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According to the government, the Indian <a href="https://www.wionews.com/india-news/coronavirus-impact-imf-projects-indias-gdp-to-contract-103-in-2020-334996">economy</a> contracted 7.5 per cent in the July-September quarter which is the most among major economies as the coronavirus pandemic continues to ravage jobs and growth worldwide.

<a href="https://www.wionews.com/india-news/coronavirus-in-india-total-caseload-jumps-to-93-million-death-toll-stands-at-135715-345714">Also Read:&nbsp;Coronavirus in India: Total caseload jumps to 9.3 million</a>

The economy contracted 23.9 per cent in the April to June quarter when the lockdown was underway due to the coronavirus pandemic.

India's coronavirus infection has risen&nbsp;to 9.27 million even as economy activity picked in the July-September period although some states have re-imposed curbs this week to fight a second wave of infections.

The two successive quarters of contraction mean India has now entered a recession as hospitality and construction experienced downward trends.

According to the government, the Indian economy contracted 7.5 per cent in the July-September quarter which is the most among major economies as the coronavirus pandemic continues to ravage jobs and growth worldwide.

According to the government, the Indian economy contracted 7.5 per cent in the July-September quarter which is the most among major economies as the coronavirus pandemic continues to ravage jobs and growth worldwide. Also Read: Coronavirus in India: Total caseload jumps to 9.3 million The economy contracted 23.9 per cent in the April to June quarter when the lockdown was underway due to the coronavirus pandemic. India's coronavirus infection has risen to 9.27 million even as economy activity picked in the July-September period although some states have re-imposed curbs this week to fight a second wave of infections. The two successive quarters of contraction mean India has now entered a recession as hospitality and construction experienced downward trends.

Pandemic effect: India's GDP contracts 7.5% in July-September quarter; shrinks 23.9% in April-June

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk.

In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017.

Forex.com analyst Fawad Razaqzada said &nbsp;"There has been strong appetite for all risk assets, including cryptos, in the wake of extraordinary government and central bank stimulus measures to combat the negative impact of the pandemic."

The coronavirus has forced officials to support financial markets with cash and loan guarantees to ward off an economic collapse, attenuating the level of risk and helping stock markets in the United States to set new records on Monday.

Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies.

Unregulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic -- and criminals also appreciate its under-the-radar appeal.

Michael Hewson, an analyst at CMC Markets, felt "the rally has been driven largely by an investment community that appears more comfortable buying cryptocurrencies."

Bitcoin's most recent upward trend coincided with an announcement by online payment system Paypal on October 21 that it would allow users to buy and sell using bitcoin as well as other cryptocurrencies such as Ethereum and Litecoin.

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk. In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017.

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk. In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017. Forex.com analyst Fawad Razaqzada said "There has been strong appetite for all risk assets, including cryptos, in the wake of extraordinary government and central bank stimulus measures to combat the negative impact of the pandemic." The coronavirus has forced officials to support financial markets with cash and loan guarantees to ward off an economic collapse, attenuating the level of risk and helping stock markets in the United States to set new records on Monday. Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies. Unregulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic -- and criminals also appreciate its under-the-radar appeal. Michael Hewson, an analyst at CMC Markets, felt "the rally has been driven largely by an investment community that appears more comfortable buying cryptocurrencies." Bitcoin's most recent upward trend coincided with an announcement by online payment system Paypal on October 21 that it would allow users to buy and sell using bitcoin as well as other cryptocurrencies such as Ethereum and Litecoin.

Bitcoin breaches $17,500 dollars in risk-on market

Domestic stock markets fell half a per cent in noon deals of Thursday's volatile trade ahead of the expiry of November series derivative contracts.

At 12:30 pm, Sensex was trading 156.24 points lower at 43,671.86 and Nifty fell by 40.25 points to 12,818.15. SGX Nifty on the Singapore Exchange was rising by 50 points, indicating a positive trend in domestic grounds today. Yesterday, Sensex ended 694 points lower at 43,828 and Nifty fell by 196 points to 12,858.&nbsp;

Eicher Motors, Maruti Suzuki, BPCL, IndusInd Bank and Infosys were among major losers on the Nifty.&nbsp;

(With inputs from agencies)

Domestic stock markets fell half a per cent in noon deals of Thursday's volatile trade ahead of the expiry of November series derivative contracts. At 12:30 pm, Sensex was trading 156.

Domestic stock markets fell half a per cent in noon deals of Thursday's volatile trade ahead of the expiry of November series derivative contracts. At 12:30 pm, Sensex was trading 156.24 points lower at 43,671.86 and Nifty fell by 40.25 points to 12,818.15. SGX Nifty on the Singapore Exchange was rising by 50 points, indicating a positive trend in domestic grounds today. Yesterday, Sensex ended 694 points lower at 43,828 and Nifty fell by 196 points to 12,858. Eicher Motors, Maruti Suzuki, BPCL, IndusInd Bank and Infosys were among major losers on the Nifty. (With inputs from agencies)

Sensex falls 200 points, Nifty around 12,800

Walt Disney Co said on Wednesday it would layoff 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September as the company struggles with limited customers due to the coronavirus pandemic.

The layoffs will be in the first half of 2021, the company said in a filing with the Securities and Exchange Commission.

Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen.

Disney`s theme parks in Florida and those outside the United States reopened earlier this year without seeing new major coronavirus outbreaks but with strict social distancing, testing and mask use.

Disneyland Paris was forced to close again late last month when France imposed a new lockdown to fight a second wave of the coronavirus cases.

The company`s theme parks in Shanghai, Hong Kong and Tokyo remain open.

Disney did not respond to a Reuters request for comment on whether the 28,000 layoffs announced earlier were included in the latest figure, but a spokesperson for the company confirmed to Variety that the figure includes the previously announced number.

Walt Disney Co said on Wednesday it would layoff 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September as the company struggles with limited customers due to the coronavirus pandemic.

Walt Disney Co said on Wednesday it would layoff 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September as the company struggles with limited customers due to the coronavirus pandemic. The layoffs will be in the first half of 2021, the company said in a filing with the Securities and Exchange Commission. Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen. Disney`s theme parks in Florida and those outside the United States reopened earlier this year without seeing new major coronavirus outbreaks but with strict social distancing, testing and mask use. Disneyland Paris was forced to close again late last month when France imposed a new lockdown to fight a second wave of the coronavirus cases. The company`s theme parks in Shanghai, Hong Kong and Tokyo remain open. Disney did not respond to a Reuters request for comment on whether the 28,000 layoffs announced earlier were included in the latest figure, but a spokesperson for the company confirmed to Variety that the figure includes the previously announced number.

Disney to layoff about 32,000 workers in first half of 2021

The announcement this week that a cheap, easy-to-make coronavirus vaccine appeared to be up to 90% effective was greeted with jubilation. “Get yourself a vaccaccino,” a British tabloid celebrated, noting that the vaccine, developed by AstraZeneca and the University of Oxford, costs less than a cup of coffee.

But since unveiling the preliminary results, AstraZeneca has acknowledged a key mistake in the vaccine dosage received by some study participants, adding to questions about whether the vaccine’s apparently spectacular efficacy will hold up under additional testing.

Scientists and industry experts said the error and a series of other irregularities and omissions in the way AstraZeneca initially disclosed the data have eroded their confidence in the reliability of the results.

Officials in the United States have noted that the results were not clear. It was the head of the flagship federal vaccine initiative — not the company — who first disclosed that the vaccine’s most promising results did not reflect data from older people.

The upshot, the experts said, is that the odds of regulators in the United States and elsewhere quickly authorizing the emergency use of the AstraZeneca vaccine are declining, an unexpected setback in the global campaign to corral the devastating pandemic.

“I think that they have really damaged confidence in their whole development program,” said Geoffrey Porges, an analyst for the investment bank SVB Leerink.

Michele Meixell, a spokesperson for AstraZeneca, said the trials “were conducted to the highest standards.”

In an interview Wednesday, Menelas Pangalos, the AstraZeneca executive in charge of much of the company’s research and development, defended the company’s handling of the testing and its public disclosures. He said the error in the dosage was made by a contractor, and that, once it was discovered, regulators were immediately notified and signed off on the plan to continue testing the vaccine in different doses.

Asked why AstraZeneca shared some information with Wall Street analysts and some other officials and experts but not with the public, he responded, “I think the best way of reflecting the results is in a peer-reviewed scientific journal, not in a newspaper.”

AstraZeneca was the third company this month to report encouraging early results on a coronavirus vaccine candidate. At first glance Monday morning, the results looked promising. Depending on the strength at which the doses were given, the vaccine appeared to be either 90% or 62% effective. The average efficacy, the developers said, was 70%.

Almost immediately, though, there were doubts about the data.

The regimen that appeared to be 90% effective was based on participants receiving a half dose of the vaccine followed a month later by a full dose; the less effective version involved a pair of full doses. AstraZeneca disclosed in its initial announcement that fewer than 2,800 participants received the smaller dosing regimen, compared with nearly 8,900 participants who received two full doses.

The biggest questions were, why was there such a large variation in the effectiveness of the vaccine at different doses, and why did a smaller dose appear to produce much better results? AstraZeneca and Oxford researchers said they did not know.

Crucial information was also missing. The company said that the early analysis was based on 131 symptomatic COVID-19 cases that had turned up in study participants. But it did not break down how many cases were found in each group of participants — those who received the half-strength initial dose, the regular-strength initial dose and the placebo.

“The press release raised more questions than it answered,” said John Moore, a professor of microbiology and immunology at Weill Cornell Medical College.

Adding to the confusion, AstraZeneca pooled the results from two differently designed clinical trials in Britain and Brazil, a break from standard practice in reporting the results of drug and vaccine trials.

“I just can’t figure out where all the information is coming from and how it’s combining together,” said Natalie Dean, a biostatistician and an expert in vaccine trial design at the University of Florida. She wrote on Twitter that AstraZeneca and Oxford “get a poor grade for transparency and rigor when it comes to the vaccine trial results they have reported.”

With AstraZeneca’s shares declining Monday, company executives held several private conference calls with industry analysts in which they disclosed details that were not in the public announcement, including how the COVID-19 cases broke down across different groups. Such disclosures to analysts are not uncommon in the industry, but they often generate criticism about why the details were not shared with the public.

Bigger problems soon surfaced.

Pangalos told Reuters on Monday that the company had not intended for any participants to receive the half dose. British researchers running the trial there had meant to give the full dose initially to volunteers, but a miscalculation meant they were mistakenly given only a half dose. Pangalos described the error as “serendipity,” allowing researchers to stumble onto a more promising dosing regimen.

To many outside experts, that undercut the credibility of the results because the closely calibrated clinical trials had not been designed to test how well a half-strength initial dose worked.

The company’s initial announcement didn’t mention the accidental nature of the discovery.

“The reality is, it could end up being quite a useful mistake,” Pangalos said in the interview with The New York Times on Wednesday. “It wasn’t putting anyone in danger. It was a dosing error. Everyone was moving very fast. We corrected the mistake and continued on with the study, with no changes to the study, and agreed with the regulator to include those patients in the analysis of the study as well.”

He added, “What is there to disclose? It actually doesn’t matter whether it was done on purpose or not.”

In the statement attributed to Oxford, Meixell, the AstraZeneca spokeswoman, said the error stemmed from an issue, which has since been fixed, with how some of the vaccine doses were manufactured.

Then, on Tuesday, Moncef Slaoui, the head of Operation Warp Speed, the U.S. initiative to fast-track coronavirus vaccines, noted another limitation in AstraZeneca’s data. On a call with reporters, he suggested that the participants who received the half-strength initial dose had been 55 years old or younger.

Pangalos confirmed that Wednesday, saying the participants received the half-strength dose over a matter of weeks before the error was discovered.

The fact that the initial half-strength dose wasn’t tested in older participants, who are especially vulnerable to COVID-19, could undermine AstraZeneca’s case to regulators that the vaccine should be authorized for emergency use.

Stephanie Caccomo, a spokeswoman for the Food and Drug Administration, declined to comment on whether the dosing error would hurt the vaccine’s chances of being authorized. The FDA has said it expects vaccines to be at least 50% effective in preventing or reducing the severity of the disease, a bar that the vaccine appears to have cleared even in the group that got the two full doses.

AstraZeneca’s shares have fallen about 5% this week, while broader stock indexes have climbed to record highs. Investors seem to be disappointed with the murky results, especially compared with the much clearer data released by two of AstraZeneca’s chief rivals in the race for a coronavirus vaccine.

Pfizer and Moderna said this month that their vaccines, which use a technology known as “messenger RNA,” appear to be about 95% effective. Both offerings seem nearly certain to win emergency authorization from the FDA in the coming weeks.

The AstraZeneca vaccine, which uses a different approach involving a chimpanzee virus to provoke an immune response to the coronavirus, had all the hallmarks of a blockbuster.

It was inexpensive — only a few dollars per dose — and easy to mass-produce. Unlike Pfizer and Moderna’s vaccines, AstraZeneca’s could be stored for months in normal refrigerators. The company has estimated it will be able to produce some 3 billion doses next year, enough to vaccinate nearly one-fifth of the global population.

Compared to most of the other leading COVID-19 vaccine developers, AstraZeneca is inexperienced when it comes to vaccines. And even before the chaotic release of results, the company was under scrutiny for its handling of the testing process.

In September, AstraZeneca paused clinical trials worldwide after a participant fell ill — but the company didn’t promptly announce the decision publicly. AstraZeneca also came under fire for providing details about the nature of the illness on a private conference call with investors hosted by the investment bank J.P. Morgan, rather than disseminating the information to the public. Both of those developments were first reported by STAT, which covers health and science news.

Ever since the Oxford-AstraZeneca team emerged as front-runners in the race to develop a vaccine this spring, Prime Minister Boris Johnson of Britain has embraced the effort. The government preordered 100 million doses and cast the research as one of the country’s most important contributions to fighting the pandemic.

Basking in the results on Monday, Johnson said the vaccine “has the makings of a wonderful British scientific achievement.”

In the United States, which has ordered at least 300 million doses of AstraZeneca’s vaccine, the regulatory path forward is unclear. AstraZeneca was circumspect on Monday about its plans for seeking regulatory approval. The company said it would seek guidance from the Food and Drug Administration on whether it should formally submit its findings to apply for emergency authorization.

AstraZeneca has not been testing the promising half-strength initial dose in its ongoing U.S. trial. The company said it would work with the agency to add it as quickly as possible to that trial.

Pangalos said the company is planning a global trial to compare the two dosing regimens. The number of participants it will enroll hasn’t yet been determined, but it will be in the thousands.

“The only way they’re going to find out is by specifically and deliberately testing this serendipitous observation,” Moore said. “The onus is on them to prove the speculation.”

The announcement this week that a cheap, easy-to-make coronavirus vaccine appeared to be up to 90% effective was greeted with jubilation. “Get yourself a vaccaccino,” a British tabloid celebrated, noting that the vaccine, developed by AstraZeneca and the University of Oxford, costs less than a cup of coffee.

The announcement this week that a cheap, easy-to-make coronavirus vaccine appeared to be up to 90% effective was greeted with jubilation. “Get yourself a vaccaccino,” a British tabloid celebrated, noting that the vaccine, developed by AstraZeneca and the University of Oxford, costs less than a cup of coffee. But since unveiling the preliminary results, AstraZeneca has acknowledged a key mistake in the vaccine dosage received by some study participants, adding to questions about whether the vaccine’s apparently spectacular efficacy will hold up under additional testing. Scientists and industry experts said the error and a series of other irregularities and omissions in the way AstraZeneca initially disclosed the data have eroded their confidence in the reliability of the results. Officials in the United States have noted that the results were not clear. It was the head of the flagship federal vaccine initiative — not the company — who first disclosed that the vaccine’s most promising results did not reflect data from older people. The upshot, the experts said, is that the odds of regulators in the United States and elsewhere quickly authorizing the emergency use of the AstraZeneca vaccine are declining, an unexpected setback in the global campaign to corral the devastating pandemic. “I think that they have really damaged confidence in their whole development program,” said Geoffrey Porges, an analyst for the investment bank SVB Leerink. Michele Meixell, a spokesperson for AstraZeneca, said the trials “were conducted to the highest standards.” In an interview Wednesday, Menelas Pangalos, the AstraZeneca executive in charge of much of the company’s research and development, defended the company’s handling of the testing and its public disclosures. He said the error in the dosage was made by a contractor, and that, once it was discovered, regulators were immediately notified and signed off on the plan to continue testing the vaccine in different doses. Asked why AstraZeneca shared some information with Wall Street analysts and some other officials and experts but not with the public, he responded, “I think the best way of reflecting the results is in a peer-reviewed scientific journal, not in a newspaper.” AstraZeneca was the third company this month to report encouraging early results on a coronavirus vaccine candidate. At first glance Monday morning, the results looked promising. Depending on the strength at which the doses were given, the vaccine appeared to be either 90% or 62% effective. The average efficacy, the developers said, was 70%. Almost immediately, though, there were doubts about the data. The regimen that appeared to be 90% effective was based on participants receiving a half dose of the vaccine followed a month later by a full dose; the less effective version involved a pair of full doses. AstraZeneca disclosed in its initial announcement that fewer than 2,800 participants received the smaller dosing regimen, compared with nearly 8,900 participants who received two full doses. The biggest questions were, why was there such a large variation in the effectiveness of the vaccine at different doses, and why did a smaller dose appear to produce much better results? AstraZeneca and Oxford researchers said they did not know. Crucial information was also missing. The company said that the early analysis was based on 131 symptomatic COVID-19 cases that had turned up in study participants. But it did not break down how many cases were found in each group of participants — those who received the half-strength initial dose, the regular-strength initial dose and the placebo. “The press release raised more questions than it answered,” said John Moore, a professor of microbiology and immunology at Weill Cornell Medical College. Adding to the confusion, AstraZeneca pooled the results from two differently designed clinical trials in Britain and Brazil, a break from standard practice in reporting the results of drug and vaccine trials. “I just can’t figure out where all the information is coming from and how it’s combining together,” said Natalie Dean, a biostatistician and an expert in vaccine trial design at the University of Florida. She wrote on Twitter that AstraZeneca and Oxford “get a poor grade for transparency and rigor when it comes to the vaccine trial results they have reported.” With AstraZeneca’s shares declining Monday, company executives held several private conference calls with industry analysts in which they disclosed details that were not in the public announcement, including how the COVID-19 cases broke down across different groups. Such disclosures to analysts are not uncommon in the industry, but they often generate criticism about why the details were not shared with the public. Bigger problems soon surfaced. Pangalos told Reuters on Monday that the company had not intended for any participants to receive the half dose. British researchers running the trial there had meant to give the full dose initially to volunteers, but a miscalculation meant they were mistakenly given only a half dose. Pangalos described the error as “serendipity,” allowing researchers to stumble onto a more promising dosing regimen. To many outside experts, that undercut the credibility of the results because the closely calibrated clinical trials had not been designed to test how well a half-strength initial dose worked. The company’s initial announcement didn’t mention the accidental nature of the discovery. “The reality is, it could end up being quite a useful mistake,” Pangalos said in the interview with The New York Times on Wednesday. “It wasn’t putting anyone in danger. It was a dosing error. Everyone was moving very fast. We corrected the mistake and continued on with the study, with no changes to the study, and agreed with the regulator to include those patients in the analysis of the study as well.” He added, “What is there to disclose? It actually doesn’t matter whether it was done on purpose or not.” In the statement attributed to Oxford, Meixell, the AstraZeneca spokeswoman, said the error stemmed from an issue, which has since been fixed, with how some of the vaccine doses were manufactured. Then, on Tuesday, Moncef Slaoui, the head of Operation Warp Speed, the U.S. initiative to fast-track coronavirus vaccines, noted another limitation in AstraZeneca’s data. On a call with reporters, he suggested that the participants who received the half-strength initial dose had been 55 years old or younger. Pangalos confirmed that Wednesday, saying the participants received the half-strength dose over a matter of weeks before the error was discovered. The fact that the initial half-strength dose wasn’t tested in older participants, who are especially vulnerable to COVID-19, could undermine AstraZeneca’s case to regulators that the vaccine should be authorized for emergency use. Stephanie Caccomo, a spokeswoman for the Food and Drug Administration, declined to comment on whether the dosing error would hurt the vaccine’s chances of being authorized. The FDA has said it expects vaccines to be at least 50% effective in preventing or reducing the severity of the disease, a bar that the vaccine appears to have cleared even in the group that got the two full doses. AstraZeneca’s shares have fallen about 5% this week, while broader stock indexes have climbed to record highs. Investors seem to be disappointed with the murky results, especially compared with the much clearer data released by two of AstraZeneca’s chief rivals in the race for a coronavirus vaccine. Pfizer and Moderna said this month that their vaccines, which use a technology known as “messenger RNA,” appear to be about 95% effective. Both offerings seem nearly certain to win emergency authorization from the FDA in the coming weeks. The AstraZeneca vaccine, which uses a different approach involving a chimpanzee virus to provoke an immune response to the coronavirus, had all the hallmarks of a blockbuster. It was inexpensive — only a few dollars per dose — and easy to mass-produce. Unlike Pfizer and Moderna’s vaccines, AstraZeneca’s could be stored for months in normal refrigerators. The company has estimated it will be able to produce some 3 billion doses next year, enough to vaccinate nearly one-fifth of the global population. Compared to most of the other leading COVID-19 vaccine developers, AstraZeneca is inexperienced when it comes to vaccines. And even before the chaotic release of results, the company was under scrutiny for its handling of the testing process. In September, AstraZeneca paused clinical trials worldwide after a participant fell ill — but the company didn’t promptly announce the decision publicly. AstraZeneca also came under fire for providing details about the nature of the illness on a private conference call with investors hosted by the investment bank J.P. Morgan, rather than disseminating the information to the public. Both of those developments were first reported by STAT, which covers health and science news. Ever since the Oxford-AstraZeneca team emerged as front-runners in the race to develop a vaccine this spring, Prime Minister Boris Johnson of Britain has embraced the effort. The government preordered 100 million doses and cast the research as one of the country’s most important contributions to fighting the pandemic. Basking in the results on Monday, Johnson said the vaccine “has the makings of a wonderful British scientific achievement.” In the United States, which has ordered at least 300 million doses of AstraZeneca’s vaccine, the regulatory path forward is unclear. AstraZeneca was circumspect on Monday about its plans for seeking regulatory approval. The company said it would seek guidance from the Food and Drug Administration on whether it should formally submit its findings to apply for emergency authorization. AstraZeneca has not been testing the promising half-strength initial dose in its ongoing U.S. trial. The company said it would work with the agency to add it as quickly as possible to that trial. Pangalos said the company is planning a global trial to compare the two dosing regimens. The number of participants it will enroll hasn’t yet been determined, but it will be in the thousands. “The only way they’re going to find out is by specifically and deliberately testing this serendipitous observation,” Moore said. “The onus is on them to prove the speculation.”

After admitting mistake, AstraZeneca faces difficult questions about its vaccine

Europe’s largest economy partly recovered from an unprecedented plunge caused by the first wave of the COVID-19 pandemic in spring, German Economy Grows 8.5 % In Third Quarter.

Germany's Stronger than expected rebound

For decades, the relationship between India and the Gulf has been defined by oil. However, for firmer influence, the country is ready to its&nbsp;interests in West Asia beyond oil and&nbsp;gas.

India imports 53 per cent&nbsp;of its oil and 41 per cent of its gas from West Asia and over 8.5 million Indians work in the region.

In 2018, India's total remittances was around 78.6 billion dollars. Out of this,&nbsp;48.6 billion dollars had come from the 6 Gulf Cooperation Council countries (GCC).

Also read:&nbsp;<a href="https://www.wionews.com/india-news/how-a-structural-shift-in-west-asia-has-opened-up-opportunities-for-india-345388" hreflang="en">How a structural shift in West Asia has opened up opportunities for India</a>

While these numbers are big, India's ties with West Asia cannot be anchored on oil and diaspora alone. And because of the coronavirus pandemic it&nbsp;is the perfect opportunity to tap&nbsp;avenues and newer opportunities.

The pandemic has triggered a lot of turbulence in this region.&nbsp;While new alliances are being built&nbsp;Gulf nations are looking within too.

As per an estimate,&nbsp;Arab states of the Gulf could have a deficit of about 490 billion dollars between 2020 and 2023. Their government debt could surge&nbsp;by a record 100 billion this year.

Sovereign wealth funds

India should invest in&nbsp;sovereign wealth funds, which are worth billions. In such an investment&nbsp;government invests its surplus reserves in the country and outside.

The Abu Dhabi investment authority is worth 579.6 billion dollars and the Kuwait investment authority- 533.6 billion dollars.

While&nbsp;West Asia has spending capacity, India on the other hand&nbsp;has investment opportunities and unmatched potential.

Saudi Arabia's 347 billion dollars sovereign wealth fund is very crucial to crown prince- Mohammad bin Salman's vision 2030.

As India eyes a 5 trillion dollar economy, it can attract sovereign wealth funds in several just growing companies-- across sectors&nbsp;

India can expand its cooperation with West Asia with trade.&nbsp;The total bilateral trade between India and the GCC&nbsp;stood at 121.34 billion dollars in 2018-19.

At 60 billion dollars, the United Arab Emirates was India's third-biggest trade partner in the year 2018-19.

Saudi Arabia was the fourth biggest trade partner with bilateral trade amounting to 34.03 billion dollars.

Energy trade

Energy trade&nbsp;is&nbsp;the anchor of India-West Asia economic relations but&nbsp;the&nbsp;trade basket needs to be diversified especially due to the Wuhan virus&nbsp;and the fall in energy demands.

Goods like precious metals, food and agriculture products, chemicals, gems and jewellery, textile must all be included in the trade basket.

Sector-specific investment

Major oil companies of West Asia are already developing a strategic partnership with the Indian companies both in the public and private sector.

A 15 billion dollar deal was announced between Saudi Aramco and Reliance industry.&nbsp;India's ONGC Videsh has acquired a 10 per cent stake in offshore oil concession in Abu Dhabi.

Sebacic Oman, which is an Indo-Oman venture, is setting up West Asia largest sebacic acid plant for 1.2 billion dollars.

A senior official from India's ministry of external affairs said&nbsp;India and the Gulf can explore forging of partnerships to develop oil and gas reserves in various parts of the country.

The official named- Kutch, Cauvery basin, Mahanadi basin, and offshore locations in the bay of Bengal as possible venues for joint hydrocarbon production.

The topic of expanding cooperation came up during the discussion between India's external affairs minister- s. Jaishankar, and his counterpart in Bahrain.

They agreed to further strengthen Bahrain-India ties in the areas of defence and maritime security, space technology, trade and investment, infrastructure, it, fin-tech, health, hydrocarbon and renewable energy. 
&nbsp;

For decades, the relationship between India and the Gulf has been defined by oil. However, for firmer influence, the country is ready to its interests in West Asia beyond oil and gas.

For decades, the relationship between India and the Gulf has been defined by oil. However, for firmer influence, the country is ready to its interests in West Asia beyond oil and gas. India imports 53 per cent of its oil and 41 per cent of its gas from West Asia and over 8.5 million Indians work in the region. In 2018, India's total remittances was around 78.6 billion dollars. Out of this, 48.6 billion dollars had come from the 6 Gulf Cooperation Council countries (GCC). Also read: How a structural shift in West Asia has opened up opportunities for India While these numbers are big, India's ties with West Asia cannot be anchored on oil and diaspora alone. And because of the coronavirus pandemic it is the perfect opportunity to tap avenues and newer opportunities. The pandemic has triggered a lot of turbulence in this region. While new alliances are being built Gulf nations are looking within too. As per an estimate, Arab states of the Gulf could have a deficit of about 490 billion dollars between 2020 and 2023. Their government debt could surge by a record 100 billion this year. Sovereign wealth funds India should invest in sovereign wealth funds, which are worth billions. In such an investment government invests its surplus reserves in the country and outside. The Abu Dhabi investment authority is worth 579.6 billion dollars and the Kuwait investment authority- 533.6 billion dollars. While West Asia has spending capacity, India on the other hand has investment opportunities and unmatched potential. Saudi Arabia's 347 billion dollars sovereign wealth fund is very crucial to crown prince- Mohammad bin Salman's vision 2030. As India eyes a 5 trillion dollar economy, it can attract sovereign wealth funds in several just growing companies-- across sectors India can expand its cooperation with West Asia with trade. The total bilateral trade between India and the GCC stood at 121.34 billion dollars in 2018-19. At 60 billion dollars, the United Arab Emirates was India's third-biggest trade partner in the year 2018-19. Saudi Arabia was the fourth biggest trade partner with bilateral trade amounting to 34.03 billion dollars. Energy trade Energy trade is the anchor of India-West Asia economic relations but the trade basket needs to be diversified especially due to the Wuhan virus and the fall in energy demands. Goods like precious metals, food and agriculture products, chemicals, gems and jewellery, textile must all be included in the trade basket. Sector-specific investment Major oil companies of West Asia are already developing a strategic partnership with the Indian companies both in the public and private sector. A 15 billion dollar deal was announced between Saudi Aramco and Reliance industry. India's ONGC Videsh has acquired a 10 per cent stake in offshore oil concession in Abu Dhabi. Sebacic Oman, which is an Indo-Oman venture, is setting up West Asia largest sebacic acid plant for 1.2 billion dollars. A senior official from India's ministry of external affairs said India and the Gulf can explore forging of partnerships to develop oil and gas reserves in various parts of the country. The official named- Kutch, Cauvery basin, Mahanadi basin, and offshore locations in the bay of Bengal as possible venues for joint hydrocarbon production. The topic of expanding cooperation came up during the discussion between India's external affairs minister- s. Jaishankar, and his counterpart in Bahrain. They agreed to further strengthen Bahrain-India ties in the areas of defence and maritime security, space technology, trade and investment, infrastructure, it, fin-tech, health, hydrocarbon and renewable energy.

India’s interests in West Asia to go beyond oil, gas for firmer influence

Domestic stock markets opened at record highs on Wednesday following a rally in global markets as coronavirus vaccine hopes and fading uncertainty in US politics boosted sentiment.&nbsp;

The Sensex rose as much as 302 points to its new high of 44,825 while the Nifty rose 91 points to its all-time high of 13,145.85.&nbsp;

ONGC, IndusInd Bank, Tata Motors and HDFC Bank are the top gainers while HDFC Bank, HDFC and Reliance Industries are the most active stocks.

(With inputs from agencies)

Domestic stock markets opened at record highs on Wednesday following a rally in global markets as coronavirus vaccine hopes and fading uncertainty in US politics boosted sentiment.

Domestic stock markets opened at record highs on Wednesday following a rally in global markets as coronavirus vaccine hopes and fading uncertainty in US politics boosted sentiment. The Sensex rose as much as 302 points to its new high of 44,825 while the Nifty rose 91 points to its all-time high of 13,145.85. ONGC, IndusInd Bank, Tata Motors and HDFC Bank are the top gainers while HDFC Bank, HDFC and Reliance Industries are the most active stocks. (With inputs from agencies)

Indian stock markets trade higher with Nifty above 13,100

Domestic equity benchmark indices, after having opened at fresh all-time highs on Wednesday morning, ended the day’s trading session deep in the red.

At close, Sensex was 694.92 points, or 1.56 per cent, down at 43,828.10 while Nifty was at 12,858.40, down 196.75 points or 1.51 per cent.

The strong selloff significantly eroded the market-capitalisation of BSE-listed firms. Investors lost about 2.2 lakh crore in a single day as the cumulative m-cap of BSE-listed firms dropped to Rs 172.6 lakh crore on November 25 from 174.82 lakh crore on November 24.

Global markets

World shares rallied to a record peak on Wednesday following an overnight surge that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook.&nbsp;

In Asia, Japan’s Nikkei rallied 0.5% to a 29-year high while MSCI’s index of Asia-Pacific shares outside Japan gave up early gains to trade down 0.2% as Chinese shares were capped by worries about rising debt defaults.

In commodities, oil rose for the fourth straight session on Wednesday as the market shrugged off an industry report showing US crude stockpiles rose more than expected, extending a rally driven by hopes that a Covid-19 vaccine will boost fuel demand.

(With inputs from Reuters)

Domestic equity benchmark indices, after having opened at fresh all-time highs on Wednesday morning, ended the day’s trading session deep in the red. At close, Sensex was 694.

Domestic equity benchmark indices, after having opened at fresh all-time highs on Wednesday morning, ended the day’s trading session deep in the red. At close, Sensex was 694.92 points, or 1.56 per cent, down at 43,828.10 while Nifty was at 12,858.40, down 196.75 points or 1.51 per cent. The strong selloff significantly eroded the market-capitalisation of BSE-listed firms. Investors lost about 2.2 lakh crore in a single day as the cumulative m-cap of BSE-listed firms dropped to Rs 172.6 lakh crore on November 25 from 174.82 lakh crore on November 24. Global markets World shares rallied to a record peak on Wednesday following an overnight surge that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook. In Asia, Japan’s Nikkei rallied 0.5% to a 29-year high while MSCI’s index of Asia-Pacific shares outside Japan gave up early gains to trade down 0.2% as Chinese shares were capped by worries about rising debt defaults. In commodities, oil rose for the fourth straight session on Wednesday as the market shrugged off an industry report showing US crude stockpiles rose more than expected, extending a rally driven by hopes that a Covid-19 vaccine will boost fuel demand. (With inputs from Reuters)

Market closing: Investors lose over 2 lakh crore in a day

A day after the Trump administration effectively acknowledged the election of Joe Biden, investors showed their relief by pushing the two major stock market indexes to record highs on Tuesday.

It was a welcome party of sorts for Biden, but what investors were really embracing was the end of uncertainty. Biden has vowed to push for more stimulus to bolster the economy. His selection for Treasury secretary, Janet Yellen, is well known from her days as Federal Reserve chair. And several new coronavirus vaccine candidates mean that the pandemic could be under control in the months ahead.

President Donald Trump, who on the campaign trail had warned that Biden’s election would lead to stock market armageddon, on Tuesday implied that the day’s highs were his own doing, making an unscheduled stop at a White House briefing to play up the latest gains in the Dow Jones Industrial Average.

On Wall Street, the S&amp;amp;P 500 stock index rose 1.6% to a new high of 3,635.41, while the Dow rose 1.5%, closing above 30,000 for the first time.

“We have an enormous amount of certainty that we didn’t have just a few months ago,” said Kristina Hooper, chief global market strategist at Invesco, an investment management firm.

The good news about vaccines has bolstered stocks that had been hit hard by the outbreak. Stocks of airlines and oil companies have soared this month. United Airlines, American Airlines and Delta Air Lines have all climbed by more than 30 percent. The oil giant Chevron is up nearly 38 percent.

Markets also appeared to welcome the return of politics as usual under a future Biden administration, and were reassured by the news that Yellen will be Biden’s nominee to head the Treasury Department. She is a known quantity on Wall Street, well respected for her steady leadership at the head of the central bank, from 2014 to 2018.

“There had been some fear that Biden would pick a Treasury secretary with a strong anti-Wall Street bias,” wrote analysts with High Frequency Economics in a client note on Tuesday. “Janet Yellen isn’t that.”

A day after the Trump administration effectively acknowledged the election of Joe Biden, investors showed their relief by pushing the two major stock market indexes to record highs on Tuesday.

A day after the Trump administration effectively acknowledged the election of Joe Biden, investors showed their relief by pushing the two major stock market indexes to record highs on Tuesday. It was a welcome party of sorts for Biden, but what investors were really embracing was the end of uncertainty. Biden has vowed to push for more stimulus to bolster the economy. His selection for Treasury secretary, Janet Yellen, is well known from her days as Federal Reserve chair. And several new coronavirus vaccine candidates mean that the pandemic could be under control in the months ahead. President Donald Trump, who on the campaign trail had warned that Biden’s election would lead to stock market armageddon, on Tuesday implied that the day’s highs were his own doing, making an unscheduled stop at a White House briefing to play up the latest gains in the Dow Jones Industrial Average. On Wall Street, the S&amp;P 500 stock index rose 1.6% to a new high of 3,635.41, while the Dow rose 1.5%, closing above 30,000 for the first time. “We have an enormous amount of certainty that we didn’t have just a few months ago,” said Kristina Hooper, chief global market strategist at Invesco, an investment management firm. The good news about vaccines has bolstered stocks that had been hit hard by the outbreak. Stocks of airlines and oil companies have soared this month. United Airlines, American Airlines and Delta Air Lines have all climbed by more than 30 percent. The oil giant Chevron is up nearly 38 percent. Markets also appeared to welcome the return of politics as usual under a future Biden administration, and were reassured by the news that Yellen will be Biden’s nominee to head the Treasury Department. She is a known quantity on Wall Street, well respected for her steady leadership at the head of the central bank, from 2014 to 2018. “There had been some fear that Biden would pick a Treasury secretary with a strong anti-Wall Street bias,” wrote analysts with High Frequency Economics in a client note on Tuesday. “Janet Yellen isn’t that.”

Markets throw a welcome party of sorts for Biden

Britain's telecom companies could be fined up to 10% of turnover or 100,000 pounds ($133,140) a day if they contravene a ban on using equipment made by China's Huawei Technologies Co Ltd under a new law put forward on Tuesday. The government said that, The Telecommunications (Security) Bill will boost the security standards of the UK’s telecoms networks and remove the threat of high-risk vendors.

Britain's telecom companies could face fines for using suppliers deemed high-risk

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015.

Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was.

“The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” state news agency WAM said.

“The condition requiring a foreign company wishing to open a branch in the country to have an agent from among the country’s citizens has also been cancelled,” it added.

The UAE approved a new foreign investment law in 2018 that would allow foreigners to own up to 100% of some businesses and foreigners could already own up to 100% of those registered in designated business parks known as "free zones".

As an oil and gas producer, the UAE economy has been hit by the coronavirus pandemic and low oil prices, prompting the International Monetary Fund to forecast in October that the Gulf`s second-largest economy could shrink by 6.6% this year.

(With inputs from agencies)

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor. Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015. Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was. “The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” state news agency WAM said. “The condition requiring a foreign company wishing to open a branch in the country to have an agent from among the country’s citizens has also been cancelled,” it added. The UAE approved a new foreign investment law in 2018 that would allow foreigners to own up to 100% of some businesses and foreigners could already own up to 100% of those registered in designated business parks known as "free zones". As an oil and gas producer, the UAE economy has been hit by the coronavirus pandemic and low oil prices, prompting the International Monetary Fund to forecast in October that the Gulf`s second-largest economy could shrink by 6.6% this year. (With inputs from agencies)

UAE opens up the economy, allows 100% foreign ownership of firms: Report

From Britain to European union, Global executives see a smaller hit to their investment plans for Europe than they did earlier this year and are somewhat more upbeat about the continent’s future appeal, a questionnaire by professional services group EY (Ernst & Young)has founded.

Survey: Investors more upbeat about European Union's future appeal

Russia has opened a case against U.S. tech giant Google for failing to remove banned content from its search engine. The watchdog Roskomnadzor said Google was not removing up to 30% of what it called “dangerous content”, some of which it said was extremist in nature ,pornographic and suicidal in nature as well. It opened “administrative proceedings” that could lead to a court case and a fine of up to 5 million roubles ($65,670).

Russia opens case against US tech giant Google

Domestic stock market indices today opened at fresh record highs on the back of positive global markets. All the sectoral indices are trading in the green with Nifty Bank index added 1 per cent.

The S&amp;P BSE Sensex gained 250 points at 44,330 levels and the broader Nifty50 index hit the psychological level of 13,000 for the first time ever.&nbsp;

At 9:35, the 30-scrip BSE Sensex was up by 328 points or 0.74% at 44,404.71. Similarly, 50-scrip NSE Nifty was trading at 13,014.95, up by 88.50 points or 0.68%.&nbsp;

Maruti Suzuki gained 2 per cent and was the top Sensex gainer. Besides, HDFC Bank, Axis Bank, Larsen &amp; Toubro, ICICI Bank, and Mahindra &amp; Mahindra also gained 1 per cent, each.

(With inputs from agencies)

Domestic stock market indices today opened at fresh record highs on the back of positive global markets. All the sectoral indices are trading in the green with Nifty Bank index added 1 per cent.

Domestic stock market indices today opened at fresh record highs on the back of positive global markets. All the sectoral indices are trading in the green with Nifty Bank index added 1 per cent. The S&P BSE Sensex gained 250 points at 44,330 levels and the broader Nifty50 index hit the psychological level of 13,000 for the first time ever. At 9:35, the 30-scrip BSE Sensex was up by 328 points or 0.74% at 44,404.71. Similarly, 50-scrip NSE Nifty was trading at 13,014.95, up by 88.50 points or 0.68%. Maruti Suzuki gained 2 per cent and was the top Sensex gainer. Besides, HDFC Bank, Axis Bank, Larsen & Toubro, ICICI Bank, and Mahindra & Mahindra also gained 1 per cent, each. (With inputs from agencies)

Nifty crosses 13,000 for the first time ever, Sensex at a record high

Indian stock market indices ended at a record close on Tuesday with Nifty crossing the 13,000-mark for the first time ever as signs of progress on a COVID-19 vaccine spurred hopes for a faster economic recovery.

The Sensex closed 445.87 points or 1.01% higher at a record high of 44,523.02. The NSE benchmark Nifty50 index settled 128.70 points or 1% higher at 13,055.15.&nbsp;

This is for the first time the index closed above the 13,000 mark, a new landmark for the index.&nbsp;

(With inputs from agencies)

Indian stock market indices ended at a record close on Tuesday with Nifty crossing the 13,000-mark for the first time ever as signs of progress on a COVID-19 vaccine spurred hopes for a faster economic recovery.

Indian stock market indices ended at a record close on Tuesday with Nifty crossing the 13,000-mark for the first time ever as signs of progress on a COVID-19 vaccine spurred hopes for a faster economic recovery. The Sensex closed 445.87 points or 1.01% higher at a record high of 44,523.02. The NSE benchmark Nifty50 index settled 128.70 points or 1% higher at 13,055.15. This is for the first time the index closed above the 13,000 mark, a new landmark for the index. (With inputs from agencies)

Nifty settles above 13,000 for the first time, Sensex at record closing high

India is expected to export smartphones worth USD 1.5 billion (over Rs 11,113 crore) this year to various countries, including the UAE, the US and Russia, according to a report by research firm techARC.

TechARC, in its India Mobile Phone Exports Market Scan Report, pegged the total exports of smartphones to cross USD 1.5 billion by value in 2020, with smartphones accounting for over 98 per cent of the total mobile phones exported from the country.

"India has been exporting mobiles to destinations like UAE and neighbouring SAARC countries for quite some time. However, 'Make in India' initiative has made India a truly global exporter of mobile phones," techARC founder and Chief Analyst Faisal Kawoosa said.

He added that India currently exports to 24 countries, some of which are further re-exporting, like UAE, to other markets, making India-made phones available to millions of users. He further stated that the recently announced production-linked incentive (PLI) scheme will further strengthen India's positioning in the global mobile market and complement manufacturers' goal of making India a global hub of mobile production. PLI scheme extends an incentive of 4 to 6 per cent on incremental sales (over the base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (2019-20).

Last month, the government had cleared 16 proposals from domestic and international companies entailing an investment of Rs 11,000 crore under the PLI scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years.

The techARC report said a total of 12.8 million mobile phones were exported from India between January and September this year. Of this, 10.9 million were smartphones. "COVID-19 had a severe impact on the exports with volume sharply falling to 1.2 million in April-June quarter from 7.4 million in January-March period. For July-September quarter, the exports were at 4.2 million units indicating recovery due to restoration of supply chain and logistics as well as resumption of work in Indian factories," the report added. Samsung leads the exports significantly with 11.6 million units of phones, distantly followed by Xiaomi at 0.6 million shipments, the report noted. Samsung exported 9.8 million units of smartphones, followed by Xiaomi at 0.6 million and Lava at 0.2 million smartphones. The other smartphone exporters in top 5 are Vivo and OnePlus.

"Lava has emerged as the 'torchbearer' Indian brand which is not only the lone domestic brand exporting mobiles but also pecks in top 5 brands," the report said. It added that while 21 brands are exporting mobile phones from India, 17 brands are exporting smartphones. Seven brands are exporting mobile phones from India to the US. Also, Samsung A51 is the most exported smartphone from India, while the top 10 smartphones exported from India are from Samsung.

India is expected to export smartphones worth USD 1.5 billion (over Rs 11,113 crore) this year to various countries, including the UAE, the US and Russia, according to a report by research firm techARC.

India is expected to export smartphones worth USD 1.5 billion (over Rs 11,113 crore) this year to various countries, including the UAE, the US and Russia, according to a report by research firm techARC. TechARC, in its India Mobile Phone Exports Market Scan Report, pegged the total exports of smartphones to cross USD 1.5 billion by value in 2020, with smartphones accounting for over 98 per cent of the total mobile phones exported from the country. "India has been exporting mobiles to destinations like UAE and neighbouring SAARC countries for quite some time. However, 'Make in India' initiative has made India a truly global exporter of mobile phones," techARC founder and Chief Analyst Faisal Kawoosa said. He added that India currently exports to 24 countries, some of which are further re-exporting, like UAE, to other markets, making India-made phones available to millions of users. He further stated that the recently announced production-linked incentive (PLI) scheme will further strengthen India's positioning in the global mobile market and complement manufacturers' goal of making India a global hub of mobile production. PLI scheme extends an incentive of 4 to 6 per cent on incremental sales (over the base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (2019-20). Last month, the government had cleared 16 proposals from domestic and international companies entailing an investment of Rs 11,000 crore under the PLI scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years. The techARC report said a total of 12.8 million mobile phones were exported from India between January and September this year. Of this, 10.9 million were smartphones. "COVID-19 had a severe impact on the exports with volume sharply falling to 1.2 million in April-June quarter from 7.4 million in January-March period. For July-September quarter, the exports were at 4.2 million units indicating recovery due to restoration of supply chain and logistics as well as resumption of work in Indian factories," the report added. Samsung leads the exports significantly with 11.6 million units of phones, distantly followed by Xiaomi at 0.6 million shipments, the report noted. Samsung exported 9.8 million units of smartphones, followed by Xiaomi at 0.6 million and Lava at 0.2 million smartphones. The other smartphone exporters in top 5 are Vivo and OnePlus. "Lava has emerged as the 'torchbearer' Indian brand which is not only the lone domestic brand exporting mobiles but also pecks in top 5 brands," the report said. It added that while 21 brands are exporting mobile phones from India, 17 brands are exporting smartphones. Seven brands are exporting mobile phones from India to the US. Also, Samsung A51 is the most exported smartphone from India, while the top 10 smartphones exported from India are from Samsung.

India to export smartphones worth USD 1.5 billion

Domestic indices ended higher on Monday helped by gains in IT and energy stocks. However, major financial stocks declined after new recommendations by the Reserve Bank of India (RBI).&nbsp;

The S&amp;P BSE Sensex gained 195 points, or 0.44 per cent to settle at 44,077 levels while NSE's Nifty ended at 12,926, up 67 points, or 0.52 per cent. During the day, the index hit a record high of 12,969 levels.&nbsp;

According to traders, domestic indices rallied on positive sentiment on sustain foreign institutional investment flows into the market.

(With inputs from agencies)

Domestic indices ended higher on Monday helped by gains in IT and energy stocks. However, major financial stocks declined after new recommendations by the Reserve Bank of India (RBI).

Domestic indices ended higher on Monday helped by gains in IT and energy stocks. However, major financial stocks declined after new recommendations by the Reserve Bank of India (RBI). The S&P BSE Sensex gained 195 points, or 0.44 per cent to settle at 44,077 levels while NSE's Nifty ended at 12,926, up 67 points, or 0.52 per cent. During the day, the index hit a record high of 12,969 levels. According to traders, domestic indices rallied on positive sentiment on sustain foreign institutional investment flows into the market. (With inputs from agencies)

Sensex tops 44,000 mark, ends 195 points higher; Nifty above 12,900

China's President Xi Jinping has called for a ''global mechanism'' to use quick response (QR) codes for travelling internationally.

As per Jinping,&nbsp;"We need to further harmonise policies and standards and establish 'fast tracks' to facilitate the orderly flow of people.''

Jinping believes the QR&nbsp;codes will be utilised to help build up an explorer's health status.&nbsp;

<img alt="F" data-entity-type="file" data-entity-uuid="45782467-891c-40b5-a8df-cd220e979fa6" src="//cdn.wionews.com/sites/default/files/inline-images/_115605363_gettyimages-1228761788.jpg" />

In picture: A Chinese man scanning a QR code to get his ticket outside an airport in China

However, Human Rights advocates caution that the codes could be utilised for "more extensive political checking and prohibition".&nbsp;

Xi offered the remarks at the G20 highest point, a web-based gathering of heads of state from the world's 20 biggest economies, which was facilitated by Saudi Arabia throughout the end of the week.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/saudi-arabia-crown-prince-proposes-two-g-20-summits-in-a-year-344734">Saudi Arabia Crown Prince proposes two G-20 summits in a year</a>

He said the codes could be utilized to perceive "health certificates based on nucleic acid test results", as indicated by a record distributed by the Chinese state news office Xinhua.&nbsp;

Xi didn't really expound on how the movement plan may function, or how intently it would be demonstrated on China's QR code applications, which have been utilized to help contain the infection on the territory.&nbsp;

"We trust more nations will join this component," he added.&nbsp;

QR codes are standardised identifications that can be perused by cell phones. Under the plan China has utilised since February, clients are given a traffic-signal style health status code, with a green code permitting somebody to travel uninhibitedly, and an orange or red code showing that they have to isolate for as long as about fourteen days.&nbsp;

The codes depend on a mix of enormous information and data presented by the clients themselves.&nbsp;

The innovation was created by monetary innovation goliath Ant Financial and is accessible through its principle application Alipay yet in addition on WeChat, which has a place with Alipay's rival Tencent.&nbsp;

Xi additionally required the re-opening of the worldwide economy, including reestablishing "worldwide and mechanical gracefully chains" and the "advancement of exchange of key clinical supplies".&nbsp;

Resuming travel paths stays a test for most nations, with spikes in the illness making it hard for specialists to lift travel limitations.&nbsp;

A movement bubble among Singapore and Hong Kong, for instance, was delayed right away before it was because of the start this end of the week because of an abrupt spike in cases in Hong Kong.&nbsp;

'Trojan Horse'&nbsp;

In a tweet, the leader head of Human Rights Watch Kenneth Roth communicated an alert over&nbsp;Xi's proposition.&nbsp;

"An underlying spotlight on wellbeing could without much of a stretch become a Trojan Horse for more extensive political observing and avoidance," he said.&nbsp;

The city of Hangzhou has said it intends to make a perpetual rendition of the QR code-based programming, which would be utilized to allot residents an individual score dependent on their clinical history, wellbeing registration, and way of life propensities.&nbsp;

QR codes have been utilised diversely in Singapore and Australia, for contract following, with occupants utilizing them to look into and out of spots, they visit, including shopping centers, eateries, and their work environments.

China's President Xi Jinping has called for a ''global mechanism'' to use quick response (QR) codes for travelling internationally. As per Jinping, "We need to further harmonise policies and standards and establish 'fast tracks' to facilitate the orderly flow of people.

China's President Xi Jinping has called for a ''global mechanism'' to use quick response (QR) codes for travelling internationally. As per Jinping, "We need to further harmonise policies and standards and establish 'fast tracks' to facilitate the orderly flow of people.'' Jinping believes the QR codes will be utilised to help build up an explorer's health status. In picture: A Chinese man scanning a QR code to get his ticket outside an airport in China However, Human Rights advocates caution that the codes could be utilised for "more extensive political checking and prohibition". Xi offered the remarks at the G20 highest point, a web-based gathering of heads of state from the world's 20 biggest economies, which was facilitated by Saudi Arabia throughout the end of the week. Also read: Saudi Arabia Crown Prince proposes two G-20 summits in a year He said the codes could be utilized to perceive "health certificates based on nucleic acid test results", as indicated by a record distributed by the Chinese state news office Xinhua. Xi didn't really expound on how the movement plan may function, or how intently it would be demonstrated on China's QR code applications, which have been utilized to help contain the infection on the territory. "We trust more nations will join this component," he added. QR codes are standardised identifications that can be perused by cell phones. Under the plan China has utilised since February, clients are given a traffic-signal style health status code, with a green code permitting somebody to travel uninhibitedly, and an orange or red code showing that they have to isolate for as long as about fourteen days. The codes depend on a mix of enormous information and data presented by the clients themselves. The innovation was created by monetary innovation goliath Ant Financial and is accessible through its principle application Alipay yet in addition on WeChat, which has a place with Alipay's rival Tencent. Xi additionally required the re-opening of the worldwide economy, including reestablishing "worldwide and mechanical gracefully chains" and the "advancement of exchange of key clinical supplies". Resuming travel paths stays a test for most nations, with spikes in the illness making it hard for specialists to lift travel limitations. A movement bubble among Singapore and Hong Kong, for instance, was delayed right away before it was because of the start this end of the week because of an abrupt spike in cases in Hong Kong. 'Trojan Horse' In a tweet, the leader head of Human Rights Watch Kenneth Roth communicated an alert over Xi's proposition. "An underlying spotlight on wellbeing could without much of a stretch become a Trojan Horse for more extensive political observing and avoidance," he said. The city of Hangzhou has said it intends to make a perpetual rendition of the QR code-based programming, which would be utilized to allot residents an individual score dependent on their clinical history, wellbeing registration, and way of life propensities. QR codes have been utilised diversely in Singapore and Australia, for contract following, with occupants utilizing them to look into and out of spots, they visit, including shopping centers, eateries, and their work environments.

Chinese President Xi Jinping pushes for QR code based global travel system

Telecom tariff hike is needed as the current rates are "unsustainable" and market conditions will be seen before a call is taken, telecom czar and chairman of Bharti Airtel Sunil Mittal has said.

On the issue of whether or not Chinese telecom equipment vendors will be allowed to participate in next-generation 5G networks, Mittal said the larger question is that of the nation's decision and asserted "what the country decides will be accepted by everyone".

Where tariffs are concerned, the company has already taken a clear stance on the issue, he said adding that Airtel is of the firm view that tariffs need to go up.

"...current tariffs are unsustainable but Airtel cannot move without the industry moving or the regulator moving," Mittal told PTI in an interview.

The industry needs a tariff hike at some point in time, he said adding "we will have to see the market conditions to do it".

Mittal was replying to a question on the timing for what seems to be an imminent industry-wide tariff hike in the Indian market and whether Airtel will initiate it or wait for rivals to make their first move.

Mittal had in August described 16 GB data consumption a month for Rs 160 as a tragedy. The company has maintained that Average Revenue Per User (ARPU) should rise to Rs 200 and eventually to Rs 300 for a sustainable business model. Bharti Airtel's mobile ARPU stood at Rs 162 for the September quarter from Rs 128 in Q2 FY20 and Rs 157 in the preceding June quarter.

The Bharti Group supremo, who has time and again drawn attention to the high taxes and levies in the sector, further said that telecom being a "high capital-intensive industry" required a steady flow investment into networks, spectrum, towers and technology and it was therefore important for the industry to be "sustainable".

"This industry needs tonnes of money, it is a high capital-intensive industry... buying spectrum, putting out networks, fibre, radio, towers... this is a continuously investing industry," Mittal said.

Unlike setting up of steel or power plants, or refineries, the telecom sector needs a continuous and recurring infusion of capital.

"You have to, every year, spend billions of dollars afresh to get new technology, more coverage, more capacity...so this industry needs to be sustainable. The government wants India to be Digital India, and people to be connected. I think we will have to leave it in their safe hands," he said.

As it is, the telecom policy and new digital communications policy states that revenue maximisation is not the objective, he added.

On the issue of Adjusted Gross Revenue (AGR) and the recent difference of opinion that has cropped up between telecom department and the company on when the next tranche of payment is due, Mittal pointed out that Airtel had already paid Rs 18,000 crore, "significantly more than anyone else".

"We have paid Rs 18,000 crore... whatever they decide... we have paid significantly more than anyone else... so we will see, when final decision comes," he said.

Mittal said that 5G spectrum prices are "unaffordable" but, in the same breath added that India has ample time for its 5G road map.

"5G spectrum prices currently are unaffordable and India has the time. Nobody in the world is far on 5G... even countries in Europe... the UK, the US... 5G coverage is still very sparse. So we are okay, India is not behind," he said.

Asked when he expects full-fledged 5G rollouts in India, Mittal said, "The point is, when you need it... connected cars, robotic surgeries that is what it is needed for. So, do we really have that on fire, at the moment? I don't think so."

To a question on whether 2G will continue to exist in India even with the advent of the newer generation of technologies, Mittal said Airtel has already switched off the entire 3G layer and will keep on moving 2G customers to 4G.

"As soon as we can, we will keep on moving our 2G customers to 4G that process is going on. That's the process, it just keeps happening evolutionary, organically, just every month," Mittal added.

On whether Chinese telecom equipment companies will be allowed to participate in 5G, Mittal said: "It is not a question of being allowed or not being allowed. It is a question of country's decision... whatever the country decides, will be accepted by everyone".

Telecom tariff hike is needed as the current rates are "unsustainable" and market conditions will be seen before a call is taken, telecom czar and chairman of Bharti Airtel Sunil Mittal has said.

Telecom tariff hike is needed as the current rates are "unsustainable" and market conditions will be seen before a call is taken, telecom czar and chairman of Bharti Airtel Sunil Mittal has said. On the issue of whether or not Chinese telecom equipment vendors will be allowed to participate in next-generation 5G networks, Mittal said the larger question is that of the nation's decision and asserted "what the country decides will be accepted by everyone". Where tariffs are concerned, the company has already taken a clear stance on the issue, he said adding that Airtel is of the firm view that tariffs need to go up. "...current tariffs are unsustainable but Airtel cannot move without the industry moving or the regulator moving," Mittal told PTI in an interview. The industry needs a tariff hike at some point in time, he said adding "we will have to see the market conditions to do it". Mittal was replying to a question on the timing for what seems to be an imminent industry-wide tariff hike in the Indian market and whether Airtel will initiate it or wait for rivals to make their first move. Mittal had in August described 16 GB data consumption a month for Rs 160 as a tragedy. The company has maintained that Average Revenue Per User (ARPU) should rise to Rs 200 and eventually to Rs 300 for a sustainable business model. Bharti Airtel's mobile ARPU stood at Rs 162 for the September quarter from Rs 128 in Q2 FY20 and Rs 157 in the preceding June quarter. The Bharti Group supremo, who has time and again drawn attention to the high taxes and levies in the sector, further said that telecom being a "high capital-intensive industry" required a steady flow investment into networks, spectrum, towers and technology and it was therefore important for the industry to be "sustainable". "This industry needs tonnes of money, it is a high capital-intensive industry... buying spectrum, putting out networks, fibre, radio, towers... this is a continuously investing industry," Mittal said. Unlike setting up of steel or power plants, or refineries, the telecom sector needs a continuous and recurring infusion of capital. "You have to, every year, spend billions of dollars afresh to get new technology, more coverage, more capacity...so this industry needs to be sustainable. The government wants India to be Digital India, and people to be connected. I think we will have to leave it in their safe hands," he said. As it is, the telecom policy and new digital communications policy states that revenue maximisation is not the objective, he added. On the issue of Adjusted Gross Revenue (AGR) and the recent difference of opinion that has cropped up between telecom department and the company on when the next tranche of payment is due, Mittal pointed out that Airtel had already paid Rs 18,000 crore, "significantly more than anyone else". "We have paid Rs 18,000 crore... whatever they decide... we have paid significantly more than anyone else... so we will see, when final decision comes," he said. Mittal said that 5G spectrum prices are "unaffordable" but, in the same breath added that India has ample time for its 5G road map. "5G spectrum prices currently are unaffordable and India has the time. Nobody in the world is far on 5G... even countries in Europe... the UK, the US... 5G coverage is still very sparse. So we are okay, India is not behind," he said. Asked when he expects full-fledged 5G rollouts in India, Mittal said, "The point is, when you need it... connected cars, robotic surgeries that is what it is needed for. So, do we really have that on fire, at the moment? I don't think so." To a question on whether 2G will continue to exist in India even with the advent of the newer generation of technologies, Mittal said Airtel has already switched off the entire 3G layer and will keep on moving 2G customers to 4G. "As soon as we can, we will keep on moving our 2G customers to 4G that process is going on. That's the process, it just keeps happening evolutionary, organically, just every month," Mittal added. On whether Chinese telecom equipment companies will be allowed to participate in 5G, Mittal said: "It is not a question of being allowed or not being allowed. It is a question of country's decision... whatever the country decides, will be accepted by everyone".

Bharti Airtel chairman Sunil Mittal says telecom tariff hike needed as pricing is 'unsustainable'

U.S. regulators last week ended a 20-month grounding triggered by two fatal crashes of Boeing 737 MAX plane. Europe is also all set to lift its flight ban on the plane in January next year. The head of the European Union Aviation Safety Agency (EASA) said that the 737 MAX was safe to fly after changes made to the design of the jet.

European regulator to lift its flight ban from Boeing 737 MAX in January next year

Indian telecom Czar and chairman of Bharti Airtel Sunil Bharti Mittal, Has said that the telecom tariff hike is needed in India as current rates are unsustainable now. But market conditions will be seen before a call on tariff hike is taken.

India: Bharti Airtel chairman Sunil Mittal calls current tariffs 'unsustainable'

After 11 months of suffering and more than a million deaths, It could be the beginning of the end to the pandemic.&nbsp;

November has been a good month for vaccine makers and scientists. Pfizer and Biontech reported their results first. They had earlier claimed their vaccine is more than 90 per cent effective&nbsp; 
and after completing the final analysis the company says the vaccine is 95 per cent effective.

Meanwhile, US pharma giant Pfizer has moved US regulators to seek approvals for emergency use for its vaccines. Good news came from Russia too as makers of Sputnik V claimed their vaccine is 92 per cent effective.

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The next results came from Moderna, it said the vaccine is 94.5 per cent effective. The markets have welcomed these developments with open arms. The vaccine makers have injected trillions of dollars into the stock markets this month.

The total value of equity markets around the world touched an all-time high with 95 trillion dollars pumped in. The vaccine news added more than one trillion dollars to the S&amp;P 500 which is the American stock market index that measures the performance of 500 large companies in the US.

The Indian markets have registered significant gains in this period too. There was a sharp fall on Thursday but the larger sentiment remains positive. Stocks of vaccine makers are selling like hot cakes. The stock of bio-tech company Moderna has risen by 376 per cent. Pfizer's partner Biontech stocks rose 157 per cent.

It has been a dream run for Novavax which is another vaccine maker. In October, Novavax stock had jumped by a whopping 2,840 per cent with one share of Novavax valued at four dollars at the beginning of 2020, by October it was priced at 117 dollars and as of today it is dealing at around 86 dollars.

The stocks of Pfizer soared too with Chairman and CEO Albert Bourla cashing out 60 per cent of his own Pfizer stock netting him $5.6 million. It was however pre-arranged since Bourla had earlier expressed his intentions to sell his stock months in advance when the price hit a certain mark while this practice is considered controversial in America, it is legal to arrange such a trade in advance, it is not insider trading.

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A vaccine is perhaps the only sure shot exit strategy for this pandemic without it the worldwide economic impact of the Wuhan virus could be $3.4 trillion a year which is why the success in vaccine development is being welcomed across all quarters.

It could be the beginning of the end but, there are still significant hurdles to cross. The data and claims of these companies need to be vetted and drug regulators will have to clear the vaccines first.&nbsp;

There will be a limited roll out early on, it could take several months for the common man to get a vaccine but with each passing day we are getting one step closer to the shots.

After 11 months of suffering and more than a million deaths, It could be the beginning of the end to the pandemic. November has been a good month for vaccine makers and scientists.

After 11 months of suffering and more than a million deaths, It could be the beginning of the end to the pandemic. November has been a good month for vaccine makers and scientists. Pfizer and Biontech reported their results first. They had earlier claimed their vaccine is more than 90 per cent effective and after completing the final analysis the company says the vaccine is 95 per cent effective. Meanwhile, US pharma giant Pfizer has moved US regulators to seek approvals for emergency use for its vaccines. Good news came from Russia too as makers of Sputnik V claimed their vaccine is 92 per cent effective. × The next results came from Moderna, it said the vaccine is 94.5 per cent effective. The markets have welcomed these developments with open arms. The vaccine makers have injected trillions of dollars into the stock markets this month. The total value of equity markets around the world touched an all-time high with 95 trillion dollars pumped in. The vaccine news added more than one trillion dollars to the S&P 500 which is the American stock market index that measures the performance of 500 large companies in the US. The Indian markets have registered significant gains in this period too. There was a sharp fall on Thursday but the larger sentiment remains positive. Stocks of vaccine makers are selling like hot cakes. The stock of bio-tech company Moderna has risen by 376 per cent. Pfizer's partner Biontech stocks rose 157 per cent. It has been a dream run for Novavax which is another vaccine maker. In October, Novavax stock had jumped by a whopping 2,840 per cent with one share of Novavax valued at four dollars at the beginning of 2020, by October it was priced at 117 dollars and as of today it is dealing at around 86 dollars. The stocks of Pfizer soared too with Chairman and CEO Albert Bourla cashing out 60 per cent of his own Pfizer stock netting him $5.6 million. It was however pre-arranged since Bourla had earlier expressed his intentions to sell his stock months in advance when the price hit a certain mark while this practice is considered controversial in America, it is legal to arrange such a trade in advance, it is not insider trading. × A vaccine is perhaps the only sure shot exit strategy for this pandemic without it the worldwide economic impact of the Wuhan virus could be $3.4 trillion a year which is why the success in vaccine development is being welcomed across all quarters. It could be the beginning of the end but, there are still significant hurdles to cross. The data and claims of these companies need to be vetted and drug regulators will have to clear the vaccines first. There will be a limited roll out early on, it could take several months for the common man to get a vaccine but with each passing day we are getting one step closer to the shots.

Coronavirus vaccine news injects trillions in stock markets worldwide

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from&nbsp;the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

This has happened for the first time since 2013. The European Union's single currency&nbsp;and the greenback were followed&nbsp;by the British pound and the Japanese yen. The Canadian dollar overwhelmed China's yuan for the fifth spot, SWIFT said.&nbsp;

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Trade upheaval, a pandemic-incited recession, and political disharmony reestablished strain to lessen the portion of global installments in dollars. The United States&nbsp;currency&nbsp;has debilitated over 11 per cent&nbsp;from its peak in March, in view of a Bloomberg list that estimates it against a bin of significant friends, and numerous spectators are foreseeing its valuation to drop further.&nbsp;

The dollar remains the top financing cash, with about portion of all cross-fringe credits and worldwide obligation protections named in the greenback, the Bank of International Settlements said in a July report. About 85&nbsp;per cent&nbsp;of all unfamiliar trade exchanges happen against the dollar and it represents 61&nbsp;per cent&nbsp;of authentic unfamiliar trade holds, the BIS stated, adding that about portion of global exchange is invoiced in the US&nbsp;money.&nbsp;

Quick deliveries the information in its month to month RMB Tracker on the renminbi's advancement toward turning into a global money.&nbsp;

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About 37.82&nbsp;per cent&nbsp;of the Swift money moves were taken care of in euros a month ago, the biggest segment since February 2013. This was an expansion of in excess of 6 rate focuses from the finish of a year ago.&nbsp;

The US&nbsp;dollar's use fell about 4.6 rate focuses from December to 37.64&nbsp;per cent&nbsp;of exchanges a month ago. The dollar crested at 45.3&nbsp;per cent&nbsp;in April 2015. The British, Japanese and Canadian monetary standards together held 12.25&nbsp;per cent&nbsp;of exchanges in October.&nbsp;

The yuan's offer tumbled to 1.66&nbsp;per cent&nbsp;of exchanges, in its more terrible appearing since April. The Chinese cash was positioned 35th in October 2010, when Swift began following monetary forms along these lines. It advanced to the main six out of 2014, where is has general arrived at the midpoint of marginally not exactly a 2&nbsp;per cent&nbsp;share universally since.&nbsp;

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT). This has happened for the first time since 2013. The European Union's single currency and the greenback were followed by the British pound and the Japanese yen. The Canadian dollar overwhelmed China's yuan for the fifth spot, SWIFT said. Trade upheaval, a pandemic-incited recession, and political disharmony reestablished strain to lessen the portion of global installments in dollars. The United States currency has debilitated over 11 per cent from its peak in March, in view of a Bloomberg list that estimates it against a bin of significant friends, and numerous spectators are foreseeing its valuation to drop further. The dollar remains the top financing cash, with about portion of all cross-fringe credits and worldwide obligation protections named in the greenback, the Bank of International Settlements said in a July report. About 85 per cent of all unfamiliar trade exchanges happen against the dollar and it represents 61 per cent of authentic unfamiliar trade holds, the BIS stated, adding that about portion of global exchange is invoiced in the US money. Quick deliveries the information in its month to month RMB Tracker on the renminbi's advancement toward turning into a global money. × About 37.82 per cent of the Swift money moves were taken care of in euros a month ago, the biggest segment since February 2013. This was an expansion of in excess of 6 rate focuses from the finish of a year ago. The US dollar's use fell about 4.6 rate focuses from December to 37.64 per cent of exchanges a month ago. The dollar crested at 45.3 per cent in April 2015. The British, Japanese and Canadian monetary standards together held 12.25 per cent of exchanges in October. The yuan's offer tumbled to 1.66 per cent of exchanges, in its more terrible appearing since April. The Chinese cash was positioned 35th in October 2010, when Swift began following monetary forms along these lines. It advanced to the main six out of 2014, where is has general arrived at the midpoint of marginally not exactly a 2 per cent share universally since.

Euro beats dollar as payment currency for first time after 7 years

For the first time since 2013, the Euro has outpaced the Dollar as payment currency. Euro was the most used currency for global payments in October. What about the Yuan? Molly Gambhir gets you a report.

Gravitas: Euro beats Dollar as payment currency

Washington is poised to designate four more Chinese companies as backed by the Chinese military, sources said, curbing their access to U.S. investors as the Trump administration seeks to cement its hawkish China legacy in its waning days.

The designations, which have not been previously reported, could be released by the Department of Defense as soon as Friday but may be unveiled next week, said one U.S. official and one person familiar with the matter who declined to be named.

Also read | <a href="https://www.wionews.com/world/china-inoculates-almost-a-million-citizens-with-sinopharm-vaccine-344306">China inoculates almost a million citizens with Sinopharm vaccine</a>

The White House and the Chinese embassy in Washington did not immediately respond to requests for comment.

The additions would bring the number of Chinese companies affected to 35. They include giants like Hikvision, China Telecom Corp and China Mobile, which were added earlier this year.

The list of "Communist Chinese Military Companies" was mandated by a 1999 law requiring the Pentagon to compile a catalogue of companies "owned or controlled" by the People's Liberation Army, but the defense department only complied this year.

The latest move would come just days after the White House published an executive order, first reported by Reuters, that sought to give teeth to the list by prohibiting U.S. investors from buying securities of the blacklisted companies from November 2021.

The move "helps ensure no American is unwittingly subsidizing the (Chinese Communist Party)'s campaign to dominate the technologies of the future," said Republican Congressman Mike Gallagher, who has introduced legislation to ban blacklisted Chinese companies from U.S. capital markets.

However, the executive order is unlikely to deal the firms a serious blow, experts said, due to its limited scope, uncertainty about the stance of the incoming Biden administration and already-scant holdings by U.S. funds.

Democratic President-elect Joe Biden, who takes office on Jan. 20, has not laid out a detailed China strategy but all indications are that he will continue a tough approach toward Beijing.

The growing defense department list will likely add to tensions between the world’s two largest economies, which have been at loggerheads over the coronavirus and China's crackdown on Hong Kong.

The list is also part of a broader effort by Washington to target what it sees as Beijing's efforts to enlist corporations to harness emerging civilian technologies for military purposes.

In September, the U.S. Commerce Department imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there was an “unacceptable risk” that equipment supplied to it could be used for military purposes.

Congress and the administration have sought increasingly to curb the U.S. market access of Chinese companies that do not comply with rules faced by American rivals, even if that means antagonizing Wall Street.

In August, U.S. Securities and Exchange Commission and Treasury officials urged Trump to delist Chinese companies that trade on U.S. exchanges and fail to meet its auditing requirements by January 2022.

 
&nbsp;

Washington is poised to designate four more Chinese companies as backed by the Chinese military, sources said, curbing their access to U.S. investors as the Trump administration seeks to cement its hawkish China legacy in its waning days.

Washington is poised to designate four more Chinese companies as backed by the Chinese military, sources said, curbing their access to U.S. investors as the Trump administration seeks to cement its hawkish China legacy in its waning days. The designations, which have not been previously reported, could be released by the Department of Defense as soon as Friday but may be unveiled next week, said one U.S. official and one person familiar with the matter who declined to be named. Also read | China inoculates almost a million citizens with Sinopharm vaccine The White House and the Chinese embassy in Washington did not immediately respond to requests for comment. The additions would bring the number of Chinese companies affected to 35. They include giants like Hikvision, China Telecom Corp and China Mobile, which were added earlier this year. The list of "Communist Chinese Military Companies" was mandated by a 1999 law requiring the Pentagon to compile a catalogue of companies "owned or controlled" by the People's Liberation Army, but the defense department only complied this year. The latest move would come just days after the White House published an executive order, first reported by Reuters, that sought to give teeth to the list by prohibiting U.S. investors from buying securities of the blacklisted companies from November 2021. The move "helps ensure no American is unwittingly subsidizing the (Chinese Communist Party)'s campaign to dominate the technologies of the future," said Republican Congressman Mike Gallagher, who has introduced legislation to ban blacklisted Chinese companies from U.S. capital markets. However, the executive order is unlikely to deal the firms a serious blow, experts said, due to its limited scope, uncertainty about the stance of the incoming Biden administration and already-scant holdings by U.S. funds. Democratic President-elect Joe Biden, who takes office on Jan. 20, has not laid out a detailed China strategy but all indications are that he will continue a tough approach toward Beijing. The growing defense department list will likely add to tensions between the world’s two largest economies, which have been at loggerheads over the coronavirus and China's crackdown on Hong Kong. The list is also part of a broader effort by Washington to target what it sees as Beijing's efforts to enlist corporations to harness emerging civilian technologies for military purposes. In September, the U.S. Commerce Department imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there was an “unacceptable risk” that equipment supplied to it could be used for military purposes. Congress and the administration have sought increasingly to curb the U.S. market access of Chinese companies that do not comply with rules faced by American rivals, even if that means antagonizing Wall Street. In August, U.S. Securities and Exchange Commission and Treasury officials urged Trump to delist Chinese companies that trade on U.S. exchanges and fail to meet its auditing requirements by January 2022.

Trump administration to add four more Chinese firms to Pentagon blacklist: Sources