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Gold jumped more than 1% on Wednesday to its highest in nearly nine years, driven by a weaker dollar and as expectations of more stimulus to revive pandemic-hit economies lifted the metal’s appeal as an inflation-hedge.

Spot gold was up 0.8% at $1,856.13 per ounce by 0501 GMT, after hitting its highest since September 2011 at $1,865.35 earlier in the session. U.S. gold futures rose 0.7% to $1,856.80.

“The spectre of these stimulus packages has pushed investors back into non-yielding assets like gold,” said ANZ analyst Daniel Hynes.

“The likelihood of interest rates remaining low for the foreseeable future and the weaker U.S. dollar have really boosted investor appetite.”

European Union leaders on Tuesday sealed a 750 billion euro recovery plan, while White House officials and top congressional Democrats discussed another round of relief that would include extended unemployment insurance and more money for schools.

Helping bullion’s rally, the dollar index held near a more than four-month low. [USD/]

Coronavirus cases continued to surge in the United States, with President Donald Trump warning the virus would probably get worse before it gets better.

Underscoring the pandemic’s impact, Japan’s factory activity contracted for a 15th straight month in July.

Central banks have slashed interest rates and rolled out a wave of stimulus measures to cushion the economic damage from the pandemic, helping gold prices surge over 22% so far this year.

Silver continued to strengthen, rising 4.7% to $22.33 per ounce, its highest since October 2013.

“Silver spot prices have outperformed gold so far this month, an interesting reversal of the norm,” said Cailin Birch, global economist at The EIU, adding that it reflected market optimism for global industry, as silver has many industrial uses.

“Overall, we expect demand for safe-haven assets like gold and silver to remain relatively strong for the remainder of 2020.”

Palladium fell 1.1% to $2,133.32 and platinum lost 0.7% to $875.49.

Gold jumped more than 1% on Wednesday to its highest in nearly nine years, driven by a weaker dollar and as expectations of more stimulus to revive pandemic-hit economies lifted the metal’s appeal as an inflation-hedge.

Gold jumped more than 1% on Wednesday to its highest in nearly nine years, driven by a weaker dollar and as expectations of more stimulus to revive pandemic-hit economies lifted the metal’s appeal as an inflation-hedge. Spot gold was up 0.8% at $1,856.13 per ounce by 0501 GMT, after hitting its highest since September 2011 at $1,865.35 earlier in the session. U.S. gold futures rose 0.7% to $1,856.80. “The spectre of these stimulus packages has pushed investors back into non-yielding assets like gold,” said ANZ analyst Daniel Hynes. “The likelihood of interest rates remaining low for the foreseeable future and the weaker U.S. dollar have really boosted investor appetite.” European Union leaders on Tuesday sealed a 750 billion euro recovery plan, while White House officials and top congressional Democrats discussed another round of relief that would include extended unemployment insurance and more money for schools. Helping bullion’s rally, the dollar index held near a more than four-month low. [USD/] Coronavirus cases continued to surge in the United States, with President Donald Trump warning the virus would probably get worse before it gets better. Underscoring the pandemic’s impact, Japan’s factory activity contracted for a 15th straight month in July. Central banks have slashed interest rates and rolled out a wave of stimulus measures to cushion the economic damage from the pandemic, helping gold prices surge over 22% so far this year. Silver continued to strengthen, rising 4.7% to $22.33 per ounce, its highest since October 2013. “Silver spot prices have outperformed gold so far this month, an interesting reversal of the norm,” said Cailin Birch, global economist at The EIU, adding that it reflected market optimism for global industry, as silver has many industrial uses. “Overall, we expect demand for safe-haven assets like gold and silver to remain relatively strong for the remainder of 2020.” Palladium fell 1.1% to $2,133.32 and platinum lost 0.7% to $875.49.

Gold firms near nine-year peak on weaker dollar, stimulus bets

Gold prices in India hit a record high on Wednesday, tracking a global rally.

Local gold futures reached an all-time high of $670.32 (Rs 49,996) per 10 grams in early trade, taking their gains to 28 per cent in 2020 after rising a quarter in 2019.

However, the price rise dampened retail demand for gold in India, the world's second largest consumer of the precious metal.

In overseas market, spot gold jumped more than 1 per cent on Wednesday to its highest in nearly nine years, driven by a weaker dollar and safe-haven buying.

India's gold imports in the June quarter plunged 96 per cent from a year earlier to 13 tonnes after shipments virtually ground to a halt in April and May.

Local silver prices jumped nearly 6 per cent on Wednesday to Rs 60,782 per kg, the highest in over seven years. 
&nbsp;

Gold prices in India hit a record high on Wednesday, tracking a global rally. Local gold futures reached an all-time high of $670.32 (Rs 49,996) per 10 grams in early trade, taking their gains to 28 per cent in 2020 after rising a quarter in 2019.

Gold prices in India hit a record high on Wednesday, tracking a global rally. Local gold futures reached an all-time high of $670.32 (Rs 49,996) per 10 grams in early trade, taking their gains to 28 per cent in 2020 after rising a quarter in 2019. However, the price rise dampened retail demand for gold in India, the world's second largest consumer of the precious metal. In overseas market, spot gold jumped more than 1 per cent on Wednesday to its highest in nearly nine years, driven by a weaker dollar and safe-haven buying. India's gold imports in the June quarter plunged 96 per cent from a year earlier to 13 tonnes after shipments virtually ground to a halt in April and May. Local silver prices jumped nearly 6 per cent on Wednesday to Rs 60,782 per kg, the highest in over seven years.

India gold prices hit all-time high, dampen retail demand

Walmart on July 21 said that it would spend about $428 million on cash bonuses for hourly employees as a reward for continuing to work during the coronavirus pandemic. Watch report.

Mega employee bonus of Walmart amid COVID-19 pandemic

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US.

"I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out.

"Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council.

Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services.

While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products.

"We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added.

India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties.

India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products.

The US has also raised concerns over trade deficit with India.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said. For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US. "I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out. "Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council. Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services. While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products. "We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added. India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties. India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products. The US has also raised concerns over trade deficit with India.

India, US need to sit down on negotiating table for FTA: Goyal

Daimler will stop building Mercedes-Benz sedans in the United States and Mexico as it seeks deeper cuts after posting a smaller-than-expected quarterly loss. Watch report.

Daimler to stop building Mercedes sedans in US after second-quarter loss

Popstar Rihanna’s new beauty line 'Fenty Skin' was eagerly anticipated by women around the world, anxious to see if the superstar can do for skincare what she’s already done for makeup and lingerie. But RiRI surprised everyone around the world including the men, by announcing that Fenty Skin is intended for guys as well. Rihanna's latest announcement means that she is all set to foray into the men’s personal care industry which according to a recent market research is predicted to hit $166 billion by 2022. Clearly, make-up for men has come a long way in recent times.

Rihanna first made waves as a pop star, then a fashion mogul after founding Fenty, a luxury fashion brand that’s now owned by LVMH. Now, she’s set to take over the beauty and grooming industry with the launch of her personal care line, Fenty Skin.

Recently, the 32-year-old entrepreneur announced on Instagram that she’ll be dropping her skincare collection on July 31st.&nbsp;

In the commercial, the singer is lounging poolside alongside models, her new products, and a few famous friends including Lil Nas X and ASAP Rocky. In a follow-up post, the diva said: “that’s right baby … Feny Skin is for my fellas too! No matter who you are, you deserve to have great skin!”

And men couldn't agree more. Gone are the days when men's grooming was limited to hair and&nbsp;beard products. Apart from skincare products like moisturizers and pore strips, men's adoption of beauty products includes concealers, bronzers, and tinted moisturizers.

Across the globe, this trend is taking off in a big way. According to a survey conducted, cosmetic brands targeting men have increased globally by 70% and reported a 300% growth.

This is happening in India too, a country where men are often perceived as being ignorant about personal grooming or styling. A 2019 Nielsen report establishes that the overall male grooming space in india had an estimated value of Rs 5,000 crore in 2019, a growth of over 12 per cent since 2018. Makeup is an increasing chunk of this massive figure.

A handful of male beauty bloggers and vloggers, armed with brushes, foundation, liners and bronzers, are challenging the gender norms of the cosmetics industry. From pinpointing the ideal matte nude lip shade to defining their brows au naturel, these talented men are tapping a growing demand for genderless makeup in India.

The size of the grooming industry for men is certainly much smaller when compared to the women’s skin care and grooming industry, but over time this gap is expected to narrow. The industry is affected by stereotypes that hinder progress. But it's interesting to see these men shed inhibitions to embrace something that was, till a couple of years ago, considered too feminine or even taboo.&nbsp;

Popstar Rihanna’s new beauty line 'Fenty Skin' was eagerly anticipated by women around the world, anxious to see if the superstar can do for skincare what she’s already done for makeup and lingerie.

Popstar Rihanna’s new beauty line 'Fenty Skin' was eagerly anticipated by women around the world, anxious to see if the superstar can do for skincare what she’s already done for makeup and lingerie. But RiRI surprised everyone around the world including the men, by announcing that Fenty Skin is intended for guys as well. Rihanna's latest announcement means that she is all set to foray into the men’s personal care industry which according to a recent market research is predicted to hit $166 billion by 2022. Clearly, make-up for men has come a long way in recent times. Rihanna first made waves as a pop star, then a fashion mogul after founding Fenty, a luxury fashion brand that’s now owned by LVMH. Now, she’s set to take over the beauty and grooming industry with the launch of her personal care line, Fenty Skin. Recently, the 32-year-old entrepreneur announced on Instagram that she’ll be dropping her skincare collection on July 31st. In the commercial, the singer is lounging poolside alongside models, her new products, and a few famous friends including Lil Nas X and ASAP Rocky. In a follow-up post, the diva said: “that’s right baby … Feny Skin is for my fellas too! No matter who you are, you deserve to have great skin!” And men couldn't agree more. Gone are the days when men's grooming was limited to hair and beard products. Apart from skincare products like moisturizers and pore strips, men's adoption of beauty products includes concealers, bronzers, and tinted moisturizers. Across the globe, this trend is taking off in a big way. According to a survey conducted, cosmetic brands targeting men have increased globally by 70% and reported a 300% growth. This is happening in India too, a country where men are often perceived as being ignorant about personal grooming or styling. A 2019 Nielsen report establishes that the overall male grooming space in india had an estimated value of Rs 5,000 crore in 2019, a growth of over 12 per cent since 2018. Makeup is an increasing chunk of this massive figure. A handful of male beauty bloggers and vloggers, armed with brushes, foundation, liners and bronzers, are challenging the gender norms of the cosmetics industry. From pinpointing the ideal matte nude lip shade to defining their brows au naturel, these talented men are tapping a growing demand for genderless makeup in India. The size of the grooming industry for men is certainly much smaller when compared to the women’s skin care and grooming industry, but over time this gap is expected to narrow. The industry is affected by stereotypes that hinder progress. But it's interesting to see these men shed inhibitions to embrace something that was, till a couple of years ago, considered too feminine or even taboo.

Rihanna says her new Fenty Skin collection is for men and women

Royal Bank of Scotland (RBS) has told its staff that wast majority can continue to work from home until next year. Watch report.

COVID-19 pandemic: RBS employees can work from home until 2021

Equity indices ratcheted higher for the fifth session on the trot on Tuesday as positive results from early trials of a COVID-19 vaccine candidate buoyed markets globally.

A sharp recovery in the rupee and healthy earnings from some corporates added to the bullish mood here, traders said.

The 30-share BSE Sensex, which opened on a firm foot, stayed in the positive territory throughout the session and closed at 37,930.33, up 511.34 points, or 1.37 per cent.&nbsp;Similarly, the NSE Nifty rose 140.05 points, or 1.27 per cent, to end at 11,162.25.

It is the highest closing for both the benchmarks since March 5.

PowerGrid was the top gainer among the Sensex constituents, spurting 6.14 per cent, followed by Maruti, ICICI Bank, HDFC, Kotak Bank, Axis Bank, and Reliance Industries.&nbsp;On the other hand, Bajaj Finance, Bajaj Finserv, Asian Paints and Sun Pharma were among the laggards, dropping up to 4.31 per cent.

Global equities rallied after Oxford University's COVID-19 vaccine candidate showed positive trial results, while EU leaders finalised a 750-billion euro stimulus plan.

"EU leaders have finally reached an agreement on a massive stimulus plan to combat the pandemic impact. News about successful progression of COVID-19 vaccine trials also boosted the global markets while positive quarterly earnings results, especially from the leaders, provided an additional support to the Indian markets.

"Although the market uptrend remains intact, investors are advised to be cautious since it seems to be in overvalued territory. Result-heavy day today, and stock specific commentary will be looked at," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE energy, oil and gas, bankex, realty, power, finance and auto indices jumped up to 2.94 per cent, while telecom, FMCG, healthcare and teck finished lower.

Broader BSE mid-cap index slipped 0.22 per cent, while the small-cap gauge rose 0.24 per cent.

HDFC Life Insurance logged 6 per cent rise in standalone net profit at Rs 451 crore for the first quarter of the current financial year. 
Announcing its results post market hours, FMCG major Hindustan Unilever reported a 5.7 per cent increase in consolidated net profit to Rs 1,897 crore for the June quarter.

The coronavirus vaccine developed by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of "promising" human trials against the deadly disease.

In India, AIIMS-Delhi also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin. 
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. 
&nbsp;

Equity indices ratcheted higher for the fifth session on the trot on Tuesday as positive results from early trials of a COVID-19 vaccine candidate buoyed markets globally.

Equity indices ratcheted higher for the fifth session on the trot on Tuesday as positive results from early trials of a COVID-19 vaccine candidate buoyed markets globally. A sharp recovery in the rupee and healthy earnings from some corporates added to the bullish mood here, traders said. The 30-share BSE Sensex, which opened on a firm foot, stayed in the positive territory throughout the session and closed at 37,930.33, up 511.34 points, or 1.37 per cent. Similarly, the NSE Nifty rose 140.05 points, or 1.27 per cent, to end at 11,162.25. It is the highest closing for both the benchmarks since March 5. PowerGrid was the top gainer among the Sensex constituents, spurting 6.14 per cent, followed by Maruti, ICICI Bank, HDFC, Kotak Bank, Axis Bank, and Reliance Industries. On the other hand, Bajaj Finance, Bajaj Finserv, Asian Paints and Sun Pharma were among the laggards, dropping up to 4.31 per cent. Global equities rallied after Oxford University's COVID-19 vaccine candidate showed positive trial results, while EU leaders finalised a 750-billion euro stimulus plan. "EU leaders have finally reached an agreement on a massive stimulus plan to combat the pandemic impact. News about successful progression of COVID-19 vaccine trials also boosted the global markets while positive quarterly earnings results, especially from the leaders, provided an additional support to the Indian markets. "Although the market uptrend remains intact, investors are advised to be cautious since it seems to be in overvalued territory. Result-heavy day today, and stock specific commentary will be looked at," said Vinod Nair, Head of Research at Geojit Financial Services. BSE energy, oil and gas, bankex, realty, power, finance and auto indices jumped up to 2.94 per cent, while telecom, FMCG, healthcare and teck finished lower. Broader BSE mid-cap index slipped 0.22 per cent, while the small-cap gauge rose 0.24 per cent. HDFC Life Insurance logged 6 per cent rise in standalone net profit at Rs 451 crore for the first quarter of the current financial year. Announcing its results post market hours, FMCG major Hindustan Unilever reported a 5.7 per cent increase in consolidated net profit to Rs 1,897 crore for the June quarter. The coronavirus vaccine developed by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of "promising" human trials against the deadly disease. In India, AIIMS-Delhi also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Sensex soars to over four-month high on vaccine hopes

The luxury jet segment is also a big victim of coronavirus pandemic globally. Big manufactures of business jets are canceling orders or putting them on hold indefinitely.

Slowdown in executive jet segment: Embraer's jet deliveries collapse

Domestic benchmark indices continued to march higher on Tuesday, looking to continue their three-day winning streak.

The S&amp;P BSE Sensex was ruling over 480 points or over 1 per cent higher at 37,9007 levels while the NSE's Nifty50 was trading 129 points or 1 per cent higher at 11,150 points.

Both markets were trading in a narrow range, but in the positive territory, amid across-the-board buying and firm global cues.&nbsp;

Volatility index was down 2%, while all sectoral indices were in the gree, Nifty PSU Bank jumped over 2%.

Among individual stocks, Maruti Suzuki was up 3.7 per cent and was the top gainer on the Sensex, followed by HDFC, and ICICI Bank, uo 3 per cent each. 
 
(With inputs from agencies)

Domestic benchmark indices continued to march higher on Tuesday, looking to continue their three-day winning streak. The S&P BSE Sensex was ruling over 480 points or over 1 per cent higher at 37,9007 levels while the NSE's Nifty50 was trading 129 points or 1 per cent higher at 11,150 points.

Domestic benchmark indices continued to march higher on Tuesday, looking to continue their three-day winning streak. The S&P BSE Sensex was ruling over 480 points or over 1 per cent higher at 37,9007 levels while the NSE's Nifty50 was trading 129 points or 1 per cent higher at 11,150 points. Both markets were trading in a narrow range, but in the positive territory, amid across-the-board buying and firm global cues. Volatility index was down 2%, while all sectoral indices were in the gree, Nifty PSU Bank jumped over 2%. Among individual stocks, Maruti Suzuki was up 3.7 per cent and was the top gainer on the Sensex, followed by HDFC, and ICICI Bank, uo 3 per cent each. (With inputs from agencies)

 Sensex jumps over 480 points, Nifty tests 11,150

Domestic stock market shares start the week on a positive note led by gains in index heavyweight HDFC Bank after it posted robust earnings for the June Quarter.

At 10:15 am, the BSE S&amp;P Sensex was up by 376 points or 1.02 per cent at 37,396 while the Nifty 50 edged higher by 107 points or 0.99 per cent at 11,009.Except for Nifty pharma which slipped by 1.25 per cent and FMCG which was down by 0.2 per cent, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty private bank and financial service up by 2.2 per cent, PSU bank by 1.9 per cent and IT by 1.2 per cent. Among stocks, HDFC Bank surged by 4.07 per cent to Rs 1,143.20 per share after the private sector lender reported nearly 20 per cent jump in its Q1 net profit at Rs 6,659 crore. ICICI Bank was up by 3.2 per cent, IndusInd Bank by 2.3 per cent and State Bank of India by 2.2 per cent.&nbsp;

Rupee opened 8 paise higher at 74.94 per dollar on Monday against Friday's close of 75.02.

(With inputs from agencies) 
&nbsp;

Domestic stock market shares start the week on a positive note led by gains in index heavyweight HDFC Bank after it posted robust earnings for the June Quarter. At 10:15 am, the BSE S&P Sensex was up by 376 points or 1.

Domestic stock market shares start the week on a positive note led by gains in index heavyweight HDFC Bank after it posted robust earnings for the June Quarter. At 10:15 am, the BSE S&P Sensex was up by 376 points or 1.02 per cent at 37,396 while the Nifty 50 edged higher by 107 points or 0.99 per cent at 11,009.Except for Nifty pharma which slipped by 1.25 per cent and FMCG which was down by 0.2 per cent, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty private bank and financial service up by 2.2 per cent, PSU bank by 1.9 per cent and IT by 1.2 per cent. Among stocks, HDFC Bank surged by 4.07 per cent to Rs 1,143.20 per share after the private sector lender reported nearly 20 per cent jump in its Q1 net profit at Rs 6,659 crore. ICICI Bank was up by 3.2 per cent, IndusInd Bank by 2.3 per cent and State Bank of India by 2.2 per cent. Rupee opened 8 paise higher at 74.94 per dollar on Monday against Friday's close of 75.02. (With inputs from agencies)

Sensex holds 37,000, Nifty slips below 11,000

Budget airline IndiGo to lay off 10 per cent of its workforce due to the economic crisis caused by the coronavirus pandemic, according to a statement from company CEO Ronojoy Dutta.

Budget airline IndiGo to lay off 10 per cent of its workforce due to the economic crisis caused by the coronavirus pandemic, according to a statement from company CEO Ronojoy Dutta. "From where things stand currently, it is impossible for our company to fly through this economic storm without making some sacrifices, in order to sustain our business operations," Dutta said in a statement. "Therefore, after carefully assessing and reviewing all possible scenarios, it is clear that we will need to bid a painful adieu to 10 per cent of our workforce. It is for the first time in the history of IndiGo that we have undertaken such a painful measure," he added. As on March 31, 2019, the airline had 23,531 employees on its payroll.

IndiGo to lay off 10% of its workforce, says company CEO

At a time China is engaged in a global trade war, the US is tracking its exports. Asia's largest economy is now facing another big threat which is off companies leaving the country. Japan will now start paying companies to move factories out of China.

Manufacturing moving out of China: Japan to give incentives to companies

Amid the downturn in UAE's real estate sector and weak equity market conditions. A Dubai based real estate investment trust said that it was considering delisting. Watch report.

Emirates REIT investment trust: Dubai real estate fund

A person with over $26 million&nbsp;in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling.&nbsp;

Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over $26 million&nbsp;lying in her foreign account can be taxed by the Income Tax Department.&nbsp;

"The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her $ 4 million," the tribunal recorded.&nbsp;

"Cayman Islands is not known for philanthropists operating from there, if Cayman Islands is known for anything relevant, it is known for an atmosphere conducive to hiding unaccounted wealth and money laundering, and that does not advance the case of the assessee," the Tribunal observed.&nbsp;

"This is a jurisdiction which has double the number of companies than residents, most of which remain only on paper and it will be naive to believe that these companies are located here, in a country with around 65,000 residents, for bonafide core activities, rather than the benefits of anonymity, secrecy and liberal tax laws," the tribunal noted in its order.&nbsp;

"The assessee is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlers of the trust which has her, as she herself puts it as the beneficiary of such a huge amount. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said.&nbsp;

"One of the arguments raised by the assessee, as set out in a chart showing arguments of the assessee - below paragraph 20 earlier in this order, that the assessee could not have performed the impossible act of signing consent waiver because she was not owner of the account is too naïve and frivolous to be even taken seriously. If the assessee was indeed not the owner of the account, there was all the more reason to sign the consent waiver form because it would have established that fact when the HSBC Private Bank (Suisse) Geneva was to decline the information on the basis of that consent waiver," it added.&nbsp;

It further said that "there is nothing to controvert this fact stated in the base note and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank."

According to relevant facts noted in the order, the assessee had filed her income tax return, on July 29, 2006, disclosing an income of $2,261&nbsp;for the relevant previous year, but subsequently the investigation wing of the income tax department received information that the assessee is having a bank account with HSBC Private Bank (Suisse) SA Geneva.&nbsp;

The department, in 2014, decided to reopen the assessment.

In a notice issued under section 148 of the income tax act in October 2014, the department said that she maintained a bank account with HSBC Bank in Geneva, Switzerland where she maintained a peak balance of $3,97,38,122&nbsp;during the financial year relevant to the Assessment Year 2006-2007 &amp; a peak balance of $23,55,851.60 during the financial year relevant to Assessment year 2007-2008.

In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. &nbsp;

She later received a base note from the Deputy Director of Income Tax (International Taxation) with the details of the account claiming that it is in the name of GWU INVESTMENTS LTD "wherein it is said that I am the beneficial owner or the beneficiary."&nbsp;

Tharani claimed she did not receive any amount from the company, either as a beneficiary or as a beneficial owner.

The tribunal noted that the assessee is a beneficial owner of GWU Investments Ltd, Cayman Islands. "There is nothing to controvert this fact stated in the base note, and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank," it said.

"There is a series of coincidences, right from the HSBC account being closed after the information contained in the base note coming out and to the underlying company being removed from the name of Register of Companies in Cayman Island, right from assessee living in complete denial about any knowledge about a HSBC Private Bank (Suisse) SA account in her name to her lack of information about the company which is holding $ 4 million for her, and, despite assessee being purportedly so clean in her affairs, her thwarting any efforts of the income tax department to get at the truth by declining to sign the consent waiver form," it further said.&nbsp;

"It is wholly un-understandable as to how can assessee, on one hand, seek to treat a cleverly worded private letter from HSBC Private Bank (Suisse) SA as gospel truth, and, on the other hand, effectively stall, by declining consent waiver and by stating half truths- even if her statements have an element of truth, the Assessing Officer obtaining direct information from the same organization. There is no meeting ground in this approach. In any case, for the reasons set out above and as evident from the base note, the assessee is beneficial owner of GWU Investments Ltd, Cayman Islands," the order concluded.&nbsp;

A person with over $26 million in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling.

A person with over $26 million in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling. Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over $26 million lying in her foreign account can be taxed by the Income Tax Department. "The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her $ 4 million," the tribunal recorded. "Cayman Islands is not known for philanthropists operating from there, if Cayman Islands is known for anything relevant, it is known for an atmosphere conducive to hiding unaccounted wealth and money laundering, and that does not advance the case of the assessee," the Tribunal observed. "This is a jurisdiction which has double the number of companies than residents, most of which remain only on paper and it will be naive to believe that these companies are located here, in a country with around 65,000 residents, for bonafide core activities, rather than the benefits of anonymity, secrecy and liberal tax laws," the tribunal noted in its order. "The assessee is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlers of the trust which has her, as she herself puts it as the beneficiary of such a huge amount. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said. "One of the arguments raised by the assessee, as set out in a chart showing arguments of the assessee - below paragraph 20 earlier in this order, that the assessee could not have performed the impossible act of signing consent waiver because she was not owner of the account is too naïve and frivolous to be even taken seriously. If the assessee was indeed not the owner of the account, there was all the more reason to sign the consent waiver form because it would have established that fact when the HSBC Private Bank (Suisse) Geneva was to decline the information on the basis of that consent waiver," it added. It further said that "there is nothing to controvert this fact stated in the base note and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank." According to relevant facts noted in the order, the assessee had filed her income tax return, on July 29, 2006, disclosing an income of $2,261 for the relevant previous year, but subsequently the investigation wing of the income tax department received information that the assessee is having a bank account with HSBC Private Bank (Suisse) SA Geneva. The department, in 2014, decided to reopen the assessment. In a notice issued under section 148 of the income tax act in October 2014, the department said that she maintained a bank account with HSBC Bank in Geneva, Switzerland where she maintained a peak balance of $3,97,38,122 during the financial year relevant to the Assessment Year 2006-2007 & a peak balance of $23,55,851.60 during the financial year relevant to Assessment year 2007-2008. In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. She later received a base note from the Deputy Director of Income Tax (International Taxation) with the details of the account claiming that it is in the name of GWU INVESTMENTS LTD "wherein it is said that I am the beneficial owner or the beneficiary." Tharani claimed she did not receive any amount from the company, either as a beneficiary or as a beneficial owner. The tribunal noted that the assessee is a beneficial owner of GWU Investments Ltd, Cayman Islands. "There is nothing to controvert this fact stated in the base note, and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank," it said. "There is a series of coincidences, right from the HSBC account being closed after the information contained in the base note coming out and to the underlying company being removed from the name of Register of Companies in Cayman Island, right from assessee living in complete denial about any knowledge about a HSBC Private Bank (Suisse) SA account in her name to her lack of information about the company which is holding $ 4 million for her, and, despite assessee being purportedly so clean in her affairs, her thwarting any efforts of the income tax department to get at the truth by declining to sign the consent waiver form," it further said. "It is wholly un-understandable as to how can assessee, on one hand, seek to treat a cleverly worded private letter from HSBC Private Bank (Suisse) SA as gospel truth, and, on the other hand, effectively stall, by declining consent waiver and by stating half truths- even if her statements have an element of truth, the Assessing Officer obtaining direct information from the same organization. There is no meeting ground in this approach. In any case, for the reasons set out above and as evident from the base note, the assessee is beneficial owner of GWU Investments Ltd, Cayman Islands," the order concluded.

Mumbai tribunal orders 80-year-old woman to pay tax on $26 million stashed in Swiss bank

UK carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet in wake of the huge hit to international air travel caused by the coronavirus pandemic.

The 400-passenger 747 was launched by Boeing in 1970, and dominated international air travel and cargo over the following decades.

"It is with great sadness that we can confirm we are proposing to retire our entire 747 fleet with immediate effect," the airline said in a statement.

"It is unlikely our magnificent 'queen of the skies' will ever operate commercial services for British Airways again due to the downturn in travel caused by the COVID-19 global pandemic."

With 31 Jumbos in its fleet, BA currently flies more of the planes than any other airline, according to its statement. It added the last had been due to retire in 2024 as the carrier turns to more modern and fuel-efficient models like Boeing's 787 and the Airbus A350.

The pandemic has battered the air transport sector, with BA's owner IAG reporting a net loss of 1.68 billion euros ($1.8 billion) in the three months to the end of March.

The airline has announced plans to lay off 12,000 staff and last month was reported to be selling off artworks by Damien Hirst, Bridget Riley and Peter Doig thought to be worth millions of pounds to raise funds.

Boeing itself has announced 16,000 layoffs.

(with inputs from agencies)

UK carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet in wake of the huge hit to international air travel caused by the coronavirus pandemic.

UK carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet in wake of the huge hit to international air travel caused by the coronavirus pandemic. The 400-passenger 747 was launched by Boeing in 1970, and dominated international air travel and cargo over the following decades. "It is with great sadness that we can confirm we are proposing to retire our entire 747 fleet with immediate effect," the airline said in a statement. "It is unlikely our magnificent 'queen of the skies' will ever operate commercial services for British Airways again due to the downturn in travel caused by the COVID-19 global pandemic." With 31 Jumbos in its fleet, BA currently flies more of the planes than any other airline, according to its statement. It added the last had been due to retire in 2024 as the carrier turns to more modern and fuel-efficient models like Boeing's 787 and the Airbus A350. The pandemic has battered the air transport sector, with BA's owner IAG reporting a net loss of 1.68 billion euros ($1.8 billion) in the three months to the end of March. The airline has announced plans to lay off 12,000 staff and last month was reported to be selling off artworks by Damien Hirst, Bridget Riley and Peter Doig thought to be worth millions of pounds to raise funds. Boeing itself has announced 16,000 layoffs. (with inputs from agencies)

British Airways to retire 747 fleet after coronavirus pandemic travel slump

India's housing and real estate sector is one of the most affected sectors in the COVID-19 lockdown. January-June sales were at a decade low. Watch report.

India housing sales plunge: COVID-19 lockdown affected demand badly

China's economy returned to growth in the second quarter, rebounding more strongly than expected from a historic contraction caused by the coronavirus outbreak, official data showed Thursday.

Gross domestic product expanded a surprise 3.2 percent in April-June, the National Bureau of Statistics said, as workers, factories and firms cautiously returned to normality after harsh lockdowns brought the virus under&nbsp;control.

However, retail sales -- a key indication of consumer sentiment in the world's second-largest economy -- fell short of expectations, shrinking 1.8 percent on-year last month.

The coronavirus, which first emerged in the city of Wuhan late last year, has since shut businesses and destroyed hundreds and millions of jobs globally, and likely tipping the world economy into recession.

China's official figure was markedly better than the 1.3 percent on-year growth tipped by an AFP poll of analysts, although still among the lowest rates on record.

The economy contracted 1.6 percent on-year in the first six months, the NBS said, while the urban unemployment rate dipped to 5.7 percent in June, from 5.9 percent a month earlier.

The employment figure remains closely watched, with nearly nine million graduates expected to enter an uncertain labour market this year and analysts pointing out that actual unemployment is likely higher.

Tommy Wu, economist at Oxford Economics, noted in a report last month that the "survey-based unemployment rate substantially understates labour market stress as the measure excludes large numbers of unemployed (would-be) migrants".

Industrial production continued to climb in June, growing in line with expectations at 4.8 percent, up from 4.4 percent in May.

Some expect China to be the only major economy to see growth in 2020, as it was the first to be hit by the virus and likely first to bounce back.

China's economy returned to growth in the second quarter, rebounding more strongly than expected from a historic contraction caused by the coronavirus outbreak, official data showed Thursday.

China's economy returned to growth in the second quarter, rebounding more strongly than expected from a historic contraction caused by the coronavirus outbreak, official data showed Thursday. Gross domestic product expanded a surprise 3.2 percent in April-June, the National Bureau of Statistics said, as workers, factories and firms cautiously returned to normality after harsh lockdowns brought the virus under control. However, retail sales -- a key indication of consumer sentiment in the world's second-largest economy -- fell short of expectations, shrinking 1.8 percent on-year last month. The coronavirus, which first emerged in the city of Wuhan late last year, has since shut businesses and destroyed hundreds and millions of jobs globally, and likely tipping the world economy into recession. China's official figure was markedly better than the 1.3 percent on-year growth tipped by an AFP poll of analysts, although still among the lowest rates on record. The economy contracted 1.6 percent on-year in the first six months, the NBS said, while the urban unemployment rate dipped to 5.7 percent in June, from 5.9 percent a month earlier. The employment figure remains closely watched, with nearly nine million graduates expected to enter an uncertain labour market this year and analysts pointing out that actual unemployment is likely higher. Tommy Wu, economist at Oxford Economics, noted in a report last month that the "survey-based unemployment rate substantially understates labour market stress as the measure excludes large numbers of unemployed (would-be) migrants". Industrial production continued to climb in June, growing in line with expectations at 4.8 percent, up from 4.4 percent in May. Some expect China to be the only major economy to see growth in 2020, as it was the first to be hit by the virus and likely first to bounce back.

China's economy bounces back from pandemic contraction

Indian stock market indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. 
 
Sensex jumped 420 points or 1.16 per cent to close at 36,472, while the broader Nifty 50 index advanced 122 points or 1.15 per cent to end at 10,740. 
 
The rupee settled 3 paise lower at 75.18 (provisional) against the US dollar on Thursday tracking strengthening American currency amid worries over mounting COVID-19 cases. 
 
Forex traders said rupee traded in a narrow range as strong dollar, foreign fund outflows and rising COVID-19 cases dragged the local unit down, while positive domestic equities supported the rupee and restricted the losses. 
 
At the interbank forex market, the rupee opened at 75.23, and finally settled for the day at 75.18 against the US dollar, registering a loss of 3 paise over its previous close.

(With inputs from agencies)

Indian stock market indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. Sensex jumped 420 points or 1.

Indian stock market indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. Sensex jumped 420 points or 1.16 per cent to close at 36,472, while the broader Nifty 50 index advanced 122 points or 1.15 per cent to end at 10,740. The rupee settled 3 paise lower at 75.18 (provisional) against the US dollar on Thursday tracking strengthening American currency amid worries over mounting COVID-19 cases. Forex traders said rupee traded in a narrow range as strong dollar, foreign fund outflows and rising COVID-19 cases dragged the local unit down, while positive domestic equities supported the rupee and restricted the losses. At the interbank forex market, the rupee opened at 75.23, and finally settled for the day at 75.18 against the US dollar, registering a loss of 3 paise over its previous close. (With inputs from agencies)

Sensex gains

Sensex gains 420 points as Infosys jumps 9%, Nifty ends at 10,740

Coronavirus in India has hit exports of costlier items including electronics and gold. The country has posted a trade surplus of 790 MN dollars in June it's first in over 18 years.

Imports down, Exports up: PM Modi pushing for import substitutes

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday.

Activity "has started to gradually strengthen... But we are not out of the woods yet," Georgieva said in a message to G20 finance ministers ahead of their weekend meeting in Saudi Arabia.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/economic-impact-of-covid-19-in-india-has-been-substantial-imf-312308" hreflang="en">Economic impact of COVID-19 in India has been substantial: IMF</a>

The Washington-based crisis lender late last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated, and only a "tepid recovery is expected for next year."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/gold-steadies-near-more-than-8-year-peak-as-virus-cases-surge-311606" hreflang="en">Gold steadies near more than 8-year peak as virus cases surge</a>

The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva urged in a blog post.

She highlighted measures including paid sick leave for low-income families and access to health care and unemployment insurance.

But the recovery faces risks, she said, including the possibility of "a second major global wave of the disease could lead to further disruptions."&nbsp;

While she acknowledged that the "substantial and rising debt levels are a serious concern," Georgieva said, "At this stage in the crisis, however, the costs of premature withdrawal are greater than continued support where it is needed."

Many countries have moved to reopen, so, "Clearly, we have entered a new phase of the crisis," she said in a blog post, adding it will require "further policy agility and action to secure a durable and shared recovery."

Many jobs that have been lost amid the pandemic may never come back, so workers will need support and training to move into new sectors.

"The bottom line is that the pandemic is likely to increase poverty and inequality," she said but noted that policymakers have "a once-in-a-century shot" at building a better, greener and more equitable world.

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday.

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday. Activity "has started to gradually strengthen... But we are not out of the woods yet," Georgieva said in a message to G20 finance ministers ahead of their weekend meeting in Saudi Arabia. Also read: Economic impact of COVID-19 in India has been substantial: IMF The Washington-based crisis lender late last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated, and only a "tepid recovery is expected for next year." Also read: Gold steadies near more than 8-year peak as virus cases surge The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva urged in a blog post. She highlighted measures including paid sick leave for low-income families and access to health care and unemployment insurance. But the recovery faces risks, she said, including the possibility of "a second major global wave of the disease could lead to further disruptions." While she acknowledged that the "substantial and rising debt levels are a serious concern," Georgieva said, "At this stage in the crisis, however, the costs of premature withdrawal are greater than continued support where it is needed." Many countries have moved to reopen, so, "Clearly, we have entered a new phase of the crisis," she said in a blog post, adding it will require "further policy agility and action to secure a durable and shared recovery." Many jobs that have been lost amid the pandemic may never come back, so workers will need support and training to move into new sectors. "The bottom line is that the pandemic is likely to increase poverty and inequality," she said but noted that policymakers have "a once-in-a-century shot" at building a better, greener and more equitable world.

IMF chief warns global economy 'not out of woods yet'

Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets.

After touching a high of 36,465.34, the 30-share BSE Sensex was trading 423.11 points, or 1.17 per cent, higher at 36,456.17. 
Similarly, the NSE Nifty surged 120.15 points, or 1.13 per cent, to 10,727.50.

Shares of Infosys rallied around 3 per cent ahead of its quarterly earnings. Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers.

On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards.

Also read:&nbsp;<a href="https://www.wionews.com/world/moderna-covid-19-vaccine-enters-final-stage-trial-this-month-313336" hreflang="en">Moderna COVID-19 vaccine enters final stage trial this month</a>

In the previous session, the BSE barometer ended 660.63 points or 1.80 per cent lower at 36,033.06; while the NSE Nifty closed 195.35 points or 1.81 per cent down at 10,607.35.

Foreign institutional investors were net sellers in the capital market on Tuesday, offloading equities worth Rs 1,565.62 crore, provisional exchange data showed.

According to traders, domestic benchmarks followed US equities which rallied on hopes of a COVID-19 vaccine.

Bourses in Tokyo and Seoul were trading with gains, while Shanghai and Hong Kong were in the red.

Stock exchanges on Wall Street ended on a positive note after US researchers reported that the first vaccine tested in the country revved up people's immune systems just the way scientists had hoped.

The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27 - a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

The number of cases around the world linked to the disease has crossed 1.32 crore. In India, the number of infections spiked to 9.36 lakh, according to the health ministry.

Meanwhile, international oil benchmark Brent crude futures rose 0.44 per cent to USD 43.09 per barrel.

Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets.

Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets. After touching a high of 36,465.34, the 30-share BSE Sensex was trading 423.11 points, or 1.17 per cent, higher at 36,456.17. Similarly, the NSE Nifty surged 120.15 points, or 1.13 per cent, to 10,727.50. Shares of Infosys rallied around 3 per cent ahead of its quarterly earnings. Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers. On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards. Also read: Moderna COVID-19 vaccine enters final stage trial this month In the previous session, the BSE barometer ended 660.63 points or 1.80 per cent lower at 36,033.06; while the NSE Nifty closed 195.35 points or 1.81 per cent down at 10,607.35. Foreign institutional investors were net sellers in the capital market on Tuesday, offloading equities worth Rs 1,565.62 crore, provisional exchange data showed. According to traders, domestic benchmarks followed US equities which rallied on hopes of a COVID-19 vaccine. Bourses in Tokyo and Seoul were trading with gains, while Shanghai and Hong Kong were in the red. Stock exchanges on Wall Street ended on a positive note after US researchers reported that the first vaccine tested in the country revved up people's immune systems just the way scientists had hoped. The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27 - a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus. The number of cases around the world linked to the disease has crossed 1.32 crore. In India, the number of infections spiked to 9.36 lakh, according to the health ministry. Meanwhile, international oil benchmark Brent crude futures rose 0.44 per cent to USD 43.09 per barrel.

Sensex rallies over 400 points in early trade; Nifty tops 10,700

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said.

Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand.

Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed.

India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data.

Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news."

"However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters.

Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union.

Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy. Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said. Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand. Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed. India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data. Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news." "However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters. Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union. Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posts trade surplus first time in 18 years as coronavirus hits imports

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity.

They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India.

During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said.

The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin.

"Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added.

Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.&nbsp;

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors. Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India. During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said. The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin. "Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added. Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.

India, US CEOs suggest reforms to further boost bilateral investment opportunities

India’s auto sector will take 3-4 years to recover from this current situation. Cars and Suv's sales slumped in june due to the poor demand in market. Two wheeler sales goes down by 39 percent due to Coronavirus pandemic

Cars, Suv's sales slumped in june due to poor demands in market