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China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma. 
 
The announcement came more than a month after Chinese regulators abruptly suspended Ant`s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country`s antitrust authorities said they had launched a probe into Ma`s e-commerce conglomerate Alibaba Group Holding Ltd. 
 
Chinese regulators and Communist Party officials have set about reining in Ma`s sprawling financial empire after he publicly criticized the country`s regulatory system in October for stifling innovation. 
 
Regulators have urged Ant to rectify financial regulatory violations, including in its credit, insurance and wealth management businesses, and overhaul its credit rating business to protect personal information, People`s Bank of China (PBOC) Vice Governor Pan Gongsheng said on Sunday. 
 
Pan`s comments stopped short of calling for a breakup of Ant, yet pointed to significant operational restructuring. Ant should set up a separate holding company to ensure capital adequacy and regulatory compliance, Pan said. 
 
Ant should also be fully licensed to operate its personal credit business, and be more transparent about its third-party payment transactions and not engage in unfair competition, Pan added. 
 
Ant said in a statement it would establish a "rectification" working group and fully implement regulatory requirements. 
 
Ma was advised by the Chinese government to stay in the country, Bloomberg News has reported, citing a person familiar with the matter. Ma could not be reached for comment. 
 
Pan said Ant representatives met on Saturday with officials from the PBOC and other Chinese banking, securities and foreign exchange regulators. 
 
During the meeting, regulators pointed out Ant`s issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrage, the use of its market advantage to squeeze out competitors, and harming consumers` legal interests, according to Pan. 
 
Ant was launched in 2004 and is 33% owned by Alibaba. Its Alipay app dominates digital payments in China, with more than 730 million monthly users. The Hangzhou-based company also built an empire connecting China`s borrowers and lenders, securing short-term loans within minutes. It was poised to be valued at more than $300 billion in its stock market debut. 
 
Last month, China issued draft rules aimed at preventing monopolistic behaviour by internet firms, and the Politburo this month vowed to strengthen anti-monopoly efforts in 2021 and rein in "disorderly capital expansion." 
 
China also warned internet giants this month to brace for increased scrutiny, as it slapped fines and announced probes into mergers involving Alibaba and Tencent Holdings Ltd.

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma.

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma. The announcement came more than a month after Chinese regulators abruptly suspended Ant`s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country`s antitrust authorities said they had launched a probe into Ma`s e-commerce conglomerate Alibaba Group Holding Ltd. Chinese regulators and Communist Party officials have set about reining in Ma`s sprawling financial empire after he publicly criticized the country`s regulatory system in October for stifling innovation. Regulators have urged Ant to rectify financial regulatory violations, including in its credit, insurance and wealth management businesses, and overhaul its credit rating business to protect personal information, People`s Bank of China (PBOC) Vice Governor Pan Gongsheng said on Sunday. Pan`s comments stopped short of calling for a breakup of Ant, yet pointed to significant operational restructuring. Ant should set up a separate holding company to ensure capital adequacy and regulatory compliance, Pan said. Ant should also be fully licensed to operate its personal credit business, and be more transparent about its third-party payment transactions and not engage in unfair competition, Pan added. Ant said in a statement it would establish a "rectification" working group and fully implement regulatory requirements. Ma was advised by the Chinese government to stay in the country, Bloomberg News has reported, citing a person familiar with the matter. Ma could not be reached for comment. Pan said Ant representatives met on Saturday with officials from the PBOC and other Chinese banking, securities and foreign exchange regulators. During the meeting, regulators pointed out Ant`s issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrage, the use of its market advantage to squeeze out competitors, and harming consumers` legal interests, according to Pan. Ant was launched in 2004 and is 33% owned by Alibaba. Its Alipay app dominates digital payments in China, with more than 730 million monthly users. The Hangzhou-based company also built an empire connecting China`s borrowers and lenders, securing short-term loans within minutes. It was poised to be valued at more than $300 billion in its stock market debut. Last month, China issued draft rules aimed at preventing monopolistic behaviour by internet firms, and the Politburo this month vowed to strengthen anti-monopoly efforts in 2021 and rein in "disorderly capital expansion." China also warned internet giants this month to brace for increased scrutiny, as it slapped fines and announced probes into mergers involving Alibaba and Tencent Holdings Ltd.

China pushes Ant Group overhaul in latest crackdown on Jack Ma

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People's Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group.

Ant said in a statement it would establish a "rectification" working party and fully implement regulatory requirements.

The state-backed Economic Daily said in a commentary that Ant should serve the people's needs and economic development, taking effective corporate social responsibility.

Chinese regulators last month abruptly suspended Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong.

On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant, the latest blow for billionaire Jack Ma's e-commerce and fintech empire.

The new demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange also include that Ant be more transparent about its third-party payment transactions and not conduct unfair competition, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, Pan said.

China's annual Central Economic Work Conference, a gathering of top leaders and policymakers to chart the economy's course in 2021, vowed this month to strengthen antimonopoly efforts and rein in "disorderly capital expansion."

Pan said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business.

During the meeting, regulators pointed out Ant's issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to squeeze out competitors, and harming consumers' legal interests, he said.

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform. The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People's Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group. Ant said in a statement it would establish a "rectification" working party and fully implement regulatory requirements. The state-backed Economic Daily said in a commentary that Ant should serve the people's needs and economic development, taking effective corporate social responsibility. Chinese regulators last month abruptly suspended Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong. On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant, the latest blow for billionaire Jack Ma's e-commerce and fintech empire. The new demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange also include that Ant be more transparent about its third-party payment transactions and not conduct unfair competition, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, Pan said. China's annual Central Economic Work Conference, a gathering of top leaders and policymakers to chart the economy's course in 2021, vowed this month to strengthen antimonopoly efforts and rein in "disorderly capital expansion." Pan said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business. During the meeting, regulators pointed out Ant's issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to squeeze out competitors, and harming consumers' legal interests, he said.

China financial regulators urges Ant Group to set 'rectification' plan swiftly

The telecom industry's 'active' subscriber base rose by nearly 2.5 million in October 2020 to touch about 961 million, and user additions benefited from vanishing impact of SIM consolidation triggered from the tariff hike, according to the latest report.

ICICI Securities, in its report crunching Trai's telecom subscription data, said Bharti Airtel's active subscribers rose about 3 million to reach nearly 320 million in October 2020, "most of which was driven by total subscriber net adds, thus indicating improving quality of subscriber addition".

Bharti Airtel saw the highest subscriber addition in its traditionally weak circles of Maharashtra (0.7 million) and Gujarat (0.5 million).

The active subscribers are calculated based on the reported visitor location register (VLR), a key metric reflecting the number of active users on a mobile network.

"Industry-active subscriber base expanded by 2.5 million to 961 million. Subscriber addition has benefited from vanishing impact of SIM consolidation triggered from tariff hike," the report said.

According to the ICICI Securities' report, Jio's active subscribers rose 1.1 million to 319 million in October.

It added that Vodafone Idea Ltd's (VIL) active subscriber numbers continued to decline, but at a lower pace; it fell 1.2 million resulting in an active subscriber base of about 260 million in October 2020.

VIL's total subscriber base shrunk by almost 2.7 million, it said. ICICI Securities observed that Bharti Airtel has regained market leader position by active subscribers.

On an overall basis, Airtel added 3.6 million new customers in October, taking its total wireless customer base to 330.3 million in October 2020, according to the Telecom Regulatory Authority of India's (Trai) data.

Airtel was followed by Reliance Jio, which added overall 2.22 million new mobile customers, taking its total subscriber base to 406.3 million during the said month.

Vodafone Idea Ltd and state-owned BSNL and MTNL reported a loss of subscriber base, on an overall basis.

The telecom industry's 'active' subscriber base rose by nearly 2.5 million in October 2020 to touch about 961 million, and user additions benefited from vanishing impact of SIM consolidation triggered from the tariff hike, according to the latest report.

The telecom industry's 'active' subscriber base rose by nearly 2.5 million in October 2020 to touch about 961 million, and user additions benefited from vanishing impact of SIM consolidation triggered from the tariff hike, according to the latest report. ICICI Securities, in its report crunching Trai's telecom subscription data, said Bharti Airtel's active subscribers rose about 3 million to reach nearly 320 million in October 2020, "most of which was driven by total subscriber net adds, thus indicating improving quality of subscriber addition". Bharti Airtel saw the highest subscriber addition in its traditionally weak circles of Maharashtra (0.7 million) and Gujarat (0.5 million). The active subscribers are calculated based on the reported visitor location register (VLR), a key metric reflecting the number of active users on a mobile network. "Industry-active subscriber base expanded by 2.5 million to 961 million. Subscriber addition has benefited from vanishing impact of SIM consolidation triggered from tariff hike," the report said. According to the ICICI Securities' report, Jio's active subscribers rose 1.1 million to 319 million in October. It added that Vodafone Idea Ltd's (VIL) active subscriber numbers continued to decline, but at a lower pace; it fell 1.2 million resulting in an active subscriber base of about 260 million in October 2020. VIL's total subscriber base shrunk by almost 2.7 million, it said. ICICI Securities observed that Bharti Airtel has regained market leader position by active subscribers. On an overall basis, Airtel added 3.6 million new customers in October, taking its total wireless customer base to 330.3 million in October 2020, according to the Telecom Regulatory Authority of India's (Trai) data. Airtel was followed by Reliance Jio, which added overall 2.22 million new mobile customers, taking its total subscriber base to 406.3 million during the said month. Vodafone Idea Ltd and state-owned BSNL and MTNL reported a loss of subscriber base, on an overall basis.

Telecom industry's active subscriber tally up by 2.5 million in October: Report

Boeing Co has deferred its plan to make plane components in India's southern state of Karnataka from 2022.

Covid-19 pandemic defers Boeing's plans to manufacture plane components in Karnataka

American airlines furloughed nearly 19,000 employees after a first federal payroll support package for airlines expired in October.

American Airlines begins recalling 19,000 furloughed workers

Honda Cars India Ltd. (HCIL) today announced realignment of its manufacturing operations with the goal of improving business efficiency.

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Asian markets struck a hopeful tone on Thursday at a potential Brexit deal and economic recovery prospects Australia's S&amp;P/ASX 200 was up 0.78% in early trading, while Japan's Nikkei 225 futures were up 0.07%, and Hong Kong's Hang Seng index futures inched up 0.17%.

Investors cheered a potential Brexit trade deal between Britain and the European Union that raised hopes the estranged allies would avoid a turbulent economic rupture on New Year's Day.

"The framework for a Brexit trade deal gave investors the green light to start buying everything in Europe," said Edward Moya, Senior Market Analyst, at OANDA in New York. He was quoted by Reuters.

A potential Brexit deal also boosted sterling, which went up 0.13% against the dollar at $1.3509 after closing up 0.9%. The pound also rose after Francen lifted ban on freight coming from Britain.

Wall Street ended mostly higher, with the Dow Jones Industrial Average closing up 0.38% and the S&amp;P 500 edging 0.07% higher. The Nasdaq Composite declined 0.29%.

A raft of mixed U.S. economic data showed lower jobless claims and an uptick in new orders for durable goods, but also a pullback in consumer spending, falling personal income and fading sentiment as the holiday shopping season nears its end amid a resurgent pandemic.

Investors largely shrugged off comments by President Trump saying a nearly $900 billion stimulus bill, agreed upon after months of wrangling in Congress, was "a disgrace" that he might not sign. Trump said he wanted to increase "ridiculously low" $600 payments for individuals to $2,000, in a video posted to Twitter.

"Risk-on sentiment is guiding markets so far today and it appears to be weighted more toward possible optimism toward a Brexit deal and the cherry-picked parts of U.S. releases, rather than Trump's reckless antics over signing the stimulus and funding bill," said Derek Holt, head of capital markets Economics at Scotiabank.

Oil prices settled more than 2% higher as draws in U.S. inventories of crude, gasoline and distillates lifted investors' hopes for some return in fuel demand

(With Reuters inputs)

Asian markets struck a hopeful tone on Thursday at a potential Brexit deal and economic recovery prospects Australia's S&P/ASX 200 was up 0.78% in early trading, while Japan's Nikkei 225 futures were up 0.

Asian markets struck a hopeful tone on Thursday at a potential Brexit deal and economic recovery prospects Australia's S&P/ASX 200 was up 0.78% in early trading, while Japan's Nikkei 225 futures were up 0.07%, and Hong Kong's Hang Seng index futures inched up 0.17%. Investors cheered a potential Brexit trade deal between Britain and the European Union that raised hopes the estranged allies would avoid a turbulent economic rupture on New Year's Day. "The framework for a Brexit trade deal gave investors the green light to start buying everything in Europe," said Edward Moya, Senior Market Analyst, at OANDA in New York. He was quoted by Reuters. A potential Brexit deal also boosted sterling, which went up 0.13% against the dollar at $1.3509 after closing up 0.9%. The pound also rose after Francen lifted ban on freight coming from Britain. Wall Street ended mostly higher, with the Dow Jones Industrial Average closing up 0.38% and the S&P 500 edging 0.07% higher. The Nasdaq Composite declined 0.29%. A raft of mixed U.S. economic data showed lower jobless claims and an uptick in new orders for durable goods, but also a pullback in consumer spending, falling personal income and fading sentiment as the holiday shopping season nears its end amid a resurgent pandemic. Investors largely shrugged off comments by President Trump saying a nearly $900 billion stimulus bill, agreed upon after months of wrangling in Congress, was "a disgrace" that he might not sign. Trump said he wanted to increase "ridiculously low" $600 payments for individuals to $2,000, in a video posted to Twitter. "Risk-on sentiment is guiding markets so far today and it appears to be weighted more toward possible optimism toward a Brexit deal and the cherry-picked parts of U.S. releases, rather than Trump's reckless antics over signing the stimulus and funding bill," said Derek Holt, head of capital markets Economics at Scotiabank. Oil prices settled more than 2% higher as draws in U.S. inventories of crude, gasoline and distillates lifted investors' hopes for some return in fuel demand (With Reuters inputs)

Asian markets rise at the prospect of a Brexit deal

Domestic equity market benchmark indices, Sensex and Nifty ended over 1 per cent higher Thursday led by gains in banking and pharma stocks amid positive global cues. 
 
BSE Sensex surges 529 points to end at 46,973, while the broader Nifty 50 index jumped 148 points to settle at 13,749. Out of 30 Sensex stocks, 20 shares ended in the green, led by Sun Pharma which jumped 3.22 per cent.&nbsp;

Meanwhile, the Indian rupee hit the 77/$ mark earlier in the year. The fall in INR is understandable given the economic uncertainties and fall in growth rate that led to global investors rush to the greenback which is considered as a safe haven.&nbsp;

The depreciating rupee has had a positive impact on Indian exporters, IT companies. The Indian rupee has depreciated over 3.5% (YTD) in the year 2020.&nbsp;

This will be the third straight year of decline for the INR. It is one of the worst years for the Indian Rupee among its Asian peers.&nbsp;

(With inputs from agencies)&nbsp;

Domestic equity market benchmark indices, Sensex and Nifty ended over 1 per cent higher Thursday led by gains in banking and pharma stocks amid positive global cues.

Domestic equity market benchmark indices, Sensex and Nifty ended over 1 per cent higher Thursday led by gains in banking and pharma stocks amid positive global cues. BSE Sensex surges 529 points to end at 46,973, while the broader Nifty 50 index jumped 148 points to settle at 13,749. Out of 30 Sensex stocks, 20 shares ended in the green, led by Sun Pharma which jumped 3.22 per cent. Meanwhile, the Indian rupee hit the 77/$ mark earlier in the year. The fall in INR is understandable given the economic uncertainties and fall in growth rate that led to global investors rush to the greenback which is considered as a safe haven. The depreciating rupee has had a positive impact on Indian exporters, IT companies. The Indian rupee has depreciated over 3.5% (YTD) in the year 2020. This will be the third straight year of decline for the INR. It is one of the worst years for the Indian Rupee among its Asian peers. (With inputs from agencies)

Sensex jumps 529 points, Nifty ends at 13,749

India's fuel consumption also rose for a third straight month in November, data showed this month

Indian refiners' November crude processing hits 8-months high

The United States economy expanded at a record 33.4 percent annual pace from July through September.

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Production fell year-on-year by 1.4% last month to 106,243 vehicles but the comparison was flattered by a weak November 2019.

UK car output slightly down by 1.4% for November: SMMT

Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year.

Total crypto fund inflows top $5 billion this year

Shares of Tesla ended sharply lower in their S&P 500 debut Monday, with losses accelerating after news of potential future competition from Apple.

Tesla tumbles 6.5% from record high in S&P 500 debut

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Stock market indices witnessed a sharp recovery to end 1 per cent higher on Tuesday led by robust buying in IT and pharma stocks.&nbsp;

The benchmark S&amp;P BSE Sensex rebounded 895 points from day's low and settled 453 points or 0.99 per cent, higher at 46,007 levels on the BSE. The index had earlier hit an intra-day low of 45,112.&nbsp;

HCL Tech, Tech Mahindra, Infosys, and PowerGrid were the top gainers on the 30-share index while HDFC, Bajaj Finance, and IndusInd Bank ended the day as top laggards.

The broader Nifty50, on the other hand, clawed back above the 13,400-mark and closed at 13,466 level, up 138 points or 1.03 per cent. From the day's low of 13,192, the index settled 274 points higher.

Global markets

European stocks steadied on Tuesday, after heavy losses a day earlier sparked by fears over a highly infectious new strain of Covid-19.

The broad Euro STOXX 600 gained 1.2%, on course for its biggest one-day jump in over five weeks. German and French indexes both added 1.3%. London’s blue chips turned positive, too, recovering early losses.

Earlier, MSCI's gauge of Asia Pacific stocks outside Japan fell 0.8%, dragged down by Hong Kong’s Hang Seng Index and China's benchmark CSI300 Index.

(With inputs from Reuters)

Stock market indices witnessed a sharp recovery to end 1 per cent higher on Tuesday led by robust buying in IT and pharma stocks. The benchmark S&P BSE Sensex rebounded 895 points from day's low and settled 453 points or 0.

Stock market indices witnessed a sharp recovery to end 1 per cent higher on Tuesday led by robust buying in IT and pharma stocks. The benchmark S&P BSE Sensex rebounded 895 points from day's low and settled 453 points or 0.99 per cent, higher at 46,007 levels on the BSE. The index had earlier hit an intra-day low of 45,112. HCL Tech, Tech Mahindra, Infosys, and PowerGrid were the top gainers on the 30-share index while HDFC, Bajaj Finance, and IndusInd Bank ended the day as top laggards. The broader Nifty50, on the other hand, clawed back above the 13,400-mark and closed at 13,466 level, up 138 points or 1.03 per cent. From the day's low of 13,192, the index settled 274 points higher. Global markets European stocks steadied on Tuesday, after heavy losses a day earlier sparked by fears over a highly infectious new strain of Covid-19. The broad Euro STOXX 600 gained 1.2%, on course for its biggest one-day jump in over five weeks. German and French indexes both added 1.3%. London’s blue chips turned positive, too, recovering early losses. Earlier, MSCI's gauge of Asia Pacific stocks outside Japan fell 0.8%, dragged down by Hong Kong’s Hang Seng Index and China's benchmark CSI300 Index. (With inputs from Reuters)

Sensex reclaims 46,000, Nifty gains 1% to end above 13,450 level

British business confidence recorded its biggest monthly improvement in more than four years this month, reflecting optimism that COVID-19 vaccines will lead to economic recovery in 2021, a Lloyds Bank survey showed on Monday.

UK business morale jumps by most in over 4 years - Lloyds

In November 2020, Chinese lawmakers had published a set of draft rules that recommend overhauling the country’s micro lending platforms.

China might further tighten control over large fintech firms

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Huawei to build network equipment factory in France

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

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

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

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

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

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

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

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

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

Domestic stock market indices slip after hitting new high

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

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

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

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