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In an unprecedented move, the Reserve Bank has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country's largest private sector lender over the last two years.

The Reserve Bank of India's order came on Wednesday, days after the last instance of service outage across its digital banking channels, including internet banking, mobile banking and other payments. The outage, which happened on November 21, had severely inconvenienced customers, the bank informed the exchanges on Thursday.

In December 2018, the bank's new mobile application crashed within hours of its launch in what was attributed to the inability of the servers to handle the heightened traffic. Exactly a year later, its online channels were down during the salary time. After the second incident, the RBI had said that it was looking into the glitches.

Usually, the RBI slaps monetary penalties on erring entities that comes under its regulatory framework. 
On Thursday, HDFC Bank said the latest incident on November 21 was a result of a power failure in its primary data center.

"The RBI has advised the bank to temporarily stop all launches of the digital business generating activities planned under its programme - Digital 2.0 (to be launched) and other proposed business generating IT applications, and sourcing of new credit card customers," the bank informed the stock exchanges in a filing.

The central bank has also asked HDFC Bank to ensure that its board "examines the lapses and fixes accountability". This is the first major challenge faced by its new chief executive Shashidhar Jagdishan, who took charge in late October.

The bank is the largest issuer of credit cards and had 1.49 crore customers as of September this year while on the debit cards front, it had 3.38 crore customers.

A HDFC Bank official said existing users will be able to continue using the services and added that security-related updates for mobile banking apps will be the only addition allowed till the RBI order is in force.

Details of the timeline for which the order will be in force or targets/ milestones asked to be achieved by the bank before it goes back to business as usual, were not immediately known. More details on the yet-to-be-launched Digital 2.0 programme were also not available.

After every instance of outage, HDFC Bank has seen many of the customers venting their ire on online mediums. About the November 21 outage as well, there were users complaining about instances like being stuck at merchant establishments as payments were not going through.

Given the spurt in alternative channel usage for undertaking banking and payment activities, HDFC Bank's peers also face similar difficulties. Its larger rival SBI had to face ire of customers earlier this week, with complaints of transaction failures. The SBI had faced technical glitches the previous month as well.

In the filing on Thursday, HDFC Bank said it has been its endeavour to provide seamless digital services and added that it has been "taking?conscious, concrete steps to remedy the recent outages on its digital banking channels".

The bank also said theses measures will not "materially impact its overall business".

Shares of the bank were trading nearly two per cent lower at Rs 1,382 on the BSE in afternoon trade.

In an unprecedented move, the Reserve Bank has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country's largest private sector lender over the last two years.

In an unprecedented move, the Reserve Bank has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country's largest private sector lender over the last two years. The Reserve Bank of India's order came on Wednesday, days after the last instance of service outage across its digital banking channels, including internet banking, mobile banking and other payments. The outage, which happened on November 21, had severely inconvenienced customers, the bank informed the exchanges on Thursday. In December 2018, the bank's new mobile application crashed within hours of its launch in what was attributed to the inability of the servers to handle the heightened traffic. Exactly a year later, its online channels were down during the salary time. After the second incident, the RBI had said that it was looking into the glitches. Usually, the RBI slaps monetary penalties on erring entities that comes under its regulatory framework. On Thursday, HDFC Bank said the latest incident on November 21 was a result of a power failure in its primary data center. "The RBI has advised the bank to temporarily stop all launches of the digital business generating activities planned under its programme - Digital 2.0 (to be launched) and other proposed business generating IT applications, and sourcing of new credit card customers," the bank informed the stock exchanges in a filing. The central bank has also asked HDFC Bank to ensure that its board "examines the lapses and fixes accountability". This is the first major challenge faced by its new chief executive Shashidhar Jagdishan, who took charge in late October. The bank is the largest issuer of credit cards and had 1.49 crore customers as of September this year while on the debit cards front, it had 3.38 crore customers. A HDFC Bank official said existing users will be able to continue using the services and added that security-related updates for mobile banking apps will be the only addition allowed till the RBI order is in force. Details of the timeline for which the order will be in force or targets/ milestones asked to be achieved by the bank before it goes back to business as usual, were not immediately known. More details on the yet-to-be-launched Digital 2.0 programme were also not available. After every instance of outage, HDFC Bank has seen many of the customers venting their ire on online mediums. About the November 21 outage as well, there were users complaining about instances like being stuck at merchant establishments as payments were not going through. Given the spurt in alternative channel usage for undertaking banking and payment activities, HDFC Bank's peers also face similar difficulties. Its larger rival SBI had to face ire of customers earlier this week, with complaints of transaction failures. The SBI had faced technical glitches the previous month as well. In the filing on Thursday, HDFC Bank said it has been its endeavour to provide seamless digital services and added that it has been "taking?conscious, concrete steps to remedy the recent outages on its digital banking channels". The bank also said theses measures will not "materially impact its overall business". Shares of the bank were trading nearly two per cent lower at Rs 1,382 on the BSE in afternoon trade.

RBI temporarily bars HDFC Bank from issuing new credit cards, launching digital initiatives

Economists said the rebound in activity reflected Australian authorities’ successful suppression of Covid-19.

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India is thus a net importer in November 2020, with a trade deficit of USD 9.96 billion, as compared to a trade deficit of USD 12.75 billion, an improvement by 21.93%.

India's November trade deficit narrows to $9.96 billion

Domestic stock market indices trimmed losses to end flat on Wednesday led by gains in metal, auto and IT sectors. 
 
The S&amp;P BSE Sensex settled 37 points, or 0.08 per cent lower at 44,618 levels while NSE's Nifty ended at 13,114 levels, up 4.7 points, or 0.04 per cent.&nbsp;

Global markets

World stocks hovered near record highs on Wednesday on hopes for a coronavirus vaccine and additional US economic stimulus, though enthusiasm for riskier assets left the dollar stuck at a 2-1/2 year low.

In Asia, China stocks erased earlier gains to end nearly flat.&nbsp;

US stock futures declined 0.23 per cent following a record closing high for Wall Street shares.

In commodities, oil prices fell in early trade but later pared some of the losses on news that Britain has become the first country in the world to approve a vaccine for use and that it will be rolled out from early next week.

(With inputs from Reuters)

Domestic stock market indices trimmed losses to end flat on Wednesday led by gains in metal, auto and IT sectors. The S&P BSE Sensex settled 37 points, or 0.08 per cent lower at 44,618 levels while NSE's Nifty ended at 13,114 levels, up 4.

Domestic stock market indices trimmed losses to end flat on Wednesday led by gains in metal, auto and IT sectors. The S&P BSE Sensex settled 37 points, or 0.08 per cent lower at 44,618 levels while NSE's Nifty ended at 13,114 levels, up 4.7 points, or 0.04 per cent. Global markets World stocks hovered near record highs on Wednesday on hopes for a coronavirus vaccine and additional US economic stimulus, though enthusiasm for riskier assets left the dollar stuck at a 2-1/2 year low. In Asia, China stocks erased earlier gains to end nearly flat. US stock futures declined 0.23 per cent following a record closing high for Wall Street shares. In commodities, oil prices fell in early trade but later pared some of the losses on news that Britain has become the first country in the world to approve a vaccine for use and that it will be rolled out from early next week. (With inputs from Reuters)

Sensex ends flat, Nifty around 13,100; auto, metal stocks rise

A video ad from Nike Japan against bullying and racism that features biracial athletes and other minorities, such as those of Korean descent, has prompted a sharp online response including calls to boycott the company.

Japan has traditionally prided itself on being racially homogeneous, although successful mixed-race athletes such as tennis star Naomi Osaka are challenging that image.

The commercial, “Keep Moving: Yourself, the Future,” released on Nov 30, shows several teen girls bullied in school over their race or other differences, but who ultimately find confidence through soccer prowess. 
&nbsp;

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動かしつづける。自分を。未来を。<a href="https://twitter.com/hashtag/YouCantStopUs?src=hash&amp;ref_src=twsrc%5Etfw">#YouCantStopUs</a><a href="https://t.co/EEkOkOOeLt">https://t.co/EEkOkOOeLt</a> <a href="https://t.co/aPnZcPAO05">pic.twitter.com/aPnZcPAO05</a>
— Nike Japan (@nikejapan) <a href="https://twitter.com/nikejapan/status/1332519583882862595?ref_src=twsrc%5Etfw">November 28, 2020</a></blockquote>
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One scene features a girl whose father is Black surrounded by fellow students, squealing and pulling her hair.

The video, viewed 14.1 million times on Nike Japan’s Twitter feed by noon (0300 GMT) Wednesday, had racked up 63,000 likes but also a cascade of critical comments from many who vowed never to buy Nike products again.

“Nowadays, you often see one or two people of different nationalities going to school perfectly peacefully. The one that’s prejudiced is Nike,” wrote one user named “hira1216”.

Another asked, “Is it so much fun to blame Japan?”

Although Japanese sports fans have celebrated Osaka, who counts Nike as a sponsor and makes a cameo appearance in the ad, she was once depicted as a cartoon character by another sponsor, Nissin, with pale hair and light brown hair, while a comedy duo said she “needed some bleach”.

Nike Japan was not immediately able to comment on the response but said on its website it believes in the transformative nature of sports.

“We have long listened to minority voices, supported and spoken for causes that fit our values,” it added.

“We believe sports have the power to show what a better world looks like, to bring people together and encourage action in their respective communities.”

A video ad from Nike Japan against bullying and racism that features biracial athletes and other minorities, such as those of Korean descent, has prompted a sharp online response including calls to boycott the company.

A video ad from Nike Japan against bullying and racism that features biracial athletes and other minorities, such as those of Korean descent, has prompted a sharp online response including calls to boycott the company. Japan has traditionally prided itself on being racially homogeneous, although successful mixed-race athletes such as tennis star Naomi Osaka are challenging that image. The commercial, “Keep Moving: Yourself, the Future,” released on Nov 30, shows several teen girls bullied in school over their race or other differences, but who ultimately find confidence through soccer prowess. 動かしつづける。自分を。未来を。#YouCantStopUshttps://t.co/EEkOkOOeLt pic.twitter.com/aPnZcPAO05 — Nike Japan (@nikejapan) November 28, 2020 × One scene features a girl whose father is Black surrounded by fellow students, squealing and pulling her hair. The video, viewed 14.1 million times on Nike Japan’s Twitter feed by noon (0300 GMT) Wednesday, had racked up 63,000 likes but also a cascade of critical comments from many who vowed never to buy Nike products again. “Nowadays, you often see one or two people of different nationalities going to school perfectly peacefully. The one that’s prejudiced is Nike,” wrote one user named “hira1216”. Another asked, “Is it so much fun to blame Japan?” Although Japanese sports fans have celebrated Osaka, who counts Nike as a sponsor and makes a cameo appearance in the ad, she was once depicted as a cartoon character by another sponsor, Nissin, with pale hair and light brown hair, while a comedy duo said she “needed some bleach”. Nike Japan was not immediately able to comment on the response but said on its website it believes in the transformative nature of sports. “We have long listened to minority voices, supported and spoken for causes that fit our values,” it added. “We believe sports have the power to show what a better world looks like, to bring people together and encourage action in their respective communities.”

Japan Nike ad on bullying, racism sparks massive online response

The domestic stock market rose on Tuesday following their best monthly gain since April, with sentiment lifted by data showing a smaller-than-expected contraction in Asia’s third-largest economy and broader optimism stemming from hopes for a COVID-19 vaccine.

The S&amp;P BSE Sensex was up over 350 points at 44,540 level and the Nifty50 index hovered above the 13,050-mark. Ultratech Cement (up 3%) was the top Sensex gainer, followed by Infosys, Sun Pharma, PowerGrid, and Bajaj Auto (all up 1%).

All the sectoral indices are trading in the green, with the metal index up 1 per cent. Shree Cements, GAIL, UltraTech Cement, Infosys and Grasim were among major gainers on the Nifty.

Meanwhile, the rupee appreciated 25 paise to 73.80 against the US dollar in the opening session on Tuesday, tracking strong domestic equities and sustained foreign fund inflows.

(With inputs from agencies)

The domestic stock market rose on Tuesday following their best monthly gain since April, with sentiment lifted by data showing a smaller-than-expected contraction in Asia’s third-largest economy and broader optimism stemming from hopes for a COVID-19 vaccine.

The domestic stock market rose on Tuesday following their best monthly gain since April, with sentiment lifted by data showing a smaller-than-expected contraction in Asia’s third-largest economy and broader optimism stemming from hopes for a COVID-19 vaccine. The S&P BSE Sensex was up over 350 points at 44,540 level and the Nifty50 index hovered above the 13,050-mark. Ultratech Cement (up 3%) was the top Sensex gainer, followed by Infosys, Sun Pharma, PowerGrid, and Bajaj Auto (all up 1%). All the sectoral indices are trading in the green, with the metal index up 1 per cent. Shree Cements, GAIL, UltraTech Cement, Infosys and Grasim were among major gainers on the Nifty. Meanwhile, the rupee appreciated 25 paise to 73.80 against the US dollar in the opening session on Tuesday, tracking strong domestic equities and sustained foreign fund inflows. (With inputs from agencies)

Indices trade higher with Nifty above 13,000; Sensex jumps over 350 points

The coronavirus outbreak has brought China’s extraordinary,&nbsp;nearly half-century-long run of growth&nbsp;to an end&nbsp;a stark reminder of the enormous task ahead for world leaders trying to restart the global economy.

Since mid-August, the United States has repeatedly riled&nbsp;China&nbsp;by sending warships to the&nbsp;South&nbsp;China&nbsp;Sea&nbsp;and has blacklisted 24 Chinese entities over their involvement in building and militarising artificial islands there.

China's faulty policies have exposed the countries to vulnerabilities such as financial stress due to massive unpaid debts.

Chinese&nbsp;officials said that the world's second-largest&nbsp;economy&nbsp;shrank 6.8 percent in the first three months of the year compared with a year ago, ending a streak of untrammeled growth that survived the Tiananmen Square crackdown, the SARS epidemic, and even the global financial&nbsp;crisis.

The five largest Chinese banks posted at least 10 percent profit declines for the first half of the year. These poor results, the result of increased provisions for bad loans, were the biggest profit drops in at least a decade.

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The profit drops are a warning of long-term troubles, especially because, in all probability, the banks are understating the severity of bad loan problems. Moreover, the outlook for China’s banks is gloomy because the outlook for China’s economy is gloomy.

These five Chinese institutions—the Big Four of Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China plus the Bank of Communications—are struggling.

The essential problem is that the Chinese economy—like the economies of almost all other countries—was flattened by efforts to control the coronavirus. Gross domestic product contracted 6.8% year-on-year in the first calendar quarter of this year, according to the official National Bureau of Statistics. In reality, it was down about twice that.

At least 43.8 billion yuan could not come in because 7 companies filed bankruptcy restructuring applications.&nbsp;This includes&nbsp;the Peking university founder group.

Technology is the worst-hit industry which has accounted for more than a third of the average default.

China's property market is the biggest "grey rhino" - a very obvious yet ignored threat - in terms of financial risks, given it is so deeply intertwined with the financial industry, the head of the country's&nbsp;banking regulator said.

Guo Shuqing, who is chairman of the&nbsp;China&nbsp;Banking and Insurance Regulatory Commission (CBIRC) and party chief of the country's central&nbsp;bank, made the comments in a collection of articles by policymakers on&nbsp;China's 14th Five-Year Plan, the official Shanghai Securities News reported on Monday.

Loans related to the property market currently account for 39% of total&nbsp;bank&nbsp;loans in&nbsp;China&nbsp;- to say nothing of a large amount of bonds, equities and trust investments with exposure to it, Guo said.

"It's safe to say that the property market is currently the greatest grey rhino in terms of financial risks," he was quoted as saying.

Guo also noted that modern technologies have brought and will continue to bring big changes to the financial industry, with digital currency, cybersecurity and information security emerging as key challenges for regulators.

In response, Guo said the CBIRC would use innovative ways to regulate large technology firms to prevent risks and monopolies, while promoting their development, according to the report.

The coronavirus outbreak has brought China’s extraordinary, nearly half-century-long run of growth to an end a stark reminder of the enormous task ahead for world leaders trying to restart the global economy.

The coronavirus outbreak has brought China’s extraordinary, nearly half-century-long run of growth to an end a stark reminder of the enormous task ahead for world leaders trying to restart the global economy. Since mid-August, the United States has repeatedly riled China by sending warships to the South China Sea and has blacklisted 24 Chinese entities over their involvement in building and militarising artificial islands there. China's faulty policies have exposed the countries to vulnerabilities such as financial stress due to massive unpaid debts. Chinese officials said that the world's second-largest economy shrank 6.8 percent in the first three months of the year compared with a year ago, ending a streak of untrammeled growth that survived the Tiananmen Square crackdown, the SARS epidemic, and even the global financial crisis. The five largest Chinese banks posted at least 10 percent profit declines for the first half of the year. These poor results, the result of increased provisions for bad loans, were the biggest profit drops in at least a decade. × The profit drops are a warning of long-term troubles, especially because, in all probability, the banks are understating the severity of bad loan problems. Moreover, the outlook for China’s banks is gloomy because the outlook for China’s economy is gloomy. These five Chinese institutions—the Big Four of Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China plus the Bank of Communications—are struggling. The essential problem is that the Chinese economy—like the economies of almost all other countries—was flattened by efforts to control the coronavirus. Gross domestic product contracted 6.8% year-on-year in the first calendar quarter of this year, according to the official National Bureau of Statistics. In reality, it was down about twice that. At least 43.8 billion yuan could not come in because 7 companies filed bankruptcy restructuring applications. This includes the Peking university founder group. Technology is the worst-hit industry which has accounted for more than a third of the average default. China's property market is the biggest "grey rhino" - a very obvious yet ignored threat - in terms of financial risks, given it is so deeply intertwined with the financial industry, the head of the country's banking regulator said. Guo Shuqing, who is chairman of the China Banking and Insurance Regulatory Commission (CBIRC) and party chief of the country's central bank, made the comments in a collection of articles by policymakers on China's 14th Five-Year Plan, the official Shanghai Securities News reported on Monday. Loans related to the property market currently account for 39% of total bank loans in China - to say nothing of a large amount of bonds, equities and trust investments with exposure to it, Guo said. "It's safe to say that the property market is currently the greatest grey rhino in terms of financial risks," he was quoted as saying. Guo also noted that modern technologies have brought and will continue to bring big changes to the financial industry, with digital currency, cybersecurity and information security emerging as key challenges for regulators. In response, Guo said the CBIRC would use innovative ways to regulate large technology firms to prevent risks and monopolies, while promoting their development, according to the report.

Why China cannot afford to fund its campaign of provocation

Britain has ordered his telecommunication firms to not install new Huawei 5G kits after September next year. Meanwhile, China and its telecom firm Huawei have criticized the same decision.

World Business Watch : UK bans new Huawei 5G kit installation

Bata, Swiss-domiciled multinational footwear and fashion accessory manufacturer on November 30 announced the appointment of Sandeep Kataria as CEO, effective immediately.

With this, Kataria becomes the first Indian to be elevated to the global CEO role of Bata in the company’s 126-year history. He takes over from Alexis Nasard, who is stepping down after almost five years in the role.

Kataria, who joined Bata India as CEO in 2017 had earlier worked with leading global firms such as Unilever, Yum Brands and Vodafone in India and Europe.

Commenting on the appointment, Bata India Ltd, Chairman Ashwini Windlass said, "Over the past few years, the India team has delivered exceptional growth in footwear volumes, revenues and profits, and has strengthened Bata's customer measures in a highly competitive footwear market. The Bata Group and Bata India both stand to benefit greatly from Sandeep's extensive experience.

Under Kataria's leadership, Bata India doubled its profits driven by double-digit topline growth, and sponsored some of the most ingenious campaigns, including 'Surprisingly Bata', that revamped Bata's image as a more vibrant and contemporary brand, targeted at younger consumers, the company said.

On his elevation, Kataria said, "I have been privileged to be part of Bata's success in India and I look forward to building further on our proud, 120-year history as shoemakers to the world."

He further said, "While 2020 has presented unique challenges, the appeal of our brands and the passion of our people provide every reason for confidence regarding our prospects in the years ahead.

(With inputs from agencies)

Bata, Swiss-domiciled multinational footwear and fashion accessory manufacturer on November 30 announced the appointment of Sandeep Kataria as CEO, effective immediately.

Bata, Swiss-domiciled multinational footwear and fashion accessory manufacturer on November 30 announced the appointment of Sandeep Kataria as CEO, effective immediately. With this, Kataria becomes the first Indian to be elevated to the global CEO role of Bata in the company’s 126-year history. He takes over from Alexis Nasard, who is stepping down after almost five years in the role. Kataria, who joined Bata India as CEO in 2017 had earlier worked with leading global firms such as Unilever, Yum Brands and Vodafone in India and Europe. Commenting on the appointment, Bata India Ltd, Chairman Ashwini Windlass said, "Over the past few years, the India team has delivered exceptional growth in footwear volumes, revenues and profits, and has strengthened Bata's customer measures in a highly competitive footwear market. The Bata Group and Bata India both stand to benefit greatly from Sandeep's extensive experience. Under Kataria's leadership, Bata India doubled its profits driven by double-digit topline growth, and sponsored some of the most ingenious campaigns, including 'Surprisingly Bata', that revamped Bata's image as a more vibrant and contemporary brand, targeted at younger consumers, the company said. On his elevation, Kataria said, "I have been privileged to be part of Bata's success in India and I look forward to building further on our proud, 120-year history as shoemakers to the world." He further said, "While 2020 has presented unique challenges, the appeal of our brands and the passion of our people provide every reason for confidence regarding our prospects in the years ahead. (With inputs from agencies)

For the first time in 126 years, an Indian appointed as global CEO of Bata

The Indian equity benchmark indices were trading in the green on Tuesday afternoon.

The 30-scrip BSE Sensex opened at 44,435.83 and was trading at 44,684.05 (at 2:30 pm), up by 534.33 points or 1.21%.&nbsp;

Similarly, 50-scrip NSE Nifty was trading at 13,111.75 points (at 2:30 pm), up by 142.80 points or 1.10%.

During the trading session, the sectors trading high were — realty up by 3.24 per cent, telecom higher by 2.86 per cent, oil and gas went up by 2.21 per cent and utilities increased by 1.85 per cent. The sector trading low was — consumer durables down by 0.17 per cent.

(With inputs from agencies)

The Indian equity benchmark indices were trading in the green on Tuesday afternoon. The 30-scrip BSE Sensex opened at 44,435.83 and was trading at 44,684.05 (at 2:30 pm), up by 534.

The Indian equity benchmark indices were trading in the green on Tuesday afternoon. The 30-scrip BSE Sensex opened at 44,435.83 and was trading at 44,684.05 (at 2:30 pm), up by 534.33 points or 1.21%. Similarly, 50-scrip NSE Nifty was trading at 13,111.75 points (at 2:30 pm), up by 142.80 points or 1.10%. During the trading session, the sectors trading high were — realty up by 3.24 per cent, telecom higher by 2.86 per cent, oil and gas went up by 2.21 per cent and utilities increased by 1.85 per cent. The sector trading low was — consumer durables down by 0.17 per cent. (With inputs from agencies)

Equity indices at day's high, Sensex jumps 500 points

Lets now move to the world of Cryptocurrency as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors. Bitcoin soared to a record high against the dollar on yesterday.

Bitcoin surges to all-time records in 2020

Brexit saga continues, this time its a tough week as talks over a trade deal entered their final days with serious differences yet to be resolved. United Kingdom’s Foreign Minister Dominic Raab on Sunday claimed that the upcoming week would be “very significant” for Brexit. Both sides are trying to reach a trade deal with five weeks to go before their current relationship ends.

World Business Watch: UK's very significant week for Brexit, talks over trade deal to enter final days

China plans to roll out an outbound investment scheme to new regions as it looks to meet onshore investors’ asset allocation needs, reports said China will expand the Qualified Domestic Limited Partner(QDLP) trials already underway in Shanghai, Beijing and Shenzhen region.

World Business Watch: China to further expand investor scheme

Indian shares were flat on Friday, ahead of GDP data that is likely to show Asia`s third-largest economy entered a recession in the September quarter in a coronavirus-induced slump.

A slight dip in IT services shares was countered by a 1.53% rise in automotive stocks before the release of monthly vehicle sales figures from Tuesday. Indian markets will be closed on Monday for a local holiday.

India`s economic activity likely picked up in July-September after a record 23.9% contraction the previous quarter, data due around 1200 GMT is expected to show.

Economists in a Reuters poll forecast gross domestic product (GDP) to shrink 8.8%, a contraction that would still amount to a technical recession.

"In spite of the impact of lockdowns, if negative growth starts to come down, that itself is positive," said A.K. Prabhakar, head of research at IDBI Capital in Mumbai.

"If it goes beyond a 13% fall in GDP, it might have an impact on the markets. But if it`s 9%, that is very good."

The NSE Nifty 50 index was down 0.09% at 12,975.85 by 0500 GMT, while the S&amp;P BSE Sensex was 0.18% lower at 44,178.89.

Both indexes were on course to end the month about 11.5% higher — their second best monthly performance this year, after a 14.7% gain in April — powered by record inflows from foreign institutional investors and progress on COVID-19 vaccines.

Tata Motors jumped 5.1% and Bajaj Auto rose 3.2%, leading the list of gainers on the Nifty 50.

IT services firm Tata Consultancy Services fell 1.1% and was among the top drags on the index.

Other Asian shares stalled near record highs as investors weighed renewed doubts about AstraZeneca`s COVID-19 vaccine against hopes that some of the region`s economies will recovery quicker than their Western peers.

Indian shares were flat on Friday, ahead of GDP data that is likely to show Asia`s third-largest economy entered a recession in the September quarter in a coronavirus-induced slump.

Indian shares were flat on Friday, ahead of GDP data that is likely to show Asia`s third-largest economy entered a recession in the September quarter in a coronavirus-induced slump. A slight dip in IT services shares was countered by a 1.53% rise in automotive stocks before the release of monthly vehicle sales figures from Tuesday. Indian markets will be closed on Monday for a local holiday. India`s economic activity likely picked up in July-September after a record 23.9% contraction the previous quarter, data due around 1200 GMT is expected to show. Economists in a Reuters poll forecast gross domestic product (GDP) to shrink 8.8%, a contraction that would still amount to a technical recession. "In spite of the impact of lockdowns, if negative growth starts to come down, that itself is positive," said A.K. Prabhakar, head of research at IDBI Capital in Mumbai. "If it goes beyond a 13% fall in GDP, it might have an impact on the markets. But if it`s 9%, that is very good." The NSE Nifty 50 index was down 0.09% at 12,975.85 by 0500 GMT, while the S&P BSE Sensex was 0.18% lower at 44,178.89. Both indexes were on course to end the month about 11.5% higher — their second best monthly performance this year, after a 14.7% gain in April — powered by record inflows from foreign institutional investors and progress on COVID-19 vaccines. Tata Motors jumped 5.1% and Bajaj Auto rose 3.2%, leading the list of gainers on the Nifty 50. IT services firm Tata Consultancy Services fell 1.1% and was among the top drags on the index. Other Asian shares stalled near record highs as investors weighed renewed doubts about AstraZeneca`s COVID-19 vaccine against hopes that some of the region`s economies will recovery quicker than their Western peers.

Sensex, Nifty flat ahead of GDP data; autos rise

Huawei founder Ren Zhengfei called on employees of its departing Honor subbrand to strive to surpass its parent in a farewell speech as the tech giant sells the budget brand to keep its sanction-hobbled supply chains alive.

Huawei Technologies said earlier this month it would sell Honor to a new entity called Shenzhen Zhixin New Information Technology, formed of its agents and dealers, so it could resume sourcing components currently restricted by U.S. sanctions.

The U.S. government says Huawei is a national security threat, a claim the company denies.

"Wave after wave of severe U.S. sanctions against Huawei has led us to finally understand, certain American politicians want to kill us, not just correct us," Ren said, according to a speech posted on a Huawei employee forum on Thursday.

While Huawei could overcome the difficulties, "millions" of employees at Honor`s agents and distributors around the world would lose their jobs as sales channels dried up, Ren`s speech said.

"We don`t have to drag innocent people into the water just because we suffer," he said.

Honor-brand smartphones made up 26% of the 51.7 million handsets Huawei shipped in July-September, according to consultancy Canalys. The company`s products also include laptops, tablet computers, smart TVs and electronic accessories.

Huawei`s rivals have been ramping up production orders, anticipating they can gobble up market share while the giant is unable to produce new handsets, several industry sources recently told Reuters.

If Honor could resume production, it could retain market share, said Flora Tang, an industry analyst with Counterpoint Research.

Ren called on Honor to become Huawei`s biggest competitor after the "divorce," and said toppling Huawei should "become your slogan for motivation".

"We are your competitors in the future," he said.

Huawei founder Ren Zhengfei called on employees of its departing Honor subbrand to strive to surpass its parent in a farewell speech as the tech giant sells the budget brand to keep its sanction-hobbled supply chains alive.

Huawei founder Ren Zhengfei called on employees of its departing Honor subbrand to strive to surpass its parent in a farewell speech as the tech giant sells the budget brand to keep its sanction-hobbled supply chains alive. Huawei Technologies said earlier this month it would sell Honor to a new entity called Shenzhen Zhixin New Information Technology, formed of its agents and dealers, so it could resume sourcing components currently restricted by U.S. sanctions. The U.S. government says Huawei is a national security threat, a claim the company denies. "Wave after wave of severe U.S. sanctions against Huawei has led us to finally understand, certain American politicians want to kill us, not just correct us," Ren said, according to a speech posted on a Huawei employee forum on Thursday. While Huawei could overcome the difficulties, "millions" of employees at Honor`s agents and distributors around the world would lose their jobs as sales channels dried up, Ren`s speech said. "We don`t have to drag innocent people into the water just because we suffer," he said. Honor-brand smartphones made up 26% of the 51.7 million handsets Huawei shipped in July-September, according to consultancy Canalys. The company`s products also include laptops, tablet computers, smart TVs and electronic accessories. Huawei`s rivals have been ramping up production orders, anticipating they can gobble up market share while the giant is unable to produce new handsets, several industry sources recently told Reuters. If Honor could resume production, it could retain market share, said Flora Tang, an industry analyst with Counterpoint Research. Ren called on Honor to become Huawei`s biggest competitor after the "divorce," and said toppling Huawei should "become your slogan for motivation". "We are your competitors in the future," he said.

Huawei founder urges Honor subbrand to become competitor after split

India’s economy shrank 7.5 per cent in the fiscal second quarter, after seeing a record contraction of 23.9 per cent in Q1.

WION Dispatch: India’s economy shrinks 7.5% in Q2, falls into recession

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

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

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

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

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

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

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

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

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

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

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

Sensex falls 200 points, Nifty around 12,800

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

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

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

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

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

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

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

After admitting mistake, AstraZeneca faces difficult questions about its vaccine

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

Germany's Stronger than expected rebound

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

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

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

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

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

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

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

Indian stock markets trade higher with Nifty above 13,100

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

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

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

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