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Stock markets in the country witnessed a tumble of more than 4 per cent on Monday amid fears of a new coronavirus strain, which is making rounds in the United Kingdom, and was found in Italy today. The Sensex index dropped by 2,037.61 points, or by 4.34 per cent to stand at 44,923.0 - the weakest level in afternoon deals.

Nifty, too, dropped to 13,131.45 - falling by 629.1 points or 4.57 per cent compared to its previous close. The markets were dragged lower due to sell offs across sectors including banking, finance, metal, and automobiles.

Global shares fall too

European shares fell 2% on Monday, the dollar strengthened and market volatility surged amid growing unease over the economic impact of a new coronavirus strain in Britain which has seen several European countries shut their borders to the UK.

The news of the new strain, said to be up to 70% more transmissible than the original, has put some 16 million Britons under tougher lockdowns and has overshadowed U.S. lawmakers' agreement over a long-awaited stimulus bill.

Prime Minister Boris Johnson will chair an emergency response meeting to discuss international travel and the flow of freight in and out of Britain.

Coinciding with the lack of a post-Brexit trade deal ahead of the Dec. 31 deadline, those developments sent the pound almost 2% lower at $1.3272. Losses of more than 1% on UK equities were led by 6%-7% tumbles at banks Lloyds and Barclays.

German shares fell around 2%, while pan-European travel and leisure stocks lost more than 5%.

MUFG analysts noted the tougher restrictions might have to remain place for months until more people are vaccinated.

"As a result, the economic slowdown will prove deeper and extend further into next year. It will dampen optimism over a stronger economic recovery in 2021," they told clients, noting this setback could necessitate more monetary stimulus.

Volatility, a measure of price swings on an asset class, swung higher across the board, with Wall Street's "fear gauge" the VIX -- rising above 25% for the first time since Dec. 11.

(With inputs from Reuters)

Stock markets in the country witnessed a tumble of more than 4 per cent on Monday amid fears of a new coronavirus strain, which is making rounds in the United Kingdom, and was found in Italy today.

Stock markets in the country witnessed a tumble of more than 4 per cent on Monday amid fears of a new coronavirus strain, which is making rounds in the United Kingdom, and was found in Italy today. The Sensex index dropped by 2,037.61 points, or by 4.34 per cent to stand at 44,923.0 - the weakest level in afternoon deals. Nifty, too, dropped to 13,131.45 - falling by 629.1 points or 4.57 per cent compared to its previous close. The markets were dragged lower due to sell offs across sectors including banking, finance, metal, and automobiles. Global shares fall too European shares fell 2% on Monday, the dollar strengthened and market volatility surged amid growing unease over the economic impact of a new coronavirus strain in Britain which has seen several European countries shut their borders to the UK. The news of the new strain, said to be up to 70% more transmissible than the original, has put some 16 million Britons under tougher lockdowns and has overshadowed U.S. lawmakers' agreement over a long-awaited stimulus bill. Prime Minister Boris Johnson will chair an emergency response meeting to discuss international travel and the flow of freight in and out of Britain. Coinciding with the lack of a post-Brexit trade deal ahead of the Dec. 31 deadline, those developments sent the pound almost 2% lower at $1.3272. Losses of more than 1% on UK equities were led by 6%-7% tumbles at banks Lloyds and Barclays. German shares fell around 2%, while pan-European travel and leisure stocks lost more than 5%. MUFG analysts noted the tougher restrictions might have to remain place for months until more people are vaccinated. "As a result, the economic slowdown will prove deeper and extend further into next year. It will dampen optimism over a stronger economic recovery in 2021," they told clients, noting this setback could necessitate more monetary stimulus. Volatility, a measure of price swings on an asset class, swung higher across the board, with Wall Street's "fear gauge" the VIX -- rising above 25% for the first time since Dec. 11. (With inputs from Reuters)

Sensex plunges by over 1,500 points amid fears of new COVID-19 strain

Apple Inc has temporarily shut all of its 53 stores in California because of a coronavirus outbreak and 16 stores in the United Kingdom following restrictions introduced by the government in London, a spokesman said on Saturday.

The company said on Friday it was temporarily shutting some stores in California following a surge in COVID-19 cases, sending the iPhone maker`s shares down in trading after the bell. That announcement covered at least 12 stores.

"Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas. We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible," the spokesman said in an emailed statement.

Customers would still be able to pick up existing orders for the next few days, the spokesman said. The statement did not mention when Apple expects the stores to reopen.

Coronavirus cases are increasing in the United States and the United Kingdom, with the U.S. having had over 17.4 million infections and about 314,000 deaths.

British Prime Minister Boris Johnson on Saturday imposed an effective lockdown on over 16 million people in England and reversed plans to ease curbs over Christmas. The UK`s other nations, whose response to the pandemic differs from that of England at times, also took action.

Johnson said London and southeast England would now be placed in a new Tier 4 level of lockdown and people in those areas will be required to stay at home except for essential reasons such as work. Non-essential retail will close, as will indoor leisure and entertainment.

Apple Inc has temporarily shut all of its 53 stores in California because of a coronavirus outbreak and 16 stores in the United Kingdom following restrictions introduced by the government in London, a spokesman said on Saturday.

Apple Inc has temporarily shut all of its 53 stores in California because of a coronavirus outbreak and 16 stores in the United Kingdom following restrictions introduced by the government in London, a spokesman said on Saturday. The company said on Friday it was temporarily shutting some stores in California following a surge in COVID-19 cases, sending the iPhone maker`s shares down in trading after the bell. That announcement covered at least 12 stores. "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas. We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible," the spokesman said in an emailed statement. Customers would still be able to pick up existing orders for the next few days, the spokesman said. The statement did not mention when Apple expects the stores to reopen. Coronavirus cases are increasing in the United States and the United Kingdom, with the U.S. having had over 17.4 million infections and about 314,000 deaths. British Prime Minister Boris Johnson on Saturday imposed an effective lockdown on over 16 million people in England and reversed plans to ease curbs over Christmas. The UK`s other nations, whose response to the pandemic differs from that of England at times, also took action. Johnson said London and southeast England would now be placed in a new Tier 4 level of lockdown and people in those areas will be required to stay at home except for essential reasons such as work. Non-essential retail will close, as will indoor leisure and entertainment.

Apple temporarily shuts California stores in virus surge, some in UK after new curbs

A German court on Friday ruled in favour of Elon Musk’s Tesla to partially clear forested land to build a manufacturing site near Berlin.

Earlier, environmentalists had criticised the company’s plans to clear the forest, claiming that the move could endanger hibernating reptiles in the area.

Activists had gone to court in the eastern city of Frankfurt an der Oder to prevent the company from clearing the land.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/tesla-teams-to-visit-indonesia-to-check-on-investment-in-ev-components-government-349271" hreflang="en">Tesla teams to visit Indonesia to check on investment in EV components-government</a>

When the case was being studied by a regional court, the razing plans remained at halt. The Berlin-Brandenburg Higher Administrative Court on Friday said that it would ban the razing of forested area by Tesla in the regions of the site, giving a nod to activists

The court added that further stoppage of razing could not be justified.&nbsp; Tesla has not addressed the ruling so far.

Essential workers

In a first, Tesla factory workers based in California will be counted as 'essential workers' and will be exempted from&nbsp;new coronavirus restrictions in the state.

The decision has been taken as the state is inching towards new coronavirus restrictions, which will be initiated from this weekend. The authorities let the Tesla workers be exempted as earlier Elon Musk had argued that manufacturing is listed as an essential workforce.

Also read:&nbsp;<a href="http://13.235.153.162/world/elon-musks-diverse-tesla-employs-79-male-workforce-348088" hreflang="en">Elon Musk's 'diverse' Tesla employs 79% male workforce</a>

"The limited stay-at-home order does not apply to employees deemed essential workers — manufacturing is listed as an essential workforce," said California's Department of Public Health, specifying in particular transport products and equipment.

The exemption has been granted on the condition that Musk's factories will ensure all necessary health guidelines and will make sure the employees are provided all the basic precautions and facilities needed to contain the spread of the novel coronavirus.

A German court on Friday ruled in favour of Elon Musk’s Tesla to partially clear forested land to build a manufacturing site near Berlin. Earlier, environmentalists had criticised the company’s plans to clear the forest, claiming that the move could endanger hibernating reptiles in the area.

A German court on Friday ruled in favour of Elon Musk’s Tesla to partially clear forested land to build a manufacturing site near Berlin. Earlier, environmentalists had criticised the company’s plans to clear the forest, claiming that the move could endanger hibernating reptiles in the area. Activists had gone to court in the eastern city of Frankfurt an der Oder to prevent the company from clearing the land. Also read: Tesla teams to visit Indonesia to check on investment in EV components-government When the case was being studied by a regional court, the razing plans remained at halt. The Berlin-Brandenburg Higher Administrative Court on Friday said that it would ban the razing of forested area by Tesla in the regions of the site, giving a nod to activists The court added that further stoppage of razing could not be justified. Tesla has not addressed the ruling so far. Essential workers In a first, Tesla factory workers based in California will be counted as 'essential workers' and will be exempted from new coronavirus restrictions in the state. The decision has been taken as the state is inching towards new coronavirus restrictions, which will be initiated from this weekend. The authorities let the Tesla workers be exempted as earlier Elon Musk had argued that manufacturing is listed as an essential workforce. Also read: Elon Musk's 'diverse' Tesla employs 79% male workforce "The limited stay-at-home order does not apply to employees deemed essential workers — manufacturing is listed as an essential workforce," said California's Department of Public Health, specifying in particular transport products and equipment. The exemption has been granted on the condition that Musk's factories will ensure all necessary health guidelines and will make sure the employees are provided all the basic precautions and facilities needed to contain the spread of the novel coronavirus.

German court allows Tesla to partially clear forest for a new factory

Apple supplier Wistron`s Indian factory in Karnataka state could not cope up with the rapid scaling up of manpower and breached several laws, a government inspection has revealed following violence at the site last weekend.

Several thousand contract workers at Wistron angered over alleged non-payment of wages destroyed property, factory gear and iPhones at the plant early on Dec. 12, causing millions of dollars in losses to the Taiwanese contract manufacturer and forcing it to shut the plant.

The manpower at this plant, which assembles one iPhone model and became operational earlier this year, rose to 10,500 workers from the permitted 5,000 in a short span of time, according to a Karnataka factories department report, a copy of which was reviewed by Reuters.

"Though 10,500 workers are employed in the factory the HR department has not been adequately set up with personnel of sound knowledge of labour laws," said the report of the inspection conducted on Dec. 13.

The report said there is a wide gap between practices followed at the factory and legal requirements.

Wistron did not respond to a request for comment.

Apple, which is conducting it`s own audit at the factory, also did not comment.

Wistron introduced 12-hour shifts from the earlier eight-hour shifts at the plant in October but failed to properly address "the confusion in the minds of the workers" about their new wages inclusive of overtime, the report noted.

The company also did not inform the factories department of the new work shifts, it said.

Wistron, which also changed its attendance system in October, did not fix for two months a glitch which caused employees` presence to be incorrectly registered, the probe found.

Some other violations highlighted in the report included underpayment of wages to contract workers and housekeeping staff, and making women staff work overtime without legal authorisation.

An earlier government audit of the factory, just hours after the rampage, had also found "several labour law violations", Reuters previously reported.

Karnataka state, home to India`s showpiece software services sector and global firms such as Bosh and Volvo, has previously tried to soothe investors by condemning the violence and assuring Wistron of its support.

"The company has started an internal audit, which should help it improve systems," said Gaurav Gupta, the top government official at Karnataka`s Industries Department.

"We expect it will bring up solutions to improve relationships with workers and pave the way for starting operations soon."

Apple supplier Wistron`s Indian factory in Karnataka state could not cope up with the rapid scaling up of manpower and breached several laws, a government inspection has revealed following violence at the site last weekend.

Apple supplier Wistron`s Indian factory in Karnataka state could not cope up with the rapid scaling up of manpower and breached several laws, a government inspection has revealed following violence at the site last weekend. Several thousand contract workers at Wistron angered over alleged non-payment of wages destroyed property, factory gear and iPhones at the plant early on Dec. 12, causing millions of dollars in losses to the Taiwanese contract manufacturer and forcing it to shut the plant. The manpower at this plant, which assembles one iPhone model and became operational earlier this year, rose to 10,500 workers from the permitted 5,000 in a short span of time, according to a Karnataka factories department report, a copy of which was reviewed by Reuters. "Though 10,500 workers are employed in the factory the HR department has not been adequately set up with personnel of sound knowledge of labour laws," said the report of the inspection conducted on Dec. 13. The report said there is a wide gap between practices followed at the factory and legal requirements. Wistron did not respond to a request for comment. Apple, which is conducting it`s own audit at the factory, also did not comment. Wistron introduced 12-hour shifts from the earlier eight-hour shifts at the plant in October but failed to properly address "the confusion in the minds of the workers" about their new wages inclusive of overtime, the report noted. The company also did not inform the factories department of the new work shifts, it said. Wistron, which also changed its attendance system in October, did not fix for two months a glitch which caused employees` presence to be incorrectly registered, the probe found. Some other violations highlighted in the report included underpayment of wages to contract workers and housekeeping staff, and making women staff work overtime without legal authorisation. An earlier government audit of the factory, just hours after the rampage, had also found "several labour law violations", Reuters previously reported. Karnataka state, home to India`s showpiece software services sector and global firms such as Bosh and Volvo, has previously tried to soothe investors by condemning the violence and assuring Wistron of its support. "The company has started an internal audit, which should help it improve systems," said Gaurav Gupta, the top government official at Karnataka`s Industries Department. "We expect it will bring up solutions to improve relationships with workers and pave the way for starting operations soon."

Apple supplier Wistron couldn't manage scaled up India plant, govt report says

China's Huawei is planning to press ahead with a roll-out despite French curbs on firms using its 5G gear. It will invest 200 million euros in building a mobile phone network equipment factory in the east of France.

Huawei to build network equipment factory in France

UAE-based Indian billionaire BR Shetty's Finablr Plc is selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.5 billion pounds ($2 billion) last December.

Finablr, the scandal-marred platform for payments and foreign exchange solutions, announced that it has entered into "a definitive agreement" with Global Fintech Investments Holding (GFIH), an affiliate of Prism Group of Israel, to sell to GFIH the entire issued share capital of Finablr Limited."

Prism Group, linked to a former Israeli Prime Minister Ehud Olmert, has formed a consortium with Abu Dhabi's Royal Strategic Partners (RSP) in connection with the transaction.

RSP, which is headed by Abubaker Al Khoori, is affiliated with Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council.

Finablr had a market value of $2 billion last December. It reported more than $1 billion in undisclosed debts in April.

The deal is also among the first significant commercial transactions between UAE and Israeli companies after the countries signed a normalization accord earlier this year. Since then, agreements have been signed-in sectors ranging from banking to mobile phone services. Israel’s Finance Ministry sees potential for annual bilateral trade starting at $2 billion and building up to $6.5 billion.

(With inputs from agencies)

UAE-based Indian billionaire BR Shetty's Finablr Plc is selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.

UAE-based Indian billionaire BR Shetty's Finablr Plc is selling its business to an Israeli-UAE consortium for $1, capping the collapse of a business that had a market value of 1.5 billion pounds ($2 billion) last December. Finablr, the scandal-marred platform for payments and foreign exchange solutions, announced that it has entered into "a definitive agreement" with Global Fintech Investments Holding (GFIH), an affiliate of Prism Group of Israel, to sell to GFIH the entire issued share capital of Finablr Limited." Prism Group, linked to a former Israeli Prime Minister Ehud Olmert, has formed a consortium with Abu Dhabi's Royal Strategic Partners (RSP) in connection with the transaction. RSP, which is headed by Abubaker Al Khoori, is affiliated with Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council. Finablr had a market value of $2 billion last December. It reported more than $1 billion in undisclosed debts in April. The deal is also among the first significant commercial transactions between UAE and Israeli companies after the countries signed a normalization accord earlier this year. Since then, agreements have been signed-in sectors ranging from banking to mobile phone services. Israel’s Finance Ministry sees potential for annual bilateral trade starting at $2 billion and building up to $6.5 billion. (With inputs from agencies)

UAE-based Indian billionaire BR Shetty's company that owns UAE Exchange sold for $1

China's Huawei is planning to press ahead with a roll-out despite French curbs on firms using its 5G gear. It will invest 200 million euros in building a mobile phone network equipment factory in the east of France.

The plant will initially employ 300 people, growing to 500 in the longer term, and its products will go to Huawei's European clients.

The plant is part of efforts to ease worldwide concerns stoked by US charges, repeatedly denied by Huawei, that Beijing could use the company's equipment for spying.

The Chinese technology company, which had already floated plans for a French factory, said in March it would persevere regardless of whether the French government cracked down on telecoms companies using its equipment.

France has not banned mobile phone operators from using Huawei equipment outright. It had, however, told telecoms companies planning to buy firm's 5G equipment that they would not be able to renew licences for the gear once they expired, effectively phasing it out of mobile networks.

China's Huawei is planning to press ahead with a roll-out despite French curbs on firms using its 5G gear. It will invest 200 million euros in building a mobile phone network equipment factory in the east of France. The plant will initially employ 300 people, growing to 500 in the longer term, and its products will go to Huawei's European clients. The plant is part of efforts to ease worldwide concerns stoked by US charges, repeatedly denied by Huawei, that Beijing could use the company's equipment for spying. The Chinese technology company, which had already floated plans for a French factory, said in March it would persevere regardless of whether the French government cracked down on telecoms companies using its equipment. France has not banned mobile phone operators from using Huawei equipment outright. It had, however, told telecoms companies planning to buy firm's 5G equipment that they would not be able to renew licences for the gear once they expired, effectively phasing it out of mobile networks.

Sensex and Nifty opened at record highs led by IT heavyweights but soon slipped under slight pressure in Friday's early trade in their opening deals, with the Sensex hitting 47,000 level for the first time ever.

The S&amp;P BSE Sensex was down 100 points at 46,799, after hitting an intra-day high of 47,026. The broader Nifty50 index fell below the 13,750-mark. 
 
IT stocks lead the way for the gainers, with HCL Tech and Infosys (both up 2%) being the top gainers, followed by TCS and Tech Mahindra (both up 1%).

The Nifty sectoral indices were mixed, with the Nifty IT index, up 2 per cent, leading the list of gainers.

In the broader markets, the S&amp;P BSE MidCap and SmallCap indices were down 0.2 per cent and 0.3 per cent, respectively.

(With inputs from agencies)

Sensex and Nifty opened at record highs led by IT heavyweights but soon slipped under slight pressure in Friday's early trade in their opening deals, with the Sensex hitting 47,000 level for the first time ever.

Sensex and Nifty opened at record highs led by IT heavyweights but soon slipped under slight pressure in Friday's early trade in their opening deals, with the Sensex hitting 47,000 level for the first time ever. The S&P BSE Sensex was down 100 points at 46,799, after hitting an intra-day high of 47,026. The broader Nifty50 index fell below the 13,750-mark. IT stocks lead the way for the gainers, with HCL Tech and Infosys (both up 2%) being the top gainers, followed by TCS and Tech Mahindra (both up 1%). The Nifty sectoral indices were mixed, with the Nifty IT index, up 2 per cent, leading the list of gainers. In the broader markets, the S&P BSE MidCap and SmallCap indices were down 0.2 per cent and 0.3 per cent, respectively. (With inputs from agencies)

Domestic stock market indices slip after hitting new high

Domestic stock market indices posted their longest run of weekly gains since April 2019, ending higher for seven straight weeks. Today's session was rangebound, with both the benchmarks ending little changed.

The benchmark S&amp;P BSE Sensex settled the day at the fresh closing peak of 46,961 levels, up 70 points or 0.15 per cent. The index hit a record high of 47,026 in the opening deals but erased gains on sell-off in large private banks, metals and realty stocks.

At close, Infosys, Bajaj Auto, State Bank of India (SBI), and ICICI Bank (up between 1.4 per cent and 2.6 per cent) were the top gainers while IndusInd Bank, HDFC Bank, ONGC, and Maruti Suzuki ended the day as top laggards.

The Nifty50 index, on the other hand, ended at 13,760.5 levels, up 20 points or 0.14 per cent.&nbsp;

On a weekly basis, both, the Sensex and Nifty indices have advanced nearly 2 per cent.&nbsp;

(With inputs from agencies)

Domestic stock market indices posted their longest run of weekly gains since April 2019, ending higher for seven straight weeks. Today's session was rangebound, with both the benchmarks ending little changed.

Domestic stock market indices posted their longest run of weekly gains since April 2019, ending higher for seven straight weeks. Today's session was rangebound, with both the benchmarks ending little changed. The benchmark S&P BSE Sensex settled the day at the fresh closing peak of 46,961 levels, up 70 points or 0.15 per cent. The index hit a record high of 47,026 in the opening deals but erased gains on sell-off in large private banks, metals and realty stocks. At close, Infosys, Bajaj Auto, State Bank of India (SBI), and ICICI Bank (up between 1.4 per cent and 2.6 per cent) were the top gainers while IndusInd Bank, HDFC Bank, ONGC, and Maruti Suzuki ended the day as top laggards. The Nifty50 index, on the other hand, ended at 13,760.5 levels, up 20 points or 0.14 per cent. On a weekly basis, both, the Sensex and Nifty indices have advanced nearly 2 per cent. (With inputs from agencies)

Sensex ends choppy trade 70 points higher, Nifty tops 13,750

U.S. airlines are on the brink of receiving a four-month extension of a government assistance program that is expected to provide another $17 billion to fund payroll costs, congressional aides told Reuters.

US airlines closing in on new government assistance package

Google faced its third major lawsuit in two months on Thursday as 38 U.S. states and territories accused the $1 trillion company of abusing its market power to try to make its search engine as dominant inside cars, TVs and speakers as it is in phones.

Google hit with third lawsuit as US states sue over search dominance

Texas Attorney General Ken Paxton has announced that he was leading a lawsuit against Google, accusing the tech giant of taking "illegal" actions to hurt competition in the advertising technology market.

In a tweet on Wednesday, Paxton said his suit centres on the lucrative market for digital ads, where Google obtains most of its revenue.

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<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/BREAKING?src=hash&amp;ref_src=twsrc%5Etfw">#BREAKING</a>: Texas takes the lead once more! Today, we’re filing a lawsuit against <a href="https://twitter.com/hashtag/Google?src=hash&amp;ref_src=twsrc%5Etfw">#Google</a> for anticompetitive conduct. 
 
This internet Goliath used its power to manipulate the market, destroy competition, and harm YOU, the consumer. Stay tuned… <a href="https://t.co/fdEVEWQb0e">pic.twitter.com/fdEVEWQb0e</a>
— Texas Attorney General (@TXAG) <a href="https://twitter.com/TXAG/status/1339283520099856384?ref_src=twsrc%5Etfw">December 16, 2020</a></blockquote>
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Google didn't immediately respond to a request for comment.

The case marks the second antitrust action against Goggle after the US Justice Department filed a landmark monopolisation case against the company in October.

The lawsuit is yet another legal battle for Google, which is facing a Justice Department antitrust lawsuit on its search practices and imminent legal action from a separate group of state attorneys general who have also been investigating the company for anti-competitive behaviour.

Texas' lawsuit will go after Google's stranglehold on its corner of the ad tech market, which it and fellow tech giant Facebook dominate.

The suit accuses Google of abusing its market power to rig auctions for placing ads and drive up online advertising pricing.

The suit will be filed by multiple states, Paxton said in an announcement video, though he didn't identify what other states are involved.

Paxton has long been a foe of tech companies, and Texas is part of the recently filed multi-state lawsuit against Facebook for alleged anti-competitive acquisitions and behaviour.

"This Goliath of a company is using its power to manipulate the market, destroy competition and harm you, the consumer," Paxton said.

"Google effectively eliminated its competition and crowned itself the head of online advertising." The Justice Department is also investigating Google's role in the ad tech market and may still file a lawsuit in the matter. The suit it already filed focuses on Google's use of contracts to lock its search engine in as the default on web browsers and mobile devices.

Texas is one of a dozen states that have joined the DOJ on its suit, filed in October.

Texas Attorney General Ken Paxton has announced that he was leading a lawsuit against Google, accusing the tech giant of taking "illegal" actions to hurt competition in the advertising technology market.

Texas Attorney General Ken Paxton has announced that he was leading a lawsuit against Google, accusing the tech giant of taking "illegal" actions to hurt competition in the advertising technology market. In a tweet on Wednesday, Paxton said his suit centres on the lucrative market for digital ads, where Google obtains most of its revenue. #BREAKING: Texas takes the lead once more! Today, we’re filing a lawsuit against #Google for anticompetitive conduct. This internet Goliath used its power to manipulate the market, destroy competition, and harm YOU, the consumer. Stay tuned… pic.twitter.com/fdEVEWQb0e — Texas Attorney General (@TXAG) December 16, 2020 × Google didn't immediately respond to a request for comment. The case marks the second antitrust action against Goggle after the US Justice Department filed a landmark monopolisation case against the company in October. The lawsuit is yet another legal battle for Google, which is facing a Justice Department antitrust lawsuit on its search practices and imminent legal action from a separate group of state attorneys general who have also been investigating the company for anti-competitive behaviour. Texas' lawsuit will go after Google's stranglehold on its corner of the ad tech market, which it and fellow tech giant Facebook dominate. The suit accuses Google of abusing its market power to rig auctions for placing ads and drive up online advertising pricing. The suit will be filed by multiple states, Paxton said in an announcement video, though he didn't identify what other states are involved. Paxton has long been a foe of tech companies, and Texas is part of the recently filed multi-state lawsuit against Facebook for alleged anti-competitive acquisitions and behaviour. "This Goliath of a company is using its power to manipulate the market, destroy competition and harm you, the consumer," Paxton said. "Google effectively eliminated its competition and crowned itself the head of online advertising." The Justice Department is also investigating Google's role in the ad tech market and may still file a lawsuit in the matter. The suit it already filed focuses on Google's use of contracts to lock its search engine in as the default on web browsers and mobile devices. Texas is one of a dozen states that have joined the DOJ on its suit, filed in October.

Texas suing Google over alleged anti-competitive ad tech practices

Domestic equity markets managed to register yet another record high in today's session, led by private financials and pharma stocks.

At the index level, the benchmark S&amp;P BSE Sensex settled at a fresh closing peak of 46,890, adding 224 points or 0.48 per cent. In the intra-day deals, the index nearly kissed the 47,000-mark and hit a lifetime high of 46,992.

Global markets

Asian stocks scaled record heights while the dollar plumbed two-year lows and oil prices hit their strongest since March on Thursday, as monetary support and the hope of fiscal stimulus in the United States put traders in a festive mood.

MSCI's broadest index of Asia-Pacific shares outside Japan hit record-high and ended 0.4 per cent higher. Japan's Nikkei, meanwhile, settled 0.18 per cent to sit just shy of a 29-year peak.

In Europe, shares remained at 10-month highs as potential Covid-19 vaccine rollouts in Europe strengthened the case for a global economic recovery. Germany's DAX climbed 1 per cent to hit its highest since February, while the pan-European STOXX 600 index rose 0.5 per cent, both extending gains to a fourth straight session.

(With inputs from Reuters)

Domestic equity markets managed to register yet another record high in today's session, led by private financials and pharma stocks. At the index level, the benchmark S&P BSE Sensex settled at a fresh closing peak of 46,890, adding 224 points or 0.

Domestic equity markets managed to register yet another record high in today's session, led by private financials and pharma stocks. At the index level, the benchmark S&P BSE Sensex settled at a fresh closing peak of 46,890, adding 224 points or 0.48 per cent. In the intra-day deals, the index nearly kissed the 47,000-mark and hit a lifetime high of 46,992. Global markets Asian stocks scaled record heights while the dollar plumbed two-year lows and oil prices hit their strongest since March on Thursday, as monetary support and the hope of fiscal stimulus in the United States put traders in a festive mood. MSCI's broadest index of Asia-Pacific shares outside Japan hit record-high and ended 0.4 per cent higher. Japan's Nikkei, meanwhile, settled 0.18 per cent to sit just shy of a 29-year peak. In Europe, shares remained at 10-month highs as potential Covid-19 vaccine rollouts in Europe strengthened the case for a global economic recovery. Germany's DAX climbed 1 per cent to hit its highest since February, while the pan-European STOXX 600 index rose 0.5 per cent, both extending gains to a fourth straight session. (With inputs from Reuters)

Indices clock new highs: Sensex jumps 224 points, Nifty ends at 13,740

Major U.S. cryptocurrency exchange Coinbase said on Wednesday its retail and professional-focused platforms were hit by connection problems and network congestion, as bitcoin smashed through $20,000 to its highest level ever.

Crypto exchange Coinbase hit by tech trouble as bitcoin breaks $20,000

The US&nbsp;Treasury labeled Switzerland and Vietnam as currency manipulators on Wednesday and added three new names to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar.

In what may be one of the last broadsides to international trading partners by the departing administration of President Donald Trump, the US Treasury said that in the year through June 2020 Switzerland and Vietnam had intervened heavily in currency markets to prevent effective balance of payments adjustments.

In response to the allegation by the US&nbsp;Treasury, the Swiss National Bank said it does not manipulate its currency and its monetary policy approach would be unchanged, adding that it "remains willing to intervene more strongly in the foreign exchange market".

Vietnam's trade ministry declined to comment on the report and referred questions to the foreign ministry.

The US&nbsp;agency's semi-annual currency manipulation report said that at least part of Vietnam's foreign exchange intervention was aimed at pushing down the dong for a trade advantage, while at least part of Switzerland's action was aimed at pushing down the Swiss franc to prevent effective balance of payments adjustments.

A senior US&nbsp;Treasury official said both Vietnam and Switzerland had exceeded Treasury's three measurement criteria by a "substantial margin".

The official said the findings of the Treasury report, which had been broadly anticipated by foreign exchange analysts, have not been discussed with the incoming administration of President-elect Joe Biden.

US&nbsp;Treasury Secretary nominee Janet Yellen could alter the findings in her first currency report, which is due in April.

"They are not implicated in this. This is a decision of the Trump administration," the official said.

The move to label Switzerland and Vietnam comes as the coronavirus pandemic skews trade flows and widens U.S. deficits with trading partners, an irritant to Trump who won office four years ago partly on a promise to close the U.. trade gap.

To be labeled a manipulator by the US&nbsp;Treasury, countries must at least have a $20 billion-plus bilateral trade surplus with the United States, foreign currency intervention exceeding 2 per cent&nbsp;of gross domestic product, and a global current account surplus exceeding 2&nbsp;per cent&nbsp;of GDP.

The Treasury said Switzerland's foreign exchange intervention totaled 14&nbsp;per cent&nbsp;of GDP.

Vietnam, which has seen a rush of foreign investment by companies seeking to avoid US&nbsp;tariffs on Chinese goods, saw the intervention of more than 5% of its GDP, it added.

The Treasury official said the United States wants to work cooperatively with both countries to bring them back below the manipulation thresholds and declined to speculate on whether the process could lead to U.S. tariffs on their goods.

Among remedies specified in US&nbsp;laws governing the currency report are limiting offending countries' access to US&nbsp;government procurement contracts and to development finance.

Vietnam could be hit with tariffs under a separate investigation by the US&nbsp;Trade Representative's office now underway into the causes of an undervalued dong. The Treasury findings could influence this probe and some in the business community fear that Trump may move quickly on it.

'MONITORING LIST'

The Treasury also said its "monitoring list" of countries that meet some of the criteria has hit 10, with the additions of Taiwan, Thailand and India. Others on the list include China, Japan, Korea, Germany, Italy, Singapore and Malaysia.

The report also said that India and Singapore had also intervened in the foreign exchange market in a "sustained, asymmetric manner" but did not meet other requirements to warrant designation as manipulators.

The US Treasury labeled Switzerland and Vietnam as currency manipulators on Wednesday and added three new names to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar.

The US Treasury labeled Switzerland and Vietnam as currency manipulators on Wednesday and added three new names to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar. In what may be one of the last broadsides to international trading partners by the departing administration of President Donald Trump, the US Treasury said that in the year through June 2020 Switzerland and Vietnam had intervened heavily in currency markets to prevent effective balance of payments adjustments. In response to the allegation by the US Treasury, the Swiss National Bank said it does not manipulate its currency and its monetary policy approach would be unchanged, adding that it "remains willing to intervene more strongly in the foreign exchange market". Vietnam's trade ministry declined to comment on the report and referred questions to the foreign ministry. The US agency's semi-annual currency manipulation report said that at least part of Vietnam's foreign exchange intervention was aimed at pushing down the dong for a trade advantage, while at least part of Switzerland's action was aimed at pushing down the Swiss franc to prevent effective balance of payments adjustments. A senior US Treasury official said both Vietnam and Switzerland had exceeded Treasury's three measurement criteria by a "substantial margin". The official said the findings of the Treasury report, which had been broadly anticipated by foreign exchange analysts, have not been discussed with the incoming administration of President-elect Joe Biden. US Treasury Secretary nominee Janet Yellen could alter the findings in her first currency report, which is due in April. "They are not implicated in this. This is a decision of the Trump administration," the official said. The move to label Switzerland and Vietnam comes as the coronavirus pandemic skews trade flows and widens U.S. deficits with trading partners, an irritant to Trump who won office four years ago partly on a promise to close the U.. trade gap. To be labeled a manipulator by the US Treasury, countries must at least have a $20 billion-plus bilateral trade surplus with the United States, foreign currency intervention exceeding 2 per cent of gross domestic product, and a global current account surplus exceeding 2 per cent of GDP. The Treasury said Switzerland's foreign exchange intervention totaled 14 per cent of GDP. Vietnam, which has seen a rush of foreign investment by companies seeking to avoid US tariffs on Chinese goods, saw the intervention of more than 5% of its GDP, it added. The Treasury official said the United States wants to work cooperatively with both countries to bring them back below the manipulation thresholds and declined to speculate on whether the process could lead to U.S. tariffs on their goods. Among remedies specified in US laws governing the currency report are limiting offending countries' access to US government procurement contracts and to development finance. Vietnam could be hit with tariffs under a separate investigation by the US Trade Representative's office now underway into the causes of an undervalued dong. The Treasury findings could influence this probe and some in the business community fear that Trump may move quickly on it. 'MONITORING LIST' The Treasury also said its "monitoring list" of countries that meet some of the criteria has hit 10, with the additions of Taiwan, Thailand and India. Others on the list include China, Japan, Korea, Germany, Italy, Singapore and Malaysia. The report also said that India and Singapore had also intervened in the foreign exchange market in a "sustained, asymmetric manner" but did not meet other requirements to warrant designation as manipulators.

US Treasury lists Switzerland and Vietnam as currency manipulators

Domestic stock market indices ended at a record close on Wednesday boosted by buying across all sectors. Gains were mainly led by realty, auto, IT and metal indices.

The Sensex ended 403 points higher at a record close of 46,666 while the Nifty rose 115 points to its closing high of 12,683.

HDFC, HDFC Bank, TCS, Infosys, and Bharti Airtel were the top contributors to the Sensex's gain today.&nbsp;

On the NSE, the broader Nifty50 index closed the day at a record level of 13,682.70, up 115 points, or 0.85 per cent. In the intra-day trade, the index scaled an all-time peak of 13,692.35. &nbsp;

Global markets

In Europe, shares extended gains to a third straight session on Wednesday on rising hopes of a Brexit trade deal and the possible roll-out of a Covid-19 vaccine in the continent before the new year.&nbsp;

In commodities, Oil prices fell on a surprise gain in crude oil inventories in the United States and on persistent investor worries about demand for fuel being squeezed amid tighter lockdowns in Europe to counter the coronavirus pandemic.

(With inputs from Reuters)

Domestic stock market indices ended at a record close on Wednesday boosted by buying across all sectors. Gains were mainly led by realty, auto, IT and metal indices.

Domestic stock market indices ended at a record close on Wednesday boosted by buying across all sectors. Gains were mainly led by realty, auto, IT and metal indices. The Sensex ended 403 points higher at a record close of 46,666 while the Nifty rose 115 points to its closing high of 12,683. HDFC, HDFC Bank, TCS, Infosys, and Bharti Airtel were the top contributors to the Sensex's gain today. On the NSE, the broader Nifty50 index closed the day at a record level of 13,682.70, up 115 points, or 0.85 per cent. In the intra-day trade, the index scaled an all-time peak of 13,692.35. Global markets In Europe, shares extended gains to a third straight session on Wednesday on rising hopes of a Brexit trade deal and the possible roll-out of a Covid-19 vaccine in the continent before the new year. In commodities, Oil prices fell on a surprise gain in crude oil inventories in the United States and on persistent investor worries about demand for fuel being squeezed amid tighter lockdowns in Europe to counter the coronavirus pandemic. (With inputs from Reuters)

Sensex ends at record peak of 46,666, Nifty tops 13,650

IT Company Majesco Ltd on Tuesday announced that its board has approved payment of an interim dividend of Rs 974 per equity share for the financial year 2020-21.

This is one of the highest dividend payouts seen in recent times.

This interim dividend payout translates to an amount of Rs 2,788.4 crore on a shareholder base of 28.577 million shares. The balance cash reserves estimated at Rs 103 crore will be distributed subject to board and regulatory approvals.

Majesco will go ex-dividend on December 23 and the record date for dividend has been fixed at December 25. Earliest Dividend Payout will be done on December 30, Majesco said.

Majesco said the interim dividend payout is restricted to the quantum of free reserves as of September 30, ie Rs 2,788.4 crore or Rs 974 per share.

As a first step, distribution of balance cash of Rs 103 crore to the shareholder base of 28.577 million will be carried out as expeditiously as possible subject to board and regulatory approvals.

On monetisation of real estate, it said this could take longer i.e. over a year and depending on real estate market conditions. Post monetisation of real estate, the Company will decide best method for distribution of sale proceeds to shareholders.

The Majesco share price was trading at Rs 982.00, up by Rs 8.40 or 0.86 per cent.

(With inputs from agencies)

IT Company Majesco Ltd on Tuesday announced that its board has approved payment of an interim dividend of Rs 974 per equity share for the financial year 2020-21.

IT Company Majesco Ltd on Tuesday announced that its board has approved payment of an interim dividend of Rs 974 per equity share for the financial year 2020-21. This is one of the highest dividend payouts seen in recent times. This interim dividend payout translates to an amount of Rs 2,788.4 crore on a shareholder base of 28.577 million shares. The balance cash reserves estimated at Rs 103 crore will be distributed subject to board and regulatory approvals. Majesco will go ex-dividend on December 23 and the record date for dividend has been fixed at December 25. Earliest Dividend Payout will be done on December 30, Majesco said. Majesco said the interim dividend payout is restricted to the quantum of free reserves as of September 30, ie Rs 2,788.4 crore or Rs 974 per share. As a first step, distribution of balance cash of Rs 103 crore to the shareholder base of 28.577 million will be carried out as expeditiously as possible subject to board and regulatory approvals. On monetisation of real estate, it said this could take longer i.e. over a year and depending on real estate market conditions. Post monetisation of real estate, the Company will decide best method for distribution of sale proceeds to shareholders. The Majesco share price was trading at Rs 982.00, up by Rs 8.40 or 0.86 per cent. (With inputs from agencies)

Majesco announces interim dividend of 19480%, highest by an Indian firm

Australian Prime Minister Scott Morrison said any shift by China away from imports of high quality Australian coal would be a "lose-lose" for the environment and trading relationship. 
 
Chinese media outlets including The Global Times and Caixin on Monday reported China`s top economic planner had granted approval to power plants to import coal without clearance restrictions, except for Australia. 
 
Australia on Tuesday urged China to clarify the reports, which it said would breach international trade rules if true. 
 
Coal is the third biggest export from Australia, which has been embroiled in a worsening diplomatic dispute with its largest trading partner China. Beijing has imposed a series of trade reprisals after Canberra called for an international inquiry into the source of the coronavirus. 
 
Australia`s prime minister said a shift by China away from Australian coal imports would be "a bad outcome for the environment". 
 
"It really is a lose-lose here because Australian coal, compared to that coal that is sourced from other countries, the other countries have 50% higher emissions than Australian coal," Morrison told media on Tuesday. 
 
Although A$4 billion of A$13 billion ($3 billion to $9.8 billion) in thermal coal exports went to China, it was not Australia`s largest customer, said Morrison, adding any restrictions on Australian coal would be in breach of World Trade Organisation (WTO) rules. 
 
Shares of Australian pureplay coal exporters fell sharply. Shares of New Hope Corp Ltd and China-controlled Yancoal Australia Ltd were down 12% in morning trading, while shares of Whitehaven Coal Ltd were down 9%, against a slightly weaker overall market. 
 
Diversified mining giant BHP Group Ltd, which has coal mining interests, was down 2.5%. 
 
Trade Minister Simon Birmingham said there had been "a pattern of disruption" of Australian trade with China, and it was well documented vessels had been delayed in offloading Australian coal. 
 
Australia has raised concerns at a WTO meeting about China taking measures against Australian barley, wine, meat, dairy, live seafood, logs, timber, coal and cotton. 
 
Beijing`s opaque action in the resources sector involved "disruption through use of state influence with different companies", Birmingham said on Tuesday. 
 
Minerals Council Australia chief executive Tania Constable said the success of Australia and China`s trade in minerals relied on a "rules-based trade system". 
 
The council encouraged the "Australian and Chinese governments to work together to resolve these issues and restore stability to the long-term trading relationship," she said in a statement. 
 
The Chinese embassy last month outlined grievances about restrictions on Chinese investment in Australia, and criticism of China by Australian parliamentarians and the media. 
 
Morrison said Australia was a liberal democracy and his government would not back down on these issues. 
 
"If a perception emerges that there is a conflation between political issues and a trading relationship.. That can create a lot of uncertainty for many other trading partners," he said.

Australian Prime Minister Scott Morrison said any shift by China away from imports of high quality Australian coal would be a "lose-lose" for the environment and trading relationship.

Australian Prime Minister Scott Morrison said any shift by China away from imports of high quality Australian coal would be a "lose-lose" for the environment and trading relationship. Chinese media outlets including The Global Times and Caixin on Monday reported China`s top economic planner had granted approval to power plants to import coal without clearance restrictions, except for Australia. Australia on Tuesday urged China to clarify the reports, which it said would breach international trade rules if true. Coal is the third biggest export from Australia, which has been embroiled in a worsening diplomatic dispute with its largest trading partner China. Beijing has imposed a series of trade reprisals after Canberra called for an international inquiry into the source of the coronavirus. Australia`s prime minister said a shift by China away from Australian coal imports would be "a bad outcome for the environment". "It really is a lose-lose here because Australian coal, compared to that coal that is sourced from other countries, the other countries have 50% higher emissions than Australian coal," Morrison told media on Tuesday. Although A$4 billion of A$13 billion ($3 billion to $9.8 billion) in thermal coal exports went to China, it was not Australia`s largest customer, said Morrison, adding any restrictions on Australian coal would be in breach of World Trade Organisation (WTO) rules. Shares of Australian pureplay coal exporters fell sharply. Shares of New Hope Corp Ltd and China-controlled Yancoal Australia Ltd were down 12% in morning trading, while shares of Whitehaven Coal Ltd were down 9%, against a slightly weaker overall market. Diversified mining giant BHP Group Ltd, which has coal mining interests, was down 2.5%. Trade Minister Simon Birmingham said there had been "a pattern of disruption" of Australian trade with China, and it was well documented vessels had been delayed in offloading Australian coal. Australia has raised concerns at a WTO meeting about China taking measures against Australian barley, wine, meat, dairy, live seafood, logs, timber, coal and cotton. Beijing`s opaque action in the resources sector involved "disruption through use of state influence with different companies", Birmingham said on Tuesday. Minerals Council Australia chief executive Tania Constable said the success of Australia and China`s trade in minerals relied on a "rules-based trade system". The council encouraged the "Australian and Chinese governments to work together to resolve these issues and restore stability to the long-term trading relationship," she said in a statement. The Chinese embassy last month outlined grievances about restrictions on Chinese investment in Australia, and criticism of China by Australian parliamentarians and the media. Morrison said Australia was a liberal democracy and his government would not back down on these issues. "If a perception emerges that there is a conflation between political issues and a trading relationship.. That can create a lot of uncertainty for many other trading partners," he said.

Australia says it will pursue all avenues on reports of China coal restrictions

Reliance Industries Ltd`s telecom division has asked the Indian telecoms regulator to take action against rivals Bharti Airtel and Vodafone Idea Ltd for allegedly running a false propaganda campaign to attract its subscribers. 
 
In a letter dated Dec. 10, Reliance Jio alleged that the two companies had created an impression that Reliance - which also runs retail operations - stands to gain from three new agricultural laws introduced by the Indian government in September. 
 
"We once again bring to your kind attention that as a result of aforementioned false propaganda of competitors to affect customer perception, we have been receiving a large number of port out (cancellation) requests," Reliance Jio said in the letter to the Telecom Regulatory Authority of India, which was seen by Reuters. 
 
Farmers have been demonstrating for nearly three weeks against deregulation of the agriculture sector that will allow them to sell produce to buyers beyond government-regulated wholesale markets, where growers are assured a minimum price. 
 
 
Bharti Airtel said in a statement: "We wish to emphatically deny this baseless charge." Bharti Airtel also said the company treats its competitors and partners with respect. 
 
Vodafone Idea said it "believes in doing business with ethics and Reliance`s allegations were baseless." 
 
The telecoms regulator could not be reached outside regular business hours.

Reliance Industries Ltd`s telecom division has asked the Indian telecoms regulator to take action against rivals Bharti Airtel and Vodafone Idea Ltd for allegedly running a false propaganda campaign to attract its subscribers.

Reliance Industries Ltd`s telecom division has asked the Indian telecoms regulator to take action against rivals Bharti Airtel and Vodafone Idea Ltd for allegedly running a false propaganda campaign to attract its subscribers. In a letter dated Dec. 10, Reliance Jio alleged that the two companies had created an impression that Reliance - which also runs retail operations - stands to gain from three new agricultural laws introduced by the Indian government in September. "We once again bring to your kind attention that as a result of aforementioned false propaganda of competitors to affect customer perception, we have been receiving a large number of port out (cancellation) requests," Reliance Jio said in the letter to the Telecom Regulatory Authority of India, which was seen by Reuters. Farmers have been demonstrating for nearly three weeks against deregulation of the agriculture sector that will allow them to sell produce to buyers beyond government-regulated wholesale markets, where growers are assured a minimum price. Bharti Airtel said in a statement: "We wish to emphatically deny this baseless charge." Bharti Airtel also said the company treats its competitors and partners with respect. Vodafone Idea said it "believes in doing business with ethics and Reliance`s allegations were baseless." The telecoms regulator could not be reached outside regular business hours.

Reliance Jio makes complaint to regulator about Bharti Airtel, Vodafone Idea

Stock markets trimmed losses to end flat on Tuesday led by gains in heavyweights Bajaj Finance, Bajaj Finserv, HDFC Bank and HDFC.&nbsp;

However, the decline in RIL, ICICI Bank, HUL, Infosys and TCS capped the gains.&nbsp;

The Sensex ended 10 points higher at 46,263 while the Nifty rose 10 points to settle at 13,568. Meanwhile, broader markets outperformed benchmarks with the midcap index up 0.5 per cent and small-cap index up 0.2 per cent.&nbsp;

Globally, shares in Asia retreated after a mixed trade session on Wall Street.

Back home, disappointing macroeconomic inflation data and about of profit bookings led to a sharp decline.

(With inputs from agencies)

Stock markets trimmed losses to end flat on Tuesday led by gains in heavyweights Bajaj Finance, Bajaj Finserv, HDFC Bank and HDFC. However, the decline in RIL, ICICI Bank, HUL, Infosys and TCS capped the gains.

Stock markets trimmed losses to end flat on Tuesday led by gains in heavyweights Bajaj Finance, Bajaj Finserv, HDFC Bank and HDFC. However, the decline in RIL, ICICI Bank, HUL, Infosys and TCS capped the gains. The Sensex ended 10 points higher at 46,263 while the Nifty rose 10 points to settle at 13,568. Meanwhile, broader markets outperformed benchmarks with the midcap index up 0.5 per cent and small-cap index up 0.2 per cent. Globally, shares in Asia retreated after a mixed trade session on Wall Street. Back home, disappointing macroeconomic inflation data and about of profit bookings led to a sharp decline. (With inputs from agencies)

Indices volatile: Sensex ends flat, Nifty holds 13,550

China’s factory output grew at the fastest pace in 20 months in November, as revived consumer spending and a gradual easing of COVID-19 restrictions in major trading partners lifted demand for the country’s manufactured goods.

Industrial output growth quickened to 7.0% in November from a year earlier, data from the National Statistics Bureau (NBS) showed on Tuesday. That was in line with analyst expectations in a Reuters poll and faster than the 6.9% expansion in October.

China’s economy has staged an impressive recovery from its COVID-19 paralysis earlier this year, mainly driven by robust exports that have fired up the nation’s factories again.

An annual sales promotion extravaganza in November by China’s e-commerce giants has also open consumers’ wallets in a further boost to orders for small factories.

“China’s economy continued to accelerate across all fronts in November. We expect output to remain above-trend in the coming quarters, even as tailwinds from stimulus and exports start to ease,” said Julian Evans-Pritchard, of Capital Economics, in a note.

Retail sales rose 5% on-year, just missing analysts’ forecast for 5.2% growth but faster than the 4.3% increase in October.

Auto sales saw 11.8% growth and sales of household appliances grew 5.1% in November. Communications equipment sales jumped 43.6%.

Fixed-asset investment rose 2.6% in January-November from the same period last year, faster than a 1.8% increase in the first 10 months of 2020.

Private-sector fixed-asset investment, which accounts for 60% of total investment, rose 0.2% in January-November, compared with a 0.7% decline in the first 10 months of the year.

China’s economic recovery looks to be accelerating in the fourth quarter, driven by stronger demand, credit growth and stimulus measures expected to provide a strong tailwind into 2021.

Industrial demand surged in November with non-ferrous output hitting a monthly record, as the country kept churning out metals used in manufacturing and construction.

NBS spokesman Fu Linghui said at a news conference in Beijing he expects growth in 2021 to be “relatively fast,” although that would be due to a low base this year, rather than any significant changes in the economy.

China could make some policy adjustments as the economy improves, he said.

“We expect 7% GDP growth in 2021 from 1.7% in 2020,” said Iris Pang, ING’s Chief Economist for Greater China, by email.

Factory activity growth hit a more than three-year high in November, an official survey showed earlier this month, as fewer COVID-19 infections boosted consumer confidence.

Exports also surged at their fastest pace in almost three years thanks to demand for personal protective equipment and electronics products for working from home.

More recently, however, tougher measures to contain the coronavirus imposed by the country’s trading partners have created shipping bottlenecks, pushing up transportation costs and capping the speed of China’s recovery.

China’s factory output grew at the fastest pace in 20 months in November, as revived consumer spending and a gradual easing of COVID-19 restrictions in major trading partners lifted demand for the country’s manufactured goods.

China’s factory output grew at the fastest pace in 20 months in November, as revived consumer spending and a gradual easing of COVID-19 restrictions in major trading partners lifted demand for the country’s manufactured goods. Industrial output growth quickened to 7.0% in November from a year earlier, data from the National Statistics Bureau (NBS) showed on Tuesday. That was in line with analyst expectations in a Reuters poll and faster than the 6.9% expansion in October. China’s economy has staged an impressive recovery from its COVID-19 paralysis earlier this year, mainly driven by robust exports that have fired up the nation’s factories again. An annual sales promotion extravaganza in November by China’s e-commerce giants has also open consumers’ wallets in a further boost to orders for small factories. “China’s economy continued to accelerate across all fronts in November. We expect output to remain above-trend in the coming quarters, even as tailwinds from stimulus and exports start to ease,” said Julian Evans-Pritchard, of Capital Economics, in a note. Retail sales rose 5% on-year, just missing analysts’ forecast for 5.2% growth but faster than the 4.3% increase in October. Auto sales saw 11.8% growth and sales of household appliances grew 5.1% in November. Communications equipment sales jumped 43.6%. Fixed-asset investment rose 2.6% in January-November from the same period last year, faster than a 1.8% increase in the first 10 months of 2020. Private-sector fixed-asset investment, which accounts for 60% of total investment, rose 0.2% in January-November, compared with a 0.7% decline in the first 10 months of the year. China’s economic recovery looks to be accelerating in the fourth quarter, driven by stronger demand, credit growth and stimulus measures expected to provide a strong tailwind into 2021. Industrial demand surged in November with non-ferrous output hitting a monthly record, as the country kept churning out metals used in manufacturing and construction. NBS spokesman Fu Linghui said at a news conference in Beijing he expects growth in 2021 to be “relatively fast,” although that would be due to a low base this year, rather than any significant changes in the economy. China could make some policy adjustments as the economy improves, he said. “We expect 7% GDP growth in 2021 from 1.7% in 2020,” said Iris Pang, ING’s Chief Economist for Greater China, by email. Factory activity growth hit a more than three-year high in November, an official survey showed earlier this month, as fewer COVID-19 infections boosted consumer confidence. Exports also surged at their fastest pace in almost three years thanks to demand for personal protective equipment and electronics products for working from home. More recently, however, tougher measures to contain the coronavirus imposed by the country’s trading partners have created shipping bottlenecks, pushing up transportation costs and capping the speed of China’s recovery.

China's factory recovery steps up as export, consumer demand grows

Alphabet Inc`s Google will allow its employees to work from home until September next year, extending the return to the office by a few months, the New York Times reported on Monday. 
 
The company was also testing the idea of a "flexible workweek" once it is safe to return to the office, Chief Executive Officer Sundar Pichai told the company`s staff in an email on Sunday, according to the report. 
 
As part of the plan, Google`s employees would be expected to work at least three days a week in the office while working from home the other days, the newspaper report said. 
 
"We are testing a hypothesis that a flexible work model will lead to greater productivity, collaboration, and well-being," Pichai wrote in the email. 
 
Google was one of the first companies to ask its employees to work from home due to the pandemic. It has previously delayed the timing by when the employees should return to the office from January next year to July.

Alphabet Inc`s Google will allow its employees to work from home until September next year, extending the return to the office by a few months, the New York Times reported on Monday.

Alphabet Inc`s Google will allow its employees to work from home until September next year, extending the return to the office by a few months, the New York Times reported on Monday. The company was also testing the idea of a "flexible workweek" once it is safe to return to the office, Chief Executive Officer Sundar Pichai told the company`s staff in an email on Sunday, according to the report. As part of the plan, Google`s employees would be expected to work at least three days a week in the office while working from home the other days, the newspaper report said. "We are testing a hypothesis that a flexible work model will lead to greater productivity, collaboration, and well-being," Pichai wrote in the email. Google was one of the first companies to ask its employees to work from home due to the pandemic. It has previously delayed the timing by when the employees should return to the office from January next year to July.

Google delays return to office and eyes 'flexible work week'

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading higher on Monday.&nbsp;

The S&amp;P BSE Sensex hovered around 46,100 levels. Earlier, the index hit an intra-day high of 46,373. The broader Nifty50 index, meanwhile, slipped near the 13,500-mark.&nbsp;

The Nifty sectoral indices were trading mixed, with Nifty Auto index, down 1 per cent, leading the list of losers.

(With inputs from agencies)

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading higher on Monday. The S&P BSE Sensex hovered around 46,100 levels. Earlier, the index hit an intra-day high of 46,373.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading higher on Monday. The S&P BSE Sensex hovered around 46,100 levels. Earlier, the index hit an intra-day high of 46,373. The broader Nifty50 index, meanwhile, slipped near the 13,500-mark. The Nifty sectoral indices were trading mixed, with Nifty Auto index, down 1 per cent, leading the list of losers. (With inputs from agencies)

Sensex off day’s high, still trade in green, Nifty below 13,550

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested.

The final date for submission of bids for Air India strategic sale is December 14 and the government has not extended the deadline.

However, the government of India has extended the intimation date for qualified interested bidders (QIBs) for Air India to January 5, from the earlier decided date of December 29.

This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29.

The government has been trying for two years to divest its Air India. It wants to divest 100 per cent stake in Air India and budget carrier AI Express, and sell its 50 per cent share in Air India SATS Airport Services, a joint venture with Singapore-based ground handling firm SATS.

The government has further sweetened the deal and now it will be sold on its enterprise value.

Reports have now emerged of three big-ticket corporate houses interested in the national carrier. Reports suggest that the Tata Group, Adani and Hinduja several others are evaluating bids for Air India. However, none of these has officially said so.

A group of 209 employees of Air India are making preparations to bid for the national carrier in partnership with a private financier.

As reported earlier, Air India employees are preparing to bid for the national carrier in partnership with a private equity fund and each employee will be asked to contribute Rs 1 lakh towards the bid.

The bid process is being led by Meenakshi Mallik, Commercial Director, Air India.

However, the unions representing pilots and cabin crew have advised their members not to participate in the employee bid.

(With inputs from agencies)

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested.

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested. The final date for submission of bids for Air India strategic sale is December 14 and the government has not extended the deadline. However, the government of India has extended the intimation date for qualified interested bidders (QIBs) for Air India to January 5, from the earlier decided date of December 29. This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29. The government has been trying for two years to divest its Air India. It wants to divest 100 per cent stake in Air India and budget carrier AI Express, and sell its 50 per cent share in Air India SATS Airport Services, a joint venture with Singapore-based ground handling firm SATS. The government has further sweetened the deal and now it will be sold on its enterprise value. Reports have now emerged of three big-ticket corporate houses interested in the national carrier. Reports suggest that the Tata Group, Adani and Hinduja several others are evaluating bids for Air India. However, none of these has officially said so. A group of 209 employees of Air India are making preparations to bid for the national carrier in partnership with a private financier. As reported earlier, Air India employees are preparing to bid for the national carrier in partnership with a private equity fund and each employee will be asked to contribute Rs 1 lakh towards the bid. The bid process is being led by Meenakshi Mallik, Commercial Director, Air India. However, the unions representing pilots and cabin crew have advised their members not to participate in the employee bid. (With inputs from agencies)

Air India privatisation: Tata, Adani and Hinduja in the fray to acquire

Burger King India, which runs the franchise of Restaurant Brands International Inc's US chain Burger King, was trading at nearly double its initial public offering price of 60 rupees per share, signalling upbeat sentiment for the country`s foodservice sector.

Burger King's IPO was a positive signal for the fast-moving consumer goods market.

The company began its journey on Indian bourses with a stupendous opening garnering a premium of over 92 per cent on the first day of trade on Monday.

Against the issue price of Rs 60, Burger King Stock opened at Rs 115.35 on BSE, while on the National Stock Exchange, shares made a debut at Rs 112.50, a premium of over 87 per cent over the IPO price.

At 1 pm, the stock was trading at Rs 134.49 over 124 per cent higher than the issue price on BSE.

The performance of the stock had even defied projections made by analysts who had expected Burger King to list at around 70-75 per cent premium over the issue price.

"Such listing was in line with our expectation as the company issue was priced at a significant discount compared to listed peers such as Jubilant FoodWorks (Domino`s Pizza) and Westlife Development (McDonald). Short term investors can book profit. We advise long term investors to stay invested in the company as there is ample scope available for the company to increase its business in India," Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd said.

"Even after such bumper listing, there is no issue with the valuation of the company. In the future, we expect the company to gain market share by opening more stores compared to the competitors. As the store count will increase, operating leverage will kick in and the company will be able to report profit and it will lead re-rating of the multiple for the stock," he added.

BKIL enjoys exclusive National Master Franchisee Rights in India till December 31, 2039, with an obligation to develop and open at least 700 restaurants by December 2026. It is one of the fastest-growing QSR chain India with 268 restaurants spread across 17 states/UTs and 57 cities. It has already garnered 5 per cent market share in India`s Rs 34,800 crore QSR market.

According to Motilal Oswal Financial Services, Over FY18-20, BKIL`s Revenue/EBITDA grew at a CAGR of 49 per cent/258 per cent led by 2x the store strength. However, it continues to make losses at PAT level. The same-store sales growth stood at 12.2 prt cent/29.2 per cent in FY18/FY19 while it surprisingly became flat in FY20. In 1HFY21, revenue declined 68 per cent YoY, while it made losses at EBITDA and PAT levels due to the Covid-19 impact.

(With inputs from agencies)

Burger King India, which runs the franchise of Restaurant Brands International Inc's US chain Burger King, was trading at nearly double its initial public offering price of 60 rupees per share, signalling upbeat sentiment for the country`s foodservice sector.

Burger King India, which runs the franchise of Restaurant Brands International Inc's US chain Burger King, was trading at nearly double its initial public offering price of 60 rupees per share, signalling upbeat sentiment for the country`s foodservice sector. Burger King's IPO was a positive signal for the fast-moving consumer goods market. The company began its journey on Indian bourses with a stupendous opening garnering a premium of over 92 per cent on the first day of trade on Monday. Against the issue price of Rs 60, Burger King Stock opened at Rs 115.35 on BSE, while on the National Stock Exchange, shares made a debut at Rs 112.50, a premium of over 87 per cent over the IPO price. At 1 pm, the stock was trading at Rs 134.49 over 124 per cent higher than the issue price on BSE. The performance of the stock had even defied projections made by analysts who had expected Burger King to list at around 70-75 per cent premium over the issue price. "Such listing was in line with our expectation as the company issue was priced at a significant discount compared to listed peers such as Jubilant FoodWorks (Domino`s Pizza) and Westlife Development (McDonald). Short term investors can book profit. We advise long term investors to stay invested in the company as there is ample scope available for the company to increase its business in India," Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd said. "Even after such bumper listing, there is no issue with the valuation of the company. In the future, we expect the company to gain market share by opening more stores compared to the competitors. As the store count will increase, operating leverage will kick in and the company will be able to report profit and it will lead re-rating of the multiple for the stock," he added. BKIL enjoys exclusive National Master Franchisee Rights in India till December 31, 2039, with an obligation to develop and open at least 700 restaurants by December 2026. It is one of the fastest-growing QSR chain India with 268 restaurants spread across 17 states/UTs and 57 cities. It has already garnered 5 per cent market share in India`s Rs 34,800 crore QSR market. According to Motilal Oswal Financial Services, Over FY18-20, BKIL`s Revenue/EBITDA grew at a CAGR of 49 per cent/258 per cent led by 2x the store strength. However, it continues to make losses at PAT level. The same-store sales growth stood at 12.2 prt cent/29.2 per cent in FY18/FY19 while it surprisingly became flat in FY20. In 1HFY21, revenue declined 68 per cent YoY, while it made losses at EBITDA and PAT levels due to the Covid-19 impact. (With inputs from agencies)

Burger King India makes a blockbuster listing, shares soar in market debut

Japanese business sentiment improved at the fastest pace in nearly two decades in October-December, a key central bank survey showed, a welcome sign for the economy as it emerges from the initial hit of the coronavirus pandemic.

Japan business sentiment improves for second straight quarter