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Equity benchmarks Sensex and Nifty closed in the green for the third straight session on Tuesday, propped up by financial stocks amid firm global cues.

Lack of buying triggers and profit-booking in index heavyweight Reliance Industries capped the gains for the benchmarks, traders said.

After a choppy session, the BSE index ended 44.80 points or 0.12 per cent higher at 38,843.88.

The NSE Nifty inched up 5.80 points or 0.05 per cent to close at 11,472.25.

Bajaj Finance was the top gainer in the Sensex pack, rallying 4.39 per cent, followed by SBI, Tech Mahindra, Asian Paints, Bajaj Finserv, ICICI Bank, IndusInd Bank and Axis Bank.

On the other hand, NTPC, Sun Pharma, Nestle India, Tata Steel, L&amp;T, Infosys and Bajaj Auto were among the laggards, shedding up to 1.61 per cent.

Global markets were largely positive after the US and China affirmed their commitment to a phase-1 trade deal.

"Indian markets exhibited characteristic volatility, trading undecidedly, before ending flat with a slight positive bias. This was in spite of positive global cues after the US and China reaffirmed their commitment to a previous trade deal and also due to progress in virus vaccine development.

"In the Indian markets this positivity was offset by losses in index blue-chips. The markets are trading uncertain due to lack of domestic triggers. Investors are advised to remain cautious and keep booking profits whenever possible," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE bankex, finance, industrials, auto and consumer durables indices rose up to 1.23 per cent, while realty, utilities, FMCG, metal and IT closed with losses.

Broader BSE mid-cap and small-cap indices rose up to 0.51 per cent.

Meanwhile, the Reserve Bank of India said it will conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for an aggregate amount of Rs 20,000 crore in two tranches.

In rest of Asia, stock markets in Tokyo and Seoul ended with gains, while Shanghai and Hong Kong finished in the red.

Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 0.39 per cent higher at USD 45.82 per barrel.

In the forex market, the Indian rupee ended on a flat note at 74.33 against the US dollar.

Equity benchmarks Sensex and Nifty closed in the green for the third straight session on Tuesday, propped up by financial stocks amid firm global cues. Lack of buying triggers and profit-booking in index heavyweight Reliance Industries capped the gains for the benchmarks, traders said.

Equity benchmarks Sensex and Nifty closed in the green for the third straight session on Tuesday, propped up by financial stocks amid firm global cues. Lack of buying triggers and profit-booking in index heavyweight Reliance Industries capped the gains for the benchmarks, traders said. After a choppy session, the BSE index ended 44.80 points or 0.12 per cent higher at 38,843.88. The NSE Nifty inched up 5.80 points or 0.05 per cent to close at 11,472.25. Bajaj Finance was the top gainer in the Sensex pack, rallying 4.39 per cent, followed by SBI, Tech Mahindra, Asian Paints, Bajaj Finserv, ICICI Bank, IndusInd Bank and Axis Bank. On the other hand, NTPC, Sun Pharma, Nestle India, Tata Steel, L&T, Infosys and Bajaj Auto were among the laggards, shedding up to 1.61 per cent. Global markets were largely positive after the US and China affirmed their commitment to a phase-1 trade deal. "Indian markets exhibited characteristic volatility, trading undecidedly, before ending flat with a slight positive bias. This was in spite of positive global cues after the US and China reaffirmed their commitment to a previous trade deal and also due to progress in virus vaccine development. "In the Indian markets this positivity was offset by losses in index blue-chips. The markets are trading uncertain due to lack of domestic triggers. Investors are advised to remain cautious and keep booking profits whenever possible," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, finance, industrials, auto and consumer durables indices rose up to 1.23 per cent, while realty, utilities, FMCG, metal and IT closed with losses. Broader BSE mid-cap and small-cap indices rose up to 0.51 per cent. Meanwhile, the Reserve Bank of India said it will conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for an aggregate amount of Rs 20,000 crore in two tranches. In rest of Asia, stock markets in Tokyo and Seoul ended with gains, while Shanghai and Hong Kong finished in the red. Stock exchanges in Europe were trading on a positive note in early deals. Global oil benchmark Brent crude was trading 0.39 per cent higher at USD 45.82 per barrel. In the forex market, the Indian rupee ended on a flat note at 74.33 against the US dollar.

Markets end with modest gains; financial stocks extend rally

Brazil's economy likely cratered 9.4% under the impact of the coronavirus outbreak in the country during the second quarter,

Brazil's GDP Probably Crumbled 9.4% in Second Quarter

French luxury goods giant LVMH and U.S. jewelry chain Tiffany will give themselves another three months to complete their $16.2 billion tie-up

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Chinese commercial banks overall posted a 9.4% fall in first half net profit, while the six biggest posted a 12% profit fall from a year ago

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Against this backdrop, MSCI’s index of Asia-Pacific shares outside Japan rises 0.75% ahead of Monday’s European session.

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British finance minister Rishi Sunak plans to drop a tax on technology companies such as Facebook and Google

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Jeff Wilke, a veteran Amazon executive, is set to retire from the company early next year. He has been with the company since 1999.

Wilke's surprise departure comes as demand for Amazon deliveries has surged during the pandemic.

Wilke has headed Amazon's worldwide consumer division since 2016 and was widely seen as a likely successor to Bezos.

He will be replaced in his role by Dave Clark, Amazon's current senior vice president for worldwide operations. He also joined Amazon in 1999.

Amazon is facing scrutiny from lawmakers over its competitive tactics. Bezos last month testified on Capitol Hill alongside the CEOs of Apple, Facebook and Google as part of a congressional antitrust probe.&nbsp;

Bezos had acknowledged then that Amazon might have improperly used third-party seller data to inform its own product decisions — a key concern over the company's approach to competition.

Jeff Wilke, a veteran Amazon executive, is set to retire from the company early next year. He has been with the company since 1999. Wilke's surprise departure comes as demand for Amazon deliveries has surged during the pandemic.

Jeff Wilke, a veteran Amazon executive, is set to retire from the company early next year. He has been with the company since 1999. Wilke's surprise departure comes as demand for Amazon deliveries has surged during the pandemic. Wilke has headed Amazon's worldwide consumer division since 2016 and was widely seen as a likely successor to Bezos. He will be replaced in his role by Dave Clark, Amazon's current senior vice president for worldwide operations. He also joined Amazon in 1999. Amazon is facing scrutiny from lawmakers over its competitive tactics. Bezos last month testified on Capitol Hill alongside the CEOs of Apple, Facebook and Google as part of a congressional antitrust probe. Bezos had acknowledged then that Amazon might have improperly used third-party seller data to inform its own product decisions — a key concern over the company's approach to competition.

Possible successor to Jeff Bezos quits Amazon

Chinese e-commerce giant Alibaba Group Holding Ltd. has moved to ease tensions with Donald Trump, as he continues to threaten Chinese firms. 
 
Chief executive Daniel Zhang said the online retailer's policies "are fully aligned with the interests of both China and the United States".

“As the world’s largest e-commerce platform, Alibaba’s primary commercial focus in the U.S. is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China as well as other key markets around the world,” Chief Executive Officer Daniel Zhang said.

The comments came as Alibaba announced a better-than-expected jump in quarterly sales. 
 
Meanwhile, the US president has promised to impose tariffs on US firms that refuse to move jobs back from overseas. 
 
US President Donald Trump said on Saturday he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok. 
 
Asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes." 
&nbsp; 
Trump has been piling pressure on Chinese-owned companies, such as by vowing to ban short-video app TikTok from the United States. The United States ordered its Chinese owner ByteDance on Friday to divest the US operations of TikTok within 90 days, the latest effort to ramp up pressure over concerns about the safety of the personal data it handles.

Trump, who has made changing the US-China trade relationship a central theme of his presidency, has been sharply critical of China while also praising its purchases of agriculture products such as soybeans and corn as part of a trade agreement reached late last year.

(With inputs from agencies)

Chinese e-commerce giant Alibaba Group Holding Ltd. has moved to ease tensions with Donald Trump, as he continues to threaten Chinese firms. Chief executive Daniel Zhang said the online retailer's policies "are fully aligned with the interests of both China and the United States".

Chinese e-commerce giant Alibaba Group Holding Ltd. has moved to ease tensions with Donald Trump, as he continues to threaten Chinese firms. Chief executive Daniel Zhang said the online retailer's policies "are fully aligned with the interests of both China and the United States". “As the world’s largest e-commerce platform, Alibaba’s primary commercial focus in the U.S. is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China as well as other key markets around the world,” Chief Executive Officer Daniel Zhang said. The comments came as Alibaba announced a better-than-expected jump in quarterly sales. Meanwhile, the US president has promised to impose tariffs on US firms that refuse to move jobs back from overseas. US President Donald Trump said on Saturday he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok. Asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes." Trump has been piling pressure on Chinese-owned companies, such as by vowing to ban short-video app TikTok from the United States. The United States ordered its Chinese owner ByteDance on Friday to divest the US operations of TikTok within 90 days, the latest effort to ramp up pressure over concerns about the safety of the personal data it handles. Trump, who has made changing the US-China trade relationship a central theme of his presidency, has been sharply critical of China while also praising its purchases of agriculture products such as soybeans and corn as part of a trade agreement reached late last year. (With inputs from agencies)

In a move aimed at placating Trump, Alibaba claims to support US businesses

United Kingdom's economy is in deep recession. United Kingdom's debt has risen to over 100% of GDP.

United Kingdom's debt rises to over 100% of GDP

The S&P 500 and Nasdaq advanced on August 20, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve’s view of a difficult road to economic recovery.

US stocks outweighed downbeat data: Nasdaq composite added 1.06%

Facebook has confirmed that its executives including CEO Mark Zuckerberg are fielding questions from the US Federal Trade Commission (FDC).

FTC questions Facebook on business practices & prior acquisitions

Domestic stock markets rose over half a per cent on Friday, lifted by financials and bank stocks, while volatility index, India VIX, dipped 4 per cent to below 20 levels.

The S&amp;P BSE Sensex jumped 277 points, or 0.72 per cent, to 38,500 levels, and the Nifty50 index hovered around the 11,400-mark. PowerGrid (up 3%), NTPC and SBI (both up 2%) were the top Sensex gainers.

Meanwhile, stock exchanges BSE and NSE have cautioned market participants against unsolicited messages being circulated in respect of various listed companies.

The move comes after such messages were being circulated through SMS and WhatsApp about certain listed companies, an exchange official said.

"It is observed that in recent past, exchange has been receiving multiple emails giving references of unsolicited messages circulated with reference to various listed companies," the two exchanges said in similar-worded circulars on late Thursday night.

(With inputs from agencies)

Domestic stock markets rose over half a per cent on Friday, lifted by financials and bank stocks, while volatility index, India VIX, dipped 4 per cent to below 20 levels.

Domestic stock markets rose over half a per cent on Friday, lifted by financials and bank stocks, while volatility index, India VIX, dipped 4 per cent to below 20 levels. The S&P BSE Sensex jumped 277 points, or 0.72 per cent, to 38,500 levels, and the Nifty50 index hovered around the 11,400-mark. PowerGrid (up 3%), NTPC and SBI (both up 2%) were the top Sensex gainers. Meanwhile, stock exchanges BSE and NSE have cautioned market participants against unsolicited messages being circulated in respect of various listed companies. The move comes after such messages were being circulated through SMS and WhatsApp about certain listed companies, an exchange official said. "It is observed that in recent past, exchange has been receiving multiple emails giving references of unsolicited messages circulated with reference to various listed companies," the two exchanges said in similar-worded circulars on late Thursday night. (With inputs from agencies)

Sensex rises over 270 points, Nifty around 11,400

The sharp slowdown in India's economic growth exacerbated by coronavirus outbreak will hurt public sector banks' (PSBs) asset quality and drive up credit costs, Moody's Investors Service said in a new report on Friday. 
 
"We expect to see PSBs' already weak capital buffers to be depleted, with Rs 1.9 lakh crore to Rs 2.1 lakh crore in external capital needed over the next two years to restore loss-absorbing buffers," said Alka Anbarasu, Moody's Vice President and Senior Credit Officer.

The most likely source of capital to plug these capital shortfalls is the government despite its completion of a large recapitalisation just a few months ago.

"PSBs dominate India's banking system, meaning any failure could jeopardise financial stability," added Anbarasu. "As such, we expect government support will remain forthcoming."

Moody's base case assumes a sharp contraction in the Indian economy in fiscal 2021 before returning to modest growth in fiscal 2021. Even before the coronavirus outbreak, the economy had already been growing at its slowest pace in six years.

Moody's expects retail and micro, small and medium-sized enterprises (MSMEs) will lead a rise in non-performing loans (NPLs), delaying the ongoing clean-up of legacy corporate NPLs.

PSBs, in turn, will need a substantial amount of external capital to absorb increased credit costs and support further credit growth.

Specifically, Moody's estimates the banks will require about Rs 1 lakh crore to build loan-loss provisions to about 70 per cent of NPLs and a similar amount to grow loans 8 to 10 per cent annually -- faster than the 4 per cent recorded in fiscal 2020 and supporting economic expansion.

Uncertainty surrounding India's economic recovery and the ongoing clean-up of balance sheets are making it difficult for banks to raise equity capital from markets, leaving the government as the obvious source.

The sharp slowdown in India's economic growth exacerbated by coronavirus outbreak will hurt public sector banks' (PSBs) asset quality and drive up credit costs, Moody's Investors Service said in a new report on Friday.

The sharp slowdown in India's economic growth exacerbated by coronavirus outbreak will hurt public sector banks' (PSBs) asset quality and drive up credit costs, Moody's Investors Service said in a new report on Friday. "We expect to see PSBs' already weak capital buffers to be depleted, with Rs 1.9 lakh crore to Rs 2.1 lakh crore in external capital needed over the next two years to restore loss-absorbing buffers," said Alka Anbarasu, Moody's Vice President and Senior Credit Officer. The most likely source of capital to plug these capital shortfalls is the government despite its completion of a large recapitalisation just a few months ago. "PSBs dominate India's banking system, meaning any failure could jeopardise financial stability," added Anbarasu. "As such, we expect government support will remain forthcoming." Moody's base case assumes a sharp contraction in the Indian economy in fiscal 2021 before returning to modest growth in fiscal 2021. Even before the coronavirus outbreak, the economy had already been growing at its slowest pace in six years. Moody's expects retail and micro, small and medium-sized enterprises (MSMEs) will lead a rise in non-performing loans (NPLs), delaying the ongoing clean-up of legacy corporate NPLs. PSBs, in turn, will need a substantial amount of external capital to absorb increased credit costs and support further credit growth. Specifically, Moody's estimates the banks will require about Rs 1 lakh crore to build loan-loss provisions to about 70 per cent of NPLs and a similar amount to grow loans 8 to 10 per cent annually -- faster than the 4 per cent recorded in fiscal 2020 and supporting economic expansion. Uncertainty surrounding India's economic recovery and the ongoing clean-up of balance sheets are making it difficult for banks to raise equity capital from markets, leaving the government as the obvious source.

Indian public sector banks face fresh capital shortages, will need Rs 2.1 lakh crore: Moody's

Global tech giant Apple has become the first US company to reach 2 trillion dollars in terms of market capitalization, making it the most valuable company in the world.

Apple's valuation now 10% of US GDP

Lufthansa said it had reached an agreement with pilots on Wednesday over a package of short-term measures to cut costs as the German airline battles to reduce losses due to the coronavirus pandemic.

Cost-saving deal: Lufthansa's agreement with Pilots to cut costs

India's commerce minister has asked automakers to find ways to reduce royalty payments to foreign parent companies for use of technology or brand names, two sources said, in an effort to boost local investment and reduce outflows.

India's commerce minister has asked automakers to find ways to reduce royalty payments to foreign parent companies for use of technology or brand names, two sources said, in an effort to boost local investment and reduce outflows. In India's competitive auto market, top-selling carmakers Maruti Suzuki and Hyundai Motor's local unit pay millions of dollars in royalties to parent companies in Japan and South Korean for using their technology and brand to build and sell cars. The minister, Piyush Goyal, in a meeting last week asked officials from groups representing carmakers and auto parts manufacturers to review such payments with a view to reducing them, said people with direct knowledge of the discussions. "The concern raised during the meeting was that the outflow is high, even for old technologies, and something should be done about it," said one of the sources. The sources declined to be named as the talks are private. The ministry did not respond to a request for comment. India, for years, has debated imposing stricter caps on royalty payments which spiked after 2009 when foreign investment rules were eased and restrictions on such payments were removed. The country's markets regulator last year suggested imposing curbs on payments exceeding 2% of revenue. The limit was finally set at 5% after complaints from some sectors and fears it may dissuade foreign firms from investing or sharing technology. Recently however, Indian Prime Minister Narendra Modi's government has made a renewed push to make the country a major manufacturing hub by encouraging domestic production and curbing imports. It also wants to increase local investment and reduce foreign outflows. While India does not restrict the amount that can be paid as royalty, any payment by a locally listed company exceeding 5% of revenues needs shareholder approval. Listed companies such as Maruti Suzuki and parts makers including Bosch, Schaeffler India and Wabco India typically pay royalties of between 1%-5% to their foreign owners. Maruti Suzuki paid 38.2 billion rupees ($510 million) as royalty to its Japanese parent Suzuki Motor in the fiscal year ending March 31, 2020, amounting to 5% of its revenue, according to its annual report. Privately-owned companies such as Hyundai's local unit paid $150 million or 2.6% of revenue as royalties to its South Korean parent in fiscal 2019 and Toyota Motor's India arm paid $88 million or 3.4% of revenue to its Japanese parent, government data shows. Royalty provision has been important in attracting foreign investments into various sectors in India, especially autos, said Vaibhav Gupta, partner at tax firm, Dhruva Advisors. "Depending on the form in which the government brings back such caps ... it may impact the ability of auto companies to benefit from the use of foreign brands and technical know-how," said Gupta. He said for many foreign companies royalties are a profit repatriation strategy and changes to these could impact operating and supply chain structures from a fiscal perspective. Maruti, Toyota and Bosch declined to comment. Hyundai, Schaeffler and Wabco did not respond to emails seeking comment. Such payments have also been a long-standing issue with minority shareholders. A February report by proxy firm Institutional Investor Advisory Services showed royalty paid by 31 leading Indian companies with foreign parents, including Maruti and Bosch, grew 9% in fiscal year 2019 to total $1.11 billion.

India urges automakers to cut royalties to foreign parent companies: Report

Global markets and rebounding from huge losses caused by coronavirus pandemic, Asian Equities are mostly firm today after a strong wall street session. Watch report.

Recovery in Asian markets: Japanese Yen strengthened by 0.60%

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India.

After the border provocation, investment opportunities for China in India have become very limited.&nbsp;As part of new restrictions, all investments coming in from China will be watched, reported&nbsp;and scrutinised.&nbsp;A report from August 18 claimed that one of India’s most prominent banks ICICI has a new investor.

Who is the investor?

The&nbsp;investor is the People’s Bank of China, which is the central bank of the Chinese state.&nbsp;The same institution had invested in India’s HDFC limited in March.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-chinas-avenues-to-invest-in-india-are-shrinking-321556/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Recently, ICICI Bank raised Rs 15,000 crore from the market (over $2 billion). It is referred to as a Qualified Institutional Placement Exercise(QIP), which is a way for listed companies to raise capital without submitting legal paperwork or undergoing regulatory approvals.

Also read:&nbsp;<a href="/business-economy/chinas-central-bank-buys-175-crore-shares-in-hdfc-raises-stake-to-over-1-292242" hreflang="en">China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1%</a>

The People’s Bank of China (PBC), then invested Rs 15 crore (over $2 million) and over 300 investors participated in the&nbsp;exercise. According to one claim, the PBC’s stake in ICICI is 0.0006, which is rather minuscule and owing to the fresh curbs for Chinese companies in India, it may not go up at all.

In March, HDFC limited reported that the PBC owns a little more than one per cent of its shares.&nbsp;The PBC had bought these shares from the open market, which is why the Indian government introduced new rules.&nbsp;Any investor from India’s border nations now needs government approval for investment.

Simply put, China can no longer just buy shares from the market. All Chinese companies will need to go through a government approval process first.

Long underway

Even before the border standoff in Ladakh, the Indian government had taken a stand against Chinese investments.&nbsp;In May, India’s finance minister Nirmala Sitharaman in a chat with&nbsp;WION promised more safeguards against hostile takeovers.

Now, India is taking specific and targeted measures to curb the flow of Chinese cash in the Indian economy.&nbsp;Chinese companies have now been restricted from participating in public procurement bids.&nbsp;In June, India made it mandatory for sellers on the government e-marketplace portals to clarify the country of origin of their goods.&nbsp;Following that, restrictions were placed on colour TV imports from China.

India is now considering measures to prevent trade partners in Southeast Asia from re-rerouting Chinese goods to India.

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India. After the border provocation, investment opportunities for China in India have become very limited.

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India. After the border provocation, investment opportunities for China in India have become very limited. As part of new restrictions, all investments coming in from China will be watched, reported and scrutinised. A report from August 18 claimed that one of India’s most prominent banks ICICI has a new investor. Who is the investor? The investor is the People’s Bank of China, which is the central bank of the Chinese state. The same institution had invested in India’s HDFC limited in March. Recently, ICICI Bank raised Rs 15,000 crore from the market (over $2 billion). It is referred to as a Qualified Institutional Placement Exercise(QIP), which is a way for listed companies to raise capital without submitting legal paperwork or undergoing regulatory approvals. Also read: China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1% The People’s Bank of China (PBC), then invested Rs 15 crore (over $2 million) and over 300 investors participated in the exercise. According to one claim, the PBC’s stake in ICICI is 0.0006, which is rather minuscule and owing to the fresh curbs for Chinese companies in India, it may not go up at all. In March, HDFC limited reported that the PBC owns a little more than one per cent of its shares. The PBC had bought these shares from the open market, which is why the Indian government introduced new rules. Any investor from India’s border nations now needs government approval for investment. Simply put, China can no longer just buy shares from the market. All Chinese companies will need to go through a government approval process first. Long underway Even before the border standoff in Ladakh, the Indian government had taken a stand against Chinese investments. In May, India’s finance minister Nirmala Sitharaman in a chat with WION promised more safeguards against hostile takeovers. Now, India is taking specific and targeted measures to curb the flow of Chinese cash in the Indian economy. Chinese companies have now been restricted from participating in public procurement bids. In June, India made it mandatory for sellers on the government e-marketplace portals to clarify the country of origin of their goods. Following that, restrictions were placed on colour TV imports from China. India is now considering measures to prevent trade partners in Southeast Asia from re-rerouting Chinese goods to India.

Now, People’s Bank of China eyes another Indian bank

Stock Market indices were trading higher on Wednesday, tracking gains Asian peers after they climbed to a seven-month peak.&nbsp;

The banking index surged 0.7 percent while the pharma and auto sectors were up around half a percent each.&nbsp;

BSE Sensex rose 162 points, or 0.42 per cent, at 38,690 levels and the Nifty50 index hovered around the 11,450-mark.&nbsp;

SBI (up 2%) was the top Sensex gainer, followed by ICICI Bank and Larsen &amp; Toubro (both up 1%).&nbsp;

The stock markets have been on an upswing despite the rising Covid-19 cases as the economy has been opening up after government allowed relaxations from Covid-19-induced lockdowns. The Sensex and Nifty are currently trading at new 5-month highs.

(With inputs from agencies)

Stock Market indices were trading higher on Wednesday, tracking gains Asian peers after they climbed to a seven-month peak. The banking index surged 0.7 percent while the pharma and auto sectors were up around half a percent each.

Stock Market indices were trading higher on Wednesday, tracking gains Asian peers after they climbed to a seven-month peak. The banking index surged 0.7 percent while the pharma and auto sectors were up around half a percent each. BSE Sensex rose 162 points, or 0.42 per cent, at 38,690 levels and the Nifty50 index hovered around the 11,450-mark. SBI (up 2%) was the top Sensex gainer, followed by ICICI Bank and Larsen & Toubro (both up 1%). The stock markets have been on an upswing despite the rising Covid-19 cases as the economy has been opening up after government allowed relaxations from Covid-19-induced lockdowns. The Sensex and Nifty are currently trading at new 5-month highs. (With inputs from agencies)

Sensex up 160 points, Nifty near 11,450

Uber Technologies said it would continue operating its revenue-generating food delivery business Uber Eats even if its ride-hail business should be forced shut in California at the end of this week following a court order.

California: Uber to continue food delivery services despite rides business forced shut

Boeing is offering a second voluntarily layoff package to its employees as the coronavirus pandemic has forced the plane manufacturer to deepen its workforce cuts beyond its original plan of 10% in April.

Coronavirus pandemic sapped Boeing's new jets demand: Second layoff package out

Qatar is expecting the economy to contract this year after it shrank by 0.3% last year. Watch report.

Saudi Arabia faces 6.8% contraction: Qatar economy to contract

Why is fuel known as the 'liquid gold'? Fuel for long has been known as the 'liquid gold' because of its high value globally. It also serves as a direct or indirect source for many products produced for commercial needs, hence making it an extremely important commodity.

Why is fuel known as the 'liquid gold'? Fuel for long has been known as the 'liquid gold' because of its high value globally. It also serves as a direct or indirect source for many products produced for commercial needs, hence making it an extremely important commodity. Like gold, it is expensive and difficult to find, making it precious for humans. The following report is a glimpse of how the oil-dependent Gulf nations producing the 'liquid gold' is the biggest loser in Covid-19 crisis and what does it mean for India. How COVID-19 took away the 'liquid gold' status from Fuel? The coronavirus pandemic took a major toll on the oil-driven economies earnings. The global consumption of oil is down by 30% with storage capacity nearing its maximum. Oil prices further lowered down last Friday amid fear of slower recovery of demand than expected from COVID-91 lockdowns. The oil even touched its lowest in April, when WTI briefly turned negative. OPEC and allies including Russia, a group known as OPEC+, have cut output since May by around 10% of pre-pandemic global demand to support the market. The decline in output and slow recovery in demand has resulted in a steep fall in oil prices, taking the 'liquid gold' status away from petroleum. How are Gulf Economies reeling under the COVID-19 crisis? A recent Reuters Poll forecasts how oil-dependent Gulf Economies are expected to contract in 2020 before rebounding in 2021. The Reuters Poll was conducted by industry analysts. Saudi Arabia, the biggest economy among Gulf Nations is expected to shrink by 5.2 per cent in 2020. The analysts also expect the Saudi economy to grow by 3.1 per cent in 2021. Kuwait, another Gulf nation is expected to suffer the strongest blow, according to analysts. The poll suggests Kuwait's economy is seen shedding as much as 6.1 per cent in 2020 before it rebounds to 2.5 per cent positive growth. The United Arab Emirates will suffer a contraction comparable with Saudi Arabia’s, at 5.1 per cent, and enjoy a rebound to 2.6 per cent in 2021, according to the polled analysts. An earlier forecast courtesy IMF’s director of the Middle East and Central Asia department, said the six members of the Gulf Cooperation Council will contract by a combined 7.6 per cent this year because of the oil price slump and the coronavirus pandemic. Bahrain and Oman continue to remain the weakest links with the vulnerability ratings in the GCC (Gulf Cooperation Council) with breakeven oil prices of 81.1 and 72.2 respectively and external debt to GDP of 192.9 and 105.6 respectively. A recent IMF report on Gulf Arab states suggested how the world's richest economies could see their financial wealth depleted in the next 15 years if they don't step up the fiscal reforms. The six-nation Gulf Cooperation Council (GCC) - whose net financial wealth the IMF estimates at $2 trillion - accounts for over one-fifth of global oil supply, but economies in the region have been hit hard by a drop in oil prices in 2014 and 2015, reported news agency Reuters. While lower crude prices have put pressure on governments to generate non-oil revenues and fix their finances, “the effect of lower hydrocarbon revenue is yet to be fully offset,” the IMF said in a report. “At the current fiscal stance, the region’s existing financial wealth could be depleted in the next 15 years,” it said. Saudi Aramco recently announced that its profit fell by 73% as oil demand shrank never like before. Saudi Aramco which is the world's largest oil company reflects the kind of hard it the sector faces. The profits plunge amid lockdowns imposed to curb the spread of the virus, further continuing the cut in demand for oil, resulting in slamming the prices globally. Plunging oil prices and the deepening fallout from the coronavirus pandemic is a double blow to Gulf governments as they seek to protect their energy-dependent economies. What does the Pandemic mean for Indians and Asians in the Gulf? The COVID-19 pandemic is being seen as one of the key factors in the demographic changes it will bring in the Gulf Countries or GCC (Gulf Cooperation Council). Kuwait in a recent move introduced a bill to put a cap on migrant labourers. The bill proposed by the National Assembly in June seeks to limit the number of Indian residents and workers to 15 per cent of the country’s population. The move will result in the return to the home of about 800,000 Indians. Kuwait’s total population is 4.3 million which includes at least 1.45 million Indians. Though other Gulf Nations have not announced any such measures to be taken in their respective states, the idea cannot be ruled out in an attempt to secure their economy for their nationals. How have Indian and Asian Workers changed the Gulf Demography and its economy? Demographic Impact: According to a recent report, Non-resident Indians (NRIs) constitute up to 35 per cent of the GCC’s foreign population. Around 8.5 million Indians live and work in the Gulf countries, one of the largest concentrations of migrants in the world. According to the Organization for Economic Cooperation and Development (OECD), India is one of the two top sources of origin countries (apart from the Philippines) of migrants to the Gulf countries. According to the UNDESA Migration Report 2017, out of the total 28 million foreign workers in the Gulf countries, 16.9 million (60 %) comprise workers from South Asia. In total, 31.5 % of migrants are from India, followed by Bangladesh (11 %), Pakistan (10.8 %), Sri Lanka, Nepal and Afghanistan. Other than these South Asian countries, the Philippines is another major source of foreign workers. According to a report by GLMM (Gulf Labour Markets and Migration), the population of GCC states has grown 12 times during the past six decades, from 4 million in 1950 to 50.1 million in 2016. A majority of the massive rise can be seen because of the inflow of foreign workers. Economic Impact: Over the decades, nationals have developed an unwillingness to perform manual work or to engage in the private sector, although they have been very attracted to jobs in the public sector. This has led to large-scale migration in the Gulf Nations in sectors employing mostly non-nationals. Overall, the deepening economic crisis will hurt migrations from India in the GCC nations. How will it impact the Indian Economy? According to a recent World Bank Report, India will be taking a 23% hit on remittances in 2020 to $64 billion. This is also the sharpest fall in recent history due to the loss of employment and wages for migrant workers in Gulf countries. The drop in remittances from Gulf Countries will be a significant contributor to the sharp decline in overall remittances for India. In 2019, India recorded a 5.5% growth in remittance receipts to $83 billion. Another report by Swiss Banking Group UBS suggested India's remittances to decline by 25% in the year 2020. The banking group said, that it expects private transfers to slow to $55-60 billion in FY21 on a year-on-year basis.

Explained: COVID-19 impact on oil, Gulf economies, Indians and India's remittance