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

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

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

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

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

Texas suing Google over alleged anti-competitive ad tech practices

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

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

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

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

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

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

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

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

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

US Treasury lists Switzerland and Vietnam as currency manipulators

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Japan business sentiment improves for second straight quarter

UK's manufacturing industry warned of a potential 'knockout blow' if Prime Minister Boris Johnson is unable to secure a trade deal with the European Union before temporary transition arrangements end on Dec. 31.

UK manufacturers warn of 'knockout blow' from no-deal Brexit

UPS and FedEx usually compete fiercely for business. Now, the rivals are working closely together to ship the coronavirus vaccine developed by Pfizer and BioNTech, the first of the vaccines to win U.S. government approval.

The two shipping companies said they have put the plans they have been working on for months into action after the Food and Drug Administration gave the vaccine emergency authorization late Friday.

In a statement Saturday, UPS said it would transport doses of the vaccine from storage sites in Michigan and Wisconsin to its air cargo hub in Louisville, Kentucky. From there, the doses will be distributed to hospitals and other medical facilities across the country using its Next Day Air service, arriving the day after leaving the Pfizer facilities.

“This is the moment of truth we’ve been waiting for,” Wes Wheeler, president of the company’s health care division, said in a statement. “The time has arrived to put the plan into action.”

Even before the vaccine was approved, UPS had started shipping out kits with the medical supplies needed to administer it, such as alcohol wipes and syringes, Wheeler recently told a Senate subcommittee. UPS and FedEx will split distribution of the vaccine throughout the country, he said. After those shipments arrive, all Pfizer dosing sites will receive another shipment from UPS of 40 pounds of extra dry ice to keep the vaccines at a frigid temperature.

“You have two fierce rivals here, and competitors, in FedEx and UPS, who literally are teaming up to get this delivered,” Richard Smith, a FedEx executive, told the Senate’s Subcommittee on Transportation and Safety on Thursday.

Both companies said the shipments will be closely tracked and monitored and will be given priority over other packages. To ship its vaccine, Pfizer designed specialized containers packed with enough dry ice to keep a minimum of 975 doses cool for up to 10 days. Each comes with a tracking device.

UPS and FedEx said they will also affix their own tracking tags to vaccine shipments. And Wheeler told senators that each UPS truck carrying the doses will have a device that tracks its location, temperature, light exposure and motion. The company’s trucks will have escorts, too, he said. It is not clear whether he meant the local police or other government officials, or possibly private guards, and the company declined to specify.

The vaccine administration kits were assembled by McKesson, a medical supplier that was asked by federal authorities to act as a centralized distributor of the vaccines and supplies, such as syringes and alcohol wipes. Unlike Pfizer, Moderna, whose vaccine could be approved soon, plans to have McKesson package its vaccines alongside the supplies, Smith said.

In the case of Pfizer, UPS plans to deliver the kits — from a McKesson site in Kentucky — in advance of the vaccine, allowing it to identify any errors with addresses in its system, Wheeler said. The kits contain a syringe, a substance used to dilute the vaccines, personal protective equipment, instructions and mixing vials, he said.

Shippers have spent months upgrading cold storage infrastructure for the Pfizer vaccine, which must be stored at minus 94 degrees Fahrenheit. UPS, for example, has been installing ultralow-temperature freezer farms that are able to keep goods as cold as minus 112 degrees Fahrenheit near its air cargo hubs in the United States and Europe. It also plans to produce more than 24,000 pounds of dry ice per day at its hub in Louisville. FedEx has added ultracold freezers throughout its U.S. network, too.

Airlines have also been preparing to transport the vaccines, working with plane manufacturers and the Federal Aviation Administration to safely carry more dry ice than is typically allowed. UPS is also sending the agency a daily file of its flights so it can help prioritize them over others, Wheeler said. The company, he said, is in daily contact with officials involved in Operation Warp Speed, the federal effort to accelerate vaccine development.

UPS and FedEx usually compete fiercely for business. Now, the rivals are working closely together to ship the coronavirus vaccine developed by Pfizer and BioNTech, the first of the vaccines to win U.

UPS and FedEx usually compete fiercely for business. Now, the rivals are working closely together to ship the coronavirus vaccine developed by Pfizer and BioNTech, the first of the vaccines to win U.S. government approval. The two shipping companies said they have put the plans they have been working on for months into action after the Food and Drug Administration gave the vaccine emergency authorization late Friday. In a statement Saturday, UPS said it would transport doses of the vaccine from storage sites in Michigan and Wisconsin to its air cargo hub in Louisville, Kentucky. From there, the doses will be distributed to hospitals and other medical facilities across the country using its Next Day Air service, arriving the day after leaving the Pfizer facilities. “This is the moment of truth we’ve been waiting for,” Wes Wheeler, president of the company’s health care division, said in a statement. “The time has arrived to put the plan into action.” Even before the vaccine was approved, UPS had started shipping out kits with the medical supplies needed to administer it, such as alcohol wipes and syringes, Wheeler recently told a Senate subcommittee. UPS and FedEx will split distribution of the vaccine throughout the country, he said. After those shipments arrive, all Pfizer dosing sites will receive another shipment from UPS of 40 pounds of extra dry ice to keep the vaccines at a frigid temperature. “You have two fierce rivals here, and competitors, in FedEx and UPS, who literally are teaming up to get this delivered,” Richard Smith, a FedEx executive, told the Senate’s Subcommittee on Transportation and Safety on Thursday. Both companies said the shipments will be closely tracked and monitored and will be given priority over other packages. To ship its vaccine, Pfizer designed specialized containers packed with enough dry ice to keep a minimum of 975 doses cool for up to 10 days. Each comes with a tracking device. UPS and FedEx said they will also affix their own tracking tags to vaccine shipments. And Wheeler told senators that each UPS truck carrying the doses will have a device that tracks its location, temperature, light exposure and motion. The company’s trucks will have escorts, too, he said. It is not clear whether he meant the local police or other government officials, or possibly private guards, and the company declined to specify. The vaccine administration kits were assembled by McKesson, a medical supplier that was asked by federal authorities to act as a centralized distributor of the vaccines and supplies, such as syringes and alcohol wipes. Unlike Pfizer, Moderna, whose vaccine could be approved soon, plans to have McKesson package its vaccines alongside the supplies, Smith said. In the case of Pfizer, UPS plans to deliver the kits — from a McKesson site in Kentucky — in advance of the vaccine, allowing it to identify any errors with addresses in its system, Wheeler said. The kits contain a syringe, a substance used to dilute the vaccines, personal protective equipment, instructions and mixing vials, he said. Shippers have spent months upgrading cold storage infrastructure for the Pfizer vaccine, which must be stored at minus 94 degrees Fahrenheit. UPS, for example, has been installing ultralow-temperature freezer farms that are able to keep goods as cold as minus 112 degrees Fahrenheit near its air cargo hubs in the United States and Europe. It also plans to produce more than 24,000 pounds of dry ice per day at its hub in Louisville. FedEx has added ultracold freezers throughout its U.S. network, too. Airlines have also been preparing to transport the vaccines, working with plane manufacturers and the Federal Aviation Administration to safely carry more dry ice than is typically allowed. UPS is also sending the agency a daily file of its flights so it can help prioritize them over others, Wheeler said. The company, he said, is in daily contact with officials involved in Operation Warp Speed, the federal effort to accelerate vaccine development.

UPS and FedEx say vaccine shipment plans are underway

British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology.&nbsp;

"Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases," AstraZeneca chief executive Pascal Soriot said in a statement, announcing the year's biggest deal in the pharma sector.

"We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients," he said.

Both boards have agreed to the cash-and-stock deal, which values Alexion at $175 a share, a premium of 45 percent to the Boston-based company's closing price on Friday.

Since taking the helm at AstraZeneca in 2012, Soriot has pushed the group into lucrative treatments such as cancer therapies, and the Alexion takeover will give it more heft in areas such as treating blood disorders.

Along with researchers from the University of Oxford, AstraZeneca has developed an effective Covid-19 vaccine which the UK government plans to use as the lynchpin of its inoculation drive, after first rolling out another vaccine by Pfizer/BioNTech.

But approval of the AstraZeneca/Oxford drug has been held up after queries over its initial trial results.&nbsp; 
On Tuesday, the UK partners became the first Covid-19 vaccine makers to publish final-stage clinical trial data in a scientific journal, clearing a key hurdle.

The new acquisition is expected to close in the third quarter of 2021, and Alexion shareholders will own 15 percent of the combined company.

"This transaction marks the start of an exciting new chapter for Alexion," Alexion chief executive Ludwig Hantson said.

"We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics," he said.

British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology.

British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology. "Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases," AstraZeneca chief executive Pascal Soriot said in a statement, announcing the year's biggest deal in the pharma sector. "We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients," he said. Both boards have agreed to the cash-and-stock deal, which values Alexion at $175 a share, a premium of 45 percent to the Boston-based company's closing price on Friday. Since taking the helm at AstraZeneca in 2012, Soriot has pushed the group into lucrative treatments such as cancer therapies, and the Alexion takeover will give it more heft in areas such as treating blood disorders. Along with researchers from the University of Oxford, AstraZeneca has developed an effective Covid-19 vaccine which the UK government plans to use as the lynchpin of its inoculation drive, after first rolling out another vaccine by Pfizer/BioNTech. But approval of the AstraZeneca/Oxford drug has been held up after queries over its initial trial results. On Tuesday, the UK partners became the first Covid-19 vaccine makers to publish final-stage clinical trial data in a scientific journal, clearing a key hurdle. The new acquisition is expected to close in the third quarter of 2021, and Alexion shareholders will own 15 percent of the combined company. "This transaction marks the start of an exciting new chapter for Alexion," Alexion chief executive Ludwig Hantson said. "We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics," he said.

AstraZeneca to buy US biotech firm Alexion for USD 39 billion 

Tesla, the U.S. automaker, will send delegations to Indonesia next month to discuss potential investment in a supply chain for its electric vehicles, the government said on Saturday in a statement.

President Joko Widodo has touted Indonesia`s nickel reserves on a number of occasions, telling Reuters last month that "it’s very important because we have a great plan to make Indonesia the biggest producer of lithium batteries and we have the biggest nickel (reserves)."

The president and Luhut Pandjaitan, the coordinating minister for maritime and investment, were on a call with Tesla CEO Elon Musk on Friday to discuss "investment opportunities from electric vehicles company Tesla in Indonesia," the ministry said.

Tesla did not immediately respond to a Reuters request for comment.

Luhut told Reuters last month that "there is a really good chance" that companies will want to invest in Indonesian nickel processing to cut costs.

Musk has said he is planning to offer a `giant contract for a long period of time" so long as the nickel is mined “efficiently and in an environmentally sensitive way".

Indonesia is keen to develop a full supply chain for nickel at home, especially for extracting battery chemicals, making batteries and eventually building EVs.

Tesla, the U.S. automaker, will send delegations to Indonesia next month to discuss potential investment in a supply chain for its electric vehicles, the government said on Saturday in a statement.

Tesla, the U.S. automaker, will send delegations to Indonesia next month to discuss potential investment in a supply chain for its electric vehicles, the government said on Saturday in a statement. President Joko Widodo has touted Indonesia`s nickel reserves on a number of occasions, telling Reuters last month that "it’s very important because we have a great plan to make Indonesia the biggest producer of lithium batteries and we have the biggest nickel (reserves)." The president and Luhut Pandjaitan, the coordinating minister for maritime and investment, were on a call with Tesla CEO Elon Musk on Friday to discuss "investment opportunities from electric vehicles company Tesla in Indonesia," the ministry said. Tesla did not immediately respond to a Reuters request for comment. Luhut told Reuters last month that "there is a really good chance" that companies will want to invest in Indonesian nickel processing to cut costs. Musk has said he is planning to offer a `giant contract for a long period of time" so long as the nickel is mined “efficiently and in an environmentally sensitive way". Indonesia is keen to develop a full supply chain for nickel at home, especially for extracting battery chemicals, making batteries and eventually building EVs.

Tesla teams to visit Indonesia to check on investment in EV components-government

In a bid to push Indian-made goods, Walmart on Thursday said it would triple its exports from the country to $10 billion each year by 2027.

Walmart to triple exports from India to $10 billion each year by 2027

Chinese state-possessed organizations are beginning to default on their obligations. It's a difficulty that could swell through the nation's monetary framework, taking steps to pummel the brakes on the country's economy and stumble the worldwide recuperation from the pandemic.&nbsp;

China's state-owned enterprises (SOEs) defaulted on a record 40 billion yuan ($6.1 billion) worth of connections between January and October, as per Fitch Ratings. That is probably as much as the most recent two years joined.&nbsp;

The issue has just deteriorated lately. A huge number of significant organizations — including BMW's (BMWYY) Chinese accomplice Brilliance Auto Group, top cell phone chip producer Tsinghua Unigroup, and Yongcheng Coal and Electricity — looked into going chapter 11 or defaulted on their credits a month ago, sending stun waves through the country's obligation market. Security costs have plunged and loan fees have spiked, and the disturbance has even poured out over into the financial exchange, where portions of state-possessed firms have been sinking.&nbsp;

It's disturbing on several fronts. Above all else, the cozy connections between these organizations and neighborhood Chinese governments commonly make them sure things in a difficult situation. In the event that financial specialists are stressed that the state is done ready to help them, they unexpectedly become a lot more hazardous recommendations.&nbsp;

Second, the accomplishment of the state area is basic to China's monetary framework. While such firms offer not exactly 33% of GDP, they represent the greater part of the bank credits offered in China and some 90 per cent&nbsp;of the nation's corporate securities, as indicated by information from the People's Bank of China and Chinese financier firm Huachuang Securities.&nbsp;

"The believability of government ensures has been the main defense against [financial] emergency up until now. Presently we are seeing signs that this validity is disintegrating," as per Logan Wright, overseer of China markets research at Rhodium Group.&nbsp;

Verifiably, Beijing has been hesitant to allow these organizations to fall flat. The Chinese Communist Party appreciates tight power over wide areas of the economy, including business, and it accepts that the ties between these organizations and the public authority are significant for keeping up that.&nbsp;

Presently, they seem, by all accounts, to permit probably some to fall. Yet, such a large number of defaults on advances and corporate securities would leave the monetary framework inconceivably powerless, making that approach full of danger.&nbsp;

"In spite of the fact that specialists need market discipline for less secure firms, they can't realize how much credit danger may make more extensive disease," Wright wrote in an ongoing exploration note. "Nobody can know this line unmistakably, given that there is no point of reference for this danger in China's monetary framework."&nbsp;

In the event that Beijing's capacity to deal with the obligation is raised doubt, Wright cautioned that the aftermath could strain the monetary market, diminishing accessible credit, and liquidity. As of now, there have been a few results: Bond financing dropped forcefully in November, as indicated by insights delivered Wednesday by the People's Bank of China.&nbsp;

These issues could eventually delay what has been a delicate recuperation for the world's second-biggest economy. While the International Monetary Fund anticipates that China's economy should develop 1.9% this year, better than its huge worldwide friends, that would be the most vulnerable yearly pace of extension in over forty years.&nbsp;

The endeavors to reign in hazardous obtaining "will burden the movement of non-bank credit," composed Julian Evans-Pritchard, senior China financial specialist for Capital Economics, in a Wednesday research note.&nbsp;

"While it won't wreck China's financial recuperation short-term, it will bit by bit debilitate the ongoing tailwinds from strategy boost," he stated, alluding to moves by the Chinese government this year to cut loan costs and free billions of dollars worth of expenditure to prop up development.&nbsp;

'Inescapable' defaults&nbsp;

While the record measure of bond defaults this year probably has a great deal to do with the Covid pandemic, China's state-possessed organizations have been collecting obligations for quite a long time.&nbsp;

"We saw these defaults as inescapable," composed experts at Nomura in an ongoing exploration report. They noticed that the Chinese government has been propping up the area with trillions of dollars in upgrades since the 2008 worldwide monetary emergency.&nbsp;

Yet, those ventures didn't create as great returns true to form.&nbsp;

The weaknesses of state-possessed organizations have been broadly recognised. Such firms are frequently less serious than their private friends and produce lower quantifiable profits, said Ning Gaoning, the administrator of the state-claimed synthetic aggregate Sinochem Group, at a significant political social affair in Beijing in May.&nbsp;

Simultaneously, China has been verifiably one-sided toward its valued state firms and offered them undeniably more admittance to financing than their private partners. That pattern has quickened lately as President Xi Jinping has required a more grounded and more prevailing state area.&nbsp;

Those variables presently give off an impression of being meeting up this year to make an ideal tempest. To assist organizations with recuperating aftermath identified with Covid-19, China drastically relaxed limitations on financing — a choice specialists recognized before this year would bring about an uptick in terrible advances.&nbsp;

Obviously, state-claimed organizations represented a lot of credit bond issuance through the initial nine months of the year. Such firms raised some 8.5 trillion yuan ($1.3 trillion), contrasted with the private area's 857 billion yuan ($131.2 billion), as indicated by Pengyuan International, a Chinese rating organization.&nbsp;

Defaults, in the interim, have risen significantly. The Nomura experts assessed that by mid-November, organizations had defaulted on nearly 178 billion yuan ($27 billion) worth of securities in the terrain Chinese market. About 43 per cent&nbsp;of that came from state-possessed firms, over 30% over the ongoing yearly normal.&nbsp;

"Undoubtedly we will see a lot more such defaults in coming years," the Nomura investigators composed.&nbsp;

Finding some kind of harmony&nbsp;

Beijing has been finding a way to help quiet the market. A month ago, the People's Bank of China infused one trillion yuan ($153 billion) worth of medium-term credits into business sectors to facilitate the weight on liquidity and relieve the nerves of speculators.&nbsp;

Bad habit Premier Liu He, who seats China's monetary soundness council, has been attempting to help certainty, as well. During an ongoing gathering with monetary and financial authorities, he asked neighborhood governments in China to forestall most pessimistic scenario situations by reinforcing the notice frameworks they use to recognize foundational dangers and keeping adequate liquidity.&nbsp;

All things being equal, Liu and others have clarified that not every person should be spared. In that equivalent gathering, he cautioned state-claimed firms that Beijing has "zero resistance" for "key defaults" — comments that have been deciphered to imply that the public authority thinks a few organizations are intentionally avoiding obligation commitments that they ought to have had the option to meet.&nbsp;

Investigators have likewise noticed that saving some state-claimed firms from breakdown is presumably an impasse, given how monetarily unwieldy the area can be. Alongside their different failures, such organizations likewise utilize only 10% of the labor force.&nbsp;

In any case, taking into consideration an excessive number of defaults could imperil the monetary strength and close term recuperation. Experts at Goldman Sachs as of late brought up that far and wide disappointments in the area could pour out over into the financial framework, making banks cut back on loaning all the more comprehensively, or increment loan fees — the last of which is now beginning to occur.&nbsp;

"In spite of the fact that the focal government has been attempting to decrease certain certifications on the lookout," they are meaning to do as such in an "organized way," those experts wrote in an ongoing examination note.&nbsp;

"Given China's post-Covid financial recuperation is as yet continuous, the reality is the public authority will attempt to contain" those dangers, they added.

Chinese state-possessed organizations are beginning to default on their obligations. It's a difficulty that could swell through the nation's monetary framework, taking steps to pummel the brakes on the country's economy and stumble the worldwide recuperation from the pandemic.

Chinese state-possessed organizations are beginning to default on their obligations. It's a difficulty that could swell through the nation's monetary framework, taking steps to pummel the brakes on the country's economy and stumble the worldwide recuperation from the pandemic. China's state-owned enterprises (SOEs) defaulted on a record 40 billion yuan ($6.1 billion) worth of connections between January and October, as per Fitch Ratings. That is probably as much as the most recent two years joined. The issue has just deteriorated lately. A huge number of significant organizations — including BMW's (BMWYY) Chinese accomplice Brilliance Auto Group, top cell phone chip producer Tsinghua Unigroup, and Yongcheng Coal and Electricity — looked into going chapter 11 or defaulted on their credits a month ago, sending stun waves through the country's obligation market. Security costs have plunged and loan fees have spiked, and the disturbance has even poured out over into the financial exchange, where portions of state-possessed firms have been sinking. It's disturbing on several fronts. Above all else, the cozy connections between these organizations and neighborhood Chinese governments commonly make them sure things in a difficult situation. In the event that financial specialists are stressed that the state is done ready to help them, they unexpectedly become a lot more hazardous recommendations. Second, the accomplishment of the state area is basic to China's monetary framework. While such firms offer not exactly 33% of GDP, they represent the greater part of the bank credits offered in China and some 90 per cent of the nation's corporate securities, as indicated by information from the People's Bank of China and Chinese financier firm Huachuang Securities. "The believability of government ensures has been the main defense against [financial] emergency up until now. Presently we are seeing signs that this validity is disintegrating," as per Logan Wright, overseer of China markets research at Rhodium Group. Verifiably, Beijing has been hesitant to allow these organizations to fall flat. The Chinese Communist Party appreciates tight power over wide areas of the economy, including business, and it accepts that the ties between these organizations and the public authority are significant for keeping up that. Presently, they seem, by all accounts, to permit probably some to fall. Yet, such a large number of defaults on advances and corporate securities would leave the monetary framework inconceivably powerless, making that approach full of danger. "In spite of the fact that specialists need market discipline for less secure firms, they can't realize how much credit danger may make more extensive disease," Wright wrote in an ongoing exploration note. "Nobody can know this line unmistakably, given that there is no point of reference for this danger in China's monetary framework." In the event that Beijing's capacity to deal with the obligation is raised doubt, Wright cautioned that the aftermath could strain the monetary market, diminishing accessible credit, and liquidity. As of now, there have been a few results: Bond financing dropped forcefully in November, as indicated by insights delivered Wednesday by the People's Bank of China. These issues could eventually delay what has been a delicate recuperation for the world's second-biggest economy. While the International Monetary Fund anticipates that China's economy should develop 1.9% this year, better than its huge worldwide friends, that would be the most vulnerable yearly pace of extension in over forty years. The endeavors to reign in hazardous obtaining "will burden the movement of non-bank credit," composed Julian Evans-Pritchard, senior China financial specialist for Capital Economics, in a Wednesday research note. "While it won't wreck China's financial recuperation short-term, it will bit by bit debilitate the ongoing tailwinds from strategy boost," he stated, alluding to moves by the Chinese government this year to cut loan costs and free billions of dollars worth of expenditure to prop up development. 'Inescapable' defaults While the record measure of bond defaults this year probably has a great deal to do with the Covid pandemic, China's state-possessed organizations have been collecting obligations for quite a long time. "We saw these defaults as inescapable," composed experts at Nomura in an ongoing exploration report. They noticed that the Chinese government has been propping up the area with trillions of dollars in upgrades since the 2008 worldwide monetary emergency. Yet, those ventures didn't create as great returns true to form. The weaknesses of state-possessed organizations have been broadly recognised. Such firms are frequently less serious than their private friends and produce lower quantifiable profits, said Ning Gaoning, the administrator of the state-claimed synthetic aggregate Sinochem Group, at a significant political social affair in Beijing in May. Simultaneously, China has been verifiably one-sided toward its valued state firms and offered them undeniably more admittance to financing than their private partners. That pattern has quickened lately as President Xi Jinping has required a more grounded and more prevailing state area. Those variables presently give off an impression of being meeting up this year to make an ideal tempest. To assist organizations with recuperating aftermath identified with Covid-19, China drastically relaxed limitations on financing — a choice specialists recognized before this year would bring about an uptick in terrible advances. Obviously, state-claimed organizations represented a lot of credit bond issuance through the initial nine months of the year. Such firms raised some 8.5 trillion yuan ($1.3 trillion), contrasted with the private area's 857 billion yuan ($131.2 billion), as indicated by Pengyuan International, a Chinese rating organization. Defaults, in the interim, have risen significantly. The Nomura experts assessed that by mid-November, organizations had defaulted on nearly 178 billion yuan ($27 billion) worth of securities in the terrain Chinese market. About 43 per cent of that came from state-possessed firms, over 30% over the ongoing yearly normal. "Undoubtedly we will see a lot more such defaults in coming years," the Nomura investigators composed. Finding some kind of harmony Beijing has been finding a way to help quiet the market. A month ago, the People's Bank of China infused one trillion yuan ($153 billion) worth of medium-term credits into business sectors to facilitate the weight on liquidity and relieve the nerves of speculators. Bad habit Premier Liu He, who seats China's monetary soundness council, has been attempting to help certainty, as well. During an ongoing gathering with monetary and financial authorities, he asked neighborhood governments in China to forestall most pessimistic scenario situations by reinforcing the notice frameworks they use to recognize foundational dangers and keeping adequate liquidity. All things being equal, Liu and others have clarified that not every person should be spared. In that equivalent gathering, he cautioned state-claimed firms that Beijing has "zero resistance" for "key defaults" — comments that have been deciphered to imply that the public authority thinks a few organizations are intentionally avoiding obligation commitments that they ought to have had the option to meet. Investigators have likewise noticed that saving some state-claimed firms from breakdown is presumably an impasse, given how monetarily unwieldy the area can be. Alongside their different failures, such organizations likewise utilize only 10% of the labor force. In any case, taking into consideration an excessive number of defaults could imperil the monetary strength and close term recuperation. Experts at Goldman Sachs as of late brought up that far and wide disappointments in the area could pour out over into the financial framework, making banks cut back on loaning all the more comprehensively, or increment loan fees — the last of which is now beginning to occur. "In spite of the fact that the focal government has been attempting to decrease certain certifications on the lookout," they are meaning to do as such in an "organized way," those experts wrote in an ongoing examination note. "Given China's post-Covid financial recuperation is as yet continuous, the reality is the public authority will attempt to contain" those dangers, they added.

How China's staggering debt crisis, SOE shocks can hurt global recovery

Indian stock market indices returned to their record-breaking ways after a day's break, logging fresh record highs in Friday's morning deals.

Sensex was trading 247.30 points higher at 46,184.36 and Nifty gained by 67.40 points to 13,545.70. During the session, Sensex hit an all-time high of 46,277 and Nifty too logged a record high of 13,566.

Yesterday, Sensex ended 143 points lower at 45,959 and Nifty fell 50 points to close at 13,478.&nbsp;

Global markets

Overseas, Asian stocks were mixed on Friday as investors kept an eye on negotiations over additional fiscal stimulus in the U.S. In the US, stocks closed little changed on Thursday as lawmakers struggled to push through new fiscal stimulus before year-end. The sentiment was also dampened by the release of weaker-than-expected jobless claims data.&nbsp;

(With inputs from agencies)

Indian stock market indices returned to their record-breaking ways after a day's break, logging fresh record highs in Friday's morning deals. Sensex was trading 247.

Indian stock market indices returned to their record-breaking ways after a day's break, logging fresh record highs in Friday's morning deals. Sensex was trading 247.30 points higher at 46,184.36 and Nifty gained by 67.40 points to 13,545.70. During the session, Sensex hit an all-time high of 46,277 and Nifty too logged a record high of 13,566. Yesterday, Sensex ended 143 points lower at 45,959 and Nifty fell 50 points to close at 13,478. Global markets Overseas, Asian stocks were mixed on Friday as investors kept an eye on negotiations over additional fiscal stimulus in the U.S. In the US, stocks closed little changed on Thursday as lawmakers struggled to push through new fiscal stimulus before year-end. The sentiment was also dampened by the release of weaker-than-expected jobless claims data. (With inputs from agencies)

Sensex hits fresh record high, jumps 200 points, Nifty above 13,500

The Indian stock market indices ended Friday's volatile session on a positive note amid healthy buying in financial, oil and gas, metal, and FMCG stocks.&nbsp;

The benchmark S&amp;P BSE Sensex ended at 46,099, up 139 points, or 0.3 per cent while NSE's Nifty ended at 13,514, up 36 points, or 0.26 per cent.&nbsp;

During the day, Sensex hit a record high of 46,309.63 while Nifty scaled an all-time high of 13,579.35. &nbsp;

Global markets

Asian shares rose on Friday as progress on Covid-19 vaccines boosted investor sentiment, but tricky Brexit negotiations and US stimulus talks capped gains in riskier assets.

Overnight on Wall Street, the Dow Jones Industrial Average fell 0.23 per cent, the S&amp;P 500 lost 0.13 per cent and the Nasdaq Composite added 0.54 per cent.

In commodities, oil rose, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programmes fed hopes that demand for fuel would rebound up next year.

(With inputs from Reuters)

The Indian stock market indices ended Friday's volatile session on a positive note amid healthy buying in financial, oil and gas, metal, and FMCG stocks. The benchmark S&P BSE Sensex ended at 46,099, up 139 points, or 0.

The Indian stock market indices ended Friday's volatile session on a positive note amid healthy buying in financial, oil and gas, metal, and FMCG stocks. The benchmark S&P BSE Sensex ended at 46,099, up 139 points, or 0.3 per cent while NSE's Nifty ended at 13,514, up 36 points, or 0.26 per cent. During the day, Sensex hit a record high of 46,309.63 while Nifty scaled an all-time high of 13,579.35. Global markets Asian shares rose on Friday as progress on Covid-19 vaccines boosted investor sentiment, but tricky Brexit negotiations and US stimulus talks capped gains in riskier assets. Overnight on Wall Street, the Dow Jones Industrial Average fell 0.23 per cent, the S&P 500 lost 0.13 per cent and the Nasdaq Composite added 0.54 per cent. In commodities, oil rose, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programmes fed hopes that demand for fuel would rebound up next year. (With inputs from Reuters)

Market ends higher for 6th straight week: Sensex ends over 100 points up, Nifty above 13,500

Major airlines are preparing for COVID-19 vaccine airlift, vaccine cargo could help restart flights.

Major airlines prepare for COVID-19 vaccine airlift