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The European Union on Tuesday won the right to impose tariffs on $4 billion of US&nbsp;goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports.

The World Trade Organization (WTO) tariff award, which confirms a decision first reported by Reuters on Sept 30, threatens to intensify transatlantic trade tensions just three weeks ahead of the US&nbsp;presidential election.

However, negotiators on both sides say it could also lead at last to discussions to resolve a 16-year legal battle over subsidies to aircraft manufacturers Boeing and Airbus.

Both the United States and the EU have signalled interest in settling the dispute over planemaker subsidies, while accusing the other of refusing to talk seriously.

Also read:&nbsp;<a href="http://13.235.153.162/world/eu-unity-on-getting-a-fair-brexit-deal-strong-says-chief-negotiator-barnier-334978" hreflang="en">EU unity on getting a fair Brexit deal strong, says chief negotiator Barnier</a>

Tuesday's decision, delayed by the COVID-19 pandemic, follows a WTO ruling last year allowing Washington to impose tariffs on $7.5 billion in EU goods over state support for Airbus, which has sites in Britain, France, Germany and Spain.

Combined, the two cases represent the world's largest ever corporate trade dispute.

Consuming thousands of pages of testimony and an estimated $100 million in costs since 2004, the aircraft spat has tested the resolve of the WTO, which is busy selecting a new leader.

The state of Washington has since repealed an aerospace tax break that benefited Boeing, while Airbus has announced it will increase loan repayments for the A350 plane to France and Spain in bids to settle the matter.

Boeing shares fell 2%.

The U.S. government said there was no legal basis for the European Union to impose tariffs since the contested measure had been eliminated, a view echoed by Boeing, which said it had already complied with WTO findings.

The EU says the same is true of U.S. tariffs imposed against subsidies to the A380 plane which is being taken out of production.

U.S. Trade Representative Robert Lighthizer said any move by the EU to slap tariffs on $4 billion of U.S. airplanes and other goods would be "plainly contrary to WTO principles and will force a U.S. response."

Airbus, which also says it has obeyed WTO rulings, said global trade judges had "spoken" and that the EU could therefore impose tariffs, while calling for an agreed solution.

The European Commission said it would pull back from imposing duties if Washington withdrew its tariffs on European goods such as wine and whisky. The two sides could then work together to find common ground.

The spirits industry on both sides of Atlantic urged restraint and an end to tariffs. EU producers have already been hit and U.S. makers are in EU cross hairs.

RYANAIR LEVERAGE

The Commission has drawn up a list of U.S. products it could target including planes, wine, spirits, suitcases, tractors, frozen fish, and produce from dried onions to cherries.

The earliest it could act is after a WTO meeting on Oct 26, but few analysts expect it to do so before the U.S. election.

The $4 billion tariff window means European airlines that import Boeing jets could have to pay tariffs expected to match U.S. border taxes on Europe-built Airbus jets, currently 15%.

But Boeing's top European customer Ryanair has called on Boeing to pay the tariffs and is expected to use this as leverage in negotiations to buy more of its grounded 737 MAX.

On top of Tuesday's $4 billion, European sources have said the EU could also use dormant tariffs on a further $4 billion of U.S. products left over from an earlier case, giving it firepower similar to that which Washington is able to use.

Dismissing this, U.S. sources say the previous award, allowing the EU to retaliate against former perks for U.S. exporters, is no longer valid and that the balance of awards demonstrates Airbus is more to blame for distorting trade.

The European Union on Tuesday won the right to impose tariffs on $4 billion of US goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports.

The European Union on Tuesday won the right to impose tariffs on $4 billion of US goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports. The World Trade Organization (WTO) tariff award, which confirms a decision first reported by Reuters on Sept 30, threatens to intensify transatlantic trade tensions just three weeks ahead of the US presidential election. However, negotiators on both sides say it could also lead at last to discussions to resolve a 16-year legal battle over subsidies to aircraft manufacturers Boeing and Airbus. Both the United States and the EU have signalled interest in settling the dispute over planemaker subsidies, while accusing the other of refusing to talk seriously. Also read: EU unity on getting a fair Brexit deal strong, says chief negotiator Barnier Tuesday's decision, delayed by the COVID-19 pandemic, follows a WTO ruling last year allowing Washington to impose tariffs on $7.5 billion in EU goods over state support for Airbus, which has sites in Britain, France, Germany and Spain. Combined, the two cases represent the world's largest ever corporate trade dispute. Consuming thousands of pages of testimony and an estimated $100 million in costs since 2004, the aircraft spat has tested the resolve of the WTO, which is busy selecting a new leader. The state of Washington has since repealed an aerospace tax break that benefited Boeing, while Airbus has announced it will increase loan repayments for the A350 plane to France and Spain in bids to settle the matter. Boeing shares fell 2%. The U.S. government said there was no legal basis for the European Union to impose tariffs since the contested measure had been eliminated, a view echoed by Boeing, which said it had already complied with WTO findings. The EU says the same is true of U.S. tariffs imposed against subsidies to the A380 plane which is being taken out of production. U.S. Trade Representative Robert Lighthizer said any move by the EU to slap tariffs on $4 billion of U.S. airplanes and other goods would be "plainly contrary to WTO principles and will force a U.S. response." Airbus, which also says it has obeyed WTO rulings, said global trade judges had "spoken" and that the EU could therefore impose tariffs, while calling for an agreed solution. The European Commission said it would pull back from imposing duties if Washington withdrew its tariffs on European goods such as wine and whisky. The two sides could then work together to find common ground. The spirits industry on both sides of Atlantic urged restraint and an end to tariffs. EU producers have already been hit and U.S. makers are in EU cross hairs. RYANAIR LEVERAGE The Commission has drawn up a list of U.S. products it could target including planes, wine, spirits, suitcases, tractors, frozen fish, and produce from dried onions to cherries. The earliest it could act is after a WTO meeting on Oct 26, but few analysts expect it to do so before the U.S. election. The $4 billion tariff window means European airlines that import Boeing jets could have to pay tariffs expected to match U.S. border taxes on Europe-built Airbus jets, currently 15%. But Boeing's top European customer Ryanair has called on Boeing to pay the tariffs and is expected to use this as leverage in negotiations to buy more of its grounded 737 MAX. On top of Tuesday's $4 billion, European sources have said the EU could also use dormant tariffs on a further $4 billion of U.S. products left over from an earlier case, giving it firepower similar to that which Washington is able to use. Dismissing this, U.S. sources say the previous award, allowing the EU to retaliate against former perks for U.S. exporters, is no longer valid and that the balance of awards demonstrates Airbus is more to blame for distorting trade.

EU wins tariff clearance on $4 billion of US imports in Boeing case

Stock market indices Sensex and Nifty ended marginally higher after choppy trade on Tuesday amid mixed cues from the global markets.&nbsp;

The S&amp;P BSE Sensex closed at 40,625.51, higher by 31.71 points or 0.08 per cent, from its previous close. The Nifty50 traded at 11,934.50, higher by 3.55 points or 0.03 per cent, from its previous close.

Among sectoral indices, pharma and banking index settled over 1 percent lower while Nifty IT remained the only one to trade over a percent (+1.31 percent).

Global markets

European shares fell on Tuesday as worries over the coronavirus pandemic overshadowed Chinese trade data that pointed to a buoyant recovery, while the US dollar edged away from a three-week low.

Chinese blue-chip shares also gained 0.3 per cent after dipping early in the day. The MSCI world equity index, which tracks shares in nearly 50 countries, fell 0.1 per cent.

In commodities, oil prices rebounded, drawing support from robust China data although concerns about waning demand elsewhere and supply resumptions in Norway, the Gulf of Mexico and Libya weighed.

(With inputs from agencies)

Stock market indices Sensex and Nifty ended marginally higher after choppy trade on Tuesday amid mixed cues from the global markets. The S&P BSE Sensex closed at 40,625.

Stock market indices Sensex and Nifty ended marginally higher after choppy trade on Tuesday amid mixed cues from the global markets. The S&P BSE Sensex closed at 40,625.51, higher by 31.71 points or 0.08 per cent, from its previous close. The Nifty50 traded at 11,934.50, higher by 3.55 points or 0.03 per cent, from its previous close. Among sectoral indices, pharma and banking index settled over 1 percent lower while Nifty IT remained the only one to trade over a percent (+1.31 percent). Global markets European shares fell on Tuesday as worries over the coronavirus pandemic overshadowed Chinese trade data that pointed to a buoyant recovery, while the US dollar edged away from a three-week low. Chinese blue-chip shares also gained 0.3 per cent after dipping early in the day. The MSCI world equity index, which tracks shares in nearly 50 countries, fell 0.1 per cent. In commodities, oil prices rebounded, drawing support from robust China data although concerns about waning demand elsewhere and supply resumptions in Norway, the Gulf of Mexico and Libya weighed. (With inputs from agencies)

Sensex settles 32 points higher; IT stocks gain

When the coronavirus pandemic shuttered offices around the United States in March, many companies told their employees that it would be only a short hiatus away from headquarters.

Workers, they said, would be back in their cubicles within a matter of weeks. Weeks turned into September. Then September turned into January. And now, with the virus still surging in some parts of the country, a growing number of employers are delaying return-to-office dates once again, to the summer of 2021 at the earliest.

Google was one of the first to announce that July 2021 was its return-to-office date. Uber, Slack and Airbnb soon jumped on the bandwagon. In the past week, Microsoft, Target, Ford Motor Co. and The New York Times said they, too, had postponed the return of in-person work to next summer and acknowledged the inevitable: The pandemic isn’t going away anytime soon.

“Let’s just bite the bullet,” said Joan Burke, the chief people officer of DocuSign in San Francisco. In August, her company, which manages electronic document signatures, decided it would allow its 5,200 employees to work from home until June 2021.

“We’re still in a place where this is evolving,” she said. “None of us have all the answers.”

Many more companies are expected to delay their return-to-office dates to keep workers safe. And workers said they were in no rush to go back, with 73% of U.S. employees fearing that being in their workplace could pose a risk to their personal health and safety, according to a study by Wakefield Research commissioned by Envoy, a workplace technology company.

More companies are also saying that they will institute permanent work-from-home policies so employees do not ever have to come into the office again.

In May, Facebook was one of the first to announce that it would allow many employees to work remotely even after the pandemic. Twitter, Coinbase and Shopify have also said they would do so. On Friday, Microsoft announced it would also be part of that shift.

The elongating timelines and changing policies add up to a continued balancing act for companies as the coronavirus shatters work norms and upends assumptions about where workers need to be to achieve maximum productivity. Employers are also under pressure to be as open as possible about their intentions so that workers can plan ahead with their lives.

The postponement of return dates is a “psychological blow for those who expected this to be a transition phase,” said Tsedal Neeley, a Harvard Business School professor who studies remote work. “The reality is hitting that, ‘There won’t be a vaccine as I expected very quickly. This is going to be my life, and I’d better learn how to do this.’”

Neeley likened the situation to waiting at an airport terminal for a flight that is continually delayed. With the new dates announced, she said, people can finally start adjusting from a temporary “grinning and bear it” approach to a permanent shift.

Successful companies “have begun to think about long-term strategy rather than ‘Let’s just survive our crisis,’” she said.

Much of corporate America is now following the lead of Silicon Valley tech companies like Google and Facebook. They were among those that allowed employees to work from home even before the pandemic hit in full force in March. Since then, Facebook has set the tone in planning for permanent remote work, while Google established the July 2021 target date for returning to the office.

“I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months,” Google’s chief executive, Sundar Pichai, wrote in an email to employees about the July 2021 date.

Other employers soon emulated the tech giants, also citing worker flexibility as a key factor in pushing their return-to-office dates to next summer.

Burke, the DocuSign executive, said announcing the June 2021 return date to employees prompted a “collective sigh of relief inside the company” because it put an end to the incremental postponements and uncertainty of when they would be expected to return.

Remote work has been productive, she said, and people like not having to commute. But a mix of in-person and remote is probably the most popular option for employees when life returns to normal, she said, because they also miss the social interaction of an office space.

Zoom “is not the same thing, and it’s exhausting,” Burke said. “By 7 o’clock last night, I was Zoomed out.”

Other companies that have delayed their returns to the office until next summer often face a more complicated decision because their workforces are not just made up of white-collar engineers, unlike those of internet companies.

Ford said last week that its decision to hold off on back in-person office work through June 2021 would apply to its roughly 32,000 employees in North America who are already working remotely. The company, which has about 188,000 employees, said the policy does not apply to factory staff.

When Target announced its decision to let some employees continue to work at home through June 2021 in a letter to staff last week, it said it would apply just to employees at its headquarters in Minneapolis. The company said a small number of employees who rely on the headquarters facilities would continue to work on-site. In-store employees will work in retail stores as usual.

Some companies that have already tried bringing employees back to the office have grappled with safety concerns. Last month, Goldman Sachs and JPMorgan Chase sent send some workers back home after employees who had returned to the office tested positive for the virus.

When the coronavirus pandemic shuttered offices around the United States in March, many companies told their employees that it would be only a short hiatus away from headquarters.

When the coronavirus pandemic shuttered offices around the United States in March, many companies told their employees that it would be only a short hiatus away from headquarters. Workers, they said, would be back in their cubicles within a matter of weeks. Weeks turned into September. Then September turned into January. And now, with the virus still surging in some parts of the country, a growing number of employers are delaying return-to-office dates once again, to the summer of 2021 at the earliest. Google was one of the first to announce that July 2021 was its return-to-office date. Uber, Slack and Airbnb soon jumped on the bandwagon. In the past week, Microsoft, Target, Ford Motor Co. and The New York Times said they, too, had postponed the return of in-person work to next summer and acknowledged the inevitable: The pandemic isn’t going away anytime soon. “Let’s just bite the bullet,” said Joan Burke, the chief people officer of DocuSign in San Francisco. In August, her company, which manages electronic document signatures, decided it would allow its 5,200 employees to work from home until June 2021. “We’re still in a place where this is evolving,” she said. “None of us have all the answers.” Many more companies are expected to delay their return-to-office dates to keep workers safe. And workers said they were in no rush to go back, with 73% of U.S. employees fearing that being in their workplace could pose a risk to their personal health and safety, according to a study by Wakefield Research commissioned by Envoy, a workplace technology company. More companies are also saying that they will institute permanent work-from-home policies so employees do not ever have to come into the office again. In May, Facebook was one of the first to announce that it would allow many employees to work remotely even after the pandemic. Twitter, Coinbase and Shopify have also said they would do so. On Friday, Microsoft announced it would also be part of that shift. The elongating timelines and changing policies add up to a continued balancing act for companies as the coronavirus shatters work norms and upends assumptions about where workers need to be to achieve maximum productivity. Employers are also under pressure to be as open as possible about their intentions so that workers can plan ahead with their lives. The postponement of return dates is a “psychological blow for those who expected this to be a transition phase,” said Tsedal Neeley, a Harvard Business School professor who studies remote work. “The reality is hitting that, ‘There won’t be a vaccine as I expected very quickly. This is going to be my life, and I’d better learn how to do this.’” Neeley likened the situation to waiting at an airport terminal for a flight that is continually delayed. With the new dates announced, she said, people can finally start adjusting from a temporary “grinning and bear it” approach to a permanent shift. Successful companies “have begun to think about long-term strategy rather than ‘Let’s just survive our crisis,’” she said. Much of corporate America is now following the lead of Silicon Valley tech companies like Google and Facebook. They were among those that allowed employees to work from home even before the pandemic hit in full force in March. Since then, Facebook has set the tone in planning for permanent remote work, while Google established the July 2021 target date for returning to the office. “I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months,” Google’s chief executive, Sundar Pichai, wrote in an email to employees about the July 2021 date. Other employers soon emulated the tech giants, also citing worker flexibility as a key factor in pushing their return-to-office dates to next summer. Burke, the DocuSign executive, said announcing the June 2021 return date to employees prompted a “collective sigh of relief inside the company” because it put an end to the incremental postponements and uncertainty of when they would be expected to return. Remote work has been productive, she said, and people like not having to commute. But a mix of in-person and remote is probably the most popular option for employees when life returns to normal, she said, because they also miss the social interaction of an office space. Zoom “is not the same thing, and it’s exhausting,” Burke said. “By 7 o’clock last night, I was Zoomed out.” Other companies that have delayed their returns to the office until next summer often face a more complicated decision because their workforces are not just made up of white-collar engineers, unlike those of internet companies. Ford said last week that its decision to hold off on back in-person office work through June 2021 would apply to its roughly 32,000 employees in North America who are already working remotely. The company, which has about 188,000 employees, said the policy does not apply to factory staff. When Target announced its decision to let some employees continue to work at home through June 2021 in a letter to staff last week, it said it would apply just to employees at its headquarters in Minneapolis. The company said a small number of employees who rely on the headquarters facilities would continue to work on-site. In-store employees will work in retail stores as usual. Some companies that have already tried bringing employees back to the office have grappled with safety concerns. Last month, Goldman Sachs and JPMorgan Chase sent send some workers back home after employees who had returned to the office tested positive for the virus.

July is the new January: More companies delay return to the office

Euro zone economy is entering a tougher phase as a surge in COVID-19 cases puts a question mark over the recent rebound.

World Business Watch: ECB’s Lane braces for tougher phase for Euro zone economy

German carmaker Volkswagen's Audi unit expects lower sales in 2020 despite strong numbers in the months of July, August and September.

World Business Watch: Audi chief sees 2020 sales down despite strong Q3

Stock market indices ended higher for the eighth straight session on Monday led by gains in IT, pharma and FMCG stocks. However, losses in financials, metals and auto stocks capped the gains.&nbsp;

The Sensex ended 84 points higher at 40,594 while the Nifty rose 17 points to settle at 11,931. &nbsp;

On the other hand, Bharti Airtel, ONGC, HDFC Bank, IndusInd Bank and Bajaj Auto were among the laggards. Traders said benchmark indices traded with a positive bias through the day, but market participants turned cautious after Finance Minister Nirmala Sitharaman's press conference to announce the stimulus measures.

In a bid to stimulate consumer demand during the festival season and boost the economy, Sitharaman on Monday announced a payment of cash in lieu of LTC and Rs 10,000 festival advance to government employees. She also announced additional capital spending and Rs 12,000 crore, 50-year interest-free loan to states to boost the economy that has been battered by the pandemic and the resulting lockdowns.

(With inputs from agencies)

Stock market indices ended higher for the eighth straight session on Monday led by gains in IT, pharma and FMCG stocks. However, losses in financials, metals and auto stocks capped the gains.

Stock market indices ended higher for the eighth straight session on Monday led by gains in IT, pharma and FMCG stocks. However, losses in financials, metals and auto stocks capped the gains. The Sensex ended 84 points higher at 40,594 while the Nifty rose 17 points to settle at 11,931. On the other hand, Bharti Airtel, ONGC, HDFC Bank, IndusInd Bank and Bajaj Auto were among the laggards. Traders said benchmark indices traded with a positive bias through the day, but market participants turned cautious after Finance Minister Nirmala Sitharaman's press conference to announce the stimulus measures. In a bid to stimulate consumer demand during the festival season and boost the economy, Sitharaman on Monday announced a payment of cash in lieu of LTC and Rs 10,000 festival advance to government employees. She also announced additional capital spending and Rs 12,000 crore, 50-year interest-free loan to states to boost the economy that has been battered by the pandemic and the resulting lockdowns. (With inputs from agencies)

Sensex and Nifty end higher for eighth session

Seattle-based technology giant Microsoft has decided to expand its work-from-home policy and make it permanent for some workers.

The company has released the new "hybrid workplace" guidance that lays out how employees can have a more flexible remote work schedule and even relocate elsewhere in the country, while it continues to adjust to changing needs during the ongoing pandemic.

Microsoft will allow employees to work from home freely for less than 50 per cent of their working week, and managers will be able to approve permanent remote work.

"We will offer as much flexibility as possible to support individual work styles, while balancing business needs, and ensuring we live our culture," Kathleen Hogan, Microsoft's chief people officer, said in a post on the official Microsoft Blog.

"To address this, we have provided guidance to employees to make informed decisions around scenarios that could include changes to their worksite, work location, and/or work hours once offices are open without any COVID-19 restrictions."

Microsoft CEO Satya Nadella said he is focused on three major considerations of how the nature of work is changing amid the pandemic: how collaboration happens, how learning happens inside companies and how to ensure employees aren't burning out.

The company also said that most employees' work schedules were also flexible, meaning start and end times for workdays were no longer standard.

Employees can move across country for remote work, but compensation and benefits will vary depending on the the company's own geopay scale. Those who move will need to cover their own relocation expenses. Microsoft will cover home office expenses for permanent remote workers.

Flexible working hours will be available without manager approval, the company stressed, adding that some roles still require access to Microsoft offices, hardware, data centres and in-person training.

"Flexibility can mean different things to each of us and we recognize there is no one-size-fits-all solution given the variety of roles, work requirements and business needs we have at Microsoft," Hogan said.

Microsoft was one of the first companies to shift its tech workforce remotely when the coronavirus pandemic hit in March. Other tech giants such as Twitter and Zillow have said they will allow employees to work from home indefinitely.&nbsp;

Seattle-based technology giant Microsoft has decided to expand its work-from-home policy and make it permanent for some workers. The company has released the new "hybrid workplace" guidance that lays out how employees can have a more flexible remote work schedule and even relocate elsewhere in the country, while it continues to adjust to changing needs during the ongoing pandemic.

Seattle-based technology giant Microsoft has decided to expand its work-from-home policy and make it permanent for some workers. The company has released the new "hybrid workplace" guidance that lays out how employees can have a more flexible remote work schedule and even relocate elsewhere in the country, while it continues to adjust to changing needs during the ongoing pandemic. Microsoft will allow employees to work from home freely for less than 50 per cent of their working week, and managers will be able to approve permanent remote work. "We will offer as much flexibility as possible to support individual work styles, while balancing business needs, and ensuring we live our culture," Kathleen Hogan, Microsoft's chief people officer, said in a post on the official Microsoft Blog. "To address this, we have provided guidance to employees to make informed decisions around scenarios that could include changes to their worksite, work location, and/or work hours once offices are open without any COVID-19 restrictions." Microsoft CEO Satya Nadella said he is focused on three major considerations of how the nature of work is changing amid the pandemic: how collaboration happens, how learning happens inside companies and how to ensure employees aren't burning out. The company also said that most employees' work schedules were also flexible, meaning start and end times for workdays were no longer standard. Employees can move across country for remote work, but compensation and benefits will vary depending on the the company's own geopay scale. Those who move will need to cover their own relocation expenses. Microsoft will cover home office expenses for permanent remote workers. Flexible working hours will be available without manager approval, the company stressed, adding that some roles still require access to Microsoft offices, hardware, data centres and in-person training. "Flexibility can mean different things to each of us and we recognize there is no one-size-fits-all solution given the variety of roles, work requirements and business needs we have at Microsoft," Hogan said. Microsoft was one of the first companies to shift its tech workforce remotely when the coronavirus pandemic hit in March. Other tech giants such as Twitter and Zillow have said they will allow employees to work from home indefinitely.

Microsoft to expand its work from home policy, make it permanent for some staff

American economists Paul R Milgrom and Robert B Wilson have been awarded the Nobel Prize in economics on Monday for “improvements to auction theory and inventions of new auction formats.”

Since it was first awarded in 1969, Americans have dominated the economics prize, with 63 of the 86 laureates holding US citizenship, including those who have dual nationalities.

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2020 Nobel Prize in Economic Sciences | Paul Milgrom, and Robert Wilson win the coveted <a href="https://twitter.com/hashtag/NobelEconomicsPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelEconomicsPrize</a> for their work on inequality, and health economics. The prestigious award comes with $1.1 million cash prize. <a href="https://twitter.com/hashtag/NobelPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelPrize</a> <a href="https://t.co/VC7dyncMgM">pic.twitter.com/VC7dyncMgM</a>
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Only two women have won this prestigious award till now.

Here is a list of the winners:

2020: Paul Milgrom and Robert Wilson (US)

2019: Abhijit Banerjee (US), Esther Duflo (France-US), Michael Kremer (US)

2018: William Nordhaus (US) and Paul Romer (US)&nbsp;

2017: Richard Thaler (US)

2016: Oliver Hart (Britain-US) and Bengt Holmstrom (Finland)

2015: Angus Deaton (Britain-US)

2014: Jean Tirole (France)

2013: Eugene Fama, Lars Peter Hansen and Robert Shiller (US)

2012: Alvin Roth and Lloyd Shapley (US)

2011: Thomas Sargent and Christopher Sims (US)

2010: Peter Diamond and Dale Mortensen (US) and Christopher Pissarides (Cyprus-Britain)

2009: Elinor Ostrom and Oliver Williamson (US)

2008: Paul Krugman (US)

2007: Leonid Hurwicz, Eric Maskin and Roger Myerson (US)

2006: Edmund Phelps (US)

2005: Thomas Schelling (US), Robert J. Aumann (US-Israel)

2004: Finn Kydland (Norway), Edward Prescott (US)

2003: Robert Engle (US), Clive Granger (Britain)

2002: Daniel Kahneman (Israel-US) and Vernon Smith (US)

2001: George Akerlof (US), A. Michael Spence (US), Joseph Stiglitz (US)

2000: James Heckman (US), Daniel McFadden (US)

1999: Robert Mundell (Canada)

1998: Amartya Sen (India)

1997: Robert Merton (US), Myron Scholes (US)

1996: James Mirrlees (Britain), William Vickrey (US)

1995: Robert Lucas Jr (US)

1994: John Harsanyi (US), John Nash (US), Reinhard Selten (Germany)

1993: Robert Fogel (US), Douglass North (US)

1992: Gary Becker (US)

1991: Ronald Coase (Britain)

1990: Harry Markowitz (US), Merton Miller (US), William Sharpe (US)

1989: Trygve Haavelmo (Norway)

1988: Maurice Allais (France)

1987: Robert Solow (US)

1986: James Buchanan (US)

1985: Franco Modigliani (US)

1984: Richard Stone (Britain)

1983: Gerard Debreu (US)

1982: George Stigler (US)

1981: James Tobin (US)

1980: Lawrence Klein (US)

1979: Theodore Schultz (US), Arthur Lewis (Britain)

1978: Herbert Simon (US)

1977: Bertil Ohlin (Sweden), James Meade (Britain)

1976: Milton Friedman (US)

1975: Leonid Kantorovich (Soviet Union), Tjalling Koopmans (US)

1974: Gunnar Myrdal (Sweden), Friedrich von Hayek (Britain)

1973: Vassily Leontief (US)

1972: John Hicks (Britain), Kenneth Arrow (US)

1971: Simon Kuznets (US)

1970: Paul Samuelson (US)

1969: Ragnar Frisch (Norway), Jan Tinbergen (Netherlands)

The Swedish National Bank Prize in Economic Sciences in Memory of Alfred Nobel was first granted to its first recipients, Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands, &nbsp;almost 70 years after the series of prestigious prizes that Nobel helped establish through funding set aside in his will.

(With inputs from agencies)

American economists Paul R Milgrom and Robert B Wilson have been awarded the Nobel Prize in economics on Monday for “improvements to auction theory and inventions of new auction formats.

American economists Paul R Milgrom and Robert B Wilson have been awarded the Nobel Prize in economics on Monday for “improvements to auction theory and inventions of new auction formats.” Since it was first awarded in 1969, Americans have dominated the economics prize, with 63 of the 86 laureates holding US citizenship, including those who have dual nationalities. 2020 Nobel Prize in Economic Sciences | Paul Milgrom, and Robert Wilson win the coveted #NobelEconomicsPrize for their work on inequality, and health economics. The prestigious award comes with $1.1 million cash prize. #NobelPrize pic.twitter.com/VC7dyncMgM — WION (@WIONews) October 12, 2020 × Only two women have won this prestigious award till now. Here is a list of the winners: 2020: Paul Milgrom and Robert Wilson (US) 2019: Abhijit Banerjee (US), Esther Duflo (France-US), Michael Kremer (US) 2018: William Nordhaus (US) and Paul Romer (US) 2017: Richard Thaler (US) 2016: Oliver Hart (Britain-US) and Bengt Holmstrom (Finland) 2015: Angus Deaton (Britain-US) 2014: Jean Tirole (France) 2013: Eugene Fama, Lars Peter Hansen and Robert Shiller (US) 2012: Alvin Roth and Lloyd Shapley (US) 2011: Thomas Sargent and Christopher Sims (US) 2010: Peter Diamond and Dale Mortensen (US) and Christopher Pissarides (Cyprus-Britain) 2009: Elinor Ostrom and Oliver Williamson (US) 2008: Paul Krugman (US) 2007: Leonid Hurwicz, Eric Maskin and Roger Myerson (US) 2006: Edmund Phelps (US) 2005: Thomas Schelling (US), Robert J. Aumann (US-Israel) 2004: Finn Kydland (Norway), Edward Prescott (US) 2003: Robert Engle (US), Clive Granger (Britain) 2002: Daniel Kahneman (Israel-US) and Vernon Smith (US) 2001: George Akerlof (US), A. Michael Spence (US), Joseph Stiglitz (US) 2000: James Heckman (US), Daniel McFadden (US) 1999: Robert Mundell (Canada) 1998: Amartya Sen (India) 1997: Robert Merton (US), Myron Scholes (US) 1996: James Mirrlees (Britain), William Vickrey (US) 1995: Robert Lucas Jr (US) 1994: John Harsanyi (US), John Nash (US), Reinhard Selten (Germany) 1993: Robert Fogel (US), Douglass North (US) 1992: Gary Becker (US) 1991: Ronald Coase (Britain) 1990: Harry Markowitz (US), Merton Miller (US), William Sharpe (US) 1989: Trygve Haavelmo (Norway) 1988: Maurice Allais (France) 1987: Robert Solow (US) 1986: James Buchanan (US) 1985: Franco Modigliani (US) 1984: Richard Stone (Britain) 1983: Gerard Debreu (US) 1982: George Stigler (US) 1981: James Tobin (US) 1980: Lawrence Klein (US) 1979: Theodore Schultz (US), Arthur Lewis (Britain) 1978: Herbert Simon (US) 1977: Bertil Ohlin (Sweden), James Meade (Britain) 1976: Milton Friedman (US) 1975: Leonid Kantorovich (Soviet Union), Tjalling Koopmans (US) 1974: Gunnar Myrdal (Sweden), Friedrich von Hayek (Britain) 1973: Vassily Leontief (US) 1972: John Hicks (Britain), Kenneth Arrow (US) 1971: Simon Kuznets (US) 1970: Paul Samuelson (US) 1969: Ragnar Frisch (Norway), Jan Tinbergen (Netherlands) The Swedish National Bank Prize in Economic Sciences in Memory of Alfred Nobel was first granted to its first recipients, Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands, almost 70 years after the series of prestigious prizes that Nobel helped establish through funding set aside in his will. (With inputs from agencies)

Americans always dominate the Nobel economics prizes

Japan's real wages fall for the sixth straight month due to the coronavirus pandemic bites. Watch report.

Japan's real wages fall: COVID-19 prompts companies to cut costs

Hyundai has issued a recall of Hyundai Kona Electric vehicles. Starting on October 16, the vehicles in question will be inspected and their software updated and battery packs replaced.

Hyundai to recall Kona EV in South Korea over concerns of fire risk

The World Bank has said India’s GDP is expected to further contract by 9.6% this fiscal as a reflection of the economic slump the country has suffered due to the national lockdown induced by the coronavirus pandemic.

World Bank: India's GDP to contract in FY21

British airline East Jet warned its first-ever annual loss could be as much as 845 million pounds as the pandemic meant it was flying just 25% of planned capacity.

Easy Jet to land first-ever annual loss

Mexican inflation cooled to 4.01% in the year through September as consumer prices for energy dropped and food price rises were lower.

Mexico annual inflation cools to 4.01% till September

The World Trade Organization announced Thursday&nbsp;Nigeria's Ngozi Okonjo-Iweala and South Korea's Yoo Myung-hee are the finalists to become its next director-general, ensuring a woman in the top job for the first time.

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These are the candidates moving on for members' further consideration. The result creates an historic precedent for the WTO: the 7th Director-General will become the first woman to lead the Organization. Consultations resume on 19 Oct <a href="https://twitter.com/hashtag/WTODG?src=hash&amp;ref_src=twsrc%5Etfw">#WTODG</a> 
Find out more: <a href="https://t.co/q4pHXjEl2z">https://t.co/q4pHXjEl2z</a> <a href="https://t.co/l4viBOncSk">pic.twitter.com/l4viBOncSk</a>
— WTO (@wto) <a href="https://twitter.com/wto/status/1314152398420684803?ref_src=twsrc%5Etfw">October 8, 2020</a></blockquote>
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WTO spokeman, Keith Rockwell said the third and final stage of the run will take place from October 19 to Ocotber 27 and that a decision should be made by November 7.

We're right on schedule for this. We might even be a little bit ahead of schedule," he said.

Asked about changes that might occur as US presidential elections will take place four days before the deadline for the decision, Rockwell said: "I don't think the domestic political situation of any country has really entered into this at all, as far as I can tell".

A selection committee said that Ngozi Okonjo-Iweala of Nigeria and Yoo Myung-hee of South Korea qualified for the final round in a race expected to end in the coming weeks. They were picked out of a pool of five candidates.

The Geneva-based WTO's General Council, made up of envoys from the 164-member body, eliminated Amina Mohamed, a former trade minister from Kenya; Mohammad Maziad Al-Tuwaijri, a Saudi former economy minister, and British former International Trade Secretary and Brexit proponent Liam Fox.

''Deeply grateful and honored to be selected for the final round in the selection process of the next @WTO Director General!''&nbsp;tweeted Yoo, who has a law degree from Vanderbilt University.

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Deeply grateful and honored to be selected for the final round in the selection process of the next <a href="https://twitter.com/wto?ref_src=twsrc%5Etfw">@WTO</a> Director General! 
 
We need a capable &amp; experienced new leader who can rebuild trust and restore relevance of the <a href="https://twitter.com/wto?ref_src=twsrc%5Etfw">@WTO</a>. I look forward to your continued support! Thank you!!! <a href="https://t.co/Gz94jTzgzB">https://t.co/Gz94jTzgzB</a>
— Yoo Myung-hee (@YooMyunghee1) <a href="https://twitter.com/YooMyunghee1/status/1314161822992228352?ref_src=twsrc%5Etfw">October 8, 2020</a></blockquote>
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Okonjo-Iweala on Twitter thanked WTO members for their support and wrote that she was ''happy to be in the final round."&nbsp;

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Happy to be in the final round of the <a href="https://twitter.com/wto?ref_src=twsrc%5Etfw">@wto</a> DG campaign. Thanks, WTO members for your continued support of my candidacy. I could not have made it without the prayers and support of all Nigerians and friends around the world. Thank you <a href="https://twitter.com/MBuhari?ref_src=twsrc%5Etfw">@MBuhari</a> and all my friends. Aluta continua!
— Ngozi Okonjo-Iweala (@NOIweala) <a href="https://twitter.com/NOIweala/status/1314189379594842118?ref_src=twsrc%5Etfw">October 8, 2020</a></blockquote>
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The previous WTO director-general, Roberto Azevedo of Brazil, made a surprise announcement in May that he would leave the job a year early, citing a ''personal decision''.&nbsp;He left without a successor on August 31.

Azevedo's seven-year tenure was marked by intense pressure from US&nbsp;President Donald Trump, who repeatedly accused the WTO of ''unfair''&nbsp;treatment of the U.S. And started a trade war with China in defiance of the WTO system. In the past, Trump has threatened to pull the United States out of the trade body altogether.

The WTO's dispute settlement system is perhaps the world's best-known venue for resolving international trade disputes - such as those pitting plane-makers Boeing and Airbus in recent decades. But the United States has clogged up the dispute settlement machinery by blocking any new members for its highest court, the Appellate Body, which has unable to address new disputes since last year.

The next director-general will face the daunting task of keeping the United States on board if Trump wins a second term, amid Washington's allegations that China is engaged in unfair practices such as excessively subsidizing industries and stealing intellectual property,&nbsp;notably at the expense of Western businesses hoping to tap the expanding Chinese market. China rejects the allegations.

The WTO, which was created in 1995 out of the former General Agreement on Tariffs and Trade, has never had a woman director-general or national from Africa as its leader. It operates by consensus, meaning that any single member country can block decisions.

The World Trade Organization announced Thursday Nigeria's Ngozi Okonjo-Iweala and South Korea's Yoo Myung-hee are the finalists to become its next director-general, ensuring a woman in the top job for the first time.

The World Trade Organization announced Thursday Nigeria's Ngozi Okonjo-Iweala and South Korea's Yoo Myung-hee are the finalists to become its next director-general, ensuring a woman in the top job for the first time. These are the candidates moving on for members' further consideration. The result creates an historic precedent for the WTO: the 7th Director-General will become the first woman to lead the Organization. Consultations resume on 19 Oct #WTODG Find out more: https://t.co/q4pHXjEl2z pic.twitter.com/l4viBOncSk — WTO (@wto) October 8, 2020 × WTO spokeman, Keith Rockwell said the third and final stage of the run will take place from October 19 to Ocotber 27 and that a decision should be made by November 7. We're right on schedule for this. We might even be a little bit ahead of schedule," he said. Asked about changes that might occur as US presidential elections will take place four days before the deadline for the decision, Rockwell said: "I don't think the domestic political situation of any country has really entered into this at all, as far as I can tell". A selection committee said that Ngozi Okonjo-Iweala of Nigeria and Yoo Myung-hee of South Korea qualified for the final round in a race expected to end in the coming weeks. They were picked out of a pool of five candidates. The Geneva-based WTO's General Council, made up of envoys from the 164-member body, eliminated Amina Mohamed, a former trade minister from Kenya; Mohammad Maziad Al-Tuwaijri, a Saudi former economy minister, and British former International Trade Secretary and Brexit proponent Liam Fox. ''Deeply grateful and honored to be selected for the final round in the selection process of the next @WTO Director General!'' tweeted Yoo, who has a law degree from Vanderbilt University. Deeply grateful and honored to be selected for the final round in the selection process of the next @WTO Director General! We need a capable & experienced new leader who can rebuild trust and restore relevance of the @WTO. I look forward to your continued support! Thank you!!! https://t.co/Gz94jTzgzB — Yoo Myung-hee (@YooMyunghee1) October 8, 2020 × Okonjo-Iweala on Twitter thanked WTO members for their support and wrote that she was ''happy to be in the final round." Happy to be in the final round of the @wto DG campaign. Thanks, WTO members for your continued support of my candidacy. I could not have made it without the prayers and support of all Nigerians and friends around the world. Thank you @MBuhari and all my friends. Aluta continua! — Ngozi Okonjo-Iweala (@NOIweala) October 8, 2020 × The previous WTO director-general, Roberto Azevedo of Brazil, made a surprise announcement in May that he would leave the job a year early, citing a ''personal decision''. He left without a successor on August 31. Azevedo's seven-year tenure was marked by intense pressure from US President Donald Trump, who repeatedly accused the WTO of ''unfair'' treatment of the U.S. And started a trade war with China in defiance of the WTO system. In the past, Trump has threatened to pull the United States out of the trade body altogether. The WTO's dispute settlement system is perhaps the world's best-known venue for resolving international trade disputes - such as those pitting plane-makers Boeing and Airbus in recent decades. But the United States has clogged up the dispute settlement machinery by blocking any new members for its highest court, the Appellate Body, which has unable to address new disputes since last year. The next director-general will face the daunting task of keeping the United States on board if Trump wins a second term, amid Washington's allegations that China is engaged in unfair practices such as excessively subsidizing industries and stealing intellectual property, notably at the expense of Western businesses hoping to tap the expanding Chinese market. China rejects the allegations. The WTO, which was created in 1995 out of the former General Agreement on Tariffs and Trade, has never had a woman director-general or national from Africa as its leader. It operates by consensus, meaning that any single member country can block decisions.

In a first, World Trade Organization to be led by a woman

India has filed the highest number of EB-5 immigrant investor applications in the United States. Watch report.

India's ER-5 applications up 400% from 2016 to 2019

Google is facing a new antitrust case in India in which the US tech giant is alleged to have abused its Android operating system's position in the smart television market. Watch report.

Google faces new antitrust case in India over abuse in smart TVs market

Even the most bullish policymakers and forecasters had penciled in more government aid to keep households and businesses hit by the coronavirus pandemic afloat through the end of the year. That money would bolster retail spending, rent payments and mortgages and whittle away at the 11 million lost jobs that have not yet been recouped. Watch report.

Failed US stimulus talks threaten recovery

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market.

The Indian rupee opened at 73.31 per dollar against the previous close of 73.33 and remained in the range of 73.21-73.35.

&nbsp;“While the natural tendency for the rupee is to strengthen in the backdrop of a weak US dollar globally, nationalised banks likely on behalf of the Reserve Bank buy the dips to around 73.10 aggressively,” said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added, “we are likely to see another quiet, range-bound session ahead of the MPC decision on Friday”.

&nbsp;The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 93.58.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.46 points higher at 40,329.41, and the broader NSE Nifty rose 124.05 points to 11,862.90.

(With inputs from agencies)

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market. The Indian rupee opened at 73.31 per dollar against the previous close of 73.

The Rupee on Thursday ended near the day's high level at 73.24 per dollar, amid buying seen in the domestic equity market. The Indian rupee opened at 73.31 per dollar against the previous close of 73.33 and remained in the range of 73.21-73.35. “While the natural tendency for the rupee is to strengthen in the backdrop of a weak US dollar globally, nationalised banks likely on behalf of the Reserve Bank buy the dips to around 73.10 aggressively,” said Abhishek Goenka, Founder and CEO, IFA Global. Goenka further added, “we are likely to see another quiet, range-bound session ahead of the MPC decision on Friday”. The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 93.58. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.46 points higher at 40,329.41, and the broader NSE Nifty rose 124.05 points to 11,862.90. (With inputs from agencies)

Rupee closes near day's high at 73.24 per dollar

Boeing cut its rolling 20-year forecast for airplane demand on Tuesday, sending its shares lower as the COVID-19 pandemic lays waste to deliveries over the next few years.

Boeing cuts jet demand forecast on pandemic crisis

The newly-constituted Monetary Policy Committee (MPC) of the Reserve Bank will begin its three-day deliberations on Wednesday amid expectations that the central bank this time around may refrain from changing the benchmark lending rates.

RBI'S MPC panel likely to hold rates

The carrier announced on October 6th a restructuring plan that should hopefully keep the airline afloat and running for years to come with an equity injection.

AirAsia X announces restructuring plan amid crisis

Britain’s financial watchdog said on Tuesday it would ban the sale to retail investors of products tracking the price of cryptoassets like Bitcoin, arguing that most people lost money on them.

UK watchdog bans Bitcoin-based products for retail investors

With the government appointing three members on the Monetary Policy Committee (MPC), the Reserve Bank on Tuesday said the next meeting of the rate setting panel will be held for three days beginning October 7.

On September 28, the RBI had postponed the meeting of the MPC, which must have a quorum of four, as the appointment of independent members was delayed. "The next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020," it said in a statement.

The government has appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the MPC.

The new members replace Chetan Ghate, Pami Dua, and Ravindra Dholakia.

They were appointed on the panel for four years on September 29, 2016.

With the government appointing three members on the Monetary Policy Committee (MPC), the Reserve Bank on Tuesday said the next meeting of the rate setting panel will be held for three days beginning October 7.

With the government appointing three members on the Monetary Policy Committee (MPC), the Reserve Bank on Tuesday said the next meeting of the rate setting panel will be held for three days beginning October 7. On September 28, the RBI had postponed the meeting of the MPC, which must have a quorum of four, as the appointment of independent members was delayed. "The next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020," it said in a statement. The government has appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the MPC. The new members replace Chetan Ghate, Pami Dua, and Ravindra Dholakia. They were appointed on the panel for four years on September 29, 2016.

RBI's next monetary policy panel meeting from October 7-9

U.S. commercial bankruptcy filings are up 33% so far this year with new cases in September surging by 78% from a year earlier as the recession triggered by the COVID-19 pandemic hits small businesses, data released on Monday showed.

US: Recession hits small businesses, commercial bankruptcies up 33%

A tug-of-war over $1 billion (£770.4 million) worth of Venezuelan gold stored at the Bank of England took a new turn on Monday as the English Court of Appeal overturned an earlier High Court ruling on who the UK recognised as Venezuela's president.

UK court overturns Venezuela judgment in $1 billion gold tug-of-war

The domestic stock market indices rose over half a per cent in Tuesday's early deals, on firm global cues.

Sensex gained 300 points to 39,270 levels and the Nifty50 index reclaimed the 11,600 mark. HDFC and IndusInd bank gained 5 per cent and 3 per cent, respectively, after posting business updates.

Indian rupee erased early gains and trading lower at 73.44 per dollar, amid buying seen in the domestic equity market.

It opened 13 paise higher at 73.16 per dollar against previous close of 73.29.

(With inputs from agencies)

The domestic stock market indices rose over half a per cent in Tuesday's early deals, on firm global cues. Sensex gained 300 points to 39,270 levels and the Nifty50 index reclaimed the 11,600 mark.

The domestic stock market indices rose over half a per cent in Tuesday's early deals, on firm global cues. Sensex gained 300 points to 39,270 levels and the Nifty50 index reclaimed the 11,600 mark. HDFC and IndusInd bank gained 5 per cent and 3 per cent, respectively, after posting business updates. Indian rupee erased early gains and trading lower at 73.44 per dollar, amid buying seen in the domestic equity market. It opened 13 paise higher at 73.16 per dollar against previous close of 73.29. (With inputs from agencies)

Sensex trades higher, Nifty above 11,550