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A day after the Trump administration effectively acknowledged the election of Joe Biden, investors showed their relief by pushing the two major stock market indexes to record highs on Tuesday.

It was a welcome party of sorts for Biden, but what investors were really embracing was the end of uncertainty. Biden has vowed to push for more stimulus to bolster the economy. His selection for Treasury secretary, Janet Yellen, is well known from her days as Federal Reserve chair. And several new coronavirus vaccine candidates mean that the pandemic could be under control in the months ahead.

President Donald Trump, who on the campaign trail had warned that Biden’s election would lead to stock market armageddon, on Tuesday implied that the day’s highs were his own doing, making an unscheduled stop at a White House briefing to play up the latest gains in the Dow Jones Industrial Average.

On Wall Street, the S&amp;amp;P 500 stock index rose 1.6% to a new high of 3,635.41, while the Dow rose 1.5%, closing above 30,000 for the first time.

“We have an enormous amount of certainty that we didn’t have just a few months ago,” said Kristina Hooper, chief global market strategist at Invesco, an investment management firm.

The good news about vaccines has bolstered stocks that had been hit hard by the outbreak. Stocks of airlines and oil companies have soared this month. United Airlines, American Airlines and Delta Air Lines have all climbed by more than 30 percent. The oil giant Chevron is up nearly 38 percent.

Markets also appeared to welcome the return of politics as usual under a future Biden administration, and were reassured by the news that Yellen will be Biden’s nominee to head the Treasury Department. She is a known quantity on Wall Street, well respected for her steady leadership at the head of the central bank, from 2014 to 2018.

“There had been some fear that Biden would pick a Treasury secretary with a strong anti-Wall Street bias,” wrote analysts with High Frequency Economics in a client note on Tuesday. “Janet Yellen isn’t that.”

A day after the Trump administration effectively acknowledged the election of Joe Biden, investors showed their relief by pushing the two major stock market indexes to record highs on Tuesday.

A day after the Trump administration effectively acknowledged the election of Joe Biden, investors showed their relief by pushing the two major stock market indexes to record highs on Tuesday. It was a welcome party of sorts for Biden, but what investors were really embracing was the end of uncertainty. Biden has vowed to push for more stimulus to bolster the economy. His selection for Treasury secretary, Janet Yellen, is well known from her days as Federal Reserve chair. And several new coronavirus vaccine candidates mean that the pandemic could be under control in the months ahead. President Donald Trump, who on the campaign trail had warned that Biden’s election would lead to stock market armageddon, on Tuesday implied that the day’s highs were his own doing, making an unscheduled stop at a White House briefing to play up the latest gains in the Dow Jones Industrial Average. On Wall Street, the S&amp;P 500 stock index rose 1.6% to a new high of 3,635.41, while the Dow rose 1.5%, closing above 30,000 for the first time. “We have an enormous amount of certainty that we didn’t have just a few months ago,” said Kristina Hooper, chief global market strategist at Invesco, an investment management firm. The good news about vaccines has bolstered stocks that had been hit hard by the outbreak. Stocks of airlines and oil companies have soared this month. United Airlines, American Airlines and Delta Air Lines have all climbed by more than 30 percent. The oil giant Chevron is up nearly 38 percent. Markets also appeared to welcome the return of politics as usual under a future Biden administration, and were reassured by the news that Yellen will be Biden’s nominee to head the Treasury Department. She is a known quantity on Wall Street, well respected for her steady leadership at the head of the central bank, from 2014 to 2018. “There had been some fear that Biden would pick a Treasury secretary with a strong anti-Wall Street bias,” wrote analysts with High Frequency Economics in a client note on Tuesday. “Janet Yellen isn’t that.”

Markets throw a welcome party of sorts for Biden

Britain's telecom companies could be fined up to 10% of turnover or 100,000 pounds ($133,140) a day if they contravene a ban on using equipment made by China's Huawei Technologies Co Ltd under a new law put forward on Tuesday. The government said that, The Telecommunications (Security) Bill will boost the security standards of the UK’s telecoms networks and remove the threat of high-risk vendors.

Britain's telecom companies could face fines for using suppliers deemed high-risk

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015.

Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was.

“The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” state news agency WAM said.

“The condition requiring a foreign company wishing to open a branch in the country to have an agent from among the country’s citizens has also been cancelled,” it added.

The UAE approved a new foreign investment law in 2018 that would allow foreigners to own up to 100% of some businesses and foreigners could already own up to 100% of those registered in designated business parks known as "free zones".

As an oil and gas producer, the UAE economy has been hit by the coronavirus pandemic and low oil prices, prompting the International Monetary Fund to forecast in October that the Gulf`s second-largest economy could shrink by 6.6% this year.

(With inputs from agencies)

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor. Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015. Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was. “The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” state news agency WAM said. “The condition requiring a foreign company wishing to open a branch in the country to have an agent from among the country’s citizens has also been cancelled,” it added. The UAE approved a new foreign investment law in 2018 that would allow foreigners to own up to 100% of some businesses and foreigners could already own up to 100% of those registered in designated business parks known as "free zones". As an oil and gas producer, the UAE economy has been hit by the coronavirus pandemic and low oil prices, prompting the International Monetary Fund to forecast in October that the Gulf`s second-largest economy could shrink by 6.6% this year. (With inputs from agencies)

UAE opens up the economy, allows 100% foreign ownership of firms: Report

From Britain to European union, Global executives see a smaller hit to their investment plans for Europe than they did earlier this year and are somewhat more upbeat about the continent’s future appeal, a questionnaire by professional services group EY (Ernst & Young)has founded.

Survey: Investors more upbeat about European Union's future appeal

Russia has opened a case against U.S. tech giant Google for failing to remove banned content from its search engine. The watchdog Roskomnadzor said Google was not removing up to 30% of what it called “dangerous content”, some of which it said was extremist in nature ,pornographic and suicidal in nature as well. It opened “administrative proceedings” that could lead to a court case and a fine of up to 5 million roubles ($65,670).

Russia opens case against US tech giant Google

Domestic stock market indices today opened at fresh record highs on the back of positive global markets. All the sectoral indices are trading in the green with Nifty Bank index added 1 per cent.

The S&amp;P BSE Sensex gained 250 points at 44,330 levels and the broader Nifty50 index hit the psychological level of 13,000 for the first time ever.&nbsp;

At 9:35, the 30-scrip BSE Sensex was up by 328 points or 0.74% at 44,404.71. Similarly, 50-scrip NSE Nifty was trading at 13,014.95, up by 88.50 points or 0.68%.&nbsp;

Maruti Suzuki gained 2 per cent and was the top Sensex gainer. Besides, HDFC Bank, Axis Bank, Larsen &amp; Toubro, ICICI Bank, and Mahindra &amp; Mahindra also gained 1 per cent, each.

(With inputs from agencies)

Domestic stock market indices today opened at fresh record highs on the back of positive global markets. All the sectoral indices are trading in the green with Nifty Bank index added 1 per cent.

Domestic stock market indices today opened at fresh record highs on the back of positive global markets. All the sectoral indices are trading in the green with Nifty Bank index added 1 per cent. The S&P BSE Sensex gained 250 points at 44,330 levels and the broader Nifty50 index hit the psychological level of 13,000 for the first time ever. At 9:35, the 30-scrip BSE Sensex was up by 328 points or 0.74% at 44,404.71. Similarly, 50-scrip NSE Nifty was trading at 13,014.95, up by 88.50 points or 0.68%. Maruti Suzuki gained 2 per cent and was the top Sensex gainer. Besides, HDFC Bank, Axis Bank, Larsen & Toubro, ICICI Bank, and Mahindra & Mahindra also gained 1 per cent, each. (With inputs from agencies)

Nifty crosses 13,000 for the first time ever, Sensex at a record high

Indian stock market indices ended at a record close on Tuesday with Nifty crossing the 13,000-mark for the first time ever as signs of progress on a COVID-19 vaccine spurred hopes for a faster economic recovery.

The Sensex closed 445.87 points or 1.01% higher at a record high of 44,523.02. The NSE benchmark Nifty50 index settled 128.70 points or 1% higher at 13,055.15.&nbsp;

This is for the first time the index closed above the 13,000 mark, a new landmark for the index.&nbsp;

(With inputs from agencies)

Indian stock market indices ended at a record close on Tuesday with Nifty crossing the 13,000-mark for the first time ever as signs of progress on a COVID-19 vaccine spurred hopes for a faster economic recovery.

Indian stock market indices ended at a record close on Tuesday with Nifty crossing the 13,000-mark for the first time ever as signs of progress on a COVID-19 vaccine spurred hopes for a faster economic recovery. The Sensex closed 445.87 points or 1.01% higher at a record high of 44,523.02. The NSE benchmark Nifty50 index settled 128.70 points or 1% higher at 13,055.15. This is for the first time the index closed above the 13,000 mark, a new landmark for the index. (With inputs from agencies)

Nifty settles above 13,000 for the first time, Sensex at record closing high

India is expected to export smartphones worth USD 1.5 billion (over Rs 11,113 crore) this year to various countries, including the UAE, the US and Russia, according to a report by research firm techARC.

TechARC, in its India Mobile Phone Exports Market Scan Report, pegged the total exports of smartphones to cross USD 1.5 billion by value in 2020, with smartphones accounting for over 98 per cent of the total mobile phones exported from the country.

"India has been exporting mobiles to destinations like UAE and neighbouring SAARC countries for quite some time. However, 'Make in India' initiative has made India a truly global exporter of mobile phones," techARC founder and Chief Analyst Faisal Kawoosa said.

He added that India currently exports to 24 countries, some of which are further re-exporting, like UAE, to other markets, making India-made phones available to millions of users. He further stated that the recently announced production-linked incentive (PLI) scheme will further strengthen India's positioning in the global mobile market and complement manufacturers' goal of making India a global hub of mobile production. PLI scheme extends an incentive of 4 to 6 per cent on incremental sales (over the base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (2019-20).

Last month, the government had cleared 16 proposals from domestic and international companies entailing an investment of Rs 11,000 crore under the PLI scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years.

The techARC report said a total of 12.8 million mobile phones were exported from India between January and September this year. Of this, 10.9 million were smartphones. "COVID-19 had a severe impact on the exports with volume sharply falling to 1.2 million in April-June quarter from 7.4 million in January-March period. For July-September quarter, the exports were at 4.2 million units indicating recovery due to restoration of supply chain and logistics as well as resumption of work in Indian factories," the report added. Samsung leads the exports significantly with 11.6 million units of phones, distantly followed by Xiaomi at 0.6 million shipments, the report noted. Samsung exported 9.8 million units of smartphones, followed by Xiaomi at 0.6 million and Lava at 0.2 million smartphones. The other smartphone exporters in top 5 are Vivo and OnePlus.

"Lava has emerged as the 'torchbearer' Indian brand which is not only the lone domestic brand exporting mobiles but also pecks in top 5 brands," the report said. It added that while 21 brands are exporting mobile phones from India, 17 brands are exporting smartphones. Seven brands are exporting mobile phones from India to the US. Also, Samsung A51 is the most exported smartphone from India, while the top 10 smartphones exported from India are from Samsung.

India is expected to export smartphones worth USD 1.5 billion (over Rs 11,113 crore) this year to various countries, including the UAE, the US and Russia, according to a report by research firm techARC.

India is expected to export smartphones worth USD 1.5 billion (over Rs 11,113 crore) this year to various countries, including the UAE, the US and Russia, according to a report by research firm techARC. TechARC, in its India Mobile Phone Exports Market Scan Report, pegged the total exports of smartphones to cross USD 1.5 billion by value in 2020, with smartphones accounting for over 98 per cent of the total mobile phones exported from the country. "India has been exporting mobiles to destinations like UAE and neighbouring SAARC countries for quite some time. However, 'Make in India' initiative has made India a truly global exporter of mobile phones," techARC founder and Chief Analyst Faisal Kawoosa said. He added that India currently exports to 24 countries, some of which are further re-exporting, like UAE, to other markets, making India-made phones available to millions of users. He further stated that the recently announced production-linked incentive (PLI) scheme will further strengthen India's positioning in the global mobile market and complement manufacturers' goal of making India a global hub of mobile production. PLI scheme extends an incentive of 4 to 6 per cent on incremental sales (over the base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (2019-20). Last month, the government had cleared 16 proposals from domestic and international companies entailing an investment of Rs 11,000 crore under the PLI scheme to manufacture mobile phones worth Rs 10.5 lakh crore over the next five years. The techARC report said a total of 12.8 million mobile phones were exported from India between January and September this year. Of this, 10.9 million were smartphones. "COVID-19 had a severe impact on the exports with volume sharply falling to 1.2 million in April-June quarter from 7.4 million in January-March period. For July-September quarter, the exports were at 4.2 million units indicating recovery due to restoration of supply chain and logistics as well as resumption of work in Indian factories," the report added. Samsung leads the exports significantly with 11.6 million units of phones, distantly followed by Xiaomi at 0.6 million shipments, the report noted. Samsung exported 9.8 million units of smartphones, followed by Xiaomi at 0.6 million and Lava at 0.2 million smartphones. The other smartphone exporters in top 5 are Vivo and OnePlus. "Lava has emerged as the 'torchbearer' Indian brand which is not only the lone domestic brand exporting mobiles but also pecks in top 5 brands," the report said. It added that while 21 brands are exporting mobile phones from India, 17 brands are exporting smartphones. Seven brands are exporting mobile phones from India to the US. Also, Samsung A51 is the most exported smartphone from India, while the top 10 smartphones exported from India are from Samsung.

India to export smartphones worth USD 1.5 billion

Domestic indices ended higher on Monday helped by gains in IT and energy stocks. However, major financial stocks declined after new recommendations by the Reserve Bank of India (RBI).&nbsp;

The S&amp;P BSE Sensex gained 195 points, or 0.44 per cent to settle at 44,077 levels while NSE's Nifty ended at 12,926, up 67 points, or 0.52 per cent. During the day, the index hit a record high of 12,969 levels.&nbsp;

According to traders, domestic indices rallied on positive sentiment on sustain foreign institutional investment flows into the market.

(With inputs from agencies)

Domestic indices ended higher on Monday helped by gains in IT and energy stocks. However, major financial stocks declined after new recommendations by the Reserve Bank of India (RBI).

Domestic indices ended higher on Monday helped by gains in IT and energy stocks. However, major financial stocks declined after new recommendations by the Reserve Bank of India (RBI). The S&P BSE Sensex gained 195 points, or 0.44 per cent to settle at 44,077 levels while NSE's Nifty ended at 12,926, up 67 points, or 0.52 per cent. During the day, the index hit a record high of 12,969 levels. According to traders, domestic indices rallied on positive sentiment on sustain foreign institutional investment flows into the market. (With inputs from agencies)

Sensex tops 44,000 mark, ends 195 points higher; Nifty above 12,900

China's President Xi Jinping has called for a ''global mechanism'' to use quick response (QR) codes for travelling internationally.

As per Jinping,&nbsp;"We need to further harmonise policies and standards and establish 'fast tracks' to facilitate the orderly flow of people.''

Jinping believes the QR&nbsp;codes will be utilised to help build up an explorer's health status.&nbsp;

<img alt="F" data-entity-type="file" data-entity-uuid="45782467-891c-40b5-a8df-cd220e979fa6" src="//cdn.wionews.com/sites/default/files/inline-images/_115605363_gettyimages-1228761788.jpg" />

In picture: A Chinese man scanning a QR code to get his ticket outside an airport in China

However, Human Rights advocates caution that the codes could be utilised for "more extensive political checking and prohibition".&nbsp;

Xi offered the remarks at the G20 highest point, a web-based gathering of heads of state from the world's 20 biggest economies, which was facilitated by Saudi Arabia throughout the end of the week.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/saudi-arabia-crown-prince-proposes-two-g-20-summits-in-a-year-344734">Saudi Arabia Crown Prince proposes two G-20 summits in a year</a>

He said the codes could be utilized to perceive "health certificates based on nucleic acid test results", as indicated by a record distributed by the Chinese state news office Xinhua.&nbsp;

Xi didn't really expound on how the movement plan may function, or how intently it would be demonstrated on China's QR code applications, which have been utilized to help contain the infection on the territory.&nbsp;

"We trust more nations will join this component," he added.&nbsp;

QR codes are standardised identifications that can be perused by cell phones. Under the plan China has utilised since February, clients are given a traffic-signal style health status code, with a green code permitting somebody to travel uninhibitedly, and an orange or red code showing that they have to isolate for as long as about fourteen days.&nbsp;

The codes depend on a mix of enormous information and data presented by the clients themselves.&nbsp;

The innovation was created by monetary innovation goliath Ant Financial and is accessible through its principle application Alipay yet in addition on WeChat, which has a place with Alipay's rival Tencent.&nbsp;

Xi additionally required the re-opening of the worldwide economy, including reestablishing "worldwide and mechanical gracefully chains" and the "advancement of exchange of key clinical supplies".&nbsp;

Resuming travel paths stays a test for most nations, with spikes in the illness making it hard for specialists to lift travel limitations.&nbsp;

A movement bubble among Singapore and Hong Kong, for instance, was delayed right away before it was because of the start this end of the week because of an abrupt spike in cases in Hong Kong.&nbsp;

'Trojan Horse'&nbsp;

In a tweet, the leader head of Human Rights Watch Kenneth Roth communicated an alert over&nbsp;Xi's proposition.&nbsp;

"An underlying spotlight on wellbeing could without much of a stretch become a Trojan Horse for more extensive political observing and avoidance," he said.&nbsp;

The city of Hangzhou has said it intends to make a perpetual rendition of the QR code-based programming, which would be utilized to allot residents an individual score dependent on their clinical history, wellbeing registration, and way of life propensities.&nbsp;

QR codes have been utilised diversely in Singapore and Australia, for contract following, with occupants utilizing them to look into and out of spots, they visit, including shopping centers, eateries, and their work environments.

China's President Xi Jinping has called for a ''global mechanism'' to use quick response (QR) codes for travelling internationally. As per Jinping, "We need to further harmonise policies and standards and establish 'fast tracks' to facilitate the orderly flow of people.

China's President Xi Jinping has called for a ''global mechanism'' to use quick response (QR) codes for travelling internationally. As per Jinping, "We need to further harmonise policies and standards and establish 'fast tracks' to facilitate the orderly flow of people.'' Jinping believes the QR codes will be utilised to help build up an explorer's health status. In picture: A Chinese man scanning a QR code to get his ticket outside an airport in China However, Human Rights advocates caution that the codes could be utilised for "more extensive political checking and prohibition". Xi offered the remarks at the G20 highest point, a web-based gathering of heads of state from the world's 20 biggest economies, which was facilitated by Saudi Arabia throughout the end of the week. Also read: Saudi Arabia Crown Prince proposes two G-20 summits in a year He said the codes could be utilized to perceive "health certificates based on nucleic acid test results", as indicated by a record distributed by the Chinese state news office Xinhua. Xi didn't really expound on how the movement plan may function, or how intently it would be demonstrated on China's QR code applications, which have been utilized to help contain the infection on the territory. "We trust more nations will join this component," he added. QR codes are standardised identifications that can be perused by cell phones. Under the plan China has utilised since February, clients are given a traffic-signal style health status code, with a green code permitting somebody to travel uninhibitedly, and an orange or red code showing that they have to isolate for as long as about fourteen days. The codes depend on a mix of enormous information and data presented by the clients themselves. The innovation was created by monetary innovation goliath Ant Financial and is accessible through its principle application Alipay yet in addition on WeChat, which has a place with Alipay's rival Tencent. Xi additionally required the re-opening of the worldwide economy, including reestablishing "worldwide and mechanical gracefully chains" and the "advancement of exchange of key clinical supplies". Resuming travel paths stays a test for most nations, with spikes in the illness making it hard for specialists to lift travel limitations. A movement bubble among Singapore and Hong Kong, for instance, was delayed right away before it was because of the start this end of the week because of an abrupt spike in cases in Hong Kong. 'Trojan Horse' In a tweet, the leader head of Human Rights Watch Kenneth Roth communicated an alert over Xi's proposition. "An underlying spotlight on wellbeing could without much of a stretch become a Trojan Horse for more extensive political observing and avoidance," he said. The city of Hangzhou has said it intends to make a perpetual rendition of the QR code-based programming, which would be utilized to allot residents an individual score dependent on their clinical history, wellbeing registration, and way of life propensities. QR codes have been utilised diversely in Singapore and Australia, for contract following, with occupants utilizing them to look into and out of spots, they visit, including shopping centers, eateries, and their work environments.

Chinese President Xi Jinping pushes for QR code based global travel system

Telecom tariff hike is needed as the current rates are "unsustainable" and market conditions will be seen before a call is taken, telecom czar and chairman of Bharti Airtel Sunil Mittal has said.

On the issue of whether or not Chinese telecom equipment vendors will be allowed to participate in next-generation 5G networks, Mittal said the larger question is that of the nation's decision and asserted "what the country decides will be accepted by everyone".

Where tariffs are concerned, the company has already taken a clear stance on the issue, he said adding that Airtel is of the firm view that tariffs need to go up.

"...current tariffs are unsustainable but Airtel cannot move without the industry moving or the regulator moving," Mittal told PTI in an interview.

The industry needs a tariff hike at some point in time, he said adding "we will have to see the market conditions to do it".

Mittal was replying to a question on the timing for what seems to be an imminent industry-wide tariff hike in the Indian market and whether Airtel will initiate it or wait for rivals to make their first move.

Mittal had in August described 16 GB data consumption a month for Rs 160 as a tragedy. The company has maintained that Average Revenue Per User (ARPU) should rise to Rs 200 and eventually to Rs 300 for a sustainable business model. Bharti Airtel's mobile ARPU stood at Rs 162 for the September quarter from Rs 128 in Q2 FY20 and Rs 157 in the preceding June quarter.

The Bharti Group supremo, who has time and again drawn attention to the high taxes and levies in the sector, further said that telecom being a "high capital-intensive industry" required a steady flow investment into networks, spectrum, towers and technology and it was therefore important for the industry to be "sustainable".

"This industry needs tonnes of money, it is a high capital-intensive industry... buying spectrum, putting out networks, fibre, radio, towers... this is a continuously investing industry," Mittal said.

Unlike setting up of steel or power plants, or refineries, the telecom sector needs a continuous and recurring infusion of capital.

"You have to, every year, spend billions of dollars afresh to get new technology, more coverage, more capacity...so this industry needs to be sustainable. The government wants India to be Digital India, and people to be connected. I think we will have to leave it in their safe hands," he said.

As it is, the telecom policy and new digital communications policy states that revenue maximisation is not the objective, he added.

On the issue of Adjusted Gross Revenue (AGR) and the recent difference of opinion that has cropped up between telecom department and the company on when the next tranche of payment is due, Mittal pointed out that Airtel had already paid Rs 18,000 crore, "significantly more than anyone else".

"We have paid Rs 18,000 crore... whatever they decide... we have paid significantly more than anyone else... so we will see, when final decision comes," he said.

Mittal said that 5G spectrum prices are "unaffordable" but, in the same breath added that India has ample time for its 5G road map.

"5G spectrum prices currently are unaffordable and India has the time. Nobody in the world is far on 5G... even countries in Europe... the UK, the US... 5G coverage is still very sparse. So we are okay, India is not behind," he said.

Asked when he expects full-fledged 5G rollouts in India, Mittal said, "The point is, when you need it... connected cars, robotic surgeries that is what it is needed for. So, do we really have that on fire, at the moment? I don't think so."

To a question on whether 2G will continue to exist in India even with the advent of the newer generation of technologies, Mittal said Airtel has already switched off the entire 3G layer and will keep on moving 2G customers to 4G.

"As soon as we can, we will keep on moving our 2G customers to 4G that process is going on. That's the process, it just keeps happening evolutionary, organically, just every month," Mittal added.

On whether Chinese telecom equipment companies will be allowed to participate in 5G, Mittal said: "It is not a question of being allowed or not being allowed. It is a question of country's decision... whatever the country decides, will be accepted by everyone".

Telecom tariff hike is needed as the current rates are "unsustainable" and market conditions will be seen before a call is taken, telecom czar and chairman of Bharti Airtel Sunil Mittal has said.

Telecom tariff hike is needed as the current rates are "unsustainable" and market conditions will be seen before a call is taken, telecom czar and chairman of Bharti Airtel Sunil Mittal has said. On the issue of whether or not Chinese telecom equipment vendors will be allowed to participate in next-generation 5G networks, Mittal said the larger question is that of the nation's decision and asserted "what the country decides will be accepted by everyone". Where tariffs are concerned, the company has already taken a clear stance on the issue, he said adding that Airtel is of the firm view that tariffs need to go up. "...current tariffs are unsustainable but Airtel cannot move without the industry moving or the regulator moving," Mittal told PTI in an interview. The industry needs a tariff hike at some point in time, he said adding "we will have to see the market conditions to do it". Mittal was replying to a question on the timing for what seems to be an imminent industry-wide tariff hike in the Indian market and whether Airtel will initiate it or wait for rivals to make their first move. Mittal had in August described 16 GB data consumption a month for Rs 160 as a tragedy. The company has maintained that Average Revenue Per User (ARPU) should rise to Rs 200 and eventually to Rs 300 for a sustainable business model. Bharti Airtel's mobile ARPU stood at Rs 162 for the September quarter from Rs 128 in Q2 FY20 and Rs 157 in the preceding June quarter. The Bharti Group supremo, who has time and again drawn attention to the high taxes and levies in the sector, further said that telecom being a "high capital-intensive industry" required a steady flow investment into networks, spectrum, towers and technology and it was therefore important for the industry to be "sustainable". "This industry needs tonnes of money, it is a high capital-intensive industry... buying spectrum, putting out networks, fibre, radio, towers... this is a continuously investing industry," Mittal said. Unlike setting up of steel or power plants, or refineries, the telecom sector needs a continuous and recurring infusion of capital. "You have to, every year, spend billions of dollars afresh to get new technology, more coverage, more capacity...so this industry needs to be sustainable. The government wants India to be Digital India, and people to be connected. I think we will have to leave it in their safe hands," he said. As it is, the telecom policy and new digital communications policy states that revenue maximisation is not the objective, he added. On the issue of Adjusted Gross Revenue (AGR) and the recent difference of opinion that has cropped up between telecom department and the company on when the next tranche of payment is due, Mittal pointed out that Airtel had already paid Rs 18,000 crore, "significantly more than anyone else". "We have paid Rs 18,000 crore... whatever they decide... we have paid significantly more than anyone else... so we will see, when final decision comes," he said. Mittal said that 5G spectrum prices are "unaffordable" but, in the same breath added that India has ample time for its 5G road map. "5G spectrum prices currently are unaffordable and India has the time. Nobody in the world is far on 5G... even countries in Europe... the UK, the US... 5G coverage is still very sparse. So we are okay, India is not behind," he said. Asked when he expects full-fledged 5G rollouts in India, Mittal said, "The point is, when you need it... connected cars, robotic surgeries that is what it is needed for. So, do we really have that on fire, at the moment? I don't think so." To a question on whether 2G will continue to exist in India even with the advent of the newer generation of technologies, Mittal said Airtel has already switched off the entire 3G layer and will keep on moving 2G customers to 4G. "As soon as we can, we will keep on moving our 2G customers to 4G that process is going on. That's the process, it just keeps happening evolutionary, organically, just every month," Mittal added. On whether Chinese telecom equipment companies will be allowed to participate in 5G, Mittal said: "It is not a question of being allowed or not being allowed. It is a question of country's decision... whatever the country decides, will be accepted by everyone".

Bharti Airtel chairman Sunil Mittal says telecom tariff hike needed as pricing is 'unsustainable'

U.S. regulators last week ended a 20-month grounding triggered by two fatal crashes of Boeing 737 MAX plane. Europe is also all set to lift its flight ban on the plane in January next year. The head of the European Union Aviation Safety Agency (EASA) said that the 737 MAX was safe to fly after changes made to the design of the jet.

European regulator to lift its flight ban from Boeing 737 MAX in January next year

Indian telecom Czar and chairman of Bharti Airtel Sunil Bharti Mittal, Has said that the telecom tariff hike is needed in India as current rates are unsustainable now. But market conditions will be seen before a call on tariff hike is taken.

India: Bharti Airtel chairman Sunil Mittal calls current tariffs 'unsustainable'

After 11 months of suffering and more than a million deaths, It could be the beginning of the end to the pandemic.&nbsp;

November has been a good month for vaccine makers and scientists. Pfizer and Biontech reported their results first. They had earlier claimed their vaccine is more than 90 per cent effective&nbsp; 
and after completing the final analysis the company says the vaccine is 95 per cent effective.

Meanwhile, US pharma giant Pfizer has moved US regulators to seek approvals for emergency use for its vaccines. Good news came from Russia too as makers of Sputnik V claimed their vaccine is 92 per cent effective.

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The next results came from Moderna, it said the vaccine is 94.5 per cent effective. The markets have welcomed these developments with open arms. The vaccine makers have injected trillions of dollars into the stock markets this month.

The total value of equity markets around the world touched an all-time high with 95 trillion dollars pumped in. The vaccine news added more than one trillion dollars to the S&amp;P 500 which is the American stock market index that measures the performance of 500 large companies in the US.

The Indian markets have registered significant gains in this period too. There was a sharp fall on Thursday but the larger sentiment remains positive. Stocks of vaccine makers are selling like hot cakes. The stock of bio-tech company Moderna has risen by 376 per cent. Pfizer's partner Biontech stocks rose 157 per cent.

It has been a dream run for Novavax which is another vaccine maker. In October, Novavax stock had jumped by a whopping 2,840 per cent with one share of Novavax valued at four dollars at the beginning of 2020, by October it was priced at 117 dollars and as of today it is dealing at around 86 dollars.

The stocks of Pfizer soared too with Chairman and CEO Albert Bourla cashing out 60 per cent of his own Pfizer stock netting him $5.6 million. It was however pre-arranged since Bourla had earlier expressed his intentions to sell his stock months in advance when the price hit a certain mark while this practice is considered controversial in America, it is legal to arrange such a trade in advance, it is not insider trading.

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A vaccine is perhaps the only sure shot exit strategy for this pandemic without it the worldwide economic impact of the Wuhan virus could be $3.4 trillion a year which is why the success in vaccine development is being welcomed across all quarters.

It could be the beginning of the end but, there are still significant hurdles to cross. The data and claims of these companies need to be vetted and drug regulators will have to clear the vaccines first.&nbsp;

There will be a limited roll out early on, it could take several months for the common man to get a vaccine but with each passing day we are getting one step closer to the shots.

After 11 months of suffering and more than a million deaths, It could be the beginning of the end to the pandemic. November has been a good month for vaccine makers and scientists.

After 11 months of suffering and more than a million deaths, It could be the beginning of the end to the pandemic. November has been a good month for vaccine makers and scientists. Pfizer and Biontech reported their results first. They had earlier claimed their vaccine is more than 90 per cent effective and after completing the final analysis the company says the vaccine is 95 per cent effective. Meanwhile, US pharma giant Pfizer has moved US regulators to seek approvals for emergency use for its vaccines. Good news came from Russia too as makers of Sputnik V claimed their vaccine is 92 per cent effective. × The next results came from Moderna, it said the vaccine is 94.5 per cent effective. The markets have welcomed these developments with open arms. The vaccine makers have injected trillions of dollars into the stock markets this month. The total value of equity markets around the world touched an all-time high with 95 trillion dollars pumped in. The vaccine news added more than one trillion dollars to the S&P 500 which is the American stock market index that measures the performance of 500 large companies in the US. The Indian markets have registered significant gains in this period too. There was a sharp fall on Thursday but the larger sentiment remains positive. Stocks of vaccine makers are selling like hot cakes. The stock of bio-tech company Moderna has risen by 376 per cent. Pfizer's partner Biontech stocks rose 157 per cent. It has been a dream run for Novavax which is another vaccine maker. In October, Novavax stock had jumped by a whopping 2,840 per cent with one share of Novavax valued at four dollars at the beginning of 2020, by October it was priced at 117 dollars and as of today it is dealing at around 86 dollars. The stocks of Pfizer soared too with Chairman and CEO Albert Bourla cashing out 60 per cent of his own Pfizer stock netting him $5.6 million. It was however pre-arranged since Bourla had earlier expressed his intentions to sell his stock months in advance when the price hit a certain mark while this practice is considered controversial in America, it is legal to arrange such a trade in advance, it is not insider trading. × A vaccine is perhaps the only sure shot exit strategy for this pandemic without it the worldwide economic impact of the Wuhan virus could be $3.4 trillion a year which is why the success in vaccine development is being welcomed across all quarters. It could be the beginning of the end but, there are still significant hurdles to cross. The data and claims of these companies need to be vetted and drug regulators will have to clear the vaccines first. There will be a limited roll out early on, it could take several months for the common man to get a vaccine but with each passing day we are getting one step closer to the shots.

Coronavirus vaccine news injects trillions in stock markets worldwide

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from&nbsp;the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

This has happened for the first time since 2013. The European Union's single currency&nbsp;and the greenback were followed&nbsp;by the British pound and the Japanese yen. The Canadian dollar overwhelmed China's yuan for the fifth spot, SWIFT said.&nbsp;

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Trade upheaval, a pandemic-incited recession, and political disharmony reestablished strain to lessen the portion of global installments in dollars. The United States&nbsp;currency&nbsp;has debilitated over 11 per cent&nbsp;from its peak in March, in view of a Bloomberg list that estimates it against a bin of significant friends, and numerous spectators are foreseeing its valuation to drop further.&nbsp;

The dollar remains the top financing cash, with about portion of all cross-fringe credits and worldwide obligation protections named in the greenback, the Bank of International Settlements said in a July report. About 85&nbsp;per cent&nbsp;of all unfamiliar trade exchanges happen against the dollar and it represents 61&nbsp;per cent&nbsp;of authentic unfamiliar trade holds, the BIS stated, adding that about portion of global exchange is invoiced in the US&nbsp;money.&nbsp;

Quick deliveries the information in its month to month RMB Tracker on the renminbi's advancement toward turning into a global money.&nbsp;

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About 37.82&nbsp;per cent&nbsp;of the Swift money moves were taken care of in euros a month ago, the biggest segment since February 2013. This was an expansion of in excess of 6 rate focuses from the finish of a year ago.&nbsp;

The US&nbsp;dollar's use fell about 4.6 rate focuses from December to 37.64&nbsp;per cent&nbsp;of exchanges a month ago. The dollar crested at 45.3&nbsp;per cent&nbsp;in April 2015. The British, Japanese and Canadian monetary standards together held 12.25&nbsp;per cent&nbsp;of exchanges in October.&nbsp;

The yuan's offer tumbled to 1.66&nbsp;per cent&nbsp;of exchanges, in its more terrible appearing since April. The Chinese cash was positioned 35th in October 2010, when Swift began following monetary forms along these lines. It advanced to the main six out of 2014, where is has general arrived at the midpoint of marginally not exactly a 2&nbsp;per cent&nbsp;share universally since.&nbsp;

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Euro has defeated the dollar as the most widely used currency for global payments last month, according to a report from the Society for Worldwide Interbank Financial Telecommunications (SWIFT). This has happened for the first time since 2013. The European Union's single currency and the greenback were followed by the British pound and the Japanese yen. The Canadian dollar overwhelmed China's yuan for the fifth spot, SWIFT said. Trade upheaval, a pandemic-incited recession, and political disharmony reestablished strain to lessen the portion of global installments in dollars. The United States currency has debilitated over 11 per cent from its peak in March, in view of a Bloomberg list that estimates it against a bin of significant friends, and numerous spectators are foreseeing its valuation to drop further. The dollar remains the top financing cash, with about portion of all cross-fringe credits and worldwide obligation protections named in the greenback, the Bank of International Settlements said in a July report. About 85 per cent of all unfamiliar trade exchanges happen against the dollar and it represents 61 per cent of authentic unfamiliar trade holds, the BIS stated, adding that about portion of global exchange is invoiced in the US money. Quick deliveries the information in its month to month RMB Tracker on the renminbi's advancement toward turning into a global money. × About 37.82 per cent of the Swift money moves were taken care of in euros a month ago, the biggest segment since February 2013. This was an expansion of in excess of 6 rate focuses from the finish of a year ago. The US dollar's use fell about 4.6 rate focuses from December to 37.64 per cent of exchanges a month ago. The dollar crested at 45.3 per cent in April 2015. The British, Japanese and Canadian monetary standards together held 12.25 per cent of exchanges in October. The yuan's offer tumbled to 1.66 per cent of exchanges, in its more terrible appearing since April. The Chinese cash was positioned 35th in October 2010, when Swift began following monetary forms along these lines. It advanced to the main six out of 2014, where is has general arrived at the midpoint of marginally not exactly a 2 per cent share universally since.

Euro beats dollar as payment currency for first time after 7 years

For the first time since 2013, the Euro has outpaced the Dollar as payment currency. Euro was the most used currency for global payments in October. What about the Yuan? Molly Gambhir gets you a report.

Gravitas: Euro beats Dollar as payment currency

Washington is poised to designate four more Chinese companies as backed by the Chinese military, sources said, curbing their access to U.S. investors as the Trump administration seeks to cement its hawkish China legacy in its waning days.

The designations, which have not been previously reported, could be released by the Department of Defense as soon as Friday but may be unveiled next week, said one U.S. official and one person familiar with the matter who declined to be named.

Also read | <a href="https://www.wionews.com/world/china-inoculates-almost-a-million-citizens-with-sinopharm-vaccine-344306">China inoculates almost a million citizens with Sinopharm vaccine</a>

The White House and the Chinese embassy in Washington did not immediately respond to requests for comment.

The additions would bring the number of Chinese companies affected to 35. They include giants like Hikvision, China Telecom Corp and China Mobile, which were added earlier this year.

The list of "Communist Chinese Military Companies" was mandated by a 1999 law requiring the Pentagon to compile a catalogue of companies "owned or controlled" by the People's Liberation Army, but the defense department only complied this year.

The latest move would come just days after the White House published an executive order, first reported by Reuters, that sought to give teeth to the list by prohibiting U.S. investors from buying securities of the blacklisted companies from November 2021.

The move "helps ensure no American is unwittingly subsidizing the (Chinese Communist Party)'s campaign to dominate the technologies of the future," said Republican Congressman Mike Gallagher, who has introduced legislation to ban blacklisted Chinese companies from U.S. capital markets.

However, the executive order is unlikely to deal the firms a serious blow, experts said, due to its limited scope, uncertainty about the stance of the incoming Biden administration and already-scant holdings by U.S. funds.

Democratic President-elect Joe Biden, who takes office on Jan. 20, has not laid out a detailed China strategy but all indications are that he will continue a tough approach toward Beijing.

The growing defense department list will likely add to tensions between the world’s two largest economies, which have been at loggerheads over the coronavirus and China's crackdown on Hong Kong.

The list is also part of a broader effort by Washington to target what it sees as Beijing's efforts to enlist corporations to harness emerging civilian technologies for military purposes.

In September, the U.S. Commerce Department imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there was an “unacceptable risk” that equipment supplied to it could be used for military purposes.

Congress and the administration have sought increasingly to curb the U.S. market access of Chinese companies that do not comply with rules faced by American rivals, even if that means antagonizing Wall Street.

In August, U.S. Securities and Exchange Commission and Treasury officials urged Trump to delist Chinese companies that trade on U.S. exchanges and fail to meet its auditing requirements by January 2022.

 
&nbsp;

Washington is poised to designate four more Chinese companies as backed by the Chinese military, sources said, curbing their access to U.S. investors as the Trump administration seeks to cement its hawkish China legacy in its waning days.

Washington is poised to designate four more Chinese companies as backed by the Chinese military, sources said, curbing their access to U.S. investors as the Trump administration seeks to cement its hawkish China legacy in its waning days. The designations, which have not been previously reported, could be released by the Department of Defense as soon as Friday but may be unveiled next week, said one U.S. official and one person familiar with the matter who declined to be named. Also read | China inoculates almost a million citizens with Sinopharm vaccine The White House and the Chinese embassy in Washington did not immediately respond to requests for comment. The additions would bring the number of Chinese companies affected to 35. They include giants like Hikvision, China Telecom Corp and China Mobile, which were added earlier this year. The list of "Communist Chinese Military Companies" was mandated by a 1999 law requiring the Pentagon to compile a catalogue of companies "owned or controlled" by the People's Liberation Army, but the defense department only complied this year. The latest move would come just days after the White House published an executive order, first reported by Reuters, that sought to give teeth to the list by prohibiting U.S. investors from buying securities of the blacklisted companies from November 2021. The move "helps ensure no American is unwittingly subsidizing the (Chinese Communist Party)'s campaign to dominate the technologies of the future," said Republican Congressman Mike Gallagher, who has introduced legislation to ban blacklisted Chinese companies from U.S. capital markets. However, the executive order is unlikely to deal the firms a serious blow, experts said, due to its limited scope, uncertainty about the stance of the incoming Biden administration and already-scant holdings by U.S. funds. Democratic President-elect Joe Biden, who takes office on Jan. 20, has not laid out a detailed China strategy but all indications are that he will continue a tough approach toward Beijing. The growing defense department list will likely add to tensions between the world’s two largest economies, which have been at loggerheads over the coronavirus and China's crackdown on Hong Kong. The list is also part of a broader effort by Washington to target what it sees as Beijing's efforts to enlist corporations to harness emerging civilian technologies for military purposes. In September, the U.S. Commerce Department imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there was an “unacceptable risk” that equipment supplied to it could be used for military purposes. Congress and the administration have sought increasingly to curb the U.S. market access of Chinese companies that do not comply with rules faced by American rivals, even if that means antagonizing Wall Street. In August, U.S. Securities and Exchange Commission and Treasury officials urged Trump to delist Chinese companies that trade on U.S. exchanges and fail to meet its auditing requirements by January 2022.

Trump administration to add four more Chinese firms to Pentagon blacklist: Sources

Indian stock market indices were flat in a choppy market after opening with gains.

The benchmark S&amp;P BSE Sensex was quoting at 43,463 levels. On NSE, the Nifty50 was hovering around 12,750-mark.

In the broader markets, the S&amp;P BSE MidCap index was up 0.27 per cent to trade at 16,281, while S&amp;P BSE SmallCap index was at 16,063, up 0.02 per cent.

Meanwhile, the rupee appreciated 12 paise to 74.15 against the US dollar in opening trade on Friday, supported by positive opening in domestic equities and weakness in American currency.&nbsp;

At the interbank forex market, the domestic unit opened at 74.15 against the US dollar, registering a rise of 12 paise over its previous close. On Thursday, the rupee had settled at 74.27 against US dollar.

(With inputs from agencies)

Indian stock market indices were flat in a choppy market after opening with gains. The benchmark S&P BSE Sensex was quoting at 43,463 levels. On NSE, the Nifty50 was hovering around 12,750-mark.

Indian stock market indices were flat in a choppy market after opening with gains. The benchmark S&P BSE Sensex was quoting at 43,463 levels. On NSE, the Nifty50 was hovering around 12,750-mark. In the broader markets, the S&P BSE MidCap index was up 0.27 per cent to trade at 16,281, while S&P BSE SmallCap index was at 16,063, up 0.02 per cent. Meanwhile, the rupee appreciated 12 paise to 74.15 against the US dollar in opening trade on Friday, supported by positive opening in domestic equities and weakness in American currency. At the interbank forex market, the domestic unit opened at 74.15 against the US dollar, registering a rise of 12 paise over its previous close. On Thursday, the rupee had settled at 74.27 against US dollar. (With inputs from agencies)

Sensex down 100 points, Nifty tests 12,750

Goldman Sachs revised upwards its FY21 growth forecast for India to a 10.3% contraction, from -14.8% it had projected in September.

World Business Watch: Goldman Sachs raises India's FY21 GDP forecast to -10.3%

Bitcoin soared to its highest level since December 2017 as the asset’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.

World Business Watch: Bitcoin hits nearly three year peak | Highest level reached since Dec 2017

Foreign brokerage Goldman Sachs on Tuesday upgraded its India GDP forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of a negative growth of 14.8 per cent.

The US-based firm said developments on the vaccine front — where two candidates have posted satisfactory progress — will be very helpful in the recovery.

The Reserve Bank expects India's GDP to contract by 9.5 per cent on real basis in the ongoing fiscal because of the impact suffered by the economy during the COVID-19 pandemic.

Also read|&nbsp;<a href="https://www.wionews.com/science/coronavirus-mutations-appearing-in-siberia-russian-scientists-343820">Coronavirus mutations appearing in Siberia: Russian scientists</a>

The GDP will stage an impressive recovery in FY22, with a growth of 13 per cent on the low base and benefits of the vaccine, Goldman Sachs said in a report.

"There is still a high degree of uncertainty around the outlook - and growth could significantly overshoot or undershoot these forecasts - depending on the course taken by the virus and vaccine-related developments in the coming year," it said.

It expects a normalisation in the containment policies and mobility restrictions only in mid-2022, once a vaccine is deployed.

A meaningful rebound in economic activity will happen from 2021 itself, it said, adding that consumer-facing services sectors will stage a faster recovery.

Also read|&nbsp;<a href="https://www.wionews.com/science/chemicals-found-in-daily-use-products-could-decrease-covid-19-vaccines-effectiveness-reports-343850" hreflang="en">Chemicals found in daily-use products could decrease COVID-19 vaccine's effectiveness: Reports</a>

However, the pace of the rebound will be restrained by some "economic scarring", and a number of factors like a weak labour market, the hit to private sector incomes and balance sheets, tighter credit supply conditions and a limited impetus from fiscal policy, it said.

Headline inflation is likely to decline towards the mid-point of the RBI''s target band of 2-6 per cent by mid-2021 as food prices fall on easing supply restrictions, a benign monsoon and favourable base effects, it said.

Core inflation could also moderate given low manufacturing capacity utilisation and appreciation in the rupee.

This will result in the RB's Monetary Policy Committee (MPC) cutting rates by 0.35 per cent next year, it said, adding that the panel with three new members has a dovish tilt.

The brokerage further said it will be overweight on Indian equities on the macro recovery and relatively higher sensitivity of Indian stocks to positive vaccine outcomes and added that appreciation pressures on the rupee will persist.

Foreign brokerage Goldman Sachs on Tuesday upgraded its India GDP forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of a negative growth of 14.

Foreign brokerage Goldman Sachs on Tuesday upgraded its India GDP forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of a negative growth of 14.8 per cent. The US-based firm said developments on the vaccine front — where two candidates have posted satisfactory progress — will be very helpful in the recovery. The Reserve Bank expects India's GDP to contract by 9.5 per cent on real basis in the ongoing fiscal because of the impact suffered by the economy during the COVID-19 pandemic. Also read| Coronavirus mutations appearing in Siberia: Russian scientists The GDP will stage an impressive recovery in FY22, with a growth of 13 per cent on the low base and benefits of the vaccine, Goldman Sachs said in a report. "There is still a high degree of uncertainty around the outlook - and growth could significantly overshoot or undershoot these forecasts - depending on the course taken by the virus and vaccine-related developments in the coming year," it said. It expects a normalisation in the containment policies and mobility restrictions only in mid-2022, once a vaccine is deployed. A meaningful rebound in economic activity will happen from 2021 itself, it said, adding that consumer-facing services sectors will stage a faster recovery. Also read| Chemicals found in daily-use products could decrease COVID-19 vaccine's effectiveness: Reports However, the pace of the rebound will be restrained by some "economic scarring", and a number of factors like a weak labour market, the hit to private sector incomes and balance sheets, tighter credit supply conditions and a limited impetus from fiscal policy, it said. Headline inflation is likely to decline towards the mid-point of the RBI''s target band of 2-6 per cent by mid-2021 as food prices fall on easing supply restrictions, a benign monsoon and favourable base effects, it said. Core inflation could also moderate given low manufacturing capacity utilisation and appreciation in the rupee. This will result in the RB's Monetary Policy Committee (MPC) cutting rates by 0.35 per cent next year, it said, adding that the panel with three new members has a dovish tilt. The brokerage further said it will be overweight on Indian equities on the macro recovery and relatively higher sensitivity of Indian stocks to positive vaccine outcomes and added that appreciation pressures on the rupee will persist.

Goldman Sachs ups India's eco forecast on vaccine progress, now expects 10.8 pc contraction in FY21

The coronavirus is a bigger risk to the U.S. economy than a prolonged dispute over the presidential election result, according to a Reuters poll that showed the near-term economic recovery was slowing more than previously thought.

US: Coronavirus bigger risk to US economy than election dispute

Volkswagen is paring back the variety of combustion-engined cars and retooling more factories to build electric vehicles in an effort to keep up with rival Tesla, the chief executive of the world's largest carmaker said.

Volkswagen accelerates shift to electric, autonomous era

EasyJet on Tuesday posted the first annual pre-tax loss in its 25-year history, prompting it to seek more government help as the coronavirus pandemic hammers air travel.

The British no-frills carrier suffered a pre-tax loss of £1.27 billion ($1.7 billion, 1.4 billion euros) in its reporting year to September. That contrasted with a year-earlier profit of £430 million.

Passenger numbers halved to 48.1 million as Covid-19 travel restrictions slammed demand.

Revenue slumped by a similar proportion to stand at £3.0 billion, EasyJet said in a results statement.

It added that it plans to fly no more than 20 percent of normal capacity during its current first quarter ending on December 31.

But chief executive Johan Lundgren said the company was "well positioned and expecting to bounce back strongly" after responding "robustly and decisively" to the virus fallout.

The airline is in the process of axing up to 4,500 jobs or almost one third of its staff as it seeks to navigate the crisis, mirroring painful cost-cutting across the world aviation sector.

It has raised more than £3.1 billion in extra liquidity since the start of the deadly pandemic, including £600 million from the British government's emergency Covid Corporate Financing Facility.

The carrier on Tuesday said it is "planning to extend... borrowing" from the facility after talks with the Bank of England and UK Treasury department.

- 'Robustly and decisively' -

"I am immensely proud of the performance of the EasyJet team in facing the challenges of 2020," Lundgren said in the statement.

"We responded robustly and decisively, minimising losses, reducing cash burn and launching the largest... restructuring programme in our history."

He also cheered "welcome news" on a Covid-19 vaccine that could potentially herald a longer-term return to normality.

"We retain the flexibility to rapidly ramp up when demand returns... We know our customers want to fly with us," he said.

The carrier grounded its entire fleet on March 30 as Britain went into an initial lockdown, returning to the skies with only a very limited schedule in the middle of June.

There was a modest recovery in summer demand -- but "widespread quarantine measures introduced in September once again eroded demand and consumer confidence to travel", it noted.

The airline has been hit additionally by a second lockdown currently in force across much of Britain.

In reaction to the results, EasyJet shares sank 4.0 percent to 746.20 pence in morning London deals.

The stock is down by about 45 percent in 2020, mirroring sharp falls across the entire aviation sector.

Hopes of there being a vaccine as early a this year have however handed airlines some big gains over the past week.

"EasyJet shareholders will be hoping that the worst is now behind them," noted William Ryder, equity analyst at Hargreaves Lansdown stockbrokers.&nbsp;

"Although capacity is still expected to be down dramatically in the first quarter of EasyJet's 2021 financial year, positive vaccine news has promised light at the end of the tunnel."&nbsp;

EasyJet on Tuesday posted the first annual pre-tax loss in its 25-year history, prompting it to seek more government help as the coronavirus pandemic hammers air travel.

EasyJet on Tuesday posted the first annual pre-tax loss in its 25-year history, prompting it to seek more government help as the coronavirus pandemic hammers air travel. The British no-frills carrier suffered a pre-tax loss of £1.27 billion ($1.7 billion, 1.4 billion euros) in its reporting year to September. That contrasted with a year-earlier profit of £430 million. Passenger numbers halved to 48.1 million as Covid-19 travel restrictions slammed demand. Revenue slumped by a similar proportion to stand at £3.0 billion, EasyJet said in a results statement. It added that it plans to fly no more than 20 percent of normal capacity during its current first quarter ending on December 31. But chief executive Johan Lundgren said the company was "well positioned and expecting to bounce back strongly" after responding "robustly and decisively" to the virus fallout. The airline is in the process of axing up to 4,500 jobs or almost one third of its staff as it seeks to navigate the crisis, mirroring painful cost-cutting across the world aviation sector. It has raised more than £3.1 billion in extra liquidity since the start of the deadly pandemic, including £600 million from the British government's emergency Covid Corporate Financing Facility. The carrier on Tuesday said it is "planning to extend... borrowing" from the facility after talks with the Bank of England and UK Treasury department. - 'Robustly and decisively' - "I am immensely proud of the performance of the EasyJet team in facing the challenges of 2020," Lundgren said in the statement. "We responded robustly and decisively, minimising losses, reducing cash burn and launching the largest... restructuring programme in our history." He also cheered "welcome news" on a Covid-19 vaccine that could potentially herald a longer-term return to normality. "We retain the flexibility to rapidly ramp up when demand returns... We know our customers want to fly with us," he said. The carrier grounded its entire fleet on March 30 as Britain went into an initial lockdown, returning to the skies with only a very limited schedule in the middle of June. There was a modest recovery in summer demand -- but "widespread quarantine measures introduced in September once again eroded demand and consumer confidence to travel", it noted. The airline has been hit additionally by a second lockdown currently in force across much of Britain. In reaction to the results, EasyJet shares sank 4.0 percent to 746.20 pence in morning London deals. The stock is down by about 45 percent in 2020, mirroring sharp falls across the entire aviation sector. Hopes of there being a vaccine as early a this year have however handed airlines some big gains over the past week. "EasyJet shareholders will be hoping that the worst is now behind them," noted William Ryder, equity analyst at Hargreaves Lansdown stockbrokers. "Although capacity is still expected to be down dramatically in the first quarter of EasyJet's 2021 financial year, positive vaccine news has promised light at the end of the tunnel."

UK airline EasyJet dives into historic loss on virus

The country's largest carmaker Maruti Suzuki India on Monday said it has sold over two lakh cars through the online channel.

The company, which initiated its online sales platform around two years back, said the digital channel now covers nearly 1,000 dealerships across the country.

"Since the introduction of this new digital channel in 2018, we have witnessed three times increase in digital enquiries and recorded sales of over 2 lakh units since April 2019.

This digital channel has helped to generate over 21 lakh customer enquiries," Maruti Suzuki India Executive Director (Marketing &amp; Sales) Shashank Srivastava said in a statement.

Citing 'Google Auto Gear Shift India 2020 Report', he said nearly 95 per cent of new car sales in India are digitally influenced as per the customers first research online and then buy at the physical dealerships.

While online experience provides the complete spectrum of information to the customers, at the last mile the customers seek assurance of the deal from their trusted dealer advisors.

"Interestingly, customers who enquire through our digital channel end up purchasing a car within 10 days.

This reaffirms that with a robust online to offline platform executed by a digitally enabled salesforce, converting digital enquiries into sales becomes easier," Srivastava said.

He said the company witnessed a two-fold increase in 'Near Me' customer searches for Maruti Suzuki dealers.

"Our investment to create a hyper-local platform is to help customers discover faster and connect to their nearest dealers.

This initiative has seen rapid growth in recent times.

In the last two years, we have integrated over 1,000 dealerships across 3,000 online touchpoints in this digital transformation journey," Srivastava added.

Maruti Suzuki India began taking online bookings in 2017.

The company said as customer behaviour further shifts online, its dealership's websites are witnessing a much larger traffic flow.

"The positive results of the initiatives are evident as digital enquiries for Maruti Suzuki have seen a five-fold increase to around 20 per cent of total sales.

In the prevailing COVID-19 scenario, the digital enquiry contribution has further increased exceeding 33 per cent during the last five months," the company said.

The country's largest carmaker Maruti Suzuki India on Monday said it has sold over two lakh cars through the online channel. The company, which initiated its online sales platform around two years back, said the digital channel now covers nearly 1,000 dealerships across the country.

The country's largest carmaker Maruti Suzuki India on Monday said it has sold over two lakh cars through the online channel. The company, which initiated its online sales platform around two years back, said the digital channel now covers nearly 1,000 dealerships across the country. "Since the introduction of this new digital channel in 2018, we have witnessed three times increase in digital enquiries and recorded sales of over 2 lakh units since April 2019. This digital channel has helped to generate over 21 lakh customer enquiries," Maruti Suzuki India Executive Director (Marketing & Sales) Shashank Srivastava said in a statement. Citing 'Google Auto Gear Shift India 2020 Report', he said nearly 95 per cent of new car sales in India are digitally influenced as per the customers first research online and then buy at the physical dealerships. While online experience provides the complete spectrum of information to the customers, at the last mile the customers seek assurance of the deal from their trusted dealer advisors. "Interestingly, customers who enquire through our digital channel end up purchasing a car within 10 days. This reaffirms that with a robust online to offline platform executed by a digitally enabled salesforce, converting digital enquiries into sales becomes easier," Srivastava said. He said the company witnessed a two-fold increase in 'Near Me' customer searches for Maruti Suzuki dealers. "Our investment to create a hyper-local platform is to help customers discover faster and connect to their nearest dealers. This initiative has seen rapid growth in recent times. In the last two years, we have integrated over 1,000 dealerships across 3,000 online touchpoints in this digital transformation journey," Srivastava added. Maruti Suzuki India began taking online bookings in 2017. The company said as customer behaviour further shifts online, its dealership's websites are witnessing a much larger traffic flow. "The positive results of the initiatives are evident as digital enquiries for Maruti Suzuki have seen a five-fold increase to around 20 per cent of total sales. In the prevailing COVID-19 scenario, the digital enquiry contribution has further increased exceeding 33 per cent during the last five months," the company said.

Maruti Suzuki India sells over 2 lakh cars via online channel

The domestic equity market indices pared some of its gains and were trading in a range in the afternoon deals on Tuesday.&nbsp;

The S&amp;P BSE Sensex was quoting 0.6 per cent higher at 43,095 levels while NSE's Nifty was trading at 12,860, up 82 points, or 0.64 per cent. In the early trade, Sensex briefly touched the crucial 44,000 level before retreating later.&nbsp;

In the broader market, the S&amp;P BSE MidCap was trading 0.78 per cent higher and the S&amp;P BSE SmallCap index was up over 0.6 per cent.

Markets had eked out modest gains in a one-hour special "muhurat" trading session for Diwali on Saturday and were closed on Monday.

(With inputs from agencies)

The domestic equity market indices pared some of its gains and were trading in a range in the afternoon deals on Tuesday. The S&P BSE Sensex was quoting 0.6 per cent higher at 43,095 levels while NSE's Nifty was trading at 12,860, up 82 points, or 0.

The domestic equity market indices pared some of its gains and were trading in a range in the afternoon deals on Tuesday. The S&P BSE Sensex was quoting 0.6 per cent higher at 43,095 levels while NSE's Nifty was trading at 12,860, up 82 points, or 0.64 per cent. In the early trade, Sensex briefly touched the crucial 44,000 level before retreating later. In the broader market, the S&P BSE MidCap was trading 0.78 per cent higher and the S&P BSE SmallCap index was up over 0.6 per cent. Markets had eked out modest gains in a one-hour special "muhurat" trading session for Diwali on Saturday and were closed on Monday. (With inputs from agencies)

Sensex scales record high levels near 44000-mark supported by positive vaccine news