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The Ministry of External Affairs on Monday submitted before the Supreme Court that the extradition of fugitive businessman Vijay Mallya was ordered by the highest court of the United Kingdom but it has not come into effect yet.

The Central government said that it is not aware of the "secret" ongoing proceedings in the UK, which is delaying Mallya's extradition.

Solicitor General Tushar Mehta, appearing for the Ministry, said that government is neither aware of the nature of the proceedings nor is a party to it in the UK Supreme Court which had cleared the extradition of Mallya to India.

The response came when a bench of the apex court, headed by Justice UU Lalit, asked what's holding back Vijay Mallya's extradition. Centre told the bench that nature of extradition proceedings not known and it's not a party to in the case in the UK.

The court took into note that Mallya's lawyer was unable to state by when legal, extradition proceedings will end in the UK, his likelihood to appear before it to pursue the contempt matter. The court has now deferred the hearing of the case for November 2.

Earlier, the Supreme Court had dismissed a plea filed by Mallya seeking a review of its May 2017 order holding him guilty of contempt for transferring USD 40 million to his children in violation of the court's order, and sought his presence before it on October 5.

The court had directed the MHA to ensure his presence in the courtroom on that day.

Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom.

The Supreme Court had issued its May 9, 2017, order on a plea by a consortium of banks led by the State Bank of India (SBI), claiming he had allegedly transferred USD 40 million received from British firm Diageo to his children in "flagrant violation" of various judicial orders.

Earlier, the apex court had asked Mallya about the "truthfulness" of his disclosure of assets and the transfer of money to his children. At that time, the top court was dealing with pleas of lending banks seeking contempt action and a direction to Mallya to deposit USD 40 million received from offshore firm Diageo to the banks respectively.

The banks had then accused Mallya of concealing the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in flagrant violation of the orders passed by the Karnataka High Court.

The Ministry of External Affairs on Monday submitted before the Supreme Court that the extradition of fugitive businessman Vijay Mallya was ordered by the highest court of the United Kingdom but it has not come into effect yet.

The Ministry of External Affairs on Monday submitted before the Supreme Court that the extradition of fugitive businessman Vijay Mallya was ordered by the highest court of the United Kingdom but it has not come into effect yet. The Central government said that it is not aware of the "secret" ongoing proceedings in the UK, which is delaying Mallya's extradition. Solicitor General Tushar Mehta, appearing for the Ministry, said that government is neither aware of the nature of the proceedings nor is a party to it in the UK Supreme Court which had cleared the extradition of Mallya to India. The response came when a bench of the apex court, headed by Justice UU Lalit, asked what's holding back Vijay Mallya's extradition. Centre told the bench that nature of extradition proceedings not known and it's not a party to in the case in the UK. The court took into note that Mallya's lawyer was unable to state by when legal, extradition proceedings will end in the UK, his likelihood to appear before it to pursue the contempt matter. The court has now deferred the hearing of the case for November 2. Earlier, the Supreme Court had dismissed a plea filed by Mallya seeking a review of its May 2017 order holding him guilty of contempt for transferring USD 40 million to his children in violation of the court's order, and sought his presence before it on October 5. The court had directed the MHA to ensure his presence in the courtroom on that day. Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom. The Supreme Court had issued its May 9, 2017, order on a plea by a consortium of banks led by the State Bank of India (SBI), claiming he had allegedly transferred USD 40 million received from British firm Diageo to his children in "flagrant violation" of various judicial orders. Earlier, the apex court had asked Mallya about the "truthfulness" of his disclosure of assets and the transfer of money to his children. At that time, the top court was dealing with pleas of lending banks seeking contempt action and a direction to Mallya to deposit USD 40 million received from offshore firm Diageo to the banks respectively. The banks had then accused Mallya of concealing the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in flagrant violation of the orders passed by the Karnataka High Court.

Secret proceedings in UK delaying Vijay Mallya's extradition to India: MEA tells SC

Domestic stock market indices Sensex and Nifty started the session on a high note on Monday, powered by financial and technology stocks amid positive cues from Asian markets.&nbsp;

BSE Sensex gained 400 points, 1 per cent, to 39,140 levels and the Nifty50 index topped the 11,500-mark. TCS and IndusInd Bank (up 5%) were the top Sensex gainers.

In the previous week's last trading session on Thursday, the BSE Sensex surged over 629 points or 1.65 per cent; while the NSE Nifty advanced by more than 169 points or 1.51 per cent. Domestic markets were closed on Friday on account of 'Gandhi Jayanti'.

In the holiday-shortened week gone by, the Sensex advanced 1,308.39 points or 3.49 per cent, and the Nifty rallied 366.70 points or 3.31 per cent.

(With inputs from agencies)

Domestic stock market indices Sensex and Nifty started the session on a high note on Monday, powered by financial and technology stocks amid positive cues from Asian markets.

Domestic stock market indices Sensex and Nifty started the session on a high note on Monday, powered by financial and technology stocks amid positive cues from Asian markets. BSE Sensex gained 400 points, 1 per cent, to 39,140 levels and the Nifty50 index topped the 11,500-mark. TCS and IndusInd Bank (up 5%) were the top Sensex gainers. In the previous week's last trading session on Thursday, the BSE Sensex surged over 629 points or 1.65 per cent; while the NSE Nifty advanced by more than 169 points or 1.51 per cent. Domestic markets were closed on Friday on account of 'Gandhi Jayanti'. In the holiday-shortened week gone by, the Sensex advanced 1,308.39 points or 3.49 per cent, and the Nifty rallied 366.70 points or 3.31 per cent. (With inputs from agencies)

Sensex rises 400 points, reclaims 39,000; Nifty tops 11,500

The prompt spread of the deadly Covid-19 virus has raised concerns over surface-to-humans transmissions, including through currency notes.&nbsp;

The possible spread of coronavirus through currency notes has been reviving concerns around handling of cash during an epidemic.

Traders’ body Confederation of All India Traders (CAIT) on Sunday said that in response to the issue around currency notes being possible carriers of viruses included Covid-19, the Reserve Bank of India has “hinted that ‘the currency notes could be carriers of bacteria and viruses including Covid virus’,” according to a statement by CAIT.&nbsp;

The body had written a letter to the Finance Minister Nirmala Sithraman on March 9, 2020, seeking clarity on the issue but the letter was forwarded to the RBI. The latter responded to CAIT on October 3, 2020, over an email, a copy of which was shared by CAIT.

“RBI could not deny the fact and their reply fully indicates that the currency notes do carry viruses and bacteria,” the statement cited CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal as saying. RBI, however, in its reply to the letter said, “In this (currency notes carrying Covid-19 and other viruses) connection, we inform that the Reserve Bank, in terms of its clean note policy, provides good quality banknotes to the members of the public. With this objective in view, the banknotes received back from circulation are examined and those fit for circulation are reissued while the others (soiled and mutilated) are destroyed so as to maintain the quality of banknotes in circulation.”

RBI in its annual report released on August 29, 2019, had said that value and volume of banknotes in circulation increased by 17 per cent and 6.2 per cent to Rs 21,109 billion and 108,759 million pieces, respectively, during 2018-19.&nbsp;

The World Health Organisation has already advised taking measures to maintain proper hygiene post handling of notes.&nbsp;

(With inputs from agencies)

The prompt spread of the deadly Covid-19 virus has raised concerns over surface-to-humans transmissions, including through currency notes. The possible spread of coronavirus through currency notes has been reviving concerns around handling of cash during an epidemic.

The prompt spread of the deadly Covid-19 virus has raised concerns over surface-to-humans transmissions, including through currency notes. The possible spread of coronavirus through currency notes has been reviving concerns around handling of cash during an epidemic. Traders’ body Confederation of All India Traders (CAIT) on Sunday said that in response to the issue around currency notes being possible carriers of viruses included Covid-19, the Reserve Bank of India has “hinted that ‘the currency notes could be carriers of bacteria and viruses including Covid virus’,” according to a statement by CAIT. The body had written a letter to the Finance Minister Nirmala Sithraman on March 9, 2020, seeking clarity on the issue but the letter was forwarded to the RBI. The latter responded to CAIT on October 3, 2020, over an email, a copy of which was shared by CAIT. “RBI could not deny the fact and their reply fully indicates that the currency notes do carry viruses and bacteria,” the statement cited CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal as saying. RBI, however, in its reply to the letter said, “In this (currency notes carrying Covid-19 and other viruses) connection, we inform that the Reserve Bank, in terms of its clean note policy, provides good quality banknotes to the members of the public. With this objective in view, the banknotes received back from circulation are examined and those fit for circulation are reissued while the others (soiled and mutilated) are destroyed so as to maintain the quality of banknotes in circulation.” RBI in its annual report released on August 29, 2019, had said that value and volume of banknotes in circulation increased by 17 per cent and 6.2 per cent to Rs 21,109 billion and 108,759 million pieces, respectively, during 2018-19. The World Health Organisation has already advised taking measures to maintain proper hygiene post handling of notes. (With inputs from agencies)

RBI couldn’t deny that currency notes carry Covid-19, says CAIT

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London's public transport authority has banned Indian ride-hailing company Ola citing 'public safety' failings.

London bans India's Ola over safety reasons

Transport for London (TfL), the transportation regulator authority of London city has stripped Indian ride-hailing company Ola of its operating license, saying that the taxi app was not "fit and proper" to hold one, having put passenger safety at risk.

Ola, an Indian group which only began operating in London in February, has been told that its licence will not be renewed because of "public safety" failings.

Transport for London (TfL) said in a statement that it refused to grant Ola, a Softbank-backed operator, a new London private hire vehicle (PHV) operator's licence as it "cannot find it fit and proper to hold one after discovering a number of failures that could have risked public safety."

TfL's decision came days after Uber won a legal bid to restore its London operating licence, which was taken away over safety concerns, after a judge ruled that the company was a fit and proper operator despite "historical failings".

TfL said it had discovered a number of failures in Ola's operations, including breaches of its licensing regime, which led to unlicensed drivers and vehicles undertaking more than 1,000 passenger trips on the platform's behalf.

Ola was also accused of failing to notify Tfl of the breaches when they were first identified.

"Ola can continue to operate pending the outcome of any appeal process", TfL said, adding that Ola had 21 days to appeal against TfL's decision.

In an emailed statement, Ola said it was working with TfL during the review period and "have sought to provide assurances and address the issues raised in an open and transparent manner".

"Ola will take the opportunity to appeal this decision", the company said, adding it would continue to operate as normal.

(With inputs from agencies)

Transport for London (TfL), the transportation regulator authority of London city has stripped Indian ride-hailing company Ola of its operating license, saying that the taxi app was not "fit and proper" to hold one, having put passenger safety at risk.

Transport for London (TfL), the transportation regulator authority of London city has stripped Indian ride-hailing company Ola of its operating license, saying that the taxi app was not "fit and proper" to hold one, having put passenger safety at risk. Ola, an Indian group which only began operating in London in February, has been told that its licence will not be renewed because of "public safety" failings. Transport for London (TfL) said in a statement that it refused to grant Ola, a Softbank-backed operator, a new London private hire vehicle (PHV) operator's licence as it "cannot find it fit and proper to hold one after discovering a number of failures that could have risked public safety." TfL's decision came days after Uber won a legal bid to restore its London operating licence, which was taken away over safety concerns, after a judge ruled that the company was a fit and proper operator despite "historical failings". TfL said it had discovered a number of failures in Ola's operations, including breaches of its licensing regime, which led to unlicensed drivers and vehicles undertaking more than 1,000 passenger trips on the platform's behalf. Ola was also accused of failing to notify Tfl of the breaches when they were first identified. "Ola can continue to operate pending the outcome of any appeal process", TfL said, adding that Ola had 21 days to appeal against TfL's decision. In an emailed statement, Ola said it was working with TfL during the review period and "have sought to provide assurances and address the issues raised in an open and transparent manner". "Ola will take the opportunity to appeal this decision", the company said, adding it would continue to operate as normal. (With inputs from agencies)

Transport for London bans India's Ola cabs over safety concerns

Global equity markets slumped and investors piled into safer gold and the Japanese yen on Friday after U.S. President Donald Trump and his wife tested positive for the coronavirus, adding to market uncertainty just 32 days before U.S. elections.

Trump’s bombshell announcement sparked a risk-off mood among investors already concerned about an elusive coronavirus relief package aimed at bolstering a U.S. economy that has lost steam, as seen by slowing jobs growth in September payrolls data.

Gold headed toward its best week in nearly two months even as it pared early gains, while the Japanese yen made its sharpest advance in more than a month. But the benchmark 10-year U.S. Treasury note rose mildly, entrenched in a narrow trading range it has held for three weeks.

How voters feel about the pandemic on voting day could determine the election’s outcome and that is highly unusual, said Michael Arone, chief investment strategist for the U.S. SPDR business at State Street Global Advisors in Boston.

“Today’s news demonstrates a bit of a weakness in terms of the Trump re-election campaign,” he said. “The range of outcomes has expanded and some of the more extreme outcomes have increased in probability and markets certainly don’t like that.”

Trump is experiencing mild symptoms but will keep working after testing positive, administration officials said.

Stocks on Wall Street mostly fell but regional indexes in Europe ended slightly higher after an initial sell-off on the Trump news. The FTSEurofirst 300 index rose 0.22% to 1,405.35 and the STOXX Europe 600 added 0.25% to 362.69.

MSCI’s benchmark for global equity markets fell 0.5% to 565.15, while its emerging markets index fell 0.26%.

On Wall Street, the Dow Jones Industrial Average fell 0.08%, while the S&amp;P 500 lost 0.61% and the Nasdaq Composite dropped 1.99%.

How long the risk-aversion will last depends on the extent of the infection within the White House, said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners.

“It will weigh on the market today and early next week but will not induce a long-lasting correction if the infection is contained to Trump,” he said.

As for stock market shocks, the assassination of President John F. Kennedy on Nov. 22, 1963, caused the S&amp;P 500 to plunge nearly 3% and the New York Stock Exchange shut two hours before its regular closing time. But the losses were confined to a single day and the market recovered within two days.

The Labor Department’s closely watched employment report on Friday was the last before the Nov. 3 presidential election.

September’s employment gains were the smallest since the jobs recovery started in May and left the U.S. labor market a long way from recouping the 22.2 million jobs lost in March and April, indicating slower growth heading into the fourth quarter.

U.S. nonfarm payrolls increased by 661,000 jobs last month, below consensus expectations of 850,000, leading to mostly negative reaction by economists.

But both Arone and Steven Ricchiuto, U.S. chief economist at Mizuho Securities USA in New York, said the loss of government jobs, mostly seasonal in education, pulled numbers lower while the private sector’s gains were above overall expectations.

“The net result is the seasonal factors pulled down the state and local portion, very, very dramatically, in particular in the in education area,” Ricchiuto said. “The private sector component, however, continues to improve at a healthy pace.”

The government lost more than 200,000 jobs, Arone said.

“Those job losses on the government side are real, don’t get me wrong. But overall the private sector seems to be hanging in there pretty well,” he said.

<h2>BETS ARE OFF</h2>

With the election now more uncertain, online gambling site Betfair on Friday suspended betting on the outcome of the Nov. 3 vote.

The news from the White House triggered a rise in the dollar and the yen. The dollar index rose 0.103%, with the euro down 0.28% to $1.1714.

The Japanese yen strengthened 0.15% versus the greenback at 105.37 per dollar.

The Australian dollar, which serves as a liquid proxy for risk assets, was down 0.23%.

Germany’s benchmark 10-year bond was down around 0.7 basis point at -0.536%.

Crude prices fell 4% on Trump’s positive test for COVID-19, roiling risky assets, and as rising global crude output threatens to overwhelm the oil market’s weak recovery.

Brent crude futures settled down $1.66 at $39.27 a barrel. U.S. crude futures fell $1.67 to settle at $37.05 a barrel.

Gold pared early gains to turn lower as stocks pared losses.

“If more members of the U.S. government’s senior leadership are diagnosed positive, gold could be set for an extended rally,” said Jeffrey Halley, a senior market analyst at OANDA.

Spot gold prices fell 0.17% to $1,901.77 an ounce. U.S. gold futures settled down 0.5% at $1,907.60.

Global equity markets slumped and investors piled into safer gold and the Japanese yen on Friday after U.S. President Donald Trump and his wife tested positive for the coronavirus, adding to market uncertainty just 32 days before U.

Global equity markets slumped and investors piled into safer gold and the Japanese yen on Friday after U.S. President Donald Trump and his wife tested positive for the coronavirus, adding to market uncertainty just 32 days before U.S. elections. Trump’s bombshell announcement sparked a risk-off mood among investors already concerned about an elusive coronavirus relief package aimed at bolstering a U.S. economy that has lost steam, as seen by slowing jobs growth in September payrolls data. Gold headed toward its best week in nearly two months even as it pared early gains, while the Japanese yen made its sharpest advance in more than a month. But the benchmark 10-year U.S. Treasury note rose mildly, entrenched in a narrow trading range it has held for three weeks. How voters feel about the pandemic on voting day could determine the election’s outcome and that is highly unusual, said Michael Arone, chief investment strategist for the U.S. SPDR business at State Street Global Advisors in Boston. “Today’s news demonstrates a bit of a weakness in terms of the Trump re-election campaign,” he said. “The range of outcomes has expanded and some of the more extreme outcomes have increased in probability and markets certainly don’t like that.” Trump is experiencing mild symptoms but will keep working after testing positive, administration officials said. Stocks on Wall Street mostly fell but regional indexes in Europe ended slightly higher after an initial sell-off on the Trump news. The FTSEurofirst 300 index rose 0.22% to 1,405.35 and the STOXX Europe 600 added 0.25% to 362.69. MSCI’s benchmark for global equity markets fell 0.5% to 565.15, while its emerging markets index fell 0.26%. On Wall Street, the Dow Jones Industrial Average fell 0.08%, while the S&P 500 lost 0.61% and the Nasdaq Composite dropped 1.99%. How long the risk-aversion will last depends on the extent of the infection within the White House, said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners. “It will weigh on the market today and early next week but will not induce a long-lasting correction if the infection is contained to Trump,” he said. As for stock market shocks, the assassination of President John F. Kennedy on Nov. 22, 1963, caused the S&P 500 to plunge nearly 3% and the New York Stock Exchange shut two hours before its regular closing time. But the losses were confined to a single day and the market recovered within two days. The Labor Department’s closely watched employment report on Friday was the last before the Nov. 3 presidential election. September’s employment gains were the smallest since the jobs recovery started in May and left the U.S. labor market a long way from recouping the 22.2 million jobs lost in March and April, indicating slower growth heading into the fourth quarter. U.S. nonfarm payrolls increased by 661,000 jobs last month, below consensus expectations of 850,000, leading to mostly negative reaction by economists. But both Arone and Steven Ricchiuto, U.S. chief economist at Mizuho Securities USA in New York, said the loss of government jobs, mostly seasonal in education, pulled numbers lower while the private sector’s gains were above overall expectations. “The net result is the seasonal factors pulled down the state and local portion, very, very dramatically, in particular in the in education area,” Ricchiuto said. “The private sector component, however, continues to improve at a healthy pace.” The government lost more than 200,000 jobs, Arone said. “Those job losses on the government side are real, don’t get me wrong. But overall the private sector seems to be hanging in there pretty well,” he said. BETS ARE OFF With the election now more uncertain, online gambling site Betfair on Friday suspended betting on the outcome of the Nov. 3 vote. The news from the White House triggered a rise in the dollar and the yen. The dollar index rose 0.103%, with the euro down 0.28% to $1.1714. The Japanese yen strengthened 0.15% versus the greenback at 105.37 per dollar. The Australian dollar, which serves as a liquid proxy for risk assets, was down 0.23%. Germany’s benchmark 10-year bond was down around 0.7 basis point at -0.536%. Crude prices fell 4% on Trump’s positive test for COVID-19, roiling risky assets, and as rising global crude output threatens to overwhelm the oil market’s weak recovery. Brent crude futures settled down $1.66 at $39.27 a barrel. U.S. crude futures fell $1.67 to settle at $37.05 a barrel. Gold pared early gains to turn lower as stocks pared losses. “If more members of the U.S. government’s senior leadership are diagnosed positive, gold could be set for an extended rally,” said Jeffrey Halley, a senior market analyst at OANDA. Spot gold prices fell 0.17% to $1,901.77 an ounce. U.S. gold futures settled down 0.5% at $1,907.60.

Stocks fall, dollar gains after Trump gets coronavirus

On retail Amazon has said that nearly 20,000 of its workers have tested positive for coronavirus. Watch report.

Amazon: Nearly 20,000 workers had tested positive for COVID-19

The US Treasury has said that facilitating ransomware payments to sanctioned hackers may be illegal. It signaled a crackdown on the fast-growing market for consultants who help organizations pay off cybercriminals.

US Treasury: Ransoms to hackers may be illegal

The United States Transportation Department fined Emirates airline $400,000 for flights through Iranian airspace during a time of heightened political tension between the US and Iran last year.

Emirates fined $400,000 for flying over Iran

Tesla Inc chief executive Elon Musk indicated on Friday that the U.S. electric carmaker will make a foray into India in 2021.

"Next year for sure," Musk said on Twitter in reply to a post with a photograph of a T-shirt with the message: "India wants Tesla".

"Thanks for waiting," Musk said.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Next year for sure
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1311931936261263360?ref_src=twsrc%5Etfw">October 2, 2020</a></blockquote>
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Tesla`s entry could come at a time when Prime Minister Narendra Modi is increasingly becoming focussed on promoting the use and manufacture of electric vehicles.

India`s auto sector, already reeling from a slowdown in demand last year, has been further hit by the novel coronavirus pandemic and carmakers are seeking government support to push sales.

Musk commented last year about coming to India, in response to someone on Twitter who asked "What about India sir?".

"Would love to be there this year. If not, definitely next!" he said in March 2019.

Tesla Inc chief executive Elon Musk indicated on Friday that the U.S. electric carmaker will make a foray into India in 2021. "Next year for sure," Musk said on Twitter in reply to a post with a photograph of a T-shirt with the message: "India wants Tesla".

Tesla Inc chief executive Elon Musk indicated on Friday that the U.S. electric carmaker will make a foray into India in 2021. "Next year for sure," Musk said on Twitter in reply to a post with a photograph of a T-shirt with the message: "India wants Tesla". "Thanks for waiting," Musk said. Next year for sure — Elon Musk (@elonmusk) October 2, 2020 × Tesla`s entry could come at a time when Prime Minister Narendra Modi is increasingly becoming focussed on promoting the use and manufacture of electric vehicles. India`s auto sector, already reeling from a slowdown in demand last year, has been further hit by the novel coronavirus pandemic and carmakers are seeking government support to push sales. Musk commented last year about coming to India, in response to someone on Twitter who asked "What about India sir?". "Would love to be there this year. If not, definitely next!" he said in March 2019.

Tesla CEO Elon Musk suggests India entry in 2021

Workers from the beleaguered US airline industry were making a last-ditch public appeal this week to coax more money from Capitol Hill power brokers to save their jobs.

The first day of October concludes the period when US carriers that received billions in aid from Congress promised to refrain from laying off workers.&nbsp;

American and United airlines were the first to announce cuts, saying they would begin furloughing 19,000 and 13,000 workers respectively as US officials have failed to reach a deal on fresh aid to the pandemic-hit air travel sector.

A package of loans totaling up to $25 billion to seven US carriers announced Tuesday night by the Treasury Department provides funds for airlines to ride out a prolonged downturn amid the coronavirus, but won't affect plans for furloughs, airline sources said.

Treasury Secretary Steven Mnuchin said Wednesday on CNBC he was hopeful airlines would postpone layoffs if congressional leaders can reach a framework for a deal, saying it was "critical" for Congress to act.

While the stalemate in Washington over stimulus has pinched unemployed workers and put public sector employees on notice, vulnerable airline workers have in some ways been the poster children for the impasse.

"Tomorrow, tens of thousands of essential aviation workers will wake up without a job or healthcare and tens of thousands more will be without a paycheck," Sara Nelson, president of the AFA-CWA flight attendant union, said in a statement.&nbsp;

House Speaker Nancy Pelosi and Mnuchin held talks again Tuesday and agreed to keep negotiating. But a deal is still far from assured.

Voluntary exit

Since the coronavirus intensified in March, US airlines have been grounding planes and delaying jet deliveries to limit their cash-burn as air travel remains at about only one-third of its level a year ago.

Carriers have struck agreements with unions to spread out work among employees. Tens of thousands of employees have also accepted unpaid leave or early retirement packages to avert the need for involuntary terminations.&nbsp;

Still, the decisions will not be enough to avert all job cuts. Airlines have said they do not expect a full recovery until a vaccine is widely available, which company executives have said may not be until late 2021.

Unions have said 100,000 people or more could be laid off without additional federal aid, but analysts expect a smaller number than that as airlines and unions seek ways to avoid layoffs.

In one such deal, United Airlines on Monday reached an agreement with its pilots union to avert furloughs of 2,850 employees.

Flight attendants and staff in other airport operations are among the 13,000 being laid off.

Southwest Airlines has said it does not plan involuntary job cuts.

The Delta Air Lines pilot union last week said it reached an agreement with the company to avoid furloughs until at least November 1 to give congressional talks more time.

Delta has said earlier voluntary staff departures and union agreements averted the need for involuntary job cuts for flight attendants and other frontline employees.

Peter McNally, an analyst at research firm Third Bridge, predicted there would be significant downsizing throughout the industry.

"The businesses cannot support the cost structure as it is," McNally said in an interview. "They worked around it through furloughs and early retirement and voluntary departures, but there are still going to be a lot of layoffs.

"The recovery has just not come as quickly as people had hoped," he said.

Public sector faces crunch

Airline workers are hardly the only losers from Washington's inability to enact fiscal stimulus.

Laid-off workers had been receiving $600 in weekly supplemental unemployment benefits under a provision of the CARES Act that expired at the end of July.

President Donald Trump authorized an additional $300 in weekly spending by tapping federal emergency funds, but those funds are also running out and expected to be gone in October, said Nancy Vanden Houten of Oxford Economics.

"Households got quite a boost from these benefits, so we're going to see a pretty big drop-off," she said in an interview.

Another vulnerable group is public sector workers, who face an uncertain future as governments struggle with lower tax revenues and, in many cases, balanced budget rules.

The most recent version of House Democrats' "Heroes Act" includes more than $400 billion in funding for state and local governments, a provision Republicans oppose.

The Economic Policy Institute has estimated that failure to provide support to local government could cost 5.3 million jobs through 2021.

Workers from the beleaguered US airline industry were making a last-ditch public appeal this week to coax more money from Capitol Hill power brokers to save their jobs.

Workers from the beleaguered US airline industry were making a last-ditch public appeal this week to coax more money from Capitol Hill power brokers to save their jobs. The first day of October concludes the period when US carriers that received billions in aid from Congress promised to refrain from laying off workers. American and United airlines were the first to announce cuts, saying they would begin furloughing 19,000 and 13,000 workers respectively as US officials have failed to reach a deal on fresh aid to the pandemic-hit air travel sector. A package of loans totaling up to $25 billion to seven US carriers announced Tuesday night by the Treasury Department provides funds for airlines to ride out a prolonged downturn amid the coronavirus, but won't affect plans for furloughs, airline sources said. Treasury Secretary Steven Mnuchin said Wednesday on CNBC he was hopeful airlines would postpone layoffs if congressional leaders can reach a framework for a deal, saying it was "critical" for Congress to act. While the stalemate in Washington over stimulus has pinched unemployed workers and put public sector employees on notice, vulnerable airline workers have in some ways been the poster children for the impasse. "Tomorrow, tens of thousands of essential aviation workers will wake up without a job or healthcare and tens of thousands more will be without a paycheck," Sara Nelson, president of the AFA-CWA flight attendant union, said in a statement. House Speaker Nancy Pelosi and Mnuchin held talks again Tuesday and agreed to keep negotiating. But a deal is still far from assured. Voluntary exit Since the coronavirus intensified in March, US airlines have been grounding planes and delaying jet deliveries to limit their cash-burn as air travel remains at about only one-third of its level a year ago. Carriers have struck agreements with unions to spread out work among employees. Tens of thousands of employees have also accepted unpaid leave or early retirement packages to avert the need for involuntary terminations. Still, the decisions will not be enough to avert all job cuts. Airlines have said they do not expect a full recovery until a vaccine is widely available, which company executives have said may not be until late 2021. Unions have said 100,000 people or more could be laid off without additional federal aid, but analysts expect a smaller number than that as airlines and unions seek ways to avoid layoffs. In one such deal, United Airlines on Monday reached an agreement with its pilots union to avert furloughs of 2,850 employees. Flight attendants and staff in other airport operations are among the 13,000 being laid off. Southwest Airlines has said it does not plan involuntary job cuts. The Delta Air Lines pilot union last week said it reached an agreement with the company to avoid furloughs until at least November 1 to give congressional talks more time. Delta has said earlier voluntary staff departures and union agreements averted the need for involuntary job cuts for flight attendants and other frontline employees. Peter McNally, an analyst at research firm Third Bridge, predicted there would be significant downsizing throughout the industry. "The businesses cannot support the cost structure as it is," McNally said in an interview. "They worked around it through furloughs and early retirement and voluntary departures, but there are still going to be a lot of layoffs. "The recovery has just not come as quickly as people had hoped," he said. Public sector faces crunch Airline workers are hardly the only losers from Washington's inability to enact fiscal stimulus. Laid-off workers had been receiving $600 in weekly supplemental unemployment benefits under a provision of the CARES Act that expired at the end of July. President Donald Trump authorized an additional $300 in weekly spending by tapping federal emergency funds, but those funds are also running out and expected to be gone in October, said Nancy Vanden Houten of Oxford Economics. "Households got quite a boost from these benefits, so we're going to see a pretty big drop-off," she said in an interview. Another vulnerable group is public sector workers, who face an uncertain future as governments struggle with lower tax revenues and, in many cases, balanced budget rules. The most recent version of House Democrats' "Heroes Act" includes more than $400 billion in funding for state and local governments, a provision Republicans oppose. The Economic Policy Institute has estimated that failure to provide support to local government could cost 5.3 million jobs through 2021.

Layoffs loom for beleaguered US airline industry

Domestic stock markets shot up 1 per cent on Thursday, on the back of favourable global cues.

BSE Sensex rose 457 points to 38,525 levels, and the Nifty50 index topped the 11,350-mark. Bajaj Auto and IndusInd Bank (up 3%) were the top Sensex gainers, followed by Bajaj Finance, Axis Bank, and Bajaj Finserv (all up 2%).

Among the sectors, banks, auto, IT and pharma indices added a percent each while the the midcap and smallcap indices gained half a percent.

(With input from agencies)

Domestic stock markets shot up 1 per cent on Thursday, on the back of favourable global cues. BSE Sensex rose 457 points to 38,525 levels, and the Nifty50 index topped the 11,350-mark.

Domestic stock markets shot up 1 per cent on Thursday, on the back of favourable global cues. BSE Sensex rose 457 points to 38,525 levels, and the Nifty50 index topped the 11,350-mark. Bajaj Auto and IndusInd Bank (up 3%) were the top Sensex gainers, followed by Bajaj Finance, Axis Bank, and Bajaj Finserv (all up 2%). Among the sectors, banks, auto, IT and pharma indices added a percent each while the the midcap and smallcap indices gained half a percent. (With input from agencies)

Sensex jumps 450 points, Nifty above 11,350 as bank

India's factory activity expanded at its fastest pace in over eight years in September as a relaxation in coronavirus lockdown restrictions drove a surge in demand and output, a private survey showed on Thursday, though layoffs continued.

Signs of recovery are welcome news for Asia's third-largest economy, which has registered a coronavirus recovery rate at a whopping high of 83.53 per cent.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indias-recovery-rate-improves-as-daily-cases-keep-rising-rapidly-331650" hreflang="en">India’s recovery rate improves as daily cases keep rising rapidly</a>

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, jumped to 56.8 in September from 52.0 in August, above the 50-level separating growth from contraction for a second straight month. It was the highest reading since January 2012.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-jumps-450-points-nifty-above-11350-as-bank-331620" hreflang="en">Sensex jumps 450 points, Nifty above 11,350 as bank</a>

"The&nbsp;Indian manufacturing industry continued to move in the right direction, with PMI data for September highlighting many positives. Due to loosened COVID-19 restrictions, factories went full steam ahead for production, supported by a surge in new work," noted Pollyanna De Lima, economics associate director at IHS Markit.

"While uncertainty about the COVID-19 pandemic remains, producers can at least for now enjoy the recovery."

A sub-index tracking output hit its highest since December 2007 and new orders expanded at the sharpest pace since February 2012, helped by both domestic and foreign demand which grew for the first time in seven months.

Although input prices increased at a slower rate in September, manufacturers raised their selling prices after having cut them since March to secure sales.

Despite the significant rebound, firms cut staff for the sixth month in a row. Coronavirus-related distortions have already made millions jobless.

The sector is unlikely to get much support from the Reserve Bank of&nbsp;India&nbsp;over the coming months as persistently high inflation is expected to force the RBI to remain on the sidelines.

The RBI early this week postponed a policy committee meeting that was slated for Sept.29-Oct. 1 and said it would be rescheduled. It did not give a reason for the move.

Still, business optimism about the coming 12 months hit its highest since August 2016.

India's factory activity expanded at its fastest pace in over eight years in September as a relaxation in coronavirus lockdown restrictions drove a surge in demand and output, a private survey showed on Thursday, though layoffs continued.

India's factory activity expanded at its fastest pace in over eight years in September as a relaxation in coronavirus lockdown restrictions drove a surge in demand and output, a private survey showed on Thursday, though layoffs continued. Signs of recovery are welcome news for Asia's third-largest economy, which has registered a coronavirus recovery rate at a whopping high of 83.53 per cent. Also read: India’s recovery rate improves as daily cases keep rising rapidly The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, jumped to 56.8 in September from 52.0 in August, above the 50-level separating growth from contraction for a second straight month. It was the highest reading since January 2012. Also read: Sensex jumps 450 points, Nifty above 11,350 as bank "The Indian manufacturing industry continued to move in the right direction, with PMI data for September highlighting many positives. Due to loosened COVID-19 restrictions, factories went full steam ahead for production, supported by a surge in new work," noted Pollyanna De Lima, economics associate director at IHS Markit. "While uncertainty about the COVID-19 pandemic remains, producers can at least for now enjoy the recovery." A sub-index tracking output hit its highest since December 2007 and new orders expanded at the sharpest pace since February 2012, helped by both domestic and foreign demand which grew for the first time in seven months. Although input prices increased at a slower rate in September, manufacturers raised their selling prices after having cut them since March to secure sales. Despite the significant rebound, firms cut staff for the sixth month in a row. Coronavirus-related distortions have already made millions jobless. The sector is unlikely to get much support from the Reserve Bank of India over the coming months as persistently high inflation is expected to force the RBI to remain on the sidelines. The RBI early this week postponed a policy committee meeting that was slated for Sept.29-Oct. 1 and said it would be rescheduled. It did not give a reason for the move. Still, business optimism about the coming 12 months hit its highest since August 2016.

India's September factory activity grew at fastest pace in over eight years

Around 46 million jobs are at risk because of the recession in aviation industry caused by the deadly coronavirus pandemic, according to a report by the Air Transport Action Group.

The Air Transport Action Group (ATAG) is a coalition of aviation industry experts focusing on sustainable development issues.

According to ATAG’s analysis, up to 4.8 million in aviation, 26 million in air travel-related tourism and 15 million job losses are expected in companies that sell goods and services into the air transport supply chain or to aviation industry workers.

“It is absolutely incumbent on governments to do whatever they can to help the sector get back on its feet so we can bring back those jobs and that economic activity,” said ATAG Executive Director.

“Passengers and businesses need certainty around travel – not to be subject to random quarantine declarations and constantly changing lists of acceptable and unacceptable destinations.”

The International Air Transport Association, which represents most of the world’s airlines, forecast last month that global air travel demand won’t recover to 2019 levels until 2024, a year later than previously expected.

(With inputs from agencies)

Around 46 million jobs are at risk because of the recession in aviation industry caused by the deadly coronavirus pandemic, according to a report by the Air Transport Action Group.

Around 46 million jobs are at risk because of the recession in aviation industry caused by the deadly coronavirus pandemic, according to a report by the Air Transport Action Group. The Air Transport Action Group (ATAG) is a coalition of aviation industry experts focusing on sustainable development issues. According to ATAG’s analysis, up to 4.8 million in aviation, 26 million in air travel-related tourism and 15 million job losses are expected in companies that sell goods and services into the air transport supply chain or to aviation industry workers. “It is absolutely incumbent on governments to do whatever they can to help the sector get back on its feet so we can bring back those jobs and that economic activity,” said ATAG Executive Director. “Passengers and businesses need certainty around travel – not to be subject to random quarantine declarations and constantly changing lists of acceptable and unacceptable destinations.” The International Air Transport Association, which represents most of the world’s airlines, forecast last month that global air travel demand won’t recover to 2019 levels until 2024, a year later than previously expected. (With inputs from agencies)

Covid-19 effect: 46 million jobs at risk due to global air travel collapse

The impact of coronavirus on travel may cost as many as 46 million jobs globally. Watch report.

COVID-19 Pandemic: Travel slump threatens 46 MN jobs

UK is hit by COVID-19 lockdowns and its economy has suffered a record collapse of economic output in the second quarter of this year. Watch report.

UK's biggest GDF fall since 1955: Current account deficiet 0.6% of GDP

Saudi Arabia has planned to cut spending by 7.5 percent in next year's budget to 990 billion riyals ($263.94 billion) but expects the economy to return to growth. Watch report.

Saudi Arabia to cut spending next year by 7.5% | World News

The COVID-19 pandemic has hammered the luxury market. To make up for their losses in Europe and the US, the luxury brands are now focusing on China. Watch report.

Sale of luxury goods hit hard by COVID-19 pandemic: Impact not felt in China!

Russian is ruble likely to recover despite current volatility. It is emerging as an attractive currency in the post-pandemic world. watch this video to know more.

Russian ruble likely to recover despite current volatility

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

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

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

Sensex trades higher, Nifty around 11,250

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

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

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

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

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

Three top Apple suppliers plan to commit $900 million to India smartphone incentive plan

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

Former Audi boss Rupert Stadler to stand trial for 'dieselgate'

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

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

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

Sensex up 100 points, Nifty above 11,250