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Indian equity market benchmarks BSE Sensex and Nifty 50 extended gains and were trading over one per cent higher on Thursday.&nbsp;

The S&amp;P BSE Sensex gained 500 points to 38,700 levels and the Nifty50 index reclaimed the 11,400-mark.

Reliance Industries leaped 7 per cent on reports that the company is offering to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail, to Amazon.

Market analysts believe that midcap and smallcap outperformance is likely to continue in the coming months. On the back of a rebound in COVID-19 cases globally and India-China border tension, markets are reeling under volatility. So far in September, the 30-share Sensex has lost 1.8 per cent. The BSE SmallCap index has fallen 0.77 per cent. The BSE MidCap index fell 2.6 per cent so far in September.

Meanwhile, Rupee settles higher at 73.46 per US dollar vs Wednesday's close of 73.53/$ 
 
(With inputs from agencies)

Indian equity market benchmarks BSE Sensex and Nifty 50 extended gains and were trading over one per cent higher on Thursday. The S&P BSE Sensex gained 500 points to 38,700 levels and the Nifty50 index reclaimed the 11,400-mark.

Indian equity market benchmarks BSE Sensex and Nifty 50 extended gains and were trading over one per cent higher on Thursday. The S&P BSE Sensex gained 500 points to 38,700 levels and the Nifty50 index reclaimed the 11,400-mark. Reliance Industries leaped 7 per cent on reports that the company is offering to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail, to Amazon. Market analysts believe that midcap and smallcap outperformance is likely to continue in the coming months. On the back of a rebound in COVID-19 cases globally and India-China border tension, markets are reeling under volatility. So far in September, the 30-share Sensex has lost 1.8 per cent. The BSE SmallCap index has fallen 0.77 per cent. The BSE MidCap index fell 2.6 per cent so far in September. Meanwhile, Rupee settles higher at 73.46 per US dollar vs Wednesday's close of 73.53/$ (With inputs from agencies)

Sensex zooms over 500 points up, Nifty again tops 11,400

Tiffany &amp; Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak.

LVMH, led by billionaire Bernard Arnault, said its board had received a letter from the French foreign ministry asking it to delay the acquisition until Jan. 6, 2021, given the threat of additional U.S. tariffs against French products.

This, LVMH argued, made it impossible to meet a contractual Nov. 24 deadline to complete the acquisition, adding it was not willing to extend the agreement further. The French state's intervention marked the latest twist in the attempt to combine some of the fashion world's most high-profile luxury brands.

"I am sure that you will understand the need to take part in our country's efforts to defend its national interests," France's foreign minister, Jean-Yves Le Drian, wrote to Arnault, according to an English translation of the Aug. 31 letter that Tiffany received from LVMH and that it published on Wednesday.

&nbsp;"The deal cannot happen. We are prohibited from closing the deal," LVMH finance chief Jean Jacques Guiony told reporters on a conference call. Bloomberg News reported, citing a source it did not identify, that Arnault asked for help from the French government to pull out of the deal with Tiffany, but Guiony said the letter was unsolicited and came as a total surprise to LVMH.

A French government source said the letter had "political value" and was meant to alert LVMH to the risks of pursuing the deal just as France wrangles with the United States over trade tariffs - but it was advisory and not binding.

The White House did not respond to a request for comment on the French government's intervention in the deal. Analysts were skeptical about any attempt by France to use LVMH's bid for Tiffany as effective leverage in its trade dispute with the United States.

"The French government is certainly very active in defending the French national interest. But this has meant in most cases preventing acquisition of French companies," said Luca Solca, luxury goods analyst at Bernstein.

The pandemic's financial fallout has made the deal's price tag less attractive to LVMH. Tiffany's worldwide sales fell 29% to $747.1 million in the three months ended July 31, missing expectations of $772 million. Guiony on Wednesday called Tiffany's financial performance in recent months "lackluster."

It was not immediately clear whether LVMH was seeking to walk away from the acquisition of Tiffany, or use the hurdles facing the deal as leverage to renegotiate the price. Tiffany has so far resisted attempts to reopen price negotiations.

Tiffany's shares ended trading on Wednesday down 6.4% at $113.96, well below the $135 per share deal price, reflecting uncertainty among investors over whether the deal will go ahead and at what price.

Tiffany & Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak.

Tiffany & Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak. LVMH, led by billionaire Bernard Arnault, said its board had received a letter from the French foreign ministry asking it to delay the acquisition until Jan. 6, 2021, given the threat of additional U.S. tariffs against French products. This, LVMH argued, made it impossible to meet a contractual Nov. 24 deadline to complete the acquisition, adding it was not willing to extend the agreement further. The French state's intervention marked the latest twist in the attempt to combine some of the fashion world's most high-profile luxury brands. "I am sure that you will understand the need to take part in our country's efforts to defend its national interests," France's foreign minister, Jean-Yves Le Drian, wrote to Arnault, according to an English translation of the Aug. 31 letter that Tiffany received from LVMH and that it published on Wednesday. "The deal cannot happen. We are prohibited from closing the deal," LVMH finance chief Jean Jacques Guiony told reporters on a conference call. Bloomberg News reported, citing a source it did not identify, that Arnault asked for help from the French government to pull out of the deal with Tiffany, but Guiony said the letter was unsolicited and came as a total surprise to LVMH. A French government source said the letter had "political value" and was meant to alert LVMH to the risks of pursuing the deal just as France wrangles with the United States over trade tariffs - but it was advisory and not binding. The White House did not respond to a request for comment on the French government's intervention in the deal. Analysts were skeptical about any attempt by France to use LVMH's bid for Tiffany as effective leverage in its trade dispute with the United States. "The French government is certainly very active in defending the French national interest. But this has meant in most cases preventing acquisition of French companies," said Luca Solca, luxury goods analyst at Bernstein. The pandemic's financial fallout has made the deal's price tag less attractive to LVMH. Tiffany's worldwide sales fell 29% to $747.1 million in the three months ended July 31, missing expectations of $772 million. Guiony on Wednesday called Tiffany's financial performance in recent months "lackluster." It was not immediately clear whether LVMH was seeking to walk away from the acquisition of Tiffany, or use the hurdles facing the deal as leverage to renegotiate the price. Tiffany has so far resisted attempts to reopen price negotiations. Tiffany's shares ended trading on Wednesday down 6.4% at $113.96, well below the $135 per share deal price, reflecting uncertainty among investors over whether the deal will go ahead and at what price.

Tiffany sues LVMH for reneging on $16 billion deal as France steps in

Tesla shares on Tuesday closed down 21.06 per cent, making it the worst one-day loss on record. After a steep fall in shares, the company’s market valuation has gone down by roughly $82 billion to $307.7 billion.

According to Forbes, Tesla founder and CEO Elon Musk's wealth too witnessed a fall by $16 billion.&nbsp;

This year, Tesla has witnessed a rise in stocks after rising around 300 per cent due to which the company is now worth more than some of the world's largest automakers, including Toyota and Volkswagen.

<a href="https://www.wionews.com/world/elon-musk-becomes-worlds-third-richest-man-bezos-ex-wife-now-worlds-richest-woman-324475">Also read|&nbsp;Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman</a>

The S&amp;P 500 Index Committee on Friday decided to add e-commerce site Etsy, automatic test equipment maker Teradyne and pharmaceutical firm Catalent to the S&amp;P 500 but stopped short of including Tesla.

After Tesla reported its fourth consecutive quarter of profitability in July, some investors expected the company to be included this quarter. Following the news, the company's stock dropped 7 per cent after hours on Friday.&nbsp;

The American markets were closed on Monday because of Labor Day.&nbsp;

Last month, Tesla split its stock 5-to-1, this move by the company saw a significant rise in the value despite having no fundamental impact on the stock. However, it declined a few days later after its largest shareholder, Baillie Gifford cut its stake in the company. According to Gifford, the reduction in ownership was merely down to portfolio restrictions.

Tesla shares on Tuesday closed down 21.06 per cent, making it the worst one-day loss on record. After a steep fall in shares, the company’s market valuation has gone down by roughly $82 billion to $307.

Tesla shares on Tuesday closed down 21.06 per cent, making it the worst one-day loss on record. After a steep fall in shares, the company’s market valuation has gone down by roughly $82 billion to $307.7 billion. According to Forbes, Tesla founder and CEO Elon Musk's wealth too witnessed a fall by $16 billion. This year, Tesla has witnessed a rise in stocks after rising around 300 per cent due to which the company is now worth more than some of the world's largest automakers, including Toyota and Volkswagen. Also read| Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman The S&P 500 Index Committee on Friday decided to add e-commerce site Etsy, automatic test equipment maker Teradyne and pharmaceutical firm Catalent to the S&P 500 but stopped short of including Tesla. After Tesla reported its fourth consecutive quarter of profitability in July, some investors expected the company to be included this quarter. Following the news, the company's stock dropped 7 per cent after hours on Friday. The American markets were closed on Monday because of Labor Day. Last month, Tesla split its stock 5-to-1, this move by the company saw a significant rise in the value despite having no fundamental impact on the stock. However, it declined a few days later after its largest shareholder, Baillie Gifford cut its stake in the company. According to Gifford, the reduction in ownership was merely down to portfolio restrictions.

Elon Musk's Tesla witnesses worst single-day loss in its history; company plunges by 21%

Harley Davidson could partnership with Hero MotoCorp in India to groom its business in Indian market where it expected high growth, but is seeing slower sales.

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According to Boeing Co., it had identified a third quality-control lapse in production of its 787 Dreamliner, further slowing deliveries of the jetliner and revving up an investigation by federal air-safety regulators.

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Be it the world of work, education, the economy and even politics, the world is on the cusp of a fundamental revolution. What undergirds this revolution is technology or more accurately, the Information&nbsp;Communication Technologies (ICT’s which are fundamentally reshaping how we view the world. To employ a cliché, what used to be sci-fi only a few decades ago is now a reality. 
 
This is prompting many to suggest that we are in the midst of a 4th Industrial Revolution. While this formulation is in the nature of a condition – that is, it is happening and is a process that is denoueing, it has not entirely assumed the form that could bear the nomenclature of the 4th Industrial Revolution yet. But something fundamental is happening.

Consider work. While remote working was an option for some firms and work was broken down into discrete units, and distributed to many parts of the world (read outsourcing), the Covid 19 pandemic has intensified the adoption of and integration of technology into workflows and processes. The pandemic, at some point in time, will go way but what will not is the adoption of work-related processes determined by technology. The same would hold true for education.

In the domain of manufacturing and the ‘real economy,’ the Internet of Things (IoT) will further embed technology into machines, gadgets and devices taking the world further into a tech determined place where ‘devices speak’ and so on. &nbsp;Robots will increasingly do the work humans do and Artificial Intelligence will do the same.

&nbsp;All this will have profound political implications. In and between the worlds of states, while geopolitical competition will remain the overarching reality, the competition for power and the locus of power will be determined by access to and control over technology. (The ruckus over Huawei emblematizes this point and is perhaps in the nature of the tip of the proverbial iceberg).

Competition over and about technology, its access, dissemination and distribution will not only determine issues of war and peace but also development and poverty. Poorer nations, resource and capital starved can leap frog the development process and while catch up will be difficult, contingent as it will be &nbsp;on access to technology , speed of innovation &nbsp;and the network effects thereof, but relative economic convergence might be possible.

Capital flows might also become contingent on the level and sophistication of a given country’s technology and its adoption. Here countries, like companies, might become brands or, put more emphasis on branding, of course with stuff to show for it.

All in all than, say within a timespan of a few decades, the world will look very different. If a metaphor might be employed and applied here, the world- its politics, economics, industry and so on- will be ‘Amazonized’ ( the reference here is to the company Amazon). But the question is: will it be a peaceful, conflict less, frictionless world? Or, in other more compelling and evocative worlds, will there ensure a dystopia or a Utopia?

These are strong words and compelling visions that do not actually bear relation to the human condition. There has not been a utopia nor a dystopia in worldly terms. The reality always has been messy, complicated and complex. But, before far reaching changes of a radical nature, if the world is prepared, future conditions might not actually work to the detriment of mankind. In the context of the contemporary world, and the radical changes unleashed by technology, it then would make sense to understand the nature and direction of change and guide it, to the extent can be, for good.

A digression is called for here. The guiding of the direction of change is an imperative and goes to the heart of modernity, if by that is meant mankind’s mastery over the natural world. If humankind is to remain autonomous, then it is important that control is not ceded entirely to machines. This is not an allusion to some tech dystopia where machines go mad and run the world but to inject sobriety, proportion and balance into the emerging world, one where technology is an evident reality but it must be conjoined to but ultimately serve humankind.

The question is how?

This is a difficult question that, however, must be answered. If it is not and if say, for example, industry is automated entirely, if blue collar work and even white collar one disappears, there will be so many humans and many machines with the latter becoming the dominant reality. Against the backdrop of an increasing world population, with a social division of labor, and only a few tasks being open to be performed by humans, what will they do? Who will produce for whom? But more importantly, and both prosaically and fundamentally, what will they eat?

The answer lies in enabling a transition to a world where there is balance and equipoise between man and machine and where is equity. If the issue is glossed over and tech determinism allowed to run its logical course without the balance of human interventions, then a political revolution that will consume, obscure and overwhelm the 4th industrial revolution is not far off. The time for redress, equipoise and proportion is now.

Be it the world of work, education, the economy and even politics, the world is on the cusp of a fundamental revolution. What undergirds this revolution is technology or more accurately, the Information Communication Technologies (ICT’s which are fundamentally reshaping how we view the world.

Be it the world of work, education, the economy and even politics, the world is on the cusp of a fundamental revolution. What undergirds this revolution is technology or more accurately, the Information Communication Technologies (ICT’s which are fundamentally reshaping how we view the world. To employ a cliché, what used to be sci-fi only a few decades ago is now a reality. This is prompting many to suggest that we are in the midst of a 4th Industrial Revolution. While this formulation is in the nature of a condition – that is, it is happening and is a process that is denoueing, it has not entirely assumed the form that could bear the nomenclature of the 4th Industrial Revolution yet. But something fundamental is happening. Consider work. While remote working was an option for some firms and work was broken down into discrete units, and distributed to many parts of the world (read outsourcing), the Covid 19 pandemic has intensified the adoption of and integration of technology into workflows and processes. The pandemic, at some point in time, will go way but what will not is the adoption of work-related processes determined by technology. The same would hold true for education. In the domain of manufacturing and the ‘real economy,’ the Internet of Things (IoT) will further embed technology into machines, gadgets and devices taking the world further into a tech determined place where ‘devices speak’ and so on. Robots will increasingly do the work humans do and Artificial Intelligence will do the same. All this will have profound political implications. In and between the worlds of states, while geopolitical competition will remain the overarching reality, the competition for power and the locus of power will be determined by access to and control over technology. (The ruckus over Huawei emblematizes this point and is perhaps in the nature of the tip of the proverbial iceberg). Competition over and about technology, its access, dissemination and distribution will not only determine issues of war and peace but also development and poverty. Poorer nations, resource and capital starved can leap frog the development process and while catch up will be difficult, contingent as it will be on access to technology , speed of innovation and the network effects thereof, but relative economic convergence might be possible. Capital flows might also become contingent on the level and sophistication of a given country’s technology and its adoption. Here countries, like companies, might become brands or, put more emphasis on branding, of course with stuff to show for it. All in all than, say within a timespan of a few decades, the world will look very different. If a metaphor might be employed and applied here, the world- its politics, economics, industry and so on- will be ‘Amazonized’ ( the reference here is to the company Amazon). But the question is: will it be a peaceful, conflict less, frictionless world? Or, in other more compelling and evocative worlds, will there ensure a dystopia or a Utopia? These are strong words and compelling visions that do not actually bear relation to the human condition. There has not been a utopia nor a dystopia in worldly terms. The reality always has been messy, complicated and complex. But, before far reaching changes of a radical nature, if the world is prepared, future conditions might not actually work to the detriment of mankind. In the context of the contemporary world, and the radical changes unleashed by technology, it then would make sense to understand the nature and direction of change and guide it, to the extent can be, for good. A digression is called for here. The guiding of the direction of change is an imperative and goes to the heart of modernity, if by that is meant mankind’s mastery over the natural world. If humankind is to remain autonomous, then it is important that control is not ceded entirely to machines. This is not an allusion to some tech dystopia where machines go mad and run the world but to inject sobriety, proportion and balance into the emerging world, one where technology is an evident reality but it must be conjoined to but ultimately serve humankind. The question is how? This is a difficult question that, however, must be answered. If it is not and if say, for example, industry is automated entirely, if blue collar work and even white collar one disappears, there will be so many humans and many machines with the latter becoming the dominant reality. Against the backdrop of an increasing world population, with a social division of labor, and only a few tasks being open to be performed by humans, what will they do? Who will produce for whom? But more importantly, and both prosaically and fundamentally, what will they eat? The answer lies in enabling a transition to a world where there is balance and equipoise between man and machine and where is equity. If the issue is glossed over and tech determinism allowed to run its logical course without the balance of human interventions, then a political revolution that will consume, obscure and overwhelm the 4th industrial revolution is not far off. The time for redress, equipoise and proportion is now.

The 4th industrial revolution is real but so too is an alternate reality

Domestic stock market indices were trading higher on Tuesday led by IT stocks and financial stocks as they trimmed gains to turn positive.&nbsp; 
 
The S&amp;P BSE Sensex was trading 235 points, or 0.6 per cent, higher at around 38,650 levels, and the Nifty50 index reclaimed the 11,400 mark. 
 
Infosys (up 2 per cent) was the top Sensex gainer, followed by HCL Tech and TCS (both up 1%). On the other hand, NTPC and Bharti Airtel slid 1 per cent each.

Meanwhile, the rupee depreciated 29 paise to 73.64 against the US dollar in opening deals on Tuesday amid rise in demand for the American currency from banks and importers. 
 
Forex traders said strengthening American currency and foreign fund outflows weighed on the local unit.

(With inputs from agencies)

Domestic stock market indices were trading higher on Tuesday led by IT stocks and financial stocks as they trimmed gains to turn positive. The S&P BSE Sensex was trading 235 points, or 0.

Domestic stock market indices were trading higher on Tuesday led by IT stocks and financial stocks as they trimmed gains to turn positive. The S&P BSE Sensex was trading 235 points, or 0.6 per cent, higher at around 38,650 levels, and the Nifty50 index reclaimed the 11,400 mark. Infosys (up 2 per cent) was the top Sensex gainer, followed by HCL Tech and TCS (both up 1%). On the other hand, NTPC and Bharti Airtel slid 1 per cent each. Meanwhile, the rupee depreciated 29 paise to 73.64 against the US dollar in opening deals on Tuesday amid rise in demand for the American currency from banks and importers. Forex traders said strengthening American currency and foreign fund outflows weighed on the local unit. (With inputs from agencies)

Sensex up 235 points, Nifty above 11,400; IT stocks rise

According to a report by a British newspaper, e-commerce giant Amazon reportedly deleted&nbsp;20,000 product reviews written by UK reviewers which were found to be posts related to making profits by users.

According to Britain's Financial Times, there were "thousands of five-star ratings" with several famous reviewers named in the list.

The products reviewed were allegedly of&nbsp;"little known Chinese brands". The product reviews also emerged on eBay. The newspaper said that it saw many groups offering free products or money in exchange for reviews.

UK's competition watchdog had earlier launched a probe into the &nbsp;“suspicious” reviews.

The newspaper said the fake reviews problem seemed to have exacerbated after the coronavirus pandemic after&nbsp;a large number of people began using the e-commerce platform even as Amazon said it would find out and investigate the latest fake review&nbsp;claims while adding that it took it "seriously".

Meanwhile, Amazon said it will create 7,000 permanent jobs in the UK by the end of the year amid the pandemic.

Amazon said it will add "7,000 permanent roles by the end of 2020 across more than 50 sites, including corporate offices and two new fulfilment centres".

Its total permanent UK workforce will number more than 40,000 as the pandemic triggered a surge in online shopping.

According to a report by a British newspaper, e-commerce giant Amazon reportedly deleted 20,000 product reviews written by UK reviewers which were found to be posts related to making profits by users.

According to a report by a British newspaper, e-commerce giant Amazon reportedly deleted 20,000 product reviews written by UK reviewers which were found to be posts related to making profits by users. According to Britain's Financial Times, there were "thousands of five-star ratings" with several famous reviewers named in the list. The products reviewed were allegedly of "little known Chinese brands". The product reviews also emerged on eBay. The newspaper said that it saw many groups offering free products or money in exchange for reviews. UK's competition watchdog had earlier launched a probe into the “suspicious” reviews. The newspaper said the fake reviews problem seemed to have exacerbated after the coronavirus pandemic after a large number of people began using the e-commerce platform even as Amazon said it would find out and investigate the latest fake review claims while adding that it took it "seriously". Meanwhile, Amazon said it will create 7,000 permanent jobs in the UK by the end of the year amid the pandemic. Amazon said it will add "7,000 permanent roles by the end of 2020 across more than 50 sites, including corporate offices and two new fulfilment centres". Its total permanent UK workforce will number more than 40,000 as the pandemic triggered a surge in online shopping.

Amazon deletes 20,000 reviews over posts for profit scam: Report

Domestic stock market indices settled flat with a negative bias on Tuesday amid selling in blue-chip counters such as Bharti Airtel, Axis Bank, HDFC, and Hindustan Unilever (HUL).

The BSE Sensex went off 51 points and closed at 38,365 levels while the 50-stocks NSE Nifty went down 37 points after closing at 11,317 levels. Bank Nifty dipped 200 points and closed at 22,744 levels. 
 
(With inputs from agencies)

Domestic stock market indices settled flat with a negative bias on Tuesday amid selling in blue-chip counters such as Bharti Airtel, Axis Bank, HDFC, and Hindustan Unilever (HUL).

Domestic stock market indices settled flat with a negative bias on Tuesday amid selling in blue-chip counters such as Bharti Airtel, Axis Bank, HDFC, and Hindustan Unilever (HUL). The BSE Sensex went off 51 points and closed at 38,365 levels while the 50-stocks NSE Nifty went down 37 points after closing at 11,317 levels. Bank Nifty dipped 200 points and closed at 22,744 levels. (With inputs from agencies)

Sensex, Nifty end in red zone on escalating China-India border standoff

China's exports rose for the third consecutive month in August, eclipsing an extended fall in imports, as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world's second-biggest economy.

China's exports grow significantly faster than global rate

Japan's economy sank deeper into its worst postwar contraction in the second quarter as the coronavirus jolted businesses more than initially thought, underscoring the daunting task the new prime minister faces in averting a steeper recession.

Japan's economy sinks deeper, businesses delay fresh investments

The Director-General of Civil Aviation on Sunday told the Supreme Court that all flight tickets booked by passengers in domestic and international airlines for travel between March 25 to May 3 this year will be ‘fully refunded’.

India: Flight tickets cancelled under Lockdown to be fully refunded

Shares in China's Semiconductor Manufacturing International Corp tumbled on Monday in response to reports of potential sanctions against the company from Washington.

Shares of China's SMIC plunge in Hong Kong, Shanghai on U.S. blacklist fears

The Trump Administration has injected USD 3 trillion into the American economy after the nation was adversely impacted due to the coronavirus pandemic, US Treasury Secretary Steven Mnuchin said on Sunday.

"The president and I couldn't be more pleased with the way the economic plan is working. We've injected USD 3 trillion into the economy. People thought we'd get 25 per cent on unemployment. Fortunately, it never came close to that.

We're now down to 8.4," Mnuchin said in an interview to the Fox channel.

However, Mnuchin said the Trump administration is working on helping small businesses and getting back employment for people.

"But the president and I believe we should do more stimulus. We have about seven and a half million jobs that we need to get back until we're back to where we were up. And we want to help small businesses, we want to help businesses that are particularly impacted by this, and we'll continue to work on proposed new legislation," he said.

US is the world worst hit economy due to the coronavirus pandemic, which till now has infected 6,256,359 people and killed 188,634 others.

Mnuchin said for no fault of any American businesses, the president made a very difficult decision to shut down the entire US economy because of the terrible COVID disease.

"Now, the good news is we've reopened it. Thought we have 30 million to 40 million people unemployed. We never did that because of the bipartisan support putting money into the economy. We're now down to 8.4 per cent and the president is going to get it back down to 3 per cent or 4 per cent where it was before all of that in the beginning of next year when he's reelected," Mnuchin said.

The Trump Administration has injected USD 3 trillion into the American economy after the nation was adversely impacted due to the coronavirus pandemic, US Treasury Secretary Steven Mnuchin said on Sunday.

The Trump Administration has injected USD 3 trillion into the American economy after the nation was adversely impacted due to the coronavirus pandemic, US Treasury Secretary Steven Mnuchin said on Sunday. "The president and I couldn't be more pleased with the way the economic plan is working. We've injected USD 3 trillion into the economy. People thought we'd get 25 per cent on unemployment. Fortunately, it never came close to that. We're now down to 8.4," Mnuchin said in an interview to the Fox channel. However, Mnuchin said the Trump administration is working on helping small businesses and getting back employment for people. "But the president and I believe we should do more stimulus. We have about seven and a half million jobs that we need to get back until we're back to where we were up. And we want to help small businesses, we want to help businesses that are particularly impacted by this, and we'll continue to work on proposed new legislation," he said. US is the world worst hit economy due to the coronavirus pandemic, which till now has infected 6,256,359 people and killed 188,634 others. Mnuchin said for no fault of any American businesses, the president made a very difficult decision to shut down the entire US economy because of the terrible COVID disease. "Now, the good news is we've reopened it. Thought we have 30 million to 40 million people unemployed. We never did that because of the bipartisan support putting money into the economy. We're now down to 8.4 per cent and the president is going to get it back down to 3 per cent or 4 per cent where it was before all of that in the beginning of next year when he's reelected," Mnuchin said.

Trump administration pumped in USD 3 trillion into American economy after COVID-19 impact: US Treasury Secy

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic.&nbsp;

The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The announcement will be made soon, he added.

Speaking at the 60th Annual Convention of industry body Society of Indian Automobile Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala Sitharaman on GST issues."

Commenting vehicle scrappage policy, Union minister said that central government has received all inputs from stakeholders. "Announcement on the scrappage policy will be made soon," Javadekar added.

(With inputs from agencies)

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles.

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The announcement will be made soon, he added. Speaking at the 60th Annual Convention of industry body Society of Indian Automobile Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala Sitharaman on GST issues." Commenting vehicle scrappage policy, Union minister said that central government has received all inputs from stakeholders. "Announcement on the scrappage policy will be made soon," Javadekar added. (With inputs from agencies)

Govt looking at GST rate cut for automobile sector 

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying&nbsp;technology&nbsp;sector, while economic data highlighted concerns about a long and difficult recovery.

The&nbsp;technology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc.

Also read:&nbsp;<a href="https://www.wionews.com/world/e-commerce-giant-amazon-will-create-7000-jobs-in-the-united-kingdom-324991" hreflang="en">E-commerce giant Amazon will create 7,000 jobs in the United Kingdom</a>

The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&amp;P 500's market value and have driven the stock market's narrow&nbsp;technology-led recovery from the pandemic lows hit in March.

The Philadelphia chip index and the S&amp;P tech sector also dropped more than 5 per cent&nbsp;each.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/global-economy-will-take-12-trillion-hit-from-covid-19-international-monetary-fund-308349">Global economy will take $12 trillion hit from COVID-19: International Monetary Fund</a>

The pullback comes a day after the S&amp;P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic.

Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday

Separately, a survey showed US&nbsp;services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded.

The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&amp;P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery.

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery. The technology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc. Also read: E-commerce giant Amazon will create 7,000 jobs in the United Kingdom The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&P 500's market value and have driven the stock market's narrow technology-led recovery from the pandemic lows hit in March. The Philadelphia chip index and the S&P tech sector also dropped more than 5 per cent each. Also read: Global economy will take $12 trillion hit from COVID-19: International Monetary Fund The pullback comes a day after the S&P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic. Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday Separately, a survey showed US services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded. The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.

Tech tumble jams Wall Street into reverse; sharpest fall since June

Vodafone Idea Ltd said on Friday it would raise funds up to $4.10 billion (Rs 300 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government.

The funds will be raised through a combination of equity and debt instruments and the total fund-raising will not exceed Rs 25,000 crore, the company said in a regulatory filing.

It also mentioned, "issuance of unsecured and/or secured, non-convertible debentures up to an aggregate amount of Rs 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches".

The fund-raising plans are subject to shareholders' nod and other stipulated approvals.

The crucial decision comes just days after the Supreme Court directed all telecom operators to pay 10 per cent of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting from next fiscal year.

The fund-raising will throw a potential lifeline to the cash-strapped telco, which suffered massive losses, has been losing subscribers and ARPUs, and facing outstanding AGR dues of about Rs 50,000 crore.

Vodafone Idea Ltd said on Friday it would raise funds up to $4.10 billion (Rs 300 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government.

Vodafone Idea Ltd said on Friday it would raise funds up to $4.10 billion (Rs 300 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government. The funds will be raised through a combination of equity and debt instruments and the total fund-raising will not exceed Rs 25,000 crore, the company said in a regulatory filing. It also mentioned, "issuance of unsecured and/or secured, non-convertible debentures up to an aggregate amount of Rs 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches". The fund-raising plans are subject to shareholders' nod and other stipulated approvals. The crucial decision comes just days after the Supreme Court directed all telecom operators to pay 10 per cent of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting from next fiscal year. The fund-raising will throw a potential lifeline to the cash-strapped telco, which suffered massive losses, has been losing subscribers and ARPUs, and facing outstanding AGR dues of about Rs 50,000 crore.

Debt-ridden Vodafone Idea to raise up to $4.1 billion in funds

According to Fitch Ratings, Chinese banks' profits will weaken more in the second half of 2020. The net profit of Chinese banks is down by 9.4% in January to June this year.

Fitch Ratings: Chinese banks’ profits will weaken more in the second half of 2020

SoftBank Group is exploring assembling a group of bidders for TikTok's assets in India. SoftBank Group has been looking for local partners. Watch this video to know more.

SoftBank Group may bid for TikTok's India assets

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%.

Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/supreme-court-gives-vodafone-idea-airtel-10-years-to-pay-agr-dues-to-government-324447">Supreme Court gives Vodafone-Idea, Airtel 10 years to pay AGR dues to government</a>

But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues.

Vodafone Idea did not immediately respond to Reuters request for comment. Amazon and Verizon did not return emails seeking comment outside regular U.S. business hours.

Heavily indebted Vodafone Idea - a joint venture between Britain's Vodafone Group Plc and India's Idea Cellular - had previously said its ability to continue as a going concern rested on a positive outcome of the hearing.

It has paid the Indian government 78.5 billion rupees ($1.1 billion) in telecoms dues, according to regulatory filings, but still owes roughly 500 billion rupees ($6.8 billion) more.

Shares in Vodafone Idea, which ended 13% lower after Tuesday's court ruling, were up 8% at 10.70 rupees on the NSE index by 0405 GMT.

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%.

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%. Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations. Also read | Supreme Court gives Vodafone-Idea, Airtel 10 years to pay AGR dues to government But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues. Vodafone Idea did not immediately respond to Reuters request for comment. Amazon and Verizon did not return emails seeking comment outside regular U.S. business hours. Heavily indebted Vodafone Idea - a joint venture between Britain's Vodafone Group Plc and India's Idea Cellular - had previously said its ability to continue as a going concern rested on a positive outcome of the hearing. It has paid the Indian government 78.5 billion rupees ($1.1 billion) in telecoms dues, according to regulatory filings, but still owes roughly 500 billion rupees ($6.8 billion) more. Shares in Vodafone Idea, which ended 13% lower after Tuesday's court ruling, were up 8% at 10.70 rupees on the NSE index by 0405 GMT.

Amazon, Verizon may invest over $4 billion in Vodafone Idea: Report

There is no sign of a health-economy trade-off. Countries with low GDP fall have less COVID-19 deaths. India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment.

Countries with low GDP fall have less COVID-19 deaths

Ford Germany is shrinking its workforce. Ford wants to cut 1,400 jobs by the end of the year. Michigan-based firm expects a full-year loss.

US automaker Ford to cut 1,400 US jobs through buyouts