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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin passes $30,000 for the first time

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

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

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

Why markets boomed in a year of human misery

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

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

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

GST collection at record-high in December 2020

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

US slaps tariffs on French and German products

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

Tata group to take complete control of AirAsia India

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

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

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

Australian billionaires get 50% richer amid pandemic

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

NBFCs profitability may dampen due to loan impairment

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

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

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

Sensex ends 133 points higher; Nifty above 13,950

More than 190,000 ceiling fans have been recalled by the manufacturer company because the fans' blades can detach while in use.

King of Fans, a US based company that makes the 54-inch Mara ceiling fans, announced the recall on Wednesday after receiving 47 reports of blades detaching, according to a statement from the US Consumer Product Safety Commission. The fans had been sold at Home Depot stores nationwide.

The Hampton Bay Mara indoor and outdoor ceiling fans were sold this year between April and October at Home Depot stores and its website. About 182,000 of them were sold in the US and 8,800 were sold in Canada. They cost about $150.

The US Consumer Product Safety Commission said it received 47 reports of the blades falling off, two reports of people being hit by them and four reports of the blades causing property damage.

Consumers have been urged by the US Consumer Product Safety Commission (CPSC) to stop using the fans immediately, and to check them for signs of defects.&nbsp;

(With inputs from agencies) &nbsp;

More than 190,000 ceiling fans have been recalled by the manufacturer company because the fans' blades can detach while in use. King of Fans, a US based company that makes the 54-inch Mara ceiling fans, announced the recall on Wednesday after receiving 47 reports of blades detaching, according to a statement from the US Consumer Product Safety Commission.

More than 190,000 ceiling fans have been recalled by the manufacturer company because the fans' blades can detach while in use. King of Fans, a US based company that makes the 54-inch Mara ceiling fans, announced the recall on Wednesday after receiving 47 reports of blades detaching, according to a statement from the US Consumer Product Safety Commission. The fans had been sold at Home Depot stores nationwide. The Hampton Bay Mara indoor and outdoor ceiling fans were sold this year between April and October at Home Depot stores and its website. About 182,000 of them were sold in the US and 8,800 were sold in Canada. They cost about $150. The US Consumer Product Safety Commission said it received 47 reports of the blades falling off, two reports of people being hit by them and four reports of the blades causing property damage. Consumers have been urged by the US Consumer Product Safety Commission (CPSC) to stop using the fans immediately, and to check them for signs of defects. (With inputs from agencies)

This company recalled around 2 lakh fans after blades fly off

According to reports, Cyber-attacks have cost Russian companies and citizens up to 3.6 trillion roubles ($49 billion) this year.

World Business Watch: Cyber crime costs Russia $49 BN in 2020

With an idea to give EU firms better access to the Chinese market, China and the European Union are likely to clinch a new investment deal this week.

Reports: EU and China likely to clinch new investment deal this week

Indian equity markets have opened with a positive bias, extending their gains for the fifth straight day. Sentiment across the Asia Pacific is largely positive after U.S. equities surged to a record high overnight.

Sensex gained 310 points at 47,660 levels and the Nifty50 index hovered around 13,960 zone, inching closer to the landmark of 14,000. IndusInd Bank (up 2%), HCL Tech, Axis Bank, and State Bank of India (up 1%) were among the top Sensex gainers.

The Nifty sectoral indices were painted green, with the Nifty Bank index, up 1 per cent, leading the gainers.

The broader markets tracked the gains in their benchmark peers, with the S&amp;P BSE MidCap and SmallCap indices trading 0.6 per cent and 0.8 per cent higher, respectively.

(With inputs from agencies)

Indian equity markets have opened with a positive bias, extending their gains for the fifth straight day. Sentiment across the Asia Pacific is largely positive after U.

Indian equity markets have opened with a positive bias, extending their gains for the fifth straight day. Sentiment across the Asia Pacific is largely positive after U.S. equities surged to a record high overnight. Sensex gained 310 points at 47,660 levels and the Nifty50 index hovered around 13,960 zone, inching closer to the landmark of 14,000. IndusInd Bank (up 2%), HCL Tech, Axis Bank, and State Bank of India (up 1%) were among the top Sensex gainers. The Nifty sectoral indices were painted green, with the Nifty Bank index, up 1 per cent, leading the gainers. The broader markets tracked the gains in their benchmark peers, with the S&P BSE MidCap and SmallCap indices trading 0.6 per cent and 0.8 per cent higher, respectively. (With inputs from agencies)

Sensex and Nifty trade at fresh record highs

Prime Minister Narendra Modi on Tuesday inaugurated the New Bhaupur-New Khurja section of the Eastern Dedicated Freight Corridor (EDFC) in Uttar Pradesh via video conferencing.&nbsp;

The 351 kilometres long stretch of New Bhaupur-New Khurja is located in the state of UP and has been built at a cost of Rs 5,750 crore.

Speaking on the occasion, Modi said, "After Independence we are witnessing the inauguration of the most advanced rail section in the country. The first goods train that will run on the New Bhaupur-Khurja section will give a message of the new `Aatmanirbhar Bharat` (self-reliant India) and the new operation control centre in Prayagraj is one of the best control centres in the world."

"The Operation Control Center in Prayagraj is also a symbol of the new power of the new India. Anyone will be proud as the management and data technology used in the control centre has been prepared in India," he said.

The EDFC section of New Bhaupur-New Khurja will benefit local industries like the aluminium industry in Pukhrayan region of Kanpur Dehat, glassware industry of Firozabad, asafoetida production of Hathras, textile production and block printing of Etawah, dairy sector of Auraiya, pottery products of Khurja, as well as locks and hardware of Aligarh district.

The section will also decongest the existing Kanpur-Delhi mainline and will enable the Indian Railways to run faster trains.

Noting that a state-of-the-art Operation Control Centre at Prayagraj will act as the command centre for the entire route length of the EDFC, they said this is one of the largest structures of its type globally with modern interiors, ergonomic design and best-in-class acoustics.

(With inputs from agencies)

Prime Minister Narendra Modi on Tuesday inaugurated the New Bhaupur-New Khurja section of the Eastern Dedicated Freight Corridor (EDFC) in Uttar Pradesh via video conferencing.

Prime Minister Narendra Modi on Tuesday inaugurated the New Bhaupur-New Khurja section of the Eastern Dedicated Freight Corridor (EDFC) in Uttar Pradesh via video conferencing. The 351 kilometres long stretch of New Bhaupur-New Khurja is located in the state of UP and has been built at a cost of Rs 5,750 crore. Speaking on the occasion, Modi said, "After Independence we are witnessing the inauguration of the most advanced rail section in the country. The first goods train that will run on the New Bhaupur-Khurja section will give a message of the new `Aatmanirbhar Bharat` (self-reliant India) and the new operation control centre in Prayagraj is one of the best control centres in the world." "The Operation Control Center in Prayagraj is also a symbol of the new power of the new India. Anyone will be proud as the management and data technology used in the control centre has been prepared in India," he said. The EDFC section of New Bhaupur-New Khurja will benefit local industries like the aluminium industry in Pukhrayan region of Kanpur Dehat, glassware industry of Firozabad, asafoetida production of Hathras, textile production and block printing of Etawah, dairy sector of Auraiya, pottery products of Khurja, as well as locks and hardware of Aligarh district. The section will also decongest the existing Kanpur-Delhi mainline and will enable the Indian Railways to run faster trains. Noting that a state-of-the-art Operation Control Centre at Prayagraj will act as the command centre for the entire route length of the EDFC, they said this is one of the largest structures of its type globally with modern interiors, ergonomic design and best-in-class acoustics. (With inputs from agencies)

Dedicated Freight Corridor: PM Modi inaugurates New Bhaupur-New Khurja section of EDFC

The government kept its assessment of industrial production unchanged, saying it was picking up.

Japan factory output growth stalls after rising for 5 months

German luxury carmaker BMW is planning to step up its production of electric vehicles, Chief Executive Oliver Zipse told German daily Augsburger Allgemeine.

BMW aims for 20% of its vehicles to be electric by 2023

The package providing coronavirus emergency response and relief is part of a larger spending bill that, with Trump's signature, will avoid a government shutdown

U.S: Donald Trump signs $2.3 trillion COVID-19 aid bill