National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Honda Motor Co is offering voluntary retirement to some permanent employees at its motorcycles and scooters unit in India amid slowing demand there following the COVID-19 pandemic, the company said on Wednesday.

Honda offers early retirement in India amid slowing motorcycle sales

Digital services taxes adopted by India, Italy and Turkey discriminate against U.S. companies and are inconsistent with international tax principles, the U.S. Trade Representative's office said on Wednesday, paving the way for potential retaliatory tariffs.

USTR slams India, Italy, Turkey on digital taxes but holds off on tariffs

Domestic stock market indices, Sensex and Nifty erased day's gains to end lower Thursday afternoon dragged by selling in FMCG, IT and pharma stocks.&nbsp;

At close, the S&amp;P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.17 per cent, amid sell off in information technology and FMCG stocks. Bharti Airtel (up 3.6 per cent) was the top gainer on the Sensex, followed by IndusInd Bank, Axis Bank, L&amp;T, and HDFC. On the other hand, Hindustan Unilever, Titan, Nestle, Infosys, and ITC ended between 1.5 per cent and 2 per cent lower.

The broader Nifty50, on the other hand, closed 9 points, or 0.06 per cent, lower at 14,137 levels. Out of the total 50 constituents, 27 advances on the Nifty while 23 ended the day in the red. The Nifty50 index hit a new peak of 14,256.25 in the morning deals.

Global markets

Global stocks rose on Thursday, reversing losses incurred on Wednesday. Europe's Euro STOXX 600 gained 0.3 per cent, with indices in Frankfurt and Paris up 0.4 per cent and 0.6 per cent, respectively.&nbsp;

The MSCI world equity index, which tracks shares in almost 50 countries, rose 0.3 per cent.

Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent and Japan's Nikkei hit its highest since 1990.

(With inputs from Reuters)

Domestic stock market indices, Sensex and Nifty erased day's gains to end lower Thursday afternoon dragged by selling in FMCG, IT and pharma stocks. At close, the S&P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.

Domestic stock market indices, Sensex and Nifty erased day's gains to end lower Thursday afternoon dragged by selling in FMCG, IT and pharma stocks. At close, the S&P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.17 per cent, amid sell off in information technology and FMCG stocks. Bharti Airtel (up 3.6 per cent) was the top gainer on the Sensex, followed by IndusInd Bank, Axis Bank, L&T, and HDFC. On the other hand, Hindustan Unilever, Titan, Nestle, Infosys, and ITC ended between 1.5 per cent and 2 per cent lower. The broader Nifty50, on the other hand, closed 9 points, or 0.06 per cent, lower at 14,137 levels. Out of the total 50 constituents, 27 advances on the Nifty while 23 ended the day in the red. The Nifty50 index hit a new peak of 14,256.25 in the morning deals. Global markets Global stocks rose on Thursday, reversing losses incurred on Wednesday. Europe's Euro STOXX 600 gained 0.3 per cent, with indices in Frankfurt and Paris up 0.4 per cent and 0.6 per cent, respectively. The MSCI world equity index, which tracks shares in almost 50 countries, rose 0.3 per cent. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent and Japan's Nikkei hit its highest since 1990. (With inputs from Reuters)

Sensex falls for second straight day, Nifty ends below 14,150

Petrol prices in India have touched an all-time high level, with a litre of the transportation fuel selling at ₹84.20 in Delhi on Thursday.

The increase in fuel prices comes after a jump in oil prices in the international market, where brent crude is currently trading at close to $55 a barrel, a $ 5 increase in just around a weeks’ time.

While the rising petrol prices have been burning a hole in Indian consumers’ pocket, common man is now worried about the rising fuel prices with concerns that petrol prices might touch Rs 100 per litre making things worse for them.

In Delhi, petrol now costs Rs 84.20 per litre and diesel is priced at Rs 74.38. In Mumbai, petrol comes for Rs 90.83 a litre and diesel for Rs 81.07.

This is the highest ever price of petrol in Delhi, while diesel is at record high in Mumbai.

State-owned fuel retailers Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had on Wednesday resumed daily price revision after nearly a month-long hiatus.

Price had been raised by 26 paise per litre for petrol and 25 paise on diesel on Wednesday.

The previous highest ever rate of Rs 84 a litre for petrol in Delhi was touched on October 4, 2018.

On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre.

The government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence.

Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

However, no tax cut is under consideration as of present, a senior government official had said on Wednesday.

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

They first did not pass on to the customers a reduction in price warranted from the slump in international oil rates witnessed due to demand erosion beginning March 2020.

While they promptly passed on an increase in sales tax by state governments such as the one in Delhi, they adjusted a steep increase in excise duty by the central government against the reduction in retail price warranted.

The government raised excise duty by Rs 13 per litre on petrol and by Rs 15 a litre on diesel in two instalments in March 2020 and May 2020 to garner additional revenue of Rs 1.6 lakh crore.

That adjustment of rate revision against excise duty hike resulted in a 52-day status quo in prices between March 17, 2020, and June 6, 2020.

This was followed by no change in rates between June 30, 2020, and August 15, 2020, and 58-day hiatus in petrol price revision and 48-day status quo on diesel rates from September 22, 2020, and October 2, 2020, respectively.

Rates were again frozen after the last revision on December 7, 2020.

Since May 2020, petrol price has risen by Rs 14.54 per litre and diesel by Rs 12.09 a litre, price notifications of oil companies showed. The highest level for petrol in Mumbai was on October 4, 2018 when it was Rs 91.34.

(With inputs from agencies)

Petrol prices in India have touched an all-time high level, with a litre of the transportation fuel selling at ₹84.20 in Delhi on Thursday. The increase in fuel prices comes after a jump in oil prices in the international market, where brent crude is currently trading at close to $55 a barrel, a $ 5 increase in just around a weeks’ time.

Petrol prices in India have touched an all-time high level, with a litre of the transportation fuel selling at ₹84.20 in Delhi on Thursday. The increase in fuel prices comes after a jump in oil prices in the international market, where brent crude is currently trading at close to $55 a barrel, a $ 5 increase in just around a weeks’ time. While the rising petrol prices have been burning a hole in Indian consumers’ pocket, common man is now worried about the rising fuel prices with concerns that petrol prices might touch Rs 100 per litre making things worse for them. In Delhi, petrol now costs Rs 84.20 per litre and diesel is priced at Rs 74.38. In Mumbai, petrol comes for Rs 90.83 a litre and diesel for Rs 81.07. This is the highest ever price of petrol in Delhi, while diesel is at record high in Mumbai. State-owned fuel retailers Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had on Wednesday resumed daily price revision after nearly a month-long hiatus. Price had been raised by 26 paise per litre for petrol and 25 paise on diesel on Wednesday. The previous highest ever rate of Rs 84 a litre for petrol in Delhi was touched on October 4, 2018. On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre. The government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later. However, no tax cut is under consideration as of present, a senior government official had said on Wednesday. Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out. They first did not pass on to the customers a reduction in price warranted from the slump in international oil rates witnessed due to demand erosion beginning March 2020. While they promptly passed on an increase in sales tax by state governments such as the one in Delhi, they adjusted a steep increase in excise duty by the central government against the reduction in retail price warranted. The government raised excise duty by Rs 13 per litre on petrol and by Rs 15 a litre on diesel in two instalments in March 2020 and May 2020 to garner additional revenue of Rs 1.6 lakh crore. That adjustment of rate revision against excise duty hike resulted in a 52-day status quo in prices between March 17, 2020, and June 6, 2020. This was followed by no change in rates between June 30, 2020, and August 15, 2020, and 58-day hiatus in petrol price revision and 48-day status quo on diesel rates from September 22, 2020, and October 2, 2020, respectively. Rates were again frozen after the last revision on December 7, 2020. Since May 2020, petrol price has risen by Rs 14.54 per litre and diesel by Rs 12.09 a litre, price notifications of oil companies showed. The highest level for petrol in Mumbai was on October 4, 2018 when it was Rs 91.34. (With inputs from agencies)

Petrol price at all-time high; citizens worry whether it will reach ₹ 100/litre

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021.

Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/bitcoin-passes-30000-for-the-first-time-354074" hreflang="en">Bitcoin passes $30,000 for the first time</a>

Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government.

Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous &amp; secure transfers.

Also read:&nbsp;<a href="http://13.235.153.162/technology/us-seizes-bitcoins-worth-1billion-the-largest-cryptocurrency-haul-in-history-342170" hreflang="en">US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history</a>

To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods &amp; services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software.

This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers.

The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units.

The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges.

Also read:&nbsp;<a href="http://13.235.153.162/technology/twitter-reveals-how-bitcoin-scammers-hijacked-celebrity-accounts-317307" hreflang="en">Twitter reveals how Bitcoin scammers hijacked celebrity accounts</a>

To add to that - there is no price cap - and no middlemen.

But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price.

Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions.

In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019. A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021. Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers. Also read: Bitcoin passes $30,000 for the first time Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government. Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous & secure transfers. Also read: US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods & services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software. This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers. The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units. The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges. Also read: Twitter reveals how Bitcoin scammers hijacked celebrity accounts To add to that - there is no price cap - and no middlemen. But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price. Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions. In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Bitcoin: All questions about the growing cryptocurrency - answered!

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire.

Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said.

The fundraising will be a test of investor sentiment towards Alibaba, coming months after an October speech from billionaire Ma about regulation stifling innovation that led to the halting of affiliate Ant Group`s $37 billion stock market listing.

Ma`s absence from public view in the intervening time has fuelled social media speculation over his whereabouts.

The bond sale plan, including timeline, is not finalised and is subject to change, the people said, all of whom declined to be identified as they were not authorised to speak to the media.

Alibaba declined to comment.

Since Ma`s speech, Chinese regulators have begun an antitrust probe into Alibaba and ordered fintech Ant to change its lending and other consumer finance businesses, including the creation of a holding company to meet capital requirements.

Regulators are also reviewing Ant`s equity investments in dozens of companies and considering whether to instruct the firm to divest of some, Reuters reported last month.

Alibaba`s international bond offering, if finalised, would be the group`s third, Refinitiv data showed. It sold an $8 billion U.S. dollar bond in 2014, and a $7 billion tranche in 2017, the data showed.

With its latest float, Alibaba will join a slew of Asian companies that in recent months have taken advantage of cheaper borrowing costs and abundant liquidity in global markets.

The terms of the offering were not immediately known. Two of the people said marketing documents were likely to be available as soon as next week, and that the tenure of the bond is likely to be 10 years.

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire.

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire. Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said. The fundraising will be a test of investor sentiment towards Alibaba, coming months after an October speech from billionaire Ma about regulation stifling innovation that led to the halting of affiliate Ant Group`s $37 billion stock market listing. Ma`s absence from public view in the intervening time has fuelled social media speculation over his whereabouts. The bond sale plan, including timeline, is not finalised and is subject to change, the people said, all of whom declined to be identified as they were not authorised to speak to the media. Alibaba declined to comment. Since Ma`s speech, Chinese regulators have begun an antitrust probe into Alibaba and ordered fintech Ant to change its lending and other consumer finance businesses, including the creation of a holding company to meet capital requirements. Regulators are also reviewing Ant`s equity investments in dozens of companies and considering whether to instruct the firm to divest of some, Reuters reported last month. Alibaba`s international bond offering, if finalised, would be the group`s third, Refinitiv data showed. It sold an $8 billion U.S. dollar bond in 2014, and a $7 billion tranche in 2017, the data showed. With its latest float, Alibaba will join a slew of Asian companies that in recent months have taken advantage of cheaper borrowing costs and abundant liquidity in global markets. The terms of the offering were not immediately known. Two of the people said marketing documents were likely to be available as soon as next week, and that the tenure of the bond is likely to be 10 years.

Alibaba plans $5 billion bond this month amid regulatory scrutiny

The New York Stock Exchange on Wednesday said that it would delist three Chinese telecom companies starting January 11.

This marks another U-turn in a series of delisting plans. On Tuesday, US Treasury Secretary Steve Mnuchin told the NYSE chief that he disagreed with the decision to reverse the delistings. This marks the third such u-turn, owing to the confusion in with regard to rules carved out by Donald Trump administration, with tensions escalating between the US and China.

Also read:&nbsp;<a href="http://13.235.153.162/world/nyse-may-make-second-u-turn-on-china-telecom-delistings-354773" hreflang="en">NYSE may make second U-turn on China telecom delistings</a>

On Monday, the NYSE had reversed the decision to delist China Telecom Corp Ltd, China Unicom Hong Kong Ltd, and China Mobile Ltd after a series of consultations with US regulators.

The plans to delist Chinese firms came amid a White House executive order to ban US investment in companies that are linked to the Chinese military. Mnuchin on Tuesday told NYSE President Stacey Cunningham that he disagreed with NYSE’s previous decision.

Also read:&nbsp;<a href="http://13.235.153.162/world/new-york-stock-exchange-scraps-plan-to-delist-china-telecom-firms-354577" hreflang="en">New York Stock Exchange scraps plan to delist China telecom firms</a>

The about-face was due to ambiguity over an executive order issued by President Donald Trump barring investment in firms Washington says are tied to the Chinese military, and whether the three firms were banned under the order, a source familiar with the matter said on Tuesday.

However, on Tuesday, it said it would go ahead with the delistings, which were planned on or before January 11, if it deems the companies are subject to the order.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/new-york-stock-exchange-to-delist-chinese-telecom-firms-on-us-executive-order-353745" hreflang="en">New York Stock Exchange to delist Chinese telecom firms on US executive order</a>

Bloomberg earlier reported that the NYSE may flip back.

US Treasury Secretary Steven Mnuchin phoned NYSE President Stacey Cunningham on Tuesday to tell her he disagreed with the exchange operator's decision to reverse course on the delistings.

The NYSE is owned by Atlanta-based Intercontinental Exchange Inc (ICE), which is run by billionaire Jeffrey Sprecher, whose wife Kelly Loeffler, also a former ICE executive, is one of two Republican senators facing run-off elections on Tuesday in Georgia. Loeffler is a staunch supporter of President Trump.

The New York Stock Exchange on Wednesday said that it would delist three Chinese telecom companies starting January 11. This marks another U-turn in a series of delisting plans.

The New York Stock Exchange on Wednesday said that it would delist three Chinese telecom companies starting January 11. This marks another U-turn in a series of delisting plans. On Tuesday, US Treasury Secretary Steve Mnuchin told the NYSE chief that he disagreed with the decision to reverse the delistings. This marks the third such u-turn, owing to the confusion in with regard to rules carved out by Donald Trump administration, with tensions escalating between the US and China. Also read: NYSE may make second U-turn on China telecom delistings On Monday, the NYSE had reversed the decision to delist China Telecom Corp Ltd, China Unicom Hong Kong Ltd, and China Mobile Ltd after a series of consultations with US regulators. The plans to delist Chinese firms came amid a White House executive order to ban US investment in companies that are linked to the Chinese military. Mnuchin on Tuesday told NYSE President Stacey Cunningham that he disagreed with NYSE’s previous decision. Also read: New York Stock Exchange scraps plan to delist China telecom firms The about-face was due to ambiguity over an executive order issued by President Donald Trump barring investment in firms Washington says are tied to the Chinese military, and whether the three firms were banned under the order, a source familiar with the matter said on Tuesday. However, on Tuesday, it said it would go ahead with the delistings, which were planned on or before January 11, if it deems the companies are subject to the order. Also read: New York Stock Exchange to delist Chinese telecom firms on US executive order Bloomberg earlier reported that the NYSE may flip back. US Treasury Secretary Steven Mnuchin phoned NYSE President Stacey Cunningham on Tuesday to tell her he disagreed with the exchange operator's decision to reverse course on the delistings. The NYSE is owned by Atlanta-based Intercontinental Exchange Inc (ICE), which is run by billionaire Jeffrey Sprecher, whose wife Kelly Loeffler, also a former ICE executive, is one of two Republican senators facing run-off elections on Tuesday in Georgia. Loeffler is a staunch supporter of President Trump.

NYSE reverses course again; set to delist three Chinese firms

The Domestic stock market indices, Sensex and Nifty ended lower Wednesday dragged by selling in IT and FMCG stocks amid mixed global cues.

The benchmark S&amp;P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864.

ITC and Reliance Industries skid 3 per cent each on the BSE, ending the day as top drags. Other large-caps, down up to 2 per cent, were Bajaj Finance, Axis Bank, HCL Tech, and TCS.

The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,146, down 53 points or 0.38 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040.

Nifty IT and Nifty FMCG indices were the top sectoral losers on the NSE, down over 1 per cent each. On the contrary, Nifty Metal index managed to close 1 per cent higher.

In the broader market, the S&amp;P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level. However, the S&amp;P BSE SmallCap index closed at 18,614 level, down 0.14 per cent.

Global markets

European stocks edged higher on Wednesday, led by economically sensitive sectors such as banks and energy. The pan-European STOXX 600 index was up 0.2 per cent, while UK's FTSE 100 rose 0.7 per cent, and Germany's DAX gained 0.2 per cent.

In Asia, Japan's Nikkei ended 0.4 per cent lower, South Korea's Kospi lost 0.75 per cent, and Australia's S&amp;P/200 index declined 1.1 per cent.

(With inputs from Reuters)

The Domestic stock market indices, Sensex and Nifty ended lower Wednesday dragged by selling in IT and FMCG stocks amid mixed global cues. The benchmark S&P BSE Sensex tanked 264 points, or 0.

The Domestic stock market indices, Sensex and Nifty ended lower Wednesday dragged by selling in IT and FMCG stocks amid mixed global cues. The benchmark S&P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864. ITC and Reliance Industries skid 3 per cent each on the BSE, ending the day as top drags. Other large-caps, down up to 2 per cent, were Bajaj Finance, Axis Bank, HCL Tech, and TCS. The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,146, down 53 points or 0.38 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040. Nifty IT and Nifty FMCG indices were the top sectoral losers on the NSE, down over 1 per cent each. On the contrary, Nifty Metal index managed to close 1 per cent higher. In the broader market, the S&P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level. However, the S&P BSE SmallCap index closed at 18,614 level, down 0.14 per cent. Global markets European stocks edged higher on Wednesday, led by economically sensitive sectors such as banks and energy. The pan-European STOXX 600 index was up 0.2 per cent, while UK's FTSE 100 rose 0.7 per cent, and Germany's DAX gained 0.2 per cent. In Asia, Japan's Nikkei ended 0.4 per cent lower, South Korea's Kospi lost 0.75 per cent, and Australia's S&P/200 index declined 1.1 per cent. (With inputs from Reuters)

Sensex plunges over 260 points, Nifty ends below 14,150 

The frontline S&amp;P BSE Sensex ended the choppy session near record-high levels on Tuesday.

BSE Sensex closed at 48,437.78, up 261 points, or 0.54 per cent while the 50-stock NSE Nifty ended at 14,199. Axis Bank shares jumped 6.48% to end as the top Sensex gainer, followed by HDFC, IndusInd Bank, and TCS.&nbsp;

Broader markets outperformed benchmark indices once again. Among Nifty sectoral indices, only Nifty Auto, Nifty Metal and Nifty Realty ended with losses. &nbsp;&nbsp;

Global markets

Asian shares edged lower on Tuesday amid uncertainty about Senate runoffs in Georgia. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.05 per cent, pulling back from a record high. Australian stocks fell 0.26 per cent. Chinese shares erased early losses and rose 0.52 per cent.

Japanese shares lost 0.34 per cent after a spokesman said the government will reach a decision on a state of emergency for Tokyo and surrounding cities on Thursday to curb coronavirus infections.&nbsp;

In Europe, stocks slipped as losses in defensive sectors offset gains in oil and retail stocks. The pan-European STOXX 600 index was down 0.2 per cent.

(With inputs from Reuters)

The frontline S&P BSE Sensex ended the choppy session near record-high levels on Tuesday. BSE Sensex closed at 48,437.78, up 261 points, or 0.54 per cent while the 50-stock NSE Nifty ended at 14,199.

The frontline S&P BSE Sensex ended the choppy session near record-high levels on Tuesday. BSE Sensex closed at 48,437.78, up 261 points, or 0.54 per cent while the 50-stock NSE Nifty ended at 14,199. Axis Bank shares jumped 6.48% to end as the top Sensex gainer, followed by HDFC, IndusInd Bank, and TCS. Broader markets outperformed benchmark indices once again. Among Nifty sectoral indices, only Nifty Auto, Nifty Metal and Nifty Realty ended with losses. Global markets Asian shares edged lower on Tuesday amid uncertainty about Senate runoffs in Georgia. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.05 per cent, pulling back from a record high. Australian stocks fell 0.26 per cent. Chinese shares erased early losses and rose 0.52 per cent. Japanese shares lost 0.34 per cent after a spokesman said the government will reach a decision on a state of emergency for Tokyo and surrounding cities on Thursday to curb coronavirus infections. In Europe, stocks slipped as losses in defensive sectors offset gains in oil and retail stocks. The pan-European STOXX 600 index was down 0.2 per cent. (With inputs from Reuters)

Sensex closes 261 points higher, Nifty just shy of 14,200

Tesla Inc on Saturday reported better-than-expected 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption, but narrowly missed its ambitious full-year goal during a punishing year for the global auto industry.

Tesla 2020 deliveries beat estimates, but fall just short of Musk's target

With the market capitalisation crossing Rs 1 lakh crore (approx USD 13.6&nbsp;billion), Bajaj Auto has become the most valuable two-wheeler company in the world.

On January 1, the auto giant's share price closed at Rs 3,479 on the National Stock Exchange (NSE), taking its market cap to ₹ 1,00,670.76 crore thereby becoming the first company in the world to have a market capitalisation over ₹ 1 lakh crore.

Also read | <a href="https://www.wionews.com/world/just-shy-of-target-elon-musk-steers-tesla-to-record-deliveries-354341">'Just shy of target': Elon Musk steers Tesla to record deliveries</a>

Bajaj quoted analysts claiming that a market capitalisation of over ₹ 1 lakh crore has not been achieved by any other company in the world.

Also read | <a href="https://www.wionews.com/world/chinas-crackdown-on-alibabas-jack-ma-cost-him-11-billion-353324">China's crackdown on Alibaba's Jack Ma cost him $11 billion</a>

The development comes as the scooter company is marking 75 years of operations.

"The company's sharp focus on the motorcycles category and its unwavering commitment to strategies of differentiation as well as the practice of TPM combined with global ambitions have today made Bajaj the most valuable two-wheeler company across the globe. This inspires us even more to serve and delight customers all over the world," said Rajiv Bajaj, Managing Director of Bajaj Auto.

The company dominates the two-wheeler market segment in India and exports its vehicles to over 70 countries.

With the market capitalisation crossing Rs 1 lakh crore (approx USD 13.6 billion), Bajaj Auto has become the most valuable two-wheeler company in the world. On January 1, the auto giant's share price closed at Rs 3,479 on the National Stock Exchange (NSE), taking its market cap to ₹ 1,00,670.

With the market capitalisation crossing Rs 1 lakh crore (approx USD 13.6 billion), Bajaj Auto has become the most valuable two-wheeler company in the world. On January 1, the auto giant's share price closed at Rs 3,479 on the National Stock Exchange (NSE), taking its market cap to ₹ 1,00,670.76 crore thereby becoming the first company in the world to have a market capitalisation over ₹ 1 lakh crore. Also read | 'Just shy of target': Elon Musk steers Tesla to record deliveries Bajaj quoted analysts claiming that a market capitalisation of over ₹ 1 lakh crore has not been achieved by any other company in the world. Also read | China's crackdown on Alibaba's Jack Ma cost him $11 billion The development comes as the scooter company is marking 75 years of operations. "The company's sharp focus on the motorcycles category and its unwavering commitment to strategies of differentiation as well as the practice of TPM combined with global ambitions have today made Bajaj the most valuable two-wheeler company across the globe. This inspires us even more to serve and delight customers all over the world," said Rajiv Bajaj, Managing Director of Bajaj Auto. The company dominates the two-wheeler market segment in India and exports its vehicles to over 70 countries.

Bajaj Auto is now world's most valuable two-wheeler company

A major avenue for global money laundering and tax evasion in the United States has been closed off, courtesy a new law requiring disclosure of owners of shell companies used to hide billions of dollars.

The Corporate Transparency Act was included in the US defence appropriations bill passed into law by Congress late Friday, overriding President Donald Trump's veto.

The law forces "beneficial owners" behind shell companies to report their identities to the US Treasury's Financial Crimes Enforcement Network, or FinCEN.

This is being considered as a huge step against kleptocrats, organised crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world's largest economy.

The United Nations estimates that $800 billion to $2 trillion is laundered through the global financial system every years.

While much of the attention on has focussed on tax havens like Panama and the Cayman Islands, experts say that the size of the US economy, and its ability to absorb billions of dollars without notice, has made it crucial for converting illicit funds into legitimate assets.

In early 2020, the Tax Justice Network ranked the Cayman Islands and the United States as the global leaders in helping people conceal their finances from law and tax enforcement.&nbsp;

To this end, Gary Kalman, the US director of Transparency International, said money has flowed into the United States from China and Russia because it was the easiest place to launder it, through properties, corporate assets, securities and art.

By forcing company owners to divulge their identities, he said, the US is establishing a "global norm" for the world's financial system.

The legislation sets penalties for not reporting a company's beneficial owners of up to two years in jail and a $10,000 fine.

FACT said the law could result in a sharp drop in all-cash business transactions, especially in real estate, a favoured way for outsiders to move large sums into the US economy.

FACT also says that anonymous companies underpin trade in counterfeit luxury goods, pharmaceuticals and industrial equipment.

(with inputs)

A major avenue for global money laundering and tax evasion in the United States has been closed off, courtesy a new law requiring disclosure of owners of shell companies used to hide billions of dollars.

A major avenue for global money laundering and tax evasion in the United States has been closed off, courtesy a new law requiring disclosure of owners of shell companies used to hide billions of dollars. The Corporate Transparency Act was included in the US defence appropriations bill passed into law by Congress late Friday, overriding President Donald Trump's veto. The law forces "beneficial owners" behind shell companies to report their identities to the US Treasury's Financial Crimes Enforcement Network, or FinCEN. This is being considered as a huge step against kleptocrats, organised crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world's largest economy. The United Nations estimates that $800 billion to $2 trillion is laundered through the global financial system every years. While much of the attention on has focussed on tax havens like Panama and the Cayman Islands, experts say that the size of the US economy, and its ability to absorb billions of dollars without notice, has made it crucial for converting illicit funds into legitimate assets. In early 2020, the Tax Justice Network ranked the Cayman Islands and the United States as the global leaders in helping people conceal their finances from law and tax enforcement. To this end, Gary Kalman, the US director of Transparency International, said money has flowed into the United States from China and Russia because it was the easiest place to launder it, through properties, corporate assets, securities and art. By forcing company owners to divulge their identities, he said, the US is establishing a "global norm" for the world's financial system. The legislation sets penalties for not reporting a company's beneficial owners of up to two years in jail and a $10,000 fine. FACT said the law could result in a sharp drop in all-cash business transactions, especially in real estate, a favoured way for outsiders to move large sums into the US economy. FACT also says that anonymous companies underpin trade in counterfeit luxury goods, pharmaceuticals and industrial equipment. (with inputs)

Key money-laundering channel in US shut down by new law

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high.

The first decentralised cryptocurrency surpassed $30,823.30 at 1313 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16.

Analyst Timo Emden noted that "the appetite for risk", which is reflected in buying of bitcoin, "remains unshakeable".

"More historic highs could follow," the Germany-based analyst added.

Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold.

"Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said.

A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.

Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal.

Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.

After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high. The first decentralised cryptocurrency surpassed $30,823.

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high. The first decentralised cryptocurrency surpassed $30,823.30 at 1313 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16. Analyst Timo Emden noted that "the appetite for risk", which is reflected in buying of bitcoin, "remains unshakeable". "More historic highs could follow," the Germany-based analyst added. Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency. After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold. "Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said. A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units. Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra. Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal. Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity. After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.

Bitcoin passes $30,000 for the first time

The central, befuddling economic reality of the United States at the close of 2020 is that everything is terrible in the world, while everything is wonderful in the financial markets.

It’s a macabre spectacle. Asset prices keep reaching new, extraordinary highs, when around 3,000 people a day are dying of the coronavirus and 800,000 people a week are filing new unemployment claims. Even an enthusiast of modern capitalism might wonder if something is deeply broken in how the economy works.

To better understand this strange mix of buoyant markets and economic despair, it is worth turning to the data. As it happens, the numbers offer a coherent narrative about how the United States arrived at this point — one with lessons about how policy, markets and the economy intersect — and reveal the sharp disparity between the pandemic year’s haves and have-nots.

Income

It starts, as so many epic tales do, with a table of data from the National Income and Product Accounts — namely, “Personal Income and Its Disposition, Monthly.”

This report captures how Americans are earning and spending, two activities that the coronavirus drastically altered in 2020. By combining the numbers from March through November (the latest available) and comparing them with the same period in 2019, we can see more clearly the pandemic’s whipsaw effects.

The first important observation: Salaries and wages fell less, in the aggregate, than even a careful observer of the economy might think. Total employee compensation was down only 0.5% for those nine months, more akin to a mild recession than an economic catastrophe.

That might seem impossible. Large swaths of the economy have been shut down; millions are out of work. The number of jobs employers reported having on their payrolls was down 6.1% in November compared with a year earlier, according to separate Labor Department data.

So how can the number of jobs be down 6% but employee compensation be down only 0.5%? It has to do with which jobs have been lost. The millions of people no longer working because of the pandemic were disproportionately in lower-paying service jobs. Higher-paying professional jobs were more likely to be unaffected, and a handful of other sectors have been booming, such as warehousing and grocery stores, leading to higher incomes for those workers.

The arithmetic is as simple as it is disorienting. If a corporate executive gets a $100,000 bonus for steering a company through a difficult year, while four $25,000-per-year restaurant workers lose their jobs entirely, the net effect on total compensation is zero — even though in human terms a great deal of pain has been incurred.

So wages, salaries and other forms of workers’ compensation dropped only a little — $43 billion over the nine months — despite mass unemployment. But there is more to the story.

For all the attacks on the coronavirus relief bill that Congress passed in late March, the degree to which it served to support the incomes of Americans, especially those who lost jobs, is extraordinary.

Americans’ income from unemployment insurance benefits was 25 times higher from March through November 2020 than in the same period of 2019. That partly reflects that millions more jobless people were seeking benefits, of course. But it also reflects a $600 weekly supplement to jobless benefits that the act included through late July — along with a program to support freelance and contract workers who lost jobs and who otherwise would have been ineligible for benefits.

In total, unemployment insurance programs pumped $499 billion more into Americans’ pockets from March to November than the previous year; $365 billion of it was a result of the expansion in the coronavirus relief bill.

The $1,200 checks to most U.S. households that were included in that legislation contributed a further $276 billion to personal income — much of which accrued to families that did not experience a drop in earnings.

And the law’s signature program to encourage businesses to keep people on their payrolls, the Paycheck Protection Program, prevented a collapse in “proprietor’s income” — profits that accrued to owners of businesses and farms. This income rose narrowly, by $29 billion, but would have fallen by $143 billion if not for the PPP and a coronavirus food assistance program.

These are remarkable numbers. When it’s all tallied up, Americans’ cumulative after-tax personal income was $1.03 trillion higher from March to November of 2020 than in 2019, an increase of more than 8%. Some of the pessimism among economic forecasters (and journalists) in the spring reflected a failure to understand just how large and influential those stimulus payments would turn out to be.

But income also is only part of the story. Big changes in 2020 also took place on the other side of the ledger: spending.

Spending

By turning to another riveting story, “Personal Consumption Expenditures by Major Type of Product, Monthly,” we see a pattern that may seem obvious with hindsight but was not as easy to predict while the economy was collapsing during the spring.

The obvious part was a decline in spending on services. All those restaurant reservations never made, flights not taken, and sports and concert tickets not bought added up to serious money. Services spending fell by $575 billion, or nearly 8%.

Less obvious were some of the other patterns affecting consumer spending in a pandemic. Americans spent meaningful dollars — those they would not or could not spend on services — on stuff. Durable goods spending was up by $60 billion (a better chair for working from home, or maybe a new bicycle), while nondurable goods spending rose by $39 billion (think of the bourbon purchased for consumption at home that in an alternate universe would have been logged as “services” consumption in a bar).

But the extra spending on stuff did not exceed the drop in spending on services. And thanks to lower rates, households’ personal interest payments and other miscellaneous outlays dropped by $59 billion.

Not only were U.S. households, in the aggregate, taking in more money, but they were also spending less of it. Total outlays fell by $535 billion.

Saving

This combination of soaring personal income and falling spending pushed Americans’ savings rate through the roof. From March through November, personal savings was $1.56 trillion higher than in 2019, a rise of 173%. Normally the savings rate bounces around in a narrow range, around 7% just before the pandemic. It spiked to 33.7% in April, its highest level on record dating to 1959.

Even as millions of individuals faced great financial hardship this year, Americans in the aggregate were building savings at a startling rate. It had to go somewhere. But where? Holding on to extra cash was one option — and sure enough, currency in circulation has spiked by $260 billion since February, a 14% increase. Deposits in commercial banks are way up — by 19% since the first week of March.

Or, for those a little more comfortable with risk, there was investing in stocks, which helps explain the 16% rise in the S&amp;amp;P 500 for 2020. For those comfortable with a lot of risk — and with taking advantage of the market’s momentum — there was buying a market darling stock like Tesla or trading options.

Or you could have used the occasion of the pandemic to buy a new house. Home sales surged, and the S&amp;amp;P CoreLogic national home price index was up 8.4% in October from a year earlier.

Essentially, the rise in savings among the people who have avoided major economic damage from the pandemic is creating a tide lifting the values of nearly all financial assets.

Certainly the Federal Reserve plays a role. The central bank has lowered interest rates to nearly zero, promised to keep them there for years, bought government debt and supported corporate bond markets. But the surge in asset prices has made its way into many sectors far from any form of Fed support, like stocks and Bitcoin. And the surge had, if anything, accelerated this fall despite a lack of additional stimulative action from the Fed.

The Fed played a big part in engineering the stabilization of the markets in March and April, but the rally since then probably reflects these broader dynamics around savings.

Just because you can explain these market gains does not mean that high asset prices will hold. You could tell a story in which the economy roars back as people are vaccinated, and the entire pattern reverses itself, with the savings rate turning negative as Americans spend down their stockpiled wealth on trips and other luxuries that were off-limits in 2020. It could spur inflation, which, if severe enough, could cause the Fed to back off its easy money approach sooner than people now think.

But the 2021 economic narrative has yet to be written — and if 2020 teaches one thing, it is that the story arc is more unpredictable than you might think.

The central, befuddling economic reality of the United States at the close of 2020 is that everything is terrible in the world, while everything is wonderful in the financial markets.

The central, befuddling economic reality of the United States at the close of 2020 is that everything is terrible in the world, while everything is wonderful in the financial markets. It’s a macabre spectacle. Asset prices keep reaching new, extraordinary highs, when around 3,000 people a day are dying of the coronavirus and 800,000 people a week are filing new unemployment claims. Even an enthusiast of modern capitalism might wonder if something is deeply broken in how the economy works. To better understand this strange mix of buoyant markets and economic despair, it is worth turning to the data. As it happens, the numbers offer a coherent narrative about how the United States arrived at this point — one with lessons about how policy, markets and the economy intersect — and reveal the sharp disparity between the pandemic year’s haves and have-nots. Income It starts, as so many epic tales do, with a table of data from the National Income and Product Accounts — namely, “Personal Income and Its Disposition, Monthly.” This report captures how Americans are earning and spending, two activities that the coronavirus drastically altered in 2020. By combining the numbers from March through November (the latest available) and comparing them with the same period in 2019, we can see more clearly the pandemic’s whipsaw effects. The first important observation: Salaries and wages fell less, in the aggregate, than even a careful observer of the economy might think. Total employee compensation was down only 0.5% for those nine months, more akin to a mild recession than an economic catastrophe. That might seem impossible. Large swaths of the economy have been shut down; millions are out of work. The number of jobs employers reported having on their payrolls was down 6.1% in November compared with a year earlier, according to separate Labor Department data. So how can the number of jobs be down 6% but employee compensation be down only 0.5%? It has to do with which jobs have been lost. The millions of people no longer working because of the pandemic were disproportionately in lower-paying service jobs. Higher-paying professional jobs were more likely to be unaffected, and a handful of other sectors have been booming, such as warehousing and grocery stores, leading to higher incomes for those workers. The arithmetic is as simple as it is disorienting. If a corporate executive gets a $100,000 bonus for steering a company through a difficult year, while four $25,000-per-year restaurant workers lose their jobs entirely, the net effect on total compensation is zero — even though in human terms a great deal of pain has been incurred. So wages, salaries and other forms of workers’ compensation dropped only a little — $43 billion over the nine months — despite mass unemployment. But there is more to the story. For all the attacks on the coronavirus relief bill that Congress passed in late March, the degree to which it served to support the incomes of Americans, especially those who lost jobs, is extraordinary. Americans’ income from unemployment insurance benefits was 25 times higher from March through November 2020 than in the same period of 2019. That partly reflects that millions more jobless people were seeking benefits, of course. But it also reflects a $600 weekly supplement to jobless benefits that the act included through late July — along with a program to support freelance and contract workers who lost jobs and who otherwise would have been ineligible for benefits. In total, unemployment insurance programs pumped $499 billion more into Americans’ pockets from March to November than the previous year; $365 billion of it was a result of the expansion in the coronavirus relief bill. The $1,200 checks to most U.S. households that were included in that legislation contributed a further $276 billion to personal income — much of which accrued to families that did not experience a drop in earnings. And the law’s signature program to encourage businesses to keep people on their payrolls, the Paycheck Protection Program, prevented a collapse in “proprietor’s income” — profits that accrued to owners of businesses and farms. This income rose narrowly, by $29 billion, but would have fallen by $143 billion if not for the PPP and a coronavirus food assistance program. These are remarkable numbers. When it’s all tallied up, Americans’ cumulative after-tax personal income was $1.03 trillion higher from March to November of 2020 than in 2019, an increase of more than 8%. Some of the pessimism among economic forecasters (and journalists) in the spring reflected a failure to understand just how large and influential those stimulus payments would turn out to be. But income also is only part of the story. Big changes in 2020 also took place on the other side of the ledger: spending. Spending By turning to another riveting story, “Personal Consumption Expenditures by Major Type of Product, Monthly,” we see a pattern that may seem obvious with hindsight but was not as easy to predict while the economy was collapsing during the spring. The obvious part was a decline in spending on services. All those restaurant reservations never made, flights not taken, and sports and concert tickets not bought added up to serious money. Services spending fell by $575 billion, or nearly 8%. Less obvious were some of the other patterns affecting consumer spending in a pandemic. Americans spent meaningful dollars — those they would not or could not spend on services — on stuff. Durable goods spending was up by $60 billion (a better chair for working from home, or maybe a new bicycle), while nondurable goods spending rose by $39 billion (think of the bourbon purchased for consumption at home that in an alternate universe would have been logged as “services” consumption in a bar). But the extra spending on stuff did not exceed the drop in spending on services. And thanks to lower rates, households’ personal interest payments and other miscellaneous outlays dropped by $59 billion. Not only were U.S. households, in the aggregate, taking in more money, but they were also spending less of it. Total outlays fell by $535 billion. Saving This combination of soaring personal income and falling spending pushed Americans’ savings rate through the roof. From March through November, personal savings was $1.56 trillion higher than in 2019, a rise of 173%. Normally the savings rate bounces around in a narrow range, around 7% just before the pandemic. It spiked to 33.7% in April, its highest level on record dating to 1959. Even as millions of individuals faced great financial hardship this year, Americans in the aggregate were building savings at a startling rate. It had to go somewhere. But where? Holding on to extra cash was one option — and sure enough, currency in circulation has spiked by $260 billion since February, a 14% increase. Deposits in commercial banks are way up — by 19% since the first week of March. Or, for those a little more comfortable with risk, there was investing in stocks, which helps explain the 16% rise in the S&amp;P 500 for 2020. For those comfortable with a lot of risk — and with taking advantage of the market’s momentum — there was buying a market darling stock like Tesla or trading options. Or you could have used the occasion of the pandemic to buy a new house. Home sales surged, and the S&amp;P CoreLogic national home price index was up 8.4% in October from a year earlier. Essentially, the rise in savings among the people who have avoided major economic damage from the pandemic is creating a tide lifting the values of nearly all financial assets. Certainly the Federal Reserve plays a role. The central bank has lowered interest rates to nearly zero, promised to keep them there for years, bought government debt and supported corporate bond markets. But the surge in asset prices has made its way into many sectors far from any form of Fed support, like stocks and Bitcoin. And the surge had, if anything, accelerated this fall despite a lack of additional stimulative action from the Fed. The Fed played a big part in engineering the stabilization of the markets in March and April, but the rally since then probably reflects these broader dynamics around savings. Just because you can explain these market gains does not mean that high asset prices will hold. You could tell a story in which the economy roars back as people are vaccinated, and the entire pattern reverses itself, with the savings rate turning negative as Americans spend down their stockpiled wealth on trips and other luxuries that were off-limits in 2020. It could spur inflation, which, if severe enough, could cause the Fed to back off its easy money approach sooner than people now think. But the 2021 economic narrative has yet to be written — and if 2020 teaches one thing, it is that the story arc is more unpredictable than you might think.

Why markets boomed in a year of human misery

GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions.

Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in December was 12 per cent higher than such receipts in the same month of 2019.

At Rs 1,15,174 crore, the collections were 10 per cent more than the mop-up in the previous month -- the biggest growth in monthly revenues in the last 21 months.

In a statement, the finance ministry said the December collections were the highest ever since the implementation of the nationwide tax in July 2017.

The previous best was in April 2019 when Rs 113,866 crore was collected.

This is the third straight month of over Rs 1 lakh crore tax collections and the fourth consecutive month this fiscal when GST collections have outperformed comparable months from 2019, a sign of strong recovery.

The increase in tax collections was due to the "combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance," the statement said.

GST collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April 2020, after the government imposed a nationwide lockdown to curb the spread of coronavirus.

The lockdown, categorised by several agencies as one of the strictest in the world, pummelled the economy as demand dried up and non-essential businesses were shuttered.

That quarter, the economy contracted by the steepest ever 23.9 per cent.

As restrictions were gradually lifted, many parts of the economy were able to spring back into action although output remains well below the pre-pandemic levels.

Commenting on the GST numbers, Shardul Amarchand Mangaldas &amp; Co partner Rajat Bose said the government should provide a breakup of the GST collected through the filing of returns and the tax collected through recovery drives to give a true picture of the extent of economic recovery.

His colleague Atul Gupta said the recent changes introduced and effectively implemented in GST technology platform like e-invoicing and of matching of supplier invoices along with strict enforcement by revenue authorities in checking fraudulent invoices, has induced an enhanced degree of reporting compliance.

"GST revenue is likely to further grow in the remaining quarter of this financial year and hopefully ease the pressure on the fiscal front in this year of unprecedented economic de-growth," he said.

In the statement, the finance ministry said 87 lakh GSTR-3B returns were filed for the month of November till Thursday.

During December 2020, revenues from the import of goods were 27 per cent higher and revenues from domestic transactions (including import of services) were 8 per cent higher than the receipts from these sources during the same month of 2019.

The Central GST mop-up stood at Rs 21,365 crore, State GST Rs 27,804 crore, Integrated GST Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess was Rs 8,579 crore (including Rs 971 crore collected on import of goods).

The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement. The total revenue earned by the central government and the state governments after regular settlement in the month of December was Rs 44,641 crore for CGST and Rs 45,485 crore for SGST.

"With major states reporting an increase ranging from 6 to 15 per cent in their GST collections, compared to the same period last year, it is expected that some of the reductions in collections seen in the earlier part of the current fiscal, would be made up by the improving collections in the past three months," Deloitte India Senior Director M S Mani said.

CII Director General Chandrajit Banerjee said GST revenue growth shows that industry is bouncing back to normalcy.

"The increase in the revenue from import of goods indicates that Indian economy is on the fast track of growth now after a long dip due to COVID lockdown," he added.

GST revenues have topped Rs 1 lakh crore in eight out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the COVID-19 pandemic.

Revenue in April was Rs 32,172 crore, followed by May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore), September (Rs 95,480 crore), October (Rs 1,05,155 crore), November (Rs 1,04,963 crore) and December (Rs 1,15,174 crore).

The GST revenue in April-December 2020 was down 14 per cent compared to the same period of the previous year.

The average growth in GST revenues during the October-December quarter has been 7.3 per cent as compared to negative 8.2 per cent during the July-September quarter.

EY Tax Partner Abhishek Jain said the GST collections touching a record high despite that we are not completely out of the pandemic indicates a remarkable recovery in the economy.

"Some of it could also be due to the plugging of revenue leakage by the government on account of fake credits through fraudulent invoicing and introduction of e-invoicing," he said.

 
&nbsp;

GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions.

GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions. Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in December was 12 per cent higher than such receipts in the same month of 2019. At Rs 1,15,174 crore, the collections were 10 per cent more than the mop-up in the previous month -- the biggest growth in monthly revenues in the last 21 months. In a statement, the finance ministry said the December collections were the highest ever since the implementation of the nationwide tax in July 2017. The previous best was in April 2019 when Rs 113,866 crore was collected. This is the third straight month of over Rs 1 lakh crore tax collections and the fourth consecutive month this fiscal when GST collections have outperformed comparable months from 2019, a sign of strong recovery. The increase in tax collections was due to the "combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance," the statement said. GST collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April 2020, after the government imposed a nationwide lockdown to curb the spread of coronavirus. The lockdown, categorised by several agencies as one of the strictest in the world, pummelled the economy as demand dried up and non-essential businesses were shuttered. That quarter, the economy contracted by the steepest ever 23.9 per cent. As restrictions were gradually lifted, many parts of the economy were able to spring back into action although output remains well below the pre-pandemic levels. Commenting on the GST numbers, Shardul Amarchand Mangaldas & Co partner Rajat Bose said the government should provide a breakup of the GST collected through the filing of returns and the tax collected through recovery drives to give a true picture of the extent of economic recovery. His colleague Atul Gupta said the recent changes introduced and effectively implemented in GST technology platform like e-invoicing and of matching of supplier invoices along with strict enforcement by revenue authorities in checking fraudulent invoices, has induced an enhanced degree of reporting compliance. "GST revenue is likely to further grow in the remaining quarter of this financial year and hopefully ease the pressure on the fiscal front in this year of unprecedented economic de-growth," he said. In the statement, the finance ministry said 87 lakh GSTR-3B returns were filed for the month of November till Thursday. During December 2020, revenues from the import of goods were 27 per cent higher and revenues from domestic transactions (including import of services) were 8 per cent higher than the receipts from these sources during the same month of 2019. The Central GST mop-up stood at Rs 21,365 crore, State GST Rs 27,804 crore, Integrated GST Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess was Rs 8,579 crore (including Rs 971 crore collected on import of goods). The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement. The total revenue earned by the central government and the state governments after regular settlement in the month of December was Rs 44,641 crore for CGST and Rs 45,485 crore for SGST. "With major states reporting an increase ranging from 6 to 15 per cent in their GST collections, compared to the same period last year, it is expected that some of the reductions in collections seen in the earlier part of the current fiscal, would be made up by the improving collections in the past three months," Deloitte India Senior Director M S Mani said. CII Director General Chandrajit Banerjee said GST revenue growth shows that industry is bouncing back to normalcy. "The increase in the revenue from import of goods indicates that Indian economy is on the fast track of growth now after a long dip due to COVID lockdown," he added. GST revenues have topped Rs 1 lakh crore in eight out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the COVID-19 pandemic. Revenue in April was Rs 32,172 crore, followed by May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore), September (Rs 95,480 crore), October (Rs 1,05,155 crore), November (Rs 1,04,963 crore) and December (Rs 1,15,174 crore). The GST revenue in April-December 2020 was down 14 per cent compared to the same period of the previous year. The average growth in GST revenues during the October-December quarter has been 7.3 per cent as compared to negative 8.2 per cent during the July-September quarter. EY Tax Partner Abhishek Jain said the GST collections touching a record high despite that we are not completely out of the pandemic indicates a remarkable recovery in the economy. "Some of it could also be due to the plugging of revenue leakage by the government on account of fake credits through fraudulent invoicing and introduction of e-invoicing," he said.

GST collection at record-high in December 2020

Drugmakers, including Pfizer, Sanofi SA, and others are mulling over plans to hike prices of more than 300 drugs in the US on January 1, a report based on drugmakers and data analysed by medical research firm 3 Axis Advisors.

The increase in prices so far has been 10 per cent or below, but big organisations like Pfizer and Sanofi raised the prices of their drugs not more than 5 per cent, 3 Axis Advisors said, as reported by news agency Reuters.&nbsp;

Also read | <a href="https://www.wionews.com/world/who-grants-emergency-validation-to-pfizer-biontech-covid-vaccine-353709">WHO grants 'emergency validation' to Pfizer-BioNTech Covid vaccine</a>

The research firm also said that GSK did hike prices of two vaccines Shingrix and Pediarix by 7 and 8.6 per cent respectively.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-dispatch-indian-experts-take-cautions-approach-353658/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Several drugs are expected to raise prices of their drugs in early January as makers are struggling to deal with the severe effect of coronavirus pandemic that has led to a reduction in doctor visits and hampered demand of new drugs.&nbsp;

3 Axis analysis said that last year, prices of over 860 drugs were raised by around 5 per cent on average.&nbsp;

The hike in drug prices have substantially slowed down since 2015 but could help pharma companies like Pfizer that have developed Covid-19 vaccine in record time and make up for the lost revenue due to a reduction in doctor visits for other illness.&nbsp;

Drugmakers, including Pfizer, Sanofi SA, and others are mulling over plans to hike prices of more than 300 drugs in the US on January 1, a report based on drugmakers and data analysed by medical research firm 3 Axis Advisors.

Drugmakers, including Pfizer, Sanofi SA, and others are mulling over plans to hike prices of more than 300 drugs in the US on January 1, a report based on drugmakers and data analysed by medical research firm 3 Axis Advisors. The increase in prices so far has been 10 per cent or below, but big organisations like Pfizer and Sanofi raised the prices of their drugs not more than 5 per cent, 3 Axis Advisors said, as reported by news agency Reuters. Also read | WHO grants 'emergency validation' to Pfizer-BioNTech Covid vaccine The research firm also said that GSK did hike prices of two vaccines Shingrix and Pediarix by 7 and 8.6 per cent respectively. Watch | Several drugs are expected to raise prices of their drugs in early January as makers are struggling to deal with the severe effect of coronavirus pandemic that has led to a reduction in doctor visits and hampered demand of new drugs. 3 Axis analysis said that last year, prices of over 860 drugs were raised by around 5 per cent on average. The hike in drug prices have substantially slowed down since 2015 but could help pharma companies like Pfizer that have developed Covid-19 vaccine in record time and make up for the lost revenue due to a reduction in doctor visits for other illness.

Drug prices to hike in 2021 as pandemic jolts revenues: Report

The New York Stock Exchange (NYSE) has begun the process of delisting three Chinese telecoms companies as it seeks to comply with an order by the Trump administration barring investment in firms with ties to the Chinese military.

It comes as relations between the world's two biggest economies spiral downwards over sore points ranging from trade and the coronavirus to Hong Kong and Xinjiang.

China Mobile Ltd, China Telecom Corp Ltd, and China Unicom Hong Kong Ltd will be suspended from trading between January 7 and January 11. The three Chinese companies have separate listings in Hong Kong.

Quantitative hedge fund managers including Renaissance Technologies LLC, Dimensional Fund Advisors LP and Two Sigma Investments LP were among the largest holders in these US listings. The stakes they held at the end of September were, however, small.

In November, President Donald Trump signed an executive order banning Americans from investing in Chinese companies deemed to be supplying or supporting Beijing's military and security apparatus, earning a sharp rebuke from China.

The order listed 31 companies it said China was using for the "increasing exploitation" of US investment capital to fund military and intelligence services, including the development and deployment of weapons of mass destruction.

To this end, the Chinese Foreign Ministry accused the US of slandering its military-civilian integration policies and vowed to protect the country’s companies.

Under his "America First" banner, Trump has portrayed China as the greatest threat to the United States and global democracy, pursued a trade war with it, harangued Chinese tech firms, and laid all the blame for the coronavirus pandemic at Beijing's door.

Other index providers including MSCI Inc, S&amp;P Dow Jones Indices and Nasdaq have deleted various Chinese firms from their listings.

The US Federal Communications Commission in May barred China Mobile from operating in the US.

(with inputs)

The New York Stock Exchange (NYSE) has begun the process of delisting three Chinese telecoms companies as it seeks to comply with an order by the Trump administration barring investment in firms with ties to the Chinese military.

The New York Stock Exchange (NYSE) has begun the process of delisting three Chinese telecoms companies as it seeks to comply with an order by the Trump administration barring investment in firms with ties to the Chinese military. It comes as relations between the world's two biggest economies spiral downwards over sore points ranging from trade and the coronavirus to Hong Kong and Xinjiang. China Mobile Ltd, China Telecom Corp Ltd, and China Unicom Hong Kong Ltd will be suspended from trading between January 7 and January 11. The three Chinese companies have separate listings in Hong Kong. Quantitative hedge fund managers including Renaissance Technologies LLC, Dimensional Fund Advisors LP and Two Sigma Investments LP were among the largest holders in these US listings. The stakes they held at the end of September were, however, small. In November, President Donald Trump signed an executive order banning Americans from investing in Chinese companies deemed to be supplying or supporting Beijing's military and security apparatus, earning a sharp rebuke from China. The order listed 31 companies it said China was using for the "increasing exploitation" of US investment capital to fund military and intelligence services, including the development and deployment of weapons of mass destruction. To this end, the Chinese Foreign Ministry accused the US of slandering its military-civilian integration policies and vowed to protect the country’s companies. Under his "America First" banner, Trump has portrayed China as the greatest threat to the United States and global democracy, pursued a trade war with it, harangued Chinese tech firms, and laid all the blame for the coronavirus pandemic at Beijing's door. Other index providers including MSCI Inc, S&P Dow Jones Indices and Nasdaq have deleted various Chinese firms from their listings. The US Federal Communications Commission in May barred China Mobile from operating in the US. (with inputs)

New York Stock Exchange to delist Chinese telecom firms on US executive order

Domestic stock market clinched fresh record highs in the intra-day session on Friday on sustained bullish momentum in the markets.&nbsp;

Frontline S&amp;P BSE Sensex nearly reached the 48,000-mark when it hit a fresh lifetime high of 47,980 levels. Its NSE counterpart, Nifty50, on the other hand touched a new peak of 14,050.

The indices, however, climbed-off record highs and settled the day around 0.2 per cent higher. The Sensex index ended the day at 47,869 levels, up 117.65 points or 0.25 per cent.&nbsp;

ITC (up 2.3 per cent), TCS, M&amp;M, and State Bank of India (SBI) were the top index gainers, while ICICI Bank (down 1.3 per cent), HDFC Bank, and Titan were the top drags on the index.

Nifty50 closed the day at fresh closing high, above the 14,000-mark, at 14,018.5 levels, up 37 points or 0.26 per cent.

(With inputs from agencies)

Domestic stock market clinched fresh record highs in the intra-day session on Friday on sustained bullish momentum in the markets. Frontline S&P BSE Sensex nearly reached the 48,000-mark when it hit a fresh lifetime high of 47,980 levels.

Domestic stock market clinched fresh record highs in the intra-day session on Friday on sustained bullish momentum in the markets. Frontline S&P BSE Sensex nearly reached the 48,000-mark when it hit a fresh lifetime high of 47,980 levels. Its NSE counterpart, Nifty50, on the other hand touched a new peak of 14,050. The indices, however, climbed-off record highs and settled the day around 0.2 per cent higher. The Sensex index ended the day at 47,869 levels, up 117.65 points or 0.25 per cent. ITC (up 2.3 per cent), TCS, M&M, and State Bank of India (SBI) were the top index gainers, while ICICI Bank (down 1.3 per cent), HDFC Bank, and Titan were the top drags on the index. Nifty50 closed the day at fresh closing high, above the 14,000-mark, at 14,018.5 levels, up 37 points or 0.26 per cent. (With inputs from agencies)

Nifty closes above 14,000 for the first time ever, Sensex up 118 points

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.

Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday.

"When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said.

Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16. The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike. The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16. Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities. "You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said. Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday. "When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said. Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap.

Bitcoin touches record above $29,000, extending 2020 rally

Domestic stock market indices, Sensex and Nifty traded higher Friday led by gains in banks and IT stocks.&nbsp;

Broader markets outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 trading 0.7 per cent higher each.&nbsp;

The S&amp;P BSE Sensex was up 200 points at 47,950 levels and testing the 48,000-mark. Meanwhile, the Nifty50 index was trading above the 14,000-mark.

Sensex opened at 47,785.28 and has so far touched an intra-day high of 47,946.66 and a low of 47,771.15 points.

The top gainers on the Sensex so far were Mahindra &amp; Mahindra, TCS and UltraTech Cement, while the major losers were Sun Pharmaceutical, ICICI Bank and Tata Steel.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty traded higher Friday led by gains in banks and IT stocks. Broader markets outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 trading 0.

Domestic stock market indices, Sensex and Nifty traded higher Friday led by gains in banks and IT stocks. Broader markets outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 trading 0.7 per cent higher each. The S&P BSE Sensex was up 200 points at 47,950 levels and testing the 48,000-mark. Meanwhile, the Nifty50 index was trading above the 14,000-mark. Sensex opened at 47,785.28 and has so far touched an intra-day high of 47,946.66 and a low of 47,771.15 points. The top gainers on the Sensex so far were Mahindra & Mahindra, TCS and UltraTech Cement, while the major losers were Sun Pharmaceutical, ICICI Bank and Tata Steel. (With inputs from agencies)

Sensex trades higher, Nifty above 14,000; financials, IT stocks lead

U.S. trade officials said on Wednesday they were increasing tariffs on certain European Union products, including aircraft-related parts and wines from France and Germany, amid an ongoing civil aircraft dispute between Washington and Brussels.

US slaps tariffs on French and German products

Tata Group has increased its stake in AirAsia India as it looks to increase its stake in India's airline industry.

Tata group to take complete control of AirAsia India

Boeing 737 MAX aircraft have resumed passenger flights in the US for the first time since a 20-month safety ban was lifted last month.

Boeing 737 MAX aircraft resume passenger flights in the U.S.

The combined worth of Australian billionaires was assessed to be 52.4% higher this week than at the same time last December.

Australian billionaires get 50% richer amid pandemic

As on August 31, 2020, around 26.6 per cent of the total customers of NBFCs availed moratorium and close to 44.9 per cent of their total loan outstanding was under moratorium.

NBFCs profitability may dampen due to loan impairment

Domestic stock market indices, Sensex and Nifty ended at record levels on Wednesday led by gains in metal and auto stocks.&nbsp;

Sensex ended the session 133 points, or 0.28 per cent, higher at 47,746. The index hit an intra-day high and low of 47,808 and 47,358, respectively.&nbsp;

The broader Nifty50 index ended the session at 13,981.&nbsp;

The index came close to hitting the 14,000-mark in intra-day, but could only hit a high of 13,997. 
 
Among sectors, Nifty Auto, Nifty Metal and Nifty Realty ended over 1 percent each. Ending in the red was Nifty PSU Bank and Nifty pharma.&nbsp;

Other Asian shares hit record highs as hopes of a strong economic recovery next year and little sign of policymakers winding back massive stimulus efforts fuelled global risk appetite.

(With inputs from agencies)&nbsp;

Domestic stock market indices, Sensex and Nifty ended at record levels on Wednesday led by gains in metal and auto stocks. Sensex ended the session 133 points, or 0.

Domestic stock market indices, Sensex and Nifty ended at record levels on Wednesday led by gains in metal and auto stocks. Sensex ended the session 133 points, or 0.28 per cent, higher at 47,746. The index hit an intra-day high and low of 47,808 and 47,358, respectively. The broader Nifty50 index ended the session at 13,981. The index came close to hitting the 14,000-mark in intra-day, but could only hit a high of 13,997. Among sectors, Nifty Auto, Nifty Metal and Nifty Realty ended over 1 percent each. Ending in the red was Nifty PSU Bank and Nifty pharma. Other Asian shares hit record highs as hopes of a strong economic recovery next year and little sign of policymakers winding back massive stimulus efforts fuelled global risk appetite. (With inputs from agencies)

Sensex ends 133 points higher; Nifty above 13,950