After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle. BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk`s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars. On Friday, Canada`s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world`s first bitcoin exchange-traded fund, in a separate statement to Reuters. “The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.” Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies. In January, BlackRock Inc, the world`s largest asset manager, added bitcoin as an eligible investment to two funds. Credit card giant Mastercard`s plans to offer support for some cryptocurrencies also boosted bitcoin`s ambitions towards mainstream finance, though many banks remain reluctant to engage with it. Cryptocurrency miner Riot Blockchain rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

Bitcoin approaches $50,000, wider adoption fuels record rally

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings.&nbsp;

Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

This would include a ban on transacting directly via foreign exchanges.

Seven million investors hold cryptocurrencies in India worth more than one billion dollars.&nbsp;The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament.

Does this mean the end of the road for cryptocurrencies in India?&nbsp;

Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger.

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That drives — all types of cryptocurrencies.

An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017.

Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it.&nbsp;

MasterCard and Visa have opened their payments network for some cryptocurrencies.&nbsp;

Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin.

The company bought more 1.5 billion dollars worth of bitcoin.

It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system.

India cannot afford to ignore this shift but it needs a legal framework first.

(With inputs from agencies)

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament. This would include a ban on transacting directly via foreign exchanges. Seven million investors hold cryptocurrencies in India worth more than one billion dollars. The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament. Does this mean the end of the road for cryptocurrencies in India? Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger. Also Read | Archaeologists unearth 'world's oldest' beer brewery in Egypt That drives — all types of cryptocurrencies. An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017. Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it. MasterCard and Visa have opened their payments network for some cryptocurrencies. Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin. The company bought more 1.5 billion dollars worth of bitcoin. It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system. India cannot afford to ignore this shift but it needs a legal framework first. (With inputs from agencies)

India mulls Bitcoin ban, existing investors to get transition period