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Domestic stock markets were trading with 0.4 per cent gains in the afternoon deals on Wednesday.

Sensex was trading around 38,109 levels and the Nifty50 index hovered around the 11,250-mark. Tata Steel (down 2.5%) was the top Sensex laggard, followed by Power Grid and NTPC (both down over 1%).&nbsp;

Broader indices underperformed the benchmarks as Nifty Smallcap100 and Nifty Midcap100 trading marginally lower.&nbsp;

The currency snapped a two-day losing streak today, ending the session with modest gains. The rupee ended at 73.76 against the U.S. Dollar, as compared to Tuesday's close of 73.85.

(With inputs from agencies)

Domestic stock markets were trading with 0.4 per cent gains in the afternoon deals on Wednesday. Sensex was trading around 38,109 levels and the Nifty50 index hovered around the 11,250-mark.

Domestic stock markets were trading with 0.4 per cent gains in the afternoon deals on Wednesday. Sensex was trading around 38,109 levels and the Nifty50 index hovered around the 11,250-mark. Tata Steel (down 2.5%) was the top Sensex laggard, followed by Power Grid and NTPC (both down over 1%). Broader indices underperformed the benchmarks as Nifty Smallcap100 and Nifty Midcap100 trading marginally lower. The currency snapped a two-day losing streak today, ending the session with modest gains. The rupee ended at 73.76 against the U.S. Dollar, as compared to Tuesday's close of 73.85. (With inputs from agencies)

Sensex trades higher, Nifty around 11,250

Tax evasion and illicit theft of capital is robbing Africa of nearly $89&nbsp;million a year according to a new study by the UN trade and development agency.

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<a href="https://twitter.com/hashtag/IllicitFinancialFlows?src=hash&amp;ref_src=twsrc%5Etfw">#IllicitFinancialFlows</a> rob Africa of $89 billion each year, says <a href="https://twitter.com/UNCTAD?ref_src=twsrc%5Etfw">@UNCTAD</a>’s Economic Development in Africa Report 2020. 
 
Curbing this capital flight could cut almost in half the continent's <a href="https://twitter.com/hashtag/GlobalGoals?src=hash&amp;ref_src=twsrc%5Etfw">#GlobalGoals</a> financing gap, <a href="https://t.co/55eYKoPfW0">https://t.co/55eYKoPfW0</a> <a href="https://twitter.com/hashtag/UNCTADEDAR?src=hash&amp;ref_src=twsrc%5Etfw">#UNCTADEDAR</a> <a href="https://t.co/8tgkJiNpbc">pic.twitter.com/8tgkJiNpbc</a>
— UNCTAD (@UNCTAD) <a href="https://twitter.com/UNCTAD/status/1310642016716550144?ref_src=twsrc%5Etfw">September 28, 2020</a></blockquote>
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According to the estimates published in the study, illegal outflows of capital from Africa totaled over USD 830 billion in the first 15 years of this century, much of it linked to movements of high-value commodities like gold, diamonds, and platinum,&nbsp;straining the ability of the continent's governments to provide services like healthcare, education, and infrastructure.

From 2013 to 2015,&nbsp;such outflows rose to nearly USD 89 billion a year on average. By comparison, the combined total of both official development assistance and foreign direct investment received by Africa during that three-year span averaged USD 102 billion annually.

''Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,''&nbsp;said UNCTAD Secretary-General Mukhisa Kituyi.

The agency said that total illicit capital flight from Africa amounted to USD 836 billion between 2000 and 2015.

The largest component of illicit capital flights from Africa, totaling USD 40 billion in 2015, was related to ''extractive commodities''&nbsp;more than three-fourths of it in gold alone, followed by diamonds and platinum, UNCTAD said. It cautioned the data was incomplete and such figures were likely an underestimate of the true tally.

Illegal capital outflows from three countries:&nbsp;Nigeria, Egypt and South Africa,&nbsp;accounted for more than four-fifths of the total annually during that three-year span, with Nigeria alone making up nearly half of that, according to UNCTAD calculations.

Cracking down on such illegal outflows could help African countries retain capital for investment in roads, railways, schools, and healthcare, the agency said.

UNCTAD said African countries generally aren't doing enough to reform the international tax system in ways that could help, and said local judicial authorities often lack proper tools to combat tax evasion.

Tax evasion and illicit theft of capital is robbing Africa of nearly $89 million a year according to a new study by the UN trade and development agency. #IllicitFinancialFlows rob Africa of $89 billion each year, says @UNCTAD’s Economic Development in Africa Report 2020.

Tax evasion and illicit theft of capital is robbing Africa of nearly $89 million a year according to a new study by the UN trade and development agency. #IllicitFinancialFlows rob Africa of $89 billion each year, says @UNCTAD’s Economic Development in Africa Report 2020. Curbing this capital flight could cut almost in half the continent's #GlobalGoals financing gap, https://t.co/55eYKoPfW0 #UNCTADEDAR pic.twitter.com/8tgkJiNpbc — UNCTAD (@UNCTAD) September 28, 2020 × According to the estimates published in the study, illegal outflows of capital from Africa totaled over USD 830 billion in the first 15 years of this century, much of it linked to movements of high-value commodities like gold, diamonds, and platinum, straining the ability of the continent's governments to provide services like healthcare, education, and infrastructure. From 2013 to 2015, such outflows rose to nearly USD 89 billion a year on average. By comparison, the combined total of both official development assistance and foreign direct investment received by Africa during that three-year span averaged USD 102 billion annually. ''Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,'' said UNCTAD Secretary-General Mukhisa Kituyi. The agency said that total illicit capital flight from Africa amounted to USD 836 billion between 2000 and 2015. The largest component of illicit capital flights from Africa, totaling USD 40 billion in 2015, was related to ''extractive commodities'' more than three-fourths of it in gold alone, followed by diamonds and platinum, UNCTAD said. It cautioned the data was incomplete and such figures were likely an underestimate of the true tally. Illegal capital outflows from three countries: Nigeria, Egypt and South Africa, accounted for more than four-fifths of the total annually during that three-year span, with Nigeria alone making up nearly half of that, according to UNCTAD calculations. Cracking down on such illegal outflows could help African countries retain capital for investment in roads, railways, schools, and healthcare, the agency said. UNCTAD said African countries generally aren't doing enough to reform the international tax system in ways that could help, and said local judicial authorities often lack proper tools to combat tax evasion.

Tax evasion and illicit theft robbing Africa of $89 million annually: UN study

Three of Apple Inc's top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.

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Former Audi boss Rupert Stadler will become the first to stand trial in Germany over the "dieselgate" emissions scandal, five years after parent company VW admitted responsibility.

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Domestic stock market were fluctuating between gains and losses indices after running flat during early hours on Tuesday with IT and metal stocks gaining some ground.

The S&amp;P BSE Sensex hovered around 38,000 levels. The index hit an intra-day high and low of 38,236 and 37,860, respectively.&nbsp;

Around 10.25 am, Sensex was trading at 38,111.84, higher by 130.21 points or 0.34 per cent from the previous close of 37,981.63.

It opened at 38,176.86 and has so far touched an intra-day high of 38,235.94 and a low of 37,995.83 points.

The Nifty50 on the National Stock Exchange was trading at 11,271.90, higher by 44.35 points or 0.4 per cent from its previous close.

The Rupee ended lower on Tuesday amidst a rangebound session. The rupee ended at 73.86 against the dollar as compared to Monday's close of 73.79.

(With inputs from agencies)

Domestic stock market were fluctuating between gains and losses indices after running flat during early hours on Tuesday with IT and metal stocks gaining some ground.

Domestic stock market were fluctuating between gains and losses indices after running flat during early hours on Tuesday with IT and metal stocks gaining some ground. The S&P BSE Sensex hovered around 38,000 levels. The index hit an intra-day high and low of 38,236 and 37,860, respectively. Around 10.25 am, Sensex was trading at 38,111.84, higher by 130.21 points or 0.34 per cent from the previous close of 37,981.63. It opened at 38,176.86 and has so far touched an intra-day high of 38,235.94 and a low of 37,995.83 points. The Nifty50 on the National Stock Exchange was trading at 11,271.90, higher by 44.35 points or 0.4 per cent from its previous close. The Rupee ended lower on Tuesday amidst a rangebound session. The rupee ended at 73.86 against the dollar as compared to Monday's close of 73.79. (With inputs from agencies)

Sensex up 100 points, Nifty above 11,250

Domestic stock market indices extended the early gains and trading at day's high level with Nifty at 11,200.

At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.34, and the Nifty was up 150.60 points or 1.36% at 11200.90. About 1687 shares have advanced, 553 shares declined, and 107 shares are unchanged.

It opened at 37,756.25 and has so far touched an intra-day high of 37,823.24 and a low of 37,544.05 points.

The top gainers on the Sensex so far were ONGC, Bajaj Finance and IndusInd Bank, while the only losers were Infosys and TCS.

(With inputs from agencies)

Domestic stock market indices extended the early gains and trading at day's high level with Nifty at 11,200. At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.

Domestic stock market indices extended the early gains and trading at day's high level with Nifty at 11,200. At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.34, and the Nifty was up 150.60 points or 1.36% at 11200.90. About 1687 shares have advanced, 553 shares declined, and 107 shares are unchanged. It opened at 37,756.25 and has so far touched an intra-day high of 37,823.24 and a low of 37,544.05 points. The top gainers on the Sensex so far were ONGC, Bajaj Finance and IndusInd Bank, while the only losers were Infosys and TCS. (With inputs from agencies)

Sensex climbs 500 points, Nifty reclaims 11,200

US President Donald Trump Fresh Controversy - US President Donald Trump has found himself in a fresh controversy after a report claimed that he has paid a meagre amount or no federal income tax for many years before he became the president of the United States.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/trump-paid-no-income-taxes-in-10-of-last-15-years-nyt-report-330783/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

A New York Times report claimed that Trump paid only $750 federal income taxes in 2016, the year he won the presidential election, and 2017 and not a penny of federal income taxes in 10 of the last 15 years before he became president on grounds that he lost more money than he gained.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-one-liners-rehearsed-performances-and-mammoth-audiences-expected-as-biden-trump-gear-up-for-debates-330793">US: One-liners, rehearsed performances and mammoth audiences expected as Biden, Trump gear up for debates</a>

Trump called the allegations "totally fake news" and said he "he paid a lot of state income taxes", adding everything will be "revealed".&nbsp;

"First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said.

The report said the US president reduced his taxes through a $72.9 million refund that gets audited by Internal Revenue audit.&nbsp;

 
It added that Trump used deductions on aircraft, residences, including $70,000 in hairstyling for TV appearances.&nbsp;

The report said his golf courses showed a loss of large amounts of money, and hundreds of millions of dollars in loans he took on personal guarantee will soon be due for repayment.&nbsp;

Democrats have sharpened their attacks on the US president with House Speaker Nancy Pelosi describing the findings as "Trump's disdain for America's working families."

Massachusetts representative Richard Neal, the chair of the House Ways and Means Committee who earlier has unsuccessfully attempted knowing Trump's tax records, said now it is more essential for his committee to access the documents.

"It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes," he said.&nbsp;

&nbsp;

US President Donald Trump Fresh Controversy - US President Donald Trump has found himself in a fresh controversy after a report claimed that he has paid a meagre amount or no federal income tax for many years before he became the president of the United States.

US President Donald Trump Fresh Controversy - US President Donald Trump has found himself in a fresh controversy after a report claimed that he has paid a meagre amount or no federal income tax for many years before he became the president of the United States. Watch | A New York Times report claimed that Trump paid only $750 federal income taxes in 2016, the year he won the presidential election, and 2017 and not a penny of federal income taxes in 10 of the last 15 years before he became president on grounds that he lost more money than he gained. Also read | US: One-liners, rehearsed performances and mammoth audiences expected as Biden, Trump gear up for debates Trump called the allegations "totally fake news" and said he "he paid a lot of state income taxes", adding everything will be "revealed". "First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said. The report said the US president reduced his taxes through a $72.9 million refund that gets audited by Internal Revenue audit. It added that Trump used deductions on aircraft, residences, including $70,000 in hairstyling for TV appearances. The report said his golf courses showed a loss of large amounts of money, and hundreds of millions of dollars in loans he took on personal guarantee will soon be due for repayment. Democrats have sharpened their attacks on the US president with House Speaker Nancy Pelosi describing the findings as "Trump's disdain for America's working families." Massachusetts representative Richard Neal, the chair of the House Ways and Means Committee who earlier has unsuccessfully attempted knowing Trump's tax records, said now it is more essential for his committee to access the documents. "It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes," he said.

Donald Trump faces fresh controversy as bombshell report claims president avoided tax for years

The Reserve Bank of India (RBI) is likely to hold repo rate steady by maintaining status quo. Watch this video to know more.

India: RBI likely to hold repo rate steady

Russia expects its oil production to increase after the current OPEC+ deal on output curbs runs its course in April 2022.

Russia sees oil output rising after OPEC+ deal

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government.

India had claimed a total of 279 billion rupees ($3.79 billion) including about $2 billion in tax, as well as interest and penalties.

According to Reuters, an international arbitration tribunal in The Hague ruled that India's imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands.

The tribunal, in its ruling, said the government's demand is in breach of "fair and equitable treatment" and it must cease seeking the dues from Vodafone. It also directed India to pay 4.3 million pounds ($5.47 million or Rs 40 crore) to the company as compensation for its legal costs --&nbsp;and not Rs 20,000 crore, the sources in the Centre said on Friday.

Vodafone said in a statement the amount of the award was confidential. Shares in the company's India unit, Vodafone Idea, ended 13% higher on Friday.

"The tribunal held that any attempt by India to enforce the tax demand would be a violation of India's international law obligations," Vodafone said in its statement.

India's finance ministry said it will carefully study the award, together with its lawyers.

The government will consider all options and take a decision on further course of action including legal remedies, the ministry said in a statement.

The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments.

Vodafone's tax dispute stems from its $11 billion deal to buy the Indian mobile assets from Hutchison Whampoa in 2007. The government said Vodafone was liable to pay taxes on the acquisition, which the company contested.

In 2012, India's top court ruled in favour of the telecom provider but the government changed the rules to enable it to tax deals that had already been concluded.

In 2014, Vodafone initiated arbitration proceedings against India.

(with inputs from agencies)

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government. India had claimed a total of 279 billion rupees ($3.

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government. India had claimed a total of 279 billion rupees ($3.79 billion) including about $2 billion in tax, as well as interest and penalties. According to Reuters, an international arbitration tribunal in The Hague ruled that India's imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands. The tribunal, in its ruling, said the government's demand is in breach of "fair and equitable treatment" and it must cease seeking the dues from Vodafone. It also directed India to pay 4.3 million pounds ($5.47 million or Rs 40 crore) to the company as compensation for its legal costs -- and not Rs 20,000 crore, the sources in the Centre said on Friday. Vodafone said in a statement the amount of the award was confidential. Shares in the company's India unit, Vodafone Idea, ended 13% higher on Friday. "The tribunal held that any attempt by India to enforce the tax demand would be a violation of India's international law obligations," Vodafone said in its statement. India's finance ministry said it will carefully study the award, together with its lawyers. The government will consider all options and take a decision on further course of action including legal remedies, the ministry said in a statement. The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments. Vodafone's tax dispute stems from its $11 billion deal to buy the Indian mobile assets from Hutchison Whampoa in 2007. The government said Vodafone was liable to pay taxes on the acquisition, which the company contested. In 2012, India's top court ruled in favour of the telecom provider but the government changed the rules to enable it to tax deals that had already been concluded. In 2014, Vodafone initiated arbitration proceedings against India. (with inputs from agencies)

Vodafone wins international arbitration against India, govt asked to pay only Rs 40 crore

Harley-Davidson Inc is in talks with India's Hero MotoCorp for a distribution deal which will allow the US company's motorcycles to be sold in India.

This comes close on the heels of the US company stopping local manufacturing there.

The Milwaukee-based company said on Thursday it will stop sales and shut its manufacturing plant in India, effectively abandoning the world's biggest motorcycle market after a decade of unsuccessful efforts to gain a foothold.

Harley, however, is in talks with Hero over a distribution arrangement that will allow the Indian company to import and sell Harley bikes as its sole distributor.

Discussions are also ongoing to let Hero become a contract manufacturer for at least one Harley motorcycle with 300-600 cc engine capacity, which it will launch later.

On Thursday, Harley said it was changing its business model in India evaluating options to continue to serve customers.

Hero MotoCorp, India's largest two-wheeler manufacturer by sales, produced 6.4 million two-wheeler scooters and motorcycles in the fiscal year ending March 2020, a third of India's total output.

Harley manufactured 4,500 motorcycles during that period, largely assembled from imported knock-down kits at its plant near New Delhi, which it will shut as part of its restructuring.

Harley's decision to stop direct manufacturing marks another major exit by an automotive player in India and is a setback for Prime Minister Narendra Modi, who has invited foreign firms to ramp up local production. Ford Motor and General Motors have both cut back their India operations in recent years.

Harley, known for its heavy touring motorcycles, struggled in India mainly because of high import duties -- which US President Donald Trump often criticised India for -- and also because its locally assembled bikes faced high taxes.

Harley's 33 dealerships will likely come under Hero's management under the new arrangement.

(with inputs)

Harley-Davidson Inc is in talks with India's Hero MotoCorp for a distribution deal which will allow the US company's motorcycles to be sold in India. This comes close on the heels of the US company stopping local manufacturing there.

Harley-Davidson Inc is in talks with India's Hero MotoCorp for a distribution deal which will allow the US company's motorcycles to be sold in India. This comes close on the heels of the US company stopping local manufacturing there. The Milwaukee-based company said on Thursday it will stop sales and shut its manufacturing plant in India, effectively abandoning the world's biggest motorcycle market after a decade of unsuccessful efforts to gain a foothold. Harley, however, is in talks with Hero over a distribution arrangement that will allow the Indian company to import and sell Harley bikes as its sole distributor. Discussions are also ongoing to let Hero become a contract manufacturer for at least one Harley motorcycle with 300-600 cc engine capacity, which it will launch later. On Thursday, Harley said it was changing its business model in India evaluating options to continue to serve customers. Hero MotoCorp, India's largest two-wheeler manufacturer by sales, produced 6.4 million two-wheeler scooters and motorcycles in the fiscal year ending March 2020, a third of India's total output. Harley manufactured 4,500 motorcycles during that period, largely assembled from imported knock-down kits at its plant near New Delhi, which it will shut as part of its restructuring. Harley's decision to stop direct manufacturing marks another major exit by an automotive player in India and is a setback for Prime Minister Narendra Modi, who has invited foreign firms to ramp up local production. Ford Motor and General Motors have both cut back their India operations in recent years. Harley, known for its heavy touring motorcycles, struggled in India mainly because of high import duties -- which US President Donald Trump often criticised India for -- and also because its locally assembled bikes faced high taxes. Harley's 33 dealerships will likely come under Hero's management under the new arrangement. (with inputs)

Harley close to deal with India's Hero after stopping local manufacturing

US securities regulators charged BMW with inflating its retail sales volumes to investors, fining the luxury car company $18 million in a settlement.

BMW fined $18 Mn in US over inflated sales data

India has planned to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil.

The proposal has been drafted by NITI Aayog and is likely to be reviewed by the Modi cabinet in the coming weeks.

According to a government proposal seen by Reuters, India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted.

The think tank recommended incentives of $4.6 billion by 2030 for companies manufacturing advanced batteries, starting with cash and infrastructure incentives of 9 billion rupees ($122 million) in the next financial year which would then be ratcheted up annually.

Currently, the battery energy storage industry is at a very nascent stage in India with investors being a little apprehensive to invest in a sunrise industry, the proposal said.

India plans to retain its import tax rate of 5% for certain types of batteries, including batteries for electric vehicles, until 2022, but will increase it to 15% thereafter to promote local manufacturing, the document said.

Though keen to reduce its oil dependence and cut down on pollution, India's efforts to promote electric vehicles have been stymied by a lack of investment in manufacturing and infrastructure such as charging stations. Just 3,400 electric cars were sold in the world's second-most populous nation during the last business year, compared to sales of 1.7 million conventional passenger cars.

The policy could benefit battery makers such as South Korea's LG Chem and Japan's Panasonic Corp as well as automakers which have started building EVs in India such as Tata Motors and Mahindra &amp; Mahindra.

While China accounts for 80% of the world`s lithium-ion cell production, India has introduced stricter investment rules for Chinese companies. It has also slowed down the approval processs for some proposals after a deadly border clash between the two countries in June.

The draft proposal said annual domestic demand for battery storage and market size - currently less than 50 gigawatt hours and worth just over to $2 billion - could grow to 230 gigawatt hours and more than $14 billion in ten years time.

It did not offer an estimate of how many electric cars it expected to be on the road by 2030. 
The proposal estimates it would cost firms some $6 billion over five years to set up manufacturing facilities with the support of government subsidies.

(with inputs)

India has planned to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil.

India has planned to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil. The proposal has been drafted by NITI Aayog and is likely to be reviewed by the Modi cabinet in the coming weeks. According to a government proposal seen by Reuters, India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted. The think tank recommended incentives of $4.6 billion by 2030 for companies manufacturing advanced batteries, starting with cash and infrastructure incentives of 9 billion rupees ($122 million) in the next financial year which would then be ratcheted up annually. Currently, the battery energy storage industry is at a very nascent stage in India with investors being a little apprehensive to invest in a sunrise industry, the proposal said. India plans to retain its import tax rate of 5% for certain types of batteries, including batteries for electric vehicles, until 2022, but will increase it to 15% thereafter to promote local manufacturing, the document said. Though keen to reduce its oil dependence and cut down on pollution, India's efforts to promote electric vehicles have been stymied by a lack of investment in manufacturing and infrastructure such as charging stations. Just 3,400 electric cars were sold in the world's second-most populous nation during the last business year, compared to sales of 1.7 million conventional passenger cars. The policy could benefit battery makers such as South Korea's LG Chem and Japan's Panasonic Corp as well as automakers which have started building EVs in India such as Tata Motors and Mahindra & Mahindra. While China accounts for 80% of the world`s lithium-ion cell production, India has introduced stricter investment rules for Chinese companies. It has also slowed down the approval processs for some proposals after a deadly border clash between the two countries in June. The draft proposal said annual domestic demand for battery storage and market size - currently less than 50 gigawatt hours and worth just over to $2 billion - could grow to 230 gigawatt hours and more than $14 billion in ten years time. It did not offer an estimate of how many electric cars it expected to be on the road by 2030. The proposal estimates it would cost firms some $6 billion over five years to set up manufacturing facilities with the support of government subsidies. (with inputs)

India plans $4.6 billion in incentives for battery makers in electric vehicle push

Domestic stock market indices ended nearly 3 percent lower on Thursday following a global selloff in stocks as fears of fresh pandemic restrictions kept domestic investors jittery.&nbsp;

All sectoral indices also witnessed deep cuts led by the metal, IT, auto, and bank indices down 3-4.5 percent each. The Sensex ended over 1,100 points lower at 36,553 while the broader Nifty50 index slumped 3% to 10,805.

World markets were bathed in a sea of red as fears about a second wave of coronavirus infections in major economies and lack of fresh stimulus from central banks clobbered sentiment.

Foreign investors sold a net $241 million worth of Indian stocks so far this week.

The dollar index, which measures the US dollar against a basket of six major currencies, stood at two-month high of 94.480 today.

All sectoral indices closed with losses, with BSE IT index dropping 4.45 per cent, followed by teck, auto, metal, realty, basic materials, bankex and finance.&nbsp;

The BSE mid-cap and small-cap gauges lost as much as 2.28 per cent.&nbsp;

In the forex market, the rupee depreciated 32 paise to finish at 73.89 against the US dollar.&nbsp;

In rest of Asia, South Korea's KOSPI index plunged 2.59 per cent. Markets in Shanghai, Tokyo and Hong Kong closed with losses of up to 1.82 per cent.&nbsp;

Bourses in Europe too started off on a weak note.&nbsp;

Meanwhile, global oil benchmark Brent crude was trading 0.22 per cent lower at USD 41.68 per barrel.

(With inputs from agencies)

Domestic stock market indices ended nearly 3 percent lower on Thursday following a global selloff in stocks as fears of fresh pandemic restrictions kept domestic investors jittery.

Domestic stock market indices ended nearly 3 percent lower on Thursday following a global selloff in stocks as fears of fresh pandemic restrictions kept domestic investors jittery. All sectoral indices also witnessed deep cuts led by the metal, IT, auto, and bank indices down 3-4.5 percent each. The Sensex ended over 1,100 points lower at 36,553 while the broader Nifty50 index slumped 3% to 10,805. World markets were bathed in a sea of red as fears about a second wave of coronavirus infections in major economies and lack of fresh stimulus from central banks clobbered sentiment. Foreign investors sold a net $241 million worth of Indian stocks so far this week. The dollar index, which measures the US dollar against a basket of six major currencies, stood at two-month high of 94.480 today. All sectoral indices closed with losses, with BSE IT index dropping 4.45 per cent, followed by teck, auto, metal, realty, basic materials, bankex and finance. The BSE mid-cap and small-cap gauges lost as much as 2.28 per cent. In the forex market, the rupee depreciated 32 paise to finish at 73.89 against the US dollar. In rest of Asia, South Korea's KOSPI index plunged 2.59 per cent. Markets in Shanghai, Tokyo and Hong Kong closed with losses of up to 1.82 per cent. Bourses in Europe too started off on a weak note. Meanwhile, global oil benchmark Brent crude was trading 0.22 per cent lower at USD 41.68 per barrel. (With inputs from agencies)

Sensex ends 1,115 points lower, Nifty below 10,850 following global selloff

China’s cabinet said on Wednesday it will allow more qualified foreign investors to make strategic investment in Chinese listed companies to increase sale of national bonds.

China will step up punishment for irregularities such as market manipulation and insider trading, and improve the transparency and quality of information disclosure by listed companies, the state broadcaster quoted the meeting as saying.

Foreign institutional investors can access the exchange bond and interbank markets, China's two main markets for bonds, through the dollar-denominated Qualified Foreign Institutional Investor (QFII) programme, and its yuan-denominated sibling, RQFII.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-angered-as-wto-rules-in-chinas-favour-in-tariffs-case-327883" hreflang="en">US angered as WTO rules in China's favour in tariffs case</a>

China scrapped quotas for QFII and RQFII in June, to give qualified foreign institutions unlimited access to Chinese stocks and bonds.

Some institutional investors, including foreign central banks and monetary authorities and sovereign wealth funds can register for direct access to the interbank market through China Interbank Market (CIBM) Direct.

Bond Connect, introduced in July 2017, allows quota-free access to the interbank market through its "northbound" channel through Hong Kong. China has not launched a "southbound" channel, which would allow Chinese investors to invest in offshore bonds.

Who regulates the Chinese bond market?

The National Association of Financial Market Institutional Investors (NAFMII) regulates the interbank market, under the auspices of the People's Bank of China, with trading conducted through the China Foreign Exchange Trade System (CFETS).

The National Development and Reform Commission (NDRC), China's state planner, regulates enterprise bonds, a corporate debt instrument.

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China Central Depository and Clearing Co (CCDC) and the Shanghai Clearing House are the central depositories.

The exchange bond market is regulated by the China Securities Regulatory Commission (CSRC). Trading primarily takes place on the Shanghai and Shenzhen stock exchanges, with China Securities Depository and Clearing Co as the central depository.

What problems do foreign investors still face?

Investors say China lags far behind its developed-market peers in liquidity, ease of trading and market access.

Liquidity remains low as China's banks, pension funds, insurance companies hold&nbsp;on to&nbsp;their&nbsp;inventory&nbsp;because they cannot engage in bond lending, said Eugenie Shen, managing director and head of ASIFMA's Asset Management Group.

Foreign investors have few hedging tools, such as access to bond futures, she said.

China's practice of charging trading fees separately, rather than building them into the spread, has been problematic for asset managers, but Shen said she expects to see progress on conforming to global practice this year.

China’s cabinet said on Wednesday it will allow more qualified foreign investors to make strategic investment in Chinese listed companies to increase sale of national bonds.

China’s cabinet said on Wednesday it will allow more qualified foreign investors to make strategic investment in Chinese listed companies to increase sale of national bonds. China will step up punishment for irregularities such as market manipulation and insider trading, and improve the transparency and quality of information disclosure by listed companies, the state broadcaster quoted the meeting as saying. Foreign institutional investors can access the exchange bond and interbank markets, China's two main markets for bonds, through the dollar-denominated Qualified Foreign Institutional Investor (QFII) programme, and its yuan-denominated sibling, RQFII. Also read: US angered as WTO rules in China's favour in tariffs case China scrapped quotas for QFII and RQFII in June, to give qualified foreign institutions unlimited access to Chinese stocks and bonds. Some institutional investors, including foreign central banks and monetary authorities and sovereign wealth funds can register for direct access to the interbank market through China Interbank Market (CIBM) Direct. Bond Connect, introduced in July 2017, allows quota-free access to the interbank market through its "northbound" channel through Hong Kong. China has not launched a "southbound" channel, which would allow Chinese investors to invest in offshore bonds. Who regulates the Chinese bond market? The National Association of Financial Market Institutional Investors (NAFMII) regulates the interbank market, under the auspices of the People's Bank of China, with trading conducted through the China Foreign Exchange Trade System (CFETS). The National Development and Reform Commission (NDRC), China's state planner, regulates enterprise bonds, a corporate debt instrument. × China Central Depository and Clearing Co (CCDC) and the Shanghai Clearing House are the central depositories. The exchange bond market is regulated by the China Securities Regulatory Commission (CSRC). Trading primarily takes place on the Shanghai and Shenzhen stock exchanges, with China Securities Depository and Clearing Co as the central depository. What problems do foreign investors still face? Investors say China lags far behind its developed-market peers in liquidity, ease of trading and market access. Liquidity remains low as China's banks, pension funds, insurance companies hold on to their inventory because they cannot engage in bond lending, said Eugenie Shen, managing director and head of ASIFMA's Asset Management Group. Foreign investors have few hedging tools, such as access to bond futures, she said. China's practice of charging trading fees separately, rather than building them into the spread, has been problematic for asset managers, but Shen said she expects to see progress on conforming to global practice this year.

China alters foreign investment law to increase sale of national bonds

JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets

JP Morgan set to pay $1 billion in spoofing penalty

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma.&nbsp;

Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/worlds-richest-1-cause-double-co2-emissions-of-poorest-50-says-oxfam-329722">World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam</a>

A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-becomes-worlds-third-richest-man-bezos-ex-wife-now-worlds-richest-woman-324475">Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman</a>

Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event.&nbsp;

Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong.

Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August.

Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants.&nbsp;

Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.&nbsp;

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index. Also read | World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk. Also read | Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event. Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong. Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August. Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants. Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.

Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest

Japan's factory activity extended declines in September largely due to a sharper fall in output, as the world's third-largest economy struggles to stage a robust recovery from the coronavirus pandemic.

World's third-largest economy struggles to recover

Argentina’s economy has contracted a record 19.1% in the second quarter versus the same period a year earlier as the coronavirus pandemic crippled production and demand.

Argentina economic woes: Record 19.1% GDP contraction

US major airlines have launched a last-ditch pit to persuade Congress to grant them new $25 BN bailouts to help avert thousands of employees.

US airlines seek $25 BN to help avert jobs

Deutsche Bank plans to shutter one in five branches in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.

Deutsche bank to shut 20% German branches

Tesla's market cap dropped $20 billion in just two hours after trading closed September 22, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Shares closed down 5.6% and dropped another 6.9% after hours.

Tesla investors slashed $20 BN in just two hours: Total value drops $50 BN