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

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

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

Coke bids adieu to 200 drink brands

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

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

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

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

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

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

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

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

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

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

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

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

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

World Business Watch: PayPal to open up network to cryptocurrencies

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

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

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

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

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

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

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

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

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

Bank of Canada survey finds business sentiment improves but remains negative

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

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

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

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

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

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

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

Amazon to allow employees to work from home till June 2021

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

France promises $1.2 BN for curfew-hit firms

EU leaders have called for post-Brexit trade talks to continue beyond the end of the week - the deadline suggested by UK Prime Minister Boris Johnson.

EU-UK trade deal post-Brexit: EU leaders stress unity of 27-nation bloc

Domestic stock market indices tumbled on global meltdown amid fears of a second wave of virus as large European cities ordered clampdowns.

The S&amp;P BSE Sensex tumbled 1,066 points, or 2.61 per cent to settle at 39,728 levels while the NSE's Nifty index ended at 11,680, down 290 points, or 2.43 per cent.

Meanwhile, Indian rupee pared its initial gains and settled 5 paise lower at 73.36 (provisional) against the US dollar on Thursday tracking heavy selling in domestic equities and strengthening American currency.

At the interbank forex market, the rupee opened at 73.32 against the greenback, and after witnessing a volatile trading session closed at 73.36, lower by 5 paise from its previous close of 73.31.

During the session, the rupee witnessed an intra-day high of 73.22 and a low of 73.41 against the US dollar.

Asian markets finished lower today tracking weakness in markets world over. Hong Kong's Hang Seng fell 2.06% while Japan's Nikkei 225 lost 0.51% and China's Shanghai Composite slipped 0.26%.

(With inputs from agencies)

Domestic stock market indices tumbled on global meltdown amid fears of a second wave of virus as large European cities ordered clampdowns. The S&P BSE Sensex tumbled 1,066 points, or 2.

Domestic stock market indices tumbled on global meltdown amid fears of a second wave of virus as large European cities ordered clampdowns. The S&P BSE Sensex tumbled 1,066 points, or 2.61 per cent to settle at 39,728 levels while the NSE's Nifty index ended at 11,680, down 290 points, or 2.43 per cent. Meanwhile, Indian rupee pared its initial gains and settled 5 paise lower at 73.36 (provisional) against the US dollar on Thursday tracking heavy selling in domestic equities and strengthening American currency. At the interbank forex market, the rupee opened at 73.32 against the greenback, and after witnessing a volatile trading session closed at 73.36, lower by 5 paise from its previous close of 73.31. During the session, the rupee witnessed an intra-day high of 73.22 and a low of 73.41 against the US dollar. Asian markets finished lower today tracking weakness in markets world over. Hong Kong's Hang Seng fell 2.06% while Japan's Nikkei 225 lost 0.51% and China's Shanghai Composite slipped 0.26%. (With inputs from agencies)

Sensex tanks 1066 points on heavy selloff, Nifty ends at 11,680

Finance Minister Nirmala Sitharaman said the International Monetary Fund's debt restructuring programme should aim at helping the countries overcome the fiscal stress caused by the coronavirus pandemic.

"...it would be important to take into consideration the circumstances and concerns of both creditors and debtors and that in the process of debt restructuring, care must be taken to not saddle the debtor countries with overly burdensome conditionalities," she said while addressing the G20 Finance Ministers and Central Bank Governors Meeting through video conferencing.

A finance ministry statement said that one of the key outcomes of the G20 Action Plan has been the Debt Service Suspension Initiative (DSSI) which provides time bound suspension of debt service payments for the low-income debtor countries that request forbearance. The initiative came into effect in April was initially agreed till end of 2020.

During this meeting, in light of the continued liquidity pressures, it said the G20 finance ministers and central bank governors agreed to extend the DSSI by six months, and to examine by the time of the 2021 IMF/World Bank Group Spring Meetings if the economic and financial situation requires a further extension of the initiative.

To receive DSSI relief, countries are required to apply for an arrangement with the International Monetary Fund (IMF) which could be either a regular programme or a shorter-term emergency facility. Talking about addressing the debt vulnerabilities of low income countries, Sitharaman observed that in a longer term, a more structural treatment of debt is required.

She emphasised that this process should primarily be guided by the objective of helping such countries overcome the fiscal stress caused by the pandemic. Addressing her counterparts, Sitharaman highlighted the need to balance the health and economic objectives in the recovery plans.

Besides, the finance minister also spoke about the need to consider heterogeneity of policy responses among member countries, international spillovers from domestic policy actions and reforms required in the global regulatory regimes, particularly with respect to the procyclicality of credit rating downgrades.

She added that updated commitments in the G20 Action Plan have to be kept relevant in the current policy context for the action points to remain effective as a policy response to COVID-19.

Finance Minister Nirmala Sitharaman said the International Monetary Fund's debt restructuring programme should aim at helping the countries overcome the fiscal stress caused by the coronavirus pandemic.

Finance Minister Nirmala Sitharaman said the International Monetary Fund's debt restructuring programme should aim at helping the countries overcome the fiscal stress caused by the coronavirus pandemic. "...it would be important to take into consideration the circumstances and concerns of both creditors and debtors and that in the process of debt restructuring, care must be taken to not saddle the debtor countries with overly burdensome conditionalities," she said while addressing the G20 Finance Ministers and Central Bank Governors Meeting through video conferencing. A finance ministry statement said that one of the key outcomes of the G20 Action Plan has been the Debt Service Suspension Initiative (DSSI) which provides time bound suspension of debt service payments for the low-income debtor countries that request forbearance. The initiative came into effect in April was initially agreed till end of 2020. During this meeting, in light of the continued liquidity pressures, it said the G20 finance ministers and central bank governors agreed to extend the DSSI by six months, and to examine by the time of the 2021 IMF/World Bank Group Spring Meetings if the economic and financial situation requires a further extension of the initiative. To receive DSSI relief, countries are required to apply for an arrangement with the International Monetary Fund (IMF) which could be either a regular programme or a shorter-term emergency facility. Talking about addressing the debt vulnerabilities of low income countries, Sitharaman observed that in a longer term, a more structural treatment of debt is required. She emphasised that this process should primarily be guided by the objective of helping such countries overcome the fiscal stress caused by the pandemic. Addressing her counterparts, Sitharaman highlighted the need to balance the health and economic objectives in the recovery plans. Besides, the finance minister also spoke about the need to consider heterogeneity of policy responses among member countries, international spillovers from domestic policy actions and reforms required in the global regulatory regimes, particularly with respect to the procyclicality of credit rating downgrades. She added that updated commitments in the G20 Action Plan have to be kept relevant in the current policy context for the action points to remain effective as a policy response to COVID-19.

IMF's debt restructuring should help countries overcome fiscal stress: Nirmala Sitharaman

IMF's world economic outlook says that the impact of COVID-19 is less severe than expected on the global economy. However, the pandemic would leave deep and enduring scars caused by job losses and weaker investment. WION spoke to IMF Chief Economist Gita Gopinath to know the broader picture of the biggest economic crisis the world is facing now.

WION exclusive with IMF Chief Economist Gita Gopinath: COVID-19 impact on global economy

Domestic stock market witnessed a sharp recovery in the last hour of the session, supported by buying in financial counters.

The 30-share BSE index opened on a weak note and gyrated over 600 points during the day. However, it gained ground in the last hour of the session to finish at 40,794.74, up 169.23 points or 0.42 per cent.

Similarly, the broader NSE Nifty rose 36.55 points or 0.31 per cent to 11,971.05. Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel, Axis Bank, HDFC and SBI.

Global markets

European shares held steady on Wednesday, underpinned by gains for Wall Street futures, following losses the day before on vaccine trials and a stimulus impasse, while the dollar was also stable.&nbsp;

(With inputs from Reuters)

Domestic stock market witnessed a sharp recovery in the last hour of the session, supported by buying in financial counters. The 30-share BSE index opened on a weak note and gyrated over 600 points during the day.

Domestic stock market witnessed a sharp recovery in the last hour of the session, supported by buying in financial counters. The 30-share BSE index opened on a weak note and gyrated over 600 points during the day. However, it gained ground in the last hour of the session to finish at 40,794.74, up 169.23 points or 0.42 per cent. Similarly, the broader NSE Nifty rose 36.55 points or 0.31 per cent to 11,971.05. Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel, Axis Bank, HDFC and SBI. Global markets European shares held steady on Wednesday, underpinned by gains for Wall Street futures, following losses the day before on vaccine trials and a stimulus impasse, while the dollar was also stable. (With inputs from Reuters)

Sensex settles 169 points higher; Nifty tops 11,950

The Supreme Court of India on Wednesday refused to give the Centre a month’s time to implement the interest waiver decision on loans of up to Rs 2 crore.&nbsp;

The government had argued that it needed the time for this process, but the Apex court set a fresh deadline of November 2.

“We will expect the implementation of government's decision on interest waiver by then. We will review the implementation of the waiver," the court said adjourning the case.

The Centre in its affidavit, dated 2 October, had submitted its decision to bear the cost of the ‘interest on interest’ for MSME loans and personal loans up to Rs 2 crores.

"Have you (Centre) done anything? Not fair on the Centre's part to take a month to implement the decision," the bench said, to which Mehta responded by saying that it will take some time to implement the decision and sought one month's time for the same.

"Please, see the plight of common people, when you have already decided to help. Diwali is now in your hands. Common man's Diwali is in government's hand," the bench observed while denying the request and asked the Centre to bring something concrete.

The matter was slated to come up for further hearing before the bench on November 2.

One of the petitioners in the case, lawyer Vishal Tiwari submitted before the apex court that the banks are acting on their own discretion and added that they do not care for any orders or instructions and that there should be some interim orders.

Tiwari said he has filed written submissions in the matter and said the court should consider that, along with the consolidated affidavit filed by the Reserve Bank of India on October 9.

The RBI had submitted that extending the loan moratorium, which was announced to cope with the economic fallout of COVID-19, by another six months can impact the credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments.

The top court was hearing two petitions -- Gajender Sharma and Vishal Tiwari -- seeking an extension of the moratorium period on repayment of loans and to waive off the interest on the repayment of the loan amount keeping in view the COVID-19 pandemic.&nbsp;

(With inputs from agencies)

The Supreme Court of India on Wednesday refused to give the Centre a month’s time to implement the interest waiver decision on loans of up to Rs 2 crore. The government had argued that it needed the time for this process, but the Apex court set a fresh deadline of November 2.

The Supreme Court of India on Wednesday refused to give the Centre a month’s time to implement the interest waiver decision on loans of up to Rs 2 crore. The government had argued that it needed the time for this process, but the Apex court set a fresh deadline of November 2. “We will expect the implementation of government's decision on interest waiver by then. We will review the implementation of the waiver," the court said adjourning the case. The Centre in its affidavit, dated 2 October, had submitted its decision to bear the cost of the ‘interest on interest’ for MSME loans and personal loans up to Rs 2 crores. "Have you (Centre) done anything? Not fair on the Centre's part to take a month to implement the decision," the bench said, to which Mehta responded by saying that it will take some time to implement the decision and sought one month's time for the same. "Please, see the plight of common people, when you have already decided to help. Diwali is now in your hands. Common man's Diwali is in government's hand," the bench observed while denying the request and asked the Centre to bring something concrete. The matter was slated to come up for further hearing before the bench on November 2. One of the petitioners in the case, lawyer Vishal Tiwari submitted before the apex court that the banks are acting on their own discretion and added that they do not care for any orders or instructions and that there should be some interim orders. Tiwari said he has filed written submissions in the matter and said the court should consider that, along with the consolidated affidavit filed by the Reserve Bank of India on October 9. The RBI had submitted that extending the loan moratorium, which was announced to cope with the economic fallout of COVID-19, by another six months can impact the credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments. The top court was hearing two petitions -- Gajender Sharma and Vishal Tiwari -- seeking an extension of the moratorium period on repayment of loans and to waive off the interest on the repayment of the loan amount keeping in view the COVID-19 pandemic. (With inputs from agencies)

Diwali for common man in hands of govt this year: Supreme Court on loan relief

IMF has said that India's gross domestic product (GDP) is expected to contract by 10.3% due to the impact of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic.

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Boeing has lost another three orders for its grounded 737 MAX jetliner in September and delivered 11 total aircraft to customers. Watch report.

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OPEC has said that the world oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise.

OPEC cuts 2021 oil demand forecast: Oil demand to dip on rising coronavirus cases