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The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report.

Big US technology companies like Facebook, Google and Microsoft have been blamed for neglecting to pay a considerable lot of taxes in small and poor nations where governments are attempting to give even essential medical care or instruction to their residents. 
 
The aid charity said its research showed that the developing nations with the highest "tax gaps" from Google, Facebook and Microsoft are India, Indonesia, Brazil, Nigeria and Bangladesh.

ActionAid is a global federation working for anti-poverty and anti-injustice projects around the world.

As per the research of ActionAid International, the huge amount lost from the 'tax gap' could have been used to pay for more than 700,000 new teachers or 850,000 primary school teachers.

“Little is known about how much tax these companies are currently paying in developing countries, as they are still not required to publicly disclose this information,” ActionAid said.&nbsp;

“This research shows, however, that billions could be at stake in the long-overdue reform of international corporate taxation – enough to transform underfunded health and education systems in some of the world’s poorest countries.”

(With inputs from agencies)

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report.

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report. Big US technology companies like Facebook, Google and Microsoft have been blamed for neglecting to pay a considerable lot of taxes in small and poor nations where governments are attempting to give even essential medical care or instruction to their residents. The aid charity said its research showed that the developing nations with the highest "tax gaps" from Google, Facebook and Microsoft are India, Indonesia, Brazil, Nigeria and Bangladesh. ActionAid is a global federation working for anti-poverty and anti-injustice projects around the world. As per the research of ActionAid International, the huge amount lost from the 'tax gap' could have been used to pay for more than 700,000 new teachers or 850,000 primary school teachers. “Little is known about how much tax these companies are currently paying in developing countries, as they are still not required to publicly disclose this information,” ActionAid said. “This research shows, however, that billions could be at stake in the long-overdue reform of international corporate taxation – enough to transform underfunded health and education systems in some of the world’s poorest countries.” (With inputs from agencies)

Facebook, Google and Microsoft avoiding $3bn in tax in poorer nations

German business morale fell for the first time in six months in October, weighed down by companies' concerns about rising coronavirus infection rates that are making them more cautious about the coming months, a survey showed on Monday.

German business morale falls on virus angst as rebound fades

British aero-engine maker Rolls-Royce Holdings Plc plans to temporarily close factories, reduce working hours and cut benefits as part of new cost-cutting measures, the Financial Times reported on Monday.

Rolls-Royce to temporarily close factories, cut benefits - FT

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/vaccine-tycoon-overtakes-jack-ma-to-become-chinas-richest-asias-second-wealthiest-329880" hreflang="en">Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest</a> 
 
“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT.

Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said.

Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record!

Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/jack-ma-summon-petitioners-lawyer-seeks-stay-on-disposal-of-uc-browsers-assets-in-india-316258" hreflang="en">Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India</a>

Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees.

Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares.&nbsp;

Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history. According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City. Also read: Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT. Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said. Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record! Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand. Also read: Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees. Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares. Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Ant Group's IPO listing will be the largest in history, claims Jack Ma

ANA Holdings Inc plans to cut about 3,500 jobs in three years as Japan's largest airline operator braces for its biggest-ever annual loss due to a plunge in demand driven by the coronavirus pandemic, the Yomiuri daily reported.

Japan's ANA to cut 3,500 jobs in 3 years as it anticipates prolonged virus woes

Shares in Samsung Electronics Co Ltd and affiliates rose on Monday after the death a day earlier of Chairman Lee Kun-hee sparked hopes for restructuring and stake sales, analysts said.

Samsung affiliates' shares rise after Lee's death sparks hopes of shake-up

Amid surging virus cases and lack of clarity on the US stimulus package, investors dumped big private banking names, putting pressure on benchmark indices on Monday.

BSE Sensex slipped over 650 points, or 1.6 per cent, to 40,021 levels and the Nifty50 index hovered around 11,700-mark. Bajaj Auto (down 6 per cent), RIL (down 4 per cent), and SBI and ICICI Banks (down over 3 per cent each) were the top Sensex drags.

Meanwhile, Indian rupee ended 25 paise lower at 73.85 per dollar, amid selling seen in the domestic equity market.

It opened 17 paise lower at 73.77 per dollar against Friday's close of 73.60 and traded in the range of 73.69-73.88.

(With inputs from agencies)

Amid surging virus cases and lack of clarity on the US stimulus package, investors dumped big private banking names, putting pressure on benchmark indices on Monday.

Amid surging virus cases and lack of clarity on the US stimulus package, investors dumped big private banking names, putting pressure on benchmark indices on Monday. BSE Sensex slipped over 650 points, or 1.6 per cent, to 40,021 levels and the Nifty50 index hovered around 11,700-mark. Bajaj Auto (down 6 per cent), RIL (down 4 per cent), and SBI and ICICI Banks (down over 3 per cent each) were the top Sensex drags. Meanwhile, Indian rupee ended 25 paise lower at 73.85 per dollar, amid selling seen in the domestic equity market. It opened 17 paise lower at 73.77 per dollar against Friday's close of 73.60 and traded in the range of 73.69-73.88. (With inputs from agencies)

Sensex slips below 40,000-mark, tanks 650 points

A Singapore arbitration panel has put on hold Future Group`s $3.38 billion asset sale to Reliance Industries&nbsp;, an interim win for Amazon.com Inc&nbsp;which had alleged the deal between the Indian firms breached some existing agreements.

Amazon received an emergency order to halt the companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters.

Amazon last year bought a 49% stake in Future Coupons Ltd, which owns a 7.3% stake in Future Retail. In August,

Mukesh Ambani`s Reliance decided to buy retail, wholesale and some other businesses of the Future Group in a deal valued at $3.38 billion, including debt.

But Amazon`s investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings in Singapore.

"It`s a comprehensive victory for Amazon," a source with direct knowledge of the decision said. "They`ve won an injunction to stop the deal."

Two sources familiar with the matter said that the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court.

In a statement, Amazon said it welcomed the award of the emergency arbitrator.

"We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process," Amazon added.

Future Group and Reliance were not immediately reachable for comment.

A Singapore arbitration panel has put on hold Future Group`s $3.38 billion asset sale to Reliance Industries , an interim win for Amazon.com Inc which had alleged the deal between the Indian firms breached some existing agreements.

A Singapore arbitration panel has put on hold Future Group`s $3.38 billion asset sale to Reliance Industries , an interim win for Amazon.com Inc which had alleged the deal between the Indian firms breached some existing agreements. Amazon received an emergency order to halt the companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters. Amazon last year bought a 49% stake in Future Coupons Ltd, which owns a 7.3% stake in Future Retail. In August, Mukesh Ambani`s Reliance decided to buy retail, wholesale and some other businesses of the Future Group in a deal valued at $3.38 billion, including debt. But Amazon`s investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings in Singapore. "It`s a comprehensive victory for Amazon," a source with direct knowledge of the decision said. "They`ve won an injunction to stop the deal." Two sources familiar with the matter said that the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court. In a statement, Amazon said it welcomed the award of the emergency arbitrator. "We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process," Amazon added. Future Group and Reliance were not immediately reachable for comment.

Amazon wins arbitration order against Future's deal with Reliance

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not.

The Department of Financial Services came out with operational guidelines in the backdrop of the Supreme Court's direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore.

The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the COVID-19 pandemic saying the common man's Diwali is in the government's hands.

As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.

"Borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs 2 crore (aggregate of all facilities with lending institutions) as on February 29 shall be eligible for the scheme," it said.

As per the eligibility criteria mentioned in the guidelines, the accounts should be standard as on February 29 which means that it should not be Non-Performing Asset (NPA).

Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.

As per the scheme, the lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers in respective accounts for the said period irrespective of whether the borrower fully or partially availed the moratorium on repayment of loan announced by the RBI on March 27, 2020.

The scheme is also applicable on those who have not availed the moratorium scheme and continued with the repayment of loans.

The lending institutions after crediting the amount will claim the reimbursement from the central government.

Hearing the matter on October 14, the Supreme Court observed that it was concerned about how the benefit of interest waiver would be given to borrowers and said the Centre has taken a "welcome decision" by taking note of the plight of the common man, but authorities have not issued any order in this regard.

"Something concrete has to be done," a bench headed by Justice Ashok Bhushan had said, adding, "Benefits of waivers to borrowers up to Rs 2 crore must be implemented as soon as possible."

The top court, which posted the matter for hearing on November 2, told the advocates appearing for the Centre and banks that "Diwali is in your hand".

The Centre recently told the apex court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for six months moratorium period, may be "detrimental" to the overall economic scenario, the national economy and banks may not take "inevitable financial constraints".

The top court is hearing a batch of petitions which have raised issues concerning the six-month loan moratorium period announced due to the COVID-19 pandemic.

The bench, also comprising Justices R S Reddy and M R Shah, said when authorities have decided something then it has to be implemented.

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not.

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not. The Department of Financial Services came out with operational guidelines in the backdrop of the Supreme Court's direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore. The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the COVID-19 pandemic saying the common man's Diwali is in the government's hands. As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. "Borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs 2 crore (aggregate of all facilities with lending institutions) as on February 29 shall be eligible for the scheme," it said. As per the eligibility criteria mentioned in the guidelines, the accounts should be standard as on February 29 which means that it should not be Non-Performing Asset (NPA). Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme. As per the scheme, the lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers in respective accounts for the said period irrespective of whether the borrower fully or partially availed the moratorium on repayment of loan announced by the RBI on March 27, 2020. The scheme is also applicable on those who have not availed the moratorium scheme and continued with the repayment of loans. The lending institutions after crediting the amount will claim the reimbursement from the central government. Hearing the matter on October 14, the Supreme Court observed that it was concerned about how the benefit of interest waiver would be given to borrowers and said the Centre has taken a "welcome decision" by taking note of the plight of the common man, but authorities have not issued any order in this regard. "Something concrete has to be done," a bench headed by Justice Ashok Bhushan had said, adding, "Benefits of waivers to borrowers up to Rs 2 crore must be implemented as soon as possible." The top court, which posted the matter for hearing on November 2, told the advocates appearing for the Centre and banks that "Diwali is in your hand". The Centre recently told the apex court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for six months moratorium period, may be "detrimental" to the overall economic scenario, the national economy and banks may not take "inevitable financial constraints". The top court is hearing a batch of petitions which have raised issues concerning the six-month loan moratorium period announced due to the COVID-19 pandemic. The bench, also comprising Justices R S Reddy and M R Shah, said when authorities have decided something then it has to be implemented.

Diwali gift to borrowers: Government waives off interest on interest for loans up to Rs 2 crore

Coca-Cola is planning to bid adieu to 200 brands, or half of its portfolio.

The beverage giant had earlier announced it would discontinue some drinks, like Tab, Zico and Odwalla. On Thursday, the company said it would get rid of 200 of them.

With this move, Coca-Cola wants to focus on its most profitable offerings, the company explained. Those include its core products like Coca-Cola Zero Sugar.

CEO James Quincey said the "hydration" category, with Dasani, Powerade, Vitamin Water and Zico, and other brands, will likely see more cuts.

Water and sports drink volumes fell 11% in the third quarter.

There's a stark difference between Coca-Cola's successful brands and its struggling ones, Quincey said over the summer.

Coca-Cola&nbsp;has had a hard time during the pandemic because of restaurant closures.

Coca-Cola is planning to bid adieu to 200 brands, or half of its portfolio. The beverage giant had earlier announced it would discontinue some drinks, like Tab, Zico and Odwalla.

Coca-Cola is planning to bid adieu to 200 brands, or half of its portfolio. The beverage giant had earlier announced it would discontinue some drinks, like Tab, Zico and Odwalla. On Thursday, the company said it would get rid of 200 of them. With this move, Coca-Cola wants to focus on its most profitable offerings, the company explained. Those include its core products like Coca-Cola Zero Sugar. CEO James Quincey said the "hydration" category, with Dasani, Powerade, Vitamin Water and Zico, and other brands, will likely see more cuts. Water and sports drink volumes fell 11% in the third quarter. There's a stark difference between Coca-Cola's successful brands and its struggling ones, Quincey said over the summer. Coca-Cola has had a hard time during the pandemic because of restaurant closures.

Coke bids adieu to 200 drink brands

The International Monetary Fund(IMF)&nbsp;warned on Wednesday that Asia would witness sharper-than-expected contraction in economic activity amid the coronavirus <a href="https://www.wionews.com/world/pandemic-downturn-offers-path-to-address-climate-change-imf-333245">pandemic</a>.

<a href="https://www.wionews.com/business-economy/imfs-debt-restructuring-should-help-countries-overcome-fiscal-stress-nirmala-sitharaman-335437">Also Read:&nbsp;IMF's debt restructuring should help countries overcome fiscal stress, says&nbsp;Nirmala Sitharaman</a>

"Fear of infection and social distancing measures are dimming consumer confidence and will keep economic activity below capacity until a vaccine is developed," an <a href="https://www.wionews.com/india-news/gdp-in-most-countries-to-recover-to-pre-pandemic-levels-by-2022-imf-335038">IMF</a> report said.

IMF said next year's growth will be below par in Asia especially in those countries which are dependent on tourism.

The international body said Asia's economy may contract 2.2 per cent this year due to a slump in economic activity in Malaysia, Philippines and <a href="https://www.wionews.com/india-news/modis-aatmanirbhar-bharat-important-initiative-imf-330233">India</a>.&nbsp;

The IMF warned that India's economy is likely to shrink 10.3 per cent this year even as forecast China's economy to expand 1.9 per cent even as it said Asia's economy is likely to grow 6.9 per cent next year.

"With the pandemic seemingly far from over, policy support should be sustained and, in some cases, increased," the <a href="https://www.wionews.com/india-news/further-fiscal-stimulus-warranted-in-india-says-imf-326694">IMF</a> said, adding,"full arsenal of policy support is needed that includes steps to help households and businesses cope with structural changes caused by COVID-19 such as permanent job losses in industries like tourism."

The IMF had earlier urged the Middle East and North African countries to accelerate reforms and diversify their economies amid the coronavirus pandemic as it projected the economies of the MENA region to shrink by five per cent this year.

The region which is rich in oil may continue to experience downturn in oil prices with the average price of oil expected to be $41.69 a barrel this year and $46.70 a barrel in 2021, down from $57-$64 average in 2019, the IMF forecast highlighted.

The International Monetary Fund(IMF) warned on Wednesday that Asia would witness sharper-than-expected contraction in economic activity amid the coronavirus pandemic.

The International Monetary Fund(IMF) warned on Wednesday that Asia would witness sharper-than-expected contraction in economic activity amid the coronavirus pandemic. Also Read: IMF's debt restructuring should help countries overcome fiscal stress, says Nirmala Sitharaman "Fear of infection and social distancing measures are dimming consumer confidence and will keep economic activity below capacity until a vaccine is developed," an IMF report said. IMF said next year's growth will be below par in Asia especially in those countries which are dependent on tourism. The international body said Asia's economy may contract 2.2 per cent this year due to a slump in economic activity in Malaysia, Philippines and India. The IMF warned that India's economy is likely to shrink 10.3 per cent this year even as forecast China's economy to expand 1.9 per cent even as it said Asia's economy is likely to grow 6.9 per cent next year. "With the pandemic seemingly far from over, policy support should be sustained and, in some cases, increased," the IMF said, adding,"full arsenal of policy support is needed that includes steps to help households and businesses cope with structural changes caused by COVID-19 such as permanent job losses in industries like tourism." The IMF had earlier urged the Middle East and North African countries to accelerate reforms and diversify their economies amid the coronavirus pandemic as it projected the economies of the MENA region to shrink by five per cent this year. The region which is rich in oil may continue to experience downturn in oil prices with the average price of oil expected to be $41.69 a barrel this year and $46.70 a barrel in 2021, down from $57-$64 average in 2019, the IMF forecast highlighted.

India's economy to shrink 10.3%, China to expand 1.9% this year: IMF

Indian stock market indices finished lower after four consecutive days of gains amid mixed global cues. Barring metals, FMCG and realty, most of the sectoral indices ended in red.

The S&amp;P BSE Sensex ended 149 points, or 0.37 per cent lower at 40,558 levels while NSE's Nifty50 index slipped 41 points or 0.35 per cent to 11,896 levels. IndusInd Bank (down 3 per cent) was the top Sensex loser, followed by ICICI Bank, Infosys, and Titan Company.

Global markets

World shares slid to a two-week low on Thursday, and oil steadied after another heavy fall, as a surge in global Covid-19 cases and fractious US stimulus talks kept financial markets cautious.

In the currency markets, the dollar was a modest 0.1 per cent higher against the yen at 104.66, while the euro’s dip saw it notch down 0.12 per cent to $1.1847.

Gold eased as the dollar edged up.&nbsp;

(With inputs from Reuters)

Indian stock market indices finished lower after four consecutive days of gains amid mixed global cues. Barring metals, FMCG and realty, most of the sectoral indices ended in red.

Indian stock market indices finished lower after four consecutive days of gains amid mixed global cues. Barring metals, FMCG and realty, most of the sectoral indices ended in red. The S&P BSE Sensex ended 149 points, or 0.37 per cent lower at 40,558 levels while NSE's Nifty50 index slipped 41 points or 0.35 per cent to 11,896 levels. IndusInd Bank (down 3 per cent) was the top Sensex loser, followed by ICICI Bank, Infosys, and Titan Company. Global markets World shares slid to a two-week low on Thursday, and oil steadied after another heavy fall, as a surge in global Covid-19 cases and fractious US stimulus talks kept financial markets cautious. In the currency markets, the dollar was a modest 0.1 per cent higher against the yen at 104.66, while the euro’s dip saw it notch down 0.12 per cent to $1.1847. Gold eased as the dollar edged up. (With inputs from Reuters)

Sensex slips 149 points in volatile trade, snaps 4-session winning run

Japanese airline operator ANA Holdings is expected to suffer a net loss of around $4.8 billion for the fiscal year to March after the COVID-19 pandemic battered travel demand.

World Business Watch: Japan's ANA to book its biggest loss in history

The International Monetary Fund slashed this year's economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region.

World Business Watch: IMF cuts Asia's growth forecast; Pandemic-driven risks for Asian nations

PayPal will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network.

World Business Watch: PayPal to open up network to cryptocurrencies

About 12 million people in Britain are likely to face difficulties in paying bills and loans due to economic challenges caused by coronavirus pandemic, a Financial Conduct Authority survey said on Thursday.

The survey to track consumer's financial resilience found that 12 million Britons had low financial resilience and one-sixth out of these people had become financially vulnerable since February when lockdown imposed to contain the spread of Covid-19 led to cut in income levels and thousands of lay-offs.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/will-coronavirus-ever-be-eradicated-top-british-scientist-says-its-unlikely-336895">Will coronavirus ever be eradicated? Top British scientist says it's unlikely</a>

As many as 7,000 people participated in the study that was conducted in July, which also revealed that nearly one-third of adults' income has been cut and households income declined by 25 per cent on an average.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/spains-regions-tighten-covid-19-measures-as-1-million-case-milestone-looms-336528">Spain's regions tighten COVID-19 measures as 1 million case milestone looms</a>

It also showed that black and minority ethnic respondents have been affected the most with 37 per cent of respondents' incomes taking a toll.&nbsp;

At least 36 per cent of respondents feared falling behind on loan and credit card repayments.&nbsp;

Over a third of people who are already facing financial woes and had a mortgage said they were likely to lag behind on mortgage payments.

As many as 42 per cent of renters also said they would fall behind their commitments.&nbsp;

"We want to remind consumers, especially those who are newly in financial difficulty that lenders are able to provide you with support," said Sheldon Mills, the FCA's Interim Executive Director of Strategy and Competition, as quoted by news agency Reuters.&nbsp;

About 12 million people in Britain are likely to face difficulties in paying bills and loans due to economic challenges caused by coronavirus pandemic, a Financial Conduct Authority survey said on Thursday.

About 12 million people in Britain are likely to face difficulties in paying bills and loans due to economic challenges caused by coronavirus pandemic, a Financial Conduct Authority survey said on Thursday. The survey to track consumer's financial resilience found that 12 million Britons had low financial resilience and one-sixth out of these people had become financially vulnerable since February when lockdown imposed to contain the spread of Covid-19 led to cut in income levels and thousands of lay-offs. Also read | Will coronavirus ever be eradicated? Top British scientist says it's unlikely As many as 7,000 people participated in the study that was conducted in July, which also revealed that nearly one-third of adults' income has been cut and households income declined by 25 per cent on an average. Also read | Spain's regions tighten COVID-19 measures as 1 million case milestone looms It also showed that black and minority ethnic respondents have been affected the most with 37 per cent of respondents' incomes taking a toll. At least 36 per cent of respondents feared falling behind on loan and credit card repayments. Over a third of people who are already facing financial woes and had a mortgage said they were likely to lag behind on mortgage payments. As many as 42 per cent of renters also said they would fall behind their commitments. "We want to remind consumers, especially those who are newly in financial difficulty that lenders are able to provide you with support," said Sheldon Mills, the FCA's Interim Executive Director of Strategy and Competition, as quoted by news agency Reuters.

Britain: 12 million people will likely struggle in paying bills, says watchdog

Domestic stock market indices closed higher on Wednesday led by index heavyweights Infosys, HDFC Bank and ICICI Bank.

After gyrating 825.54 points in a highly volatile session, the 30-share BSE Sensex ended 162.94 points or 0.40 per cent higher at 40,707.31. Similarly, the broader NSE Nifty rose 40.85 points or 0.34 per cent to finish at 11,937.65.

Asian markets rose on signs that US lawmakers are moving towards agreeing on a new stimulus package before the presidential elections. Bourses in Hong Kong, Tokyo and Seoul ended on a positive note, while Shanghai was in the red.

(With inputs from agencies)&nbsp;

Domestic stock market indices closed higher on Wednesday led by index heavyweights Infosys, HDFC Bank and ICICI Bank. After gyrating 825.54 points in a highly volatile session, the 30-share BSE Sensex ended 162.

Domestic stock market indices closed higher on Wednesday led by index heavyweights Infosys, HDFC Bank and ICICI Bank. After gyrating 825.54 points in a highly volatile session, the 30-share BSE Sensex ended 162.94 points or 0.40 per cent higher at 40,707.31. Similarly, the broader NSE Nifty rose 40.85 points or 0.34 per cent to finish at 11,937.65. Asian markets rose on signs that US lawmakers are moving towards agreeing on a new stimulus package before the presidential elections. Bourses in Hong Kong, Tokyo and Seoul ended on a positive note, while Shanghai was in the red. (With inputs from agencies)

Stock market recovers to end higher, Nifty closes below 11,940

Bank of Canada survey has shown that the business sentiment in Canada has improved as COVID-19 restrictions have eased, though it remains “negative” with one-third of firms saying they do not expect sales to return to pre-pandemic levels within the next 12 months.

Bank of Canada survey finds business sentiment improves but remains negative

The Government of India on Wednesday approved productivity linked and non-productivity linked bonus for the year 2019-20.&nbsp;

As per the government, the money will directly be credited in their bank accounts.

Over 30 lakh non-gazetted employees will benefit from the announcement. Total financial implication the decision will be ₹3,737 crore, Union Minister Prakash Javadekar said on Wednesday.

"Union cabinet has given its approval to pay Productivity Linked Bonus (PLB) for the year 2019-2020 to 16.97 lakh non-gazetted employees of commercial establishments like Railways, Posts, Defence, EPFO, ESIC will be benefitted and the financial implication would be ₹2,791 crore," the official statement mentioned.&nbsp;

The Union Cabinet's decision on the festival bonuses comes a few days after Finance Minister Nirmala Sitharaman announced two schemes -- LTC Cash Voucher Scheme and Special Festival Advance Scheme -- to incentivise consumer spending and boost the country’s GDP as part of the Centre’s fresh economic revival push.&nbsp;

The bonus, to be given in a week's time, will encourage the middle-class to spend and thus add to the demand in the economy, the minister said.

(With inputs from agencies)

The Government of India on Wednesday approved productivity linked and non-productivity linked bonus for the year 2019-20. As per the government, the money will directly be credited in their bank accounts.

The Government of India on Wednesday approved productivity linked and non-productivity linked bonus for the year 2019-20. As per the government, the money will directly be credited in their bank accounts. Over 30 lakh non-gazetted employees will benefit from the announcement. Total financial implication the decision will be ₹3,737 crore, Union Minister Prakash Javadekar said on Wednesday. "Union cabinet has given its approval to pay Productivity Linked Bonus (PLB) for the year 2019-2020 to 16.97 lakh non-gazetted employees of commercial establishments like Railways, Posts, Defence, EPFO, ESIC will be benefitted and the financial implication would be ₹2,791 crore," the official statement mentioned. The Union Cabinet's decision on the festival bonuses comes a few days after Finance Minister Nirmala Sitharaman announced two schemes -- LTC Cash Voucher Scheme and Special Festival Advance Scheme -- to incentivise consumer spending and boost the country’s GDP as part of the Centre’s fresh economic revival push. The bonus, to be given in a week's time, will encourage the middle-class to spend and thus add to the demand in the economy, the minister said. (With inputs from agencies)

30 lakh Central government employees to get ₹3,737 crore bonus by next week

Amazon.com Inc extended the timeline for its workers to resume work from office on Tuesday. Now, Amazon employees whose work can be done from home will be able to work from home till June 2020. The step has been taken in light of the coronavirus pandemic.

"Employees who work in a role that can effectively be done from home are welcome to do so until June 30, 2021," Amazon spokeswoman was quoted as saying by Reuters. The extension is applicable globally.

Earlier, the option for work from home was available to employees until January 2020.

Recently, Amazon said that more than 19,000 of its frontline workers in the US had contracted coronavirus. Amazon faced flak from staff and unions that alleged it exposed employees to danger by keeping its warehouses open during the pandemic.

Twitter became first major tech company in May to allow employees to work remotely indefinitely. Microsoft said earlier this month that the company will allow employees to work up to half of their work hours remotely.

Facebook had said it would allow its employees to work from home till July next year, while Google had extended the remote working period for employees who do not need to be in the office till June.

(With Reuters inputs)

Amazon.com Inc extended the timeline for its workers to resume work from office on Tuesday. Now, Amazon employees whose work can be done from home will be able to work from home till June 2020.

Amazon.com Inc extended the timeline for its workers to resume work from office on Tuesday. Now, Amazon employees whose work can be done from home will be able to work from home till June 2020. The step has been taken in light of the coronavirus pandemic. "Employees who work in a role that can effectively be done from home are welcome to do so until June 30, 2021," Amazon spokeswoman was quoted as saying by Reuters. The extension is applicable globally. Earlier, the option for work from home was available to employees until January 2020. Recently, Amazon said that more than 19,000 of its frontline workers in the US had contracted coronavirus. Amazon faced flak from staff and unions that alleged it exposed employees to danger by keeping its warehouses open during the pandemic. Twitter became first major tech company in May to allow employees to work remotely indefinitely. Microsoft said earlier this month that the company will allow employees to work up to half of their work hours remotely. Facebook had said it would allow its employees to work from home till July next year, while Google had extended the remote working period for employees who do not need to be in the office till June. (With Reuters inputs)

Amazon to allow employees to work from home till June 2021

The Indian stock market ended around one per cent higher on Monday on the back of gains in financial and FMCG stocks. Positive global cues also boosted investor sentiment.

Sensex gained 448.62 points or 1.12 percent to close at 40,431.60 while the Nifty settled at 11,873.05, up 110.60 points or 0.94 percent.&nbsp;

The rupee settled on a flat note and fell 2 paise to 73.37 against the American currency on Monday even as the domestic equity market was trading with significant gains.

The local unit opened at 73.38 against the US dollar at the interbank forex market and finally finished the day at 73.37 against the greenback, down by just 2 paise over its previous close of 73.35. 
 
Global markets

European stocks rallied on Monday as rising hopes of a coronavirus vaccine by the end of the year and a US fiscal package before elections offset concern over record daily infections in the region.&nbsp;

Wall Street futures rose 0.9 per cent.

In commodities, oil prices fell as concerns over surging coronavirus cases globally dampened the prospects for demand recovery while China’s third-quarter economic growth was weaker than expected.

(With inputs from Reuters)

The Indian stock market ended around one per cent higher on Monday on the back of gains in financial and FMCG stocks. Positive global cues also boosted investor sentiment.

The Indian stock market ended around one per cent higher on Monday on the back of gains in financial and FMCG stocks. Positive global cues also boosted investor sentiment. Sensex gained 448.62 points or 1.12 percent to close at 40,431.60 while the Nifty settled at 11,873.05, up 110.60 points or 0.94 percent. The rupee settled on a flat note and fell 2 paise to 73.37 against the American currency on Monday even as the domestic equity market was trading with significant gains. The local unit opened at 73.38 against the US dollar at the interbank forex market and finally finished the day at 73.37 against the greenback, down by just 2 paise over its previous close of 73.35. Global markets European stocks rallied on Monday as rising hopes of a coronavirus vaccine by the end of the year and a US fiscal package before elections offset concern over record daily infections in the region. Wall Street futures rose 0.9 per cent. In commodities, oil prices fell as concerns over surging coronavirus cases globally dampened the prospects for demand recovery while China’s third-quarter economic growth was weaker than expected. (With inputs from Reuters)

Sensex gains over 448 points, Nifty ends above 11,850

More than 140,000 companies with 1.9 million local employees here will receive Singapore dollars 5.5 billion (USD 4.5 billion) this month as part of a jobs scheme to help them retain their employees during the COVID-19 pandemic that has upended life and businesses across the globe.

The latest payout is Singapore dollars 1.5 billion more than the last round of disbursement in July, according to a Channel News Asia report.

First announced by Deputy Prime Minister Heng Swee Keat in February's Budget, the Jobs Support Scheme (JSS), to be implemented from October 29, is a wage subsidy programme aimed at helping companies retain their workers as businesses have taken a hit from the COVID-19 pandemic.

With the October payouts, more than Singapore dollars 21.5 billion (USD 15.8) in JSS support would have been given out, said the Ministry of Finance and Inland Revenue Authority.

Meanwhile, Singapore reported four imported COVID-19 cases on Monday, all of whom have been placed under the Stay-Home Notice (SHN), taking the national tally to 57,915.

There was no locally transmitted coronavirus case, said the Ministry of Health (MOH).

The five imported cases, reported on Sunday, came from the Philippines, Greece, France and Guatemala. &nbsp;They are under SHN.

There are currently 40 confirmed cases in hospital and 36 are isolated and cared for at community facilities for mild symptoms.

Nine COVID-19 patients were discharged from hospitals and community facilities on Sunday, taking the recoveries to 57,807.

Separately, the Singapore Tourism Board (STB) has suspended operations of Hawaii Hostel from October 11 to November 9 for failing to comply with safe management measures.

The hostel is not permitted to accept new bookings or accept check-ins for the duration of its suspension.

Under the COVID-19 measures act, such first-time offenders face a fine of up to Singapore dollars 10,000.

Subsequent offences may result in a fine of up to Singapore dollars 20,000, said STB.

More than 140,000 companies with 1.9 million local employees here will receive Singapore dollars 5.5 billion (USD 4.5 billion) this month as part of a jobs scheme to help them retain their employees during the COVID-19 pandemic that has upended life and businesses across the globe.

More than 140,000 companies with 1.9 million local employees here will receive Singapore dollars 5.5 billion (USD 4.5 billion) this month as part of a jobs scheme to help them retain their employees during the COVID-19 pandemic that has upended life and businesses across the globe. The latest payout is Singapore dollars 1.5 billion more than the last round of disbursement in July, according to a Channel News Asia report. First announced by Deputy Prime Minister Heng Swee Keat in February's Budget, the Jobs Support Scheme (JSS), to be implemented from October 29, is a wage subsidy programme aimed at helping companies retain their workers as businesses have taken a hit from the COVID-19 pandemic. With the October payouts, more than Singapore dollars 21.5 billion (USD 15.8) in JSS support would have been given out, said the Ministry of Finance and Inland Revenue Authority. Meanwhile, Singapore reported four imported COVID-19 cases on Monday, all of whom have been placed under the Stay-Home Notice (SHN), taking the national tally to 57,915. There was no locally transmitted coronavirus case, said the Ministry of Health (MOH). The five imported cases, reported on Sunday, came from the Philippines, Greece, France and Guatemala. They are under SHN. There are currently 40 confirmed cases in hospital and 36 are isolated and cared for at community facilities for mild symptoms. Nine COVID-19 patients were discharged from hospitals and community facilities on Sunday, taking the recoveries to 57,807. Separately, the Singapore Tourism Board (STB) has suspended operations of Hawaii Hostel from October 11 to November 9 for failing to comply with safe management measures. The hostel is not permitted to accept new bookings or accept check-ins for the duration of its suspension. Under the COVID-19 measures act, such first-time offenders face a fine of up to Singapore dollars 10,000. Subsequent offences may result in a fine of up to Singapore dollars 20,000, said STB.

Singapore to give SGD 5.5 billion to 140,000 companies to help them during COVID-19 pandemic

To attract potential suitors, the government will ease asset valuation norms for Air India by allowing bidders to put in offers on an enterprise value basis, a source said on Monday.

To begin with, the government is likely to further extend the deadline for putting in a preliminary expression of interest for the loss-making national carrier to December 15.

The source said bids will be sought on an enterprise value basis - a popular valuation methodology for takeover deals.

Enterprise value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization.

EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

The source said the government would remove from the Preliminary Information Memorandum (PIM) the quantum of debt to be assumed by the bidder.

The bidders would also be asked to place offers for the entire company, 85 per cent of which would be considered to go towards debt repayment and the balance would accrue to the government, the source said.

"Changes are being made to the valuation method. CGD (Core Group on Disinvestment) has approved it and it would be placed before AISAM (Air India Specific Alternative Mechanism). The deadline for Air India bid is proposed to be extended till December 15," the source told PTI.

This would be the fifth extension to the Air India bid deadline with the current one ending on October 30.

After its unsuccessful bid to sell Air India in 2018, the government in January 2020 restarted the divestment process and invited bids for selling 100 per cent of its equity in the state-owned airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.

In 2018, the government had offered to sell its 76 per cent stake in the airline. Of the airline's total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286.

5 crore, while the rest would be transferred to Air India Assets Holding Ltd (AIAHL), a special purpose vehicle.

The source further said that the government would be giving a "merit list" of Air India debts to the interested bidders at the due diligence stage based on which the bidders can decide on which debt to repay.

The change in valuation methodology for Air India was necessary as the aircraft fleet is idle during COVID time and valuation based on flight operating capacity would not be possible at present.

The government would be giving time to potential bidders to raise queries on the change in valuation methodology, the source added.

For the current fiscal, the budget has pegged disinvestment proceeds at Rs 2.10 lakh crore.

This includes Rs 1.20 lakh crore from CPSE share sale and Rs 90,000 crore from share sale in public sector banks and financial institutions, including listing of insurance behemoth LIC.

To attract potential suitors, the government will ease asset valuation norms for Air India by allowing bidders to put in offers on an enterprise value basis, a source said on Monday.

To attract potential suitors, the government will ease asset valuation norms for Air India by allowing bidders to put in offers on an enterprise value basis, a source said on Monday. To begin with, the government is likely to further extend the deadline for putting in a preliminary expression of interest for the loss-making national carrier to December 15. The source said bids will be sought on an enterprise value basis - a popular valuation methodology for takeover deals. Enterprise value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet. The source said the government would remove from the Preliminary Information Memorandum (PIM) the quantum of debt to be assumed by the bidder. The bidders would also be asked to place offers for the entire company, 85 per cent of which would be considered to go towards debt repayment and the balance would accrue to the government, the source said. "Changes are being made to the valuation method. CGD (Core Group on Disinvestment) has approved it and it would be placed before AISAM (Air India Specific Alternative Mechanism). The deadline for Air India bid is proposed to be extended till December 15," the source told PTI. This would be the fifth extension to the Air India bid deadline with the current one ending on October 30. After its unsuccessful bid to sell Air India in 2018, the government in January 2020 restarted the divestment process and invited bids for selling 100 per cent of its equity in the state-owned airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd. In 2018, the government had offered to sell its 76 per cent stake in the airline. Of the airline's total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286. 5 crore, while the rest would be transferred to Air India Assets Holding Ltd (AIAHL), a special purpose vehicle. The source further said that the government would be giving a "merit list" of Air India debts to the interested bidders at the due diligence stage based on which the bidders can decide on which debt to repay. The change in valuation methodology for Air India was necessary as the aircraft fleet is idle during COVID time and valuation based on flight operating capacity would not be possible at present. The government would be giving time to potential bidders to raise queries on the change in valuation methodology, the source added. For the current fiscal, the budget has pegged disinvestment proceeds at Rs 2.10 lakh crore. This includes Rs 1.20 lakh crore from CPSE share sale and Rs 90,000 crore from share sale in public sector banks and financial institutions, including listing of insurance behemoth LIC.

Air India bid deadline may be extended till Dec 15, government to ease asset valuation norm

Japan is likely to join the United States and Europe to regulate the “Big Tech” companies.&nbsp;

Kazuyuki Furuya, chairman of Japan's Fair Trade Commission (FTC) told Reuters on Monday that the country could also initiate a probe into mergers and dealings that involve Fitbit, a fitness tracker company.

If the scale of any merger is unprecedented, the country intends to launch investigations.

"If the size of any merger or business-tie up is big, we can launch an anti-monopoly investigation into the buyer's process of acquiring a start-up (like Fitbit)," he further told Reuters.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/india-news/twitter-issues-clarification-following-backlash-for-showing-jk-in-china-336376" hreflang="en">Twitter issues clarification following backlash for showing J&amp;K in China</a>

He added that Japan is closely observing similar moves in the world, especially Europe. ”We're closely watching developments including in Europe”, he added.

In August 2020, European Union regulators had initiated an investigation into a potential deal between Google and Fitbit. Alphabet’s Google was set to lock a $2.1 billion deal to counter Apple and Samsung in the wearable market.

After this move, the country will be able to effectively challenge market abuses by the four Big Tech companies - GAFA, or Google, Apple, Facebook, Amazon which are currently under scrutiny in Europe and the United States.

Furuya further told Reuters that GAFA companies follow similar business practices globally, and called global coordination “crucial”.

Also read:&nbsp;<a href="http://13.235.153.162/world/chinese-hackers-targeting-biden-and-trump-are-faking-mcafee-software-google-336251" hreflang="en">Chinese hackers targeting Biden and Trump are faking McAfee software: Google</a>

"This is an area I will push through aggressively. “We'll work closely with our US and European counterparts, and respond if to any moves that hamper competition”, he said.

Furuya took charge of the position in September, and also suggested that they would also be observing Japan’s phone market.

Japan is likely to join the United States and Europe to regulate the “Big Tech” companies. Kazuyuki Furuya, chairman of Japan's Fair Trade Commission (FTC) told Reuters on Monday that the country could also initiate a probe into mergers and dealings that involve Fitbit, a fitness tracker company.

Japan is likely to join the United States and Europe to regulate the “Big Tech” companies. Kazuyuki Furuya, chairman of Japan's Fair Trade Commission (FTC) told Reuters on Monday that the country could also initiate a probe into mergers and dealings that involve Fitbit, a fitness tracker company. If the scale of any merger is unprecedented, the country intends to launch investigations. "If the size of any merger or business-tie up is big, we can launch an anti-monopoly investigation into the buyer's process of acquiring a start-up (like Fitbit)," he further told Reuters. Also read: Twitter issues clarification following backlash for showing J&K in China He added that Japan is closely observing similar moves in the world, especially Europe. ”We're closely watching developments including in Europe”, he added. In August 2020, European Union regulators had initiated an investigation into a potential deal between Google and Fitbit. Alphabet’s Google was set to lock a $2.1 billion deal to counter Apple and Samsung in the wearable market. After this move, the country will be able to effectively challenge market abuses by the four Big Tech companies - GAFA, or Google, Apple, Facebook, Amazon which are currently under scrutiny in Europe and the United States. Furuya further told Reuters that GAFA companies follow similar business practices globally, and called global coordination “crucial”. Also read: Chinese hackers targeting Biden and Trump are faking McAfee software: Google "This is an area I will push through aggressively. “We'll work closely with our US and European counterparts, and respond if to any moves that hamper competition”, he said. Furuya took charge of the position in September, and also suggested that they would also be observing Japan’s phone market.

Japan likely to join US, Europe in regulation of Big Tech companies

Singapore's September exports rise 5.9% y-o-y, slower than the forecasts. On a seasonally adjusted month-on-month basis, exports contracted 11.3% in September after a 10.5% rise in the previous month.

Singapore exports rise slower than expected: 10.8% rise in exports expected by economists

French Finance Minister Bruno Le Maire promised 1 billion euros ($1.17 billion) of additional support to help French companies cushion the impact of a nightly curfew in Paris and eight other big cities where the coronavirus is running rampant.

France promises $1.2 BN for curfew-hit firms