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The domestic stock markets extended their opening losses and were trading one per cent lower on Tuesday, dragged mainly by the HDFC twins, following weak global cues.

The 30-stock BSE Sensex was trading 300 points or 0.83 per cent down at 36,389, while the broader Nifty 50 index was ruling below 10,750, down 83 points or 0.77 per cent at 10,719. Among top Sensex losers were IndusInd Bank, Bajaj Finserv, Housing Development Finance Corporation (HDFC), Bajaj Finance, Axis Bank and Maruti Suzuki.

In the previous session, the BSE barometer ended 99.36 points, or 0.27%, higher at 36,693.69, and the Nifty closed 34.65 points, or 1.15%, up at 10,802.70.

Foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth ₹221.76 crores, provisional exchange data showed.

According to traders, besides stock-specific actions, negative cues from global markets amid escalating U.S.-China tension and rising COVID-19 cases dampened investor sentiment here.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses.

Stock exchanges on Wall Street also ended on a negative note.

Meanwhile, international oil benchmark Brent crude futures fell 2.06 per cent to $41.84 per barrel.

(With inputs from PTI)

The domestic stock markets extended their opening losses and were trading one per cent lower on Tuesday, dragged mainly by the HDFC twins, following weak global cues.

The domestic stock markets extended their opening losses and were trading one per cent lower on Tuesday, dragged mainly by the HDFC twins, following weak global cues. The 30-stock BSE Sensex was trading 300 points or 0.83 per cent down at 36,389, while the broader Nifty 50 index was ruling below 10,750, down 83 points or 0.77 per cent at 10,719. Among top Sensex losers were IndusInd Bank, Bajaj Finserv, Housing Development Finance Corporation (HDFC), Bajaj Finance, Axis Bank and Maruti Suzuki. In the previous session, the BSE barometer ended 99.36 points, or 0.27%, higher at 36,693.69, and the Nifty closed 34.65 points, or 1.15%, up at 10,802.70. Foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth ₹221.76 crores, provisional exchange data showed. According to traders, besides stock-specific actions, negative cues from global markets amid escalating U.S.-China tension and rising COVID-19 cases dampened investor sentiment here. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses. Stock exchanges on Wall Street also ended on a negative note. Meanwhile, international oil benchmark Brent crude futures fell 2.06 per cent to $41.84 per barrel. (With inputs from PTI)

Sensex, Nifty extend losses amid a selloff in global markets

Ahead of the 15th India European Union summit on Wednesday, EU has pointed out at New Delhi's protectionist policies on trade while calling for Free trade agreement to be a far-reaching one.

An EU official said, "We have great potential to develop further and leaders will express to move towards balanced and comprehensive FTA".

European Union is India's trading partner and it is also the largest investor, this despite the Brexit. Highlighting "a lot of untapped trade potential", EU official pointed out to the less than 3% of EU's external trade being with India which is "far below what we expect in such a relationship."

On the question of "early harvest" on the trade front, EU officials said, "it is not something EU wants to see with its engagement with India..we want to have a far-reaching FTA that benefits not only India, EU but it should be win-win, that means we should focus not only on low hanging fruits but bring our relationship overall to a new level".

EU has proposed one "low hanging fruit" in the form of standalone investment protection agreement but says hasn't received a positive reaction from the Indian govt. Both sides working on high-level trade dialogue which will the first institutional mechanism to allow EU trade commissioner and Trade minister Piyush Goyal to engage in talks.

Brussels drawing attention to the increased protectionist policies by New Delhi said, "We have witnessed a trend in India which goes more towards protectionism" and recent announcements that "India wants to pursue a self-reliant economy didn't help". Amidst the COVID crisis, Indian PM has called for Atmanirbhar Bharat or a self-reliant India.&nbsp;

India EU FTA talks failed in 2013 though Technical talks have been going to bridge the gaps. Key issues why talks failed were on customs duty on wine, auto manufacturing and labour issues. While India did not want an FTA without investments being part of it, EU wanted FTA on goods. On European cars, Brussels said it wants to sell full manufactured cars to be sold in India to which New Delhi pointed out to its policy of local manufacturing.

High customs on wine in India was another thorny issue as well as EU raising the issue of labour and human rights issues. EU also wanted to be part of the government procurement, which India is not keen on.

Ahead of the 15th India European Union summit on Wednesday, EU has pointed out at New Delhi's protectionist policies on trade while calling for Free trade agreement to be a far-reaching one.

Ahead of the 15th India European Union summit on Wednesday, EU has pointed out at New Delhi's protectionist policies on trade while calling for Free trade agreement to be a far-reaching one. An EU official said, "We have great potential to develop further and leaders will express to move towards balanced and comprehensive FTA". European Union is India's trading partner and it is also the largest investor, this despite the Brexit. Highlighting "a lot of untapped trade potential", EU official pointed out to the less than 3% of EU's external trade being with India which is "far below what we expect in such a relationship." On the question of "early harvest" on the trade front, EU officials said, "it is not something EU wants to see with its engagement with India..we want to have a far-reaching FTA that benefits not only India, EU but it should be win-win, that means we should focus not only on low hanging fruits but bring our relationship overall to a new level". EU has proposed one "low hanging fruit" in the form of standalone investment protection agreement but says hasn't received a positive reaction from the Indian govt. Both sides working on high-level trade dialogue which will the first institutional mechanism to allow EU trade commissioner and Trade minister Piyush Goyal to engage in talks. Brussels drawing attention to the increased protectionist policies by New Delhi said, "We have witnessed a trend in India which goes more towards protectionism" and recent announcements that "India wants to pursue a self-reliant economy didn't help". Amidst the COVID crisis, Indian PM has called for Atmanirbhar Bharat or a self-reliant India. India EU FTA talks failed in 2013 though Technical talks have been going to bridge the gaps. Key issues why talks failed were on customs duty on wine, auto manufacturing and labour issues. While India did not want an FTA without investments being part of it, EU wanted FTA on goods. On European cars, Brussels said it wants to sell full manufactured cars to be sold in India to which New Delhi pointed out to its policy of local manufacturing. High customs on wine in India was another thorny issue as well as EU raising the issue of labour and human rights issues. EU also wanted to be part of the government procurement, which India is not keen on.

Brussels bats for India-EU FTA, but highlights New Delhi's protectionist policies

Indian shares ended lower on Tuesday on growing concerns about rising coronavirus cases and fresh lockdowns in some of the COVID-19 hotspots in the country.

The broader NSE Nifty 50 index closed down 1.81% at 10,607.35 and the benchmark S&amp;P BSE Sensex ended 1.8% lower at 36,033.06, dragged by losses in banking and auto stocks.

Coronavirus cases in the world's second-most populous country rose to 906,752 as of Tuesday morning, according to the health ministry data.

The industrial hub of Pune, near India's financial capital Mumbai, and the southern city of Bengaluru announced fresh lockdowns starting this week following a surge in cases.

Banking and financial stocks fell for a third session as worries mount over bad debt and a loan repayment moratorium that threatens to hurt revenue. The Nifty banking closed down 3.16%, while the financials index ended 2.45% lower.

Rating agency Moody's on Monday also warned of pandemic-related headwinds to the Indian banking sector.

The Nifty auto index closed down 2.38% at its lowest level since January 2019, after an industry body report said auto sales for June nearly halved from a year ago.

India's auto sales volume will take another 3-4 years to reach 2018 levels, an executive from the Society of Indian Automobile Manufacturers said.

Asian shares also slipped on flaring U.S.-China tensions and persisting virus fears.

Private-sector lenders Indusind Bank and Axis Bank were the top percentage laggards on the domestic blue-chip Nifty index, shedding 5.5% and 5%, respectively.

Truck and motorcycle maker Eicher Motors dropped 4% and India's largest carmaker by market share Maruti Suzuki declined 3.6%.

The NSE pharma index advanced 0.4% and was the session's only gainer among sectors. Generic drugmaker Dr. Reddy's Laboratories rose 2.14% was among the few advancing stocks.

Indian shares ended lower on Tuesday on growing concerns about rising coronavirus cases and fresh lockdowns in some of the COVID-19 hotspots in the country. The broader NSE Nifty 50 index closed down 1.

Indian shares ended lower on Tuesday on growing concerns about rising coronavirus cases and fresh lockdowns in some of the COVID-19 hotspots in the country. The broader NSE Nifty 50 index closed down 1.81% at 10,607.35 and the benchmark S&P BSE Sensex ended 1.8% lower at 36,033.06, dragged by losses in banking and auto stocks. Coronavirus cases in the world's second-most populous country rose to 906,752 as of Tuesday morning, according to the health ministry data. The industrial hub of Pune, near India's financial capital Mumbai, and the southern city of Bengaluru announced fresh lockdowns starting this week following a surge in cases. Banking and financial stocks fell for a third session as worries mount over bad debt and a loan repayment moratorium that threatens to hurt revenue. The Nifty banking closed down 3.16%, while the financials index ended 2.45% lower. Rating agency Moody's on Monday also warned of pandemic-related headwinds to the Indian banking sector. The Nifty auto index closed down 2.38% at its lowest level since January 2019, after an industry body report said auto sales for June nearly halved from a year ago. India's auto sales volume will take another 3-4 years to reach 2018 levels, an executive from the Society of Indian Automobile Manufacturers said. Asian shares also slipped on flaring U.S.-China tensions and persisting virus fears. Private-sector lenders Indusind Bank and Axis Bank were the top percentage laggards on the domestic blue-chip Nifty index, shedding 5.5% and 5%, respectively. Truck and motorcycle maker Eicher Motors dropped 4% and India's largest carmaker by market share Maruti Suzuki declined 3.6%. The NSE pharma index advanced 0.4% and was the session's only gainer among sectors. Generic drugmaker Dr. Reddy's Laboratories rose 2.14% was among the few advancing stocks.

Sensex, Nifty slip as virus worries grow; lenders, auto stocks drag

India’s domestic car and SUV sales fell by 50% in June compared to the same period last year, owing to the economic slump caused by the coronavirus crisis.

According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 58% to 55,497 in June from a year ago, while sales of two-wheelers - widely seen as an indicator of the health of the rural economy - fell 39%.

The numbers provide a glimpse into economic activity in Asia’s third-largest economy, which has struggled to compile official figures on key indicators as strict stay-at-home measures to contain the virus affected data collection.&nbsp;

Prime Minister Narendra Modi, fighting the nation’s worst economic downturn in decades, opened up most activities last month in an effort to revive sentiment and growth. 
 
(With inputs from agencies)

India’s domestic car and SUV sales fell by 50% in June compared to the same period last year, owing to the economic slump caused by the coronavirus crisis. According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 58% to 55,497 in June from a year ago, while sales of two-wheelers - widely seen as an indicator of the health of the rural economy - fell 39%.

India’s domestic car and SUV sales fell by 50% in June compared to the same period last year, owing to the economic slump caused by the coronavirus crisis. According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 58% to 55,497 in June from a year ago, while sales of two-wheelers - widely seen as an indicator of the health of the rural economy - fell 39%. The numbers provide a glimpse into economic activity in Asia’s third-largest economy, which has struggled to compile official figures on key indicators as strict stay-at-home measures to contain the virus affected data collection. Prime Minister Narendra Modi, fighting the nation’s worst economic downturn in decades, opened up most activities last month in an effort to revive sentiment and growth. (With inputs from agencies)

India’s passenger vehicle sales slump in June, hit by economic gloom due to lockdowns

The domestic stock markets extended their early losses and were trading at day's lowest point, down 2 per cent, on Tuesday, with financials, auto, and metal stocks dragging the indices.

At 14:31 PM, the Sensex was down 646.51 points or 1.76% at 36047.18, and the Nifty was down 190.50 points or 1.76% at 10612.20.&nbsp;

Bank, auto, financials, media and metal stocks, which surged in the recent rally, were under heavy pressure.

Meanwhile, India's auto sales volume will take another 3-4 years to reach 2018 levels, an industry body executive said on Tuesday, as the coronavirus-induced lockdown hurt monthly revenue and increased pressure on a sector already reeling from poor demand.

India's passenger vehicle sales rose 3% to 3.37 million units in fiscal 2018-19 but fell by 18% a year later due to weak demand and the onset of the pandemic.

(With inputs from agencies)

The domestic stock markets extended their early losses and were trading at day's lowest point, down 2 per cent, on Tuesday, with financials, auto, and metal stocks dragging the indices.

The domestic stock markets extended their early losses and were trading at day's lowest point, down 2 per cent, on Tuesday, with financials, auto, and metal stocks dragging the indices. At 14:31 PM, the Sensex was down 646.51 points or 1.76% at 36047.18, and the Nifty was down 190.50 points or 1.76% at 10612.20. Bank, auto, financials, media and metal stocks, which surged in the recent rally, were under heavy pressure. Meanwhile, India's auto sales volume will take another 3-4 years to reach 2018 levels, an industry body executive said on Tuesday, as the coronavirus-induced lockdown hurt monthly revenue and increased pressure on a sector already reeling from poor demand. India's passenger vehicle sales rose 3% to 3.37 million units in fiscal 2018-19 but fell by 18% a year later due to weak demand and the onset of the pandemic. (With inputs from agencies)

Stock market indices trade lower; Sensex tumbles 650 points

In India, the gold business has been hit by coronavirus pandemic but investment in export gold has seen a massive increase. On the other hand, domestic sales of jewellery exports are not doing great. Watch report. About Channel: WION -The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One. Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults. Subscribe to our channel at https://goo.gl/JfY3NI Check out our website: http://www.wionews.com Connect with us on our social media handles: Facebook: https://www.facebook.com/WIONews Twitter: https://twitter.com/WIONews Follow us on Google News for latest updates Zee News:- https://bit.ly/2Ac5G60 Zee Bussiness:- https://bit.ly/36vI2xa DNA India:- https://bit.ly/2ZDuLRY WION: https://bit.ly/3gnDb5J Zee News Apps : https://bit.ly/ZeeNewsApps

India's jewellery exports plunge: Lockdown affects sales and production

In China, Ali Baba co-founder Jack Ma now holds a meager 4.8 percent stake in the company, compared with 6.4 percent a year before. Watch report.

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The Gulf countries are also hit by the coronavirus pandemic and the global growth is likely to slow down further. Watch report.

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An unopened copy of a vintage Super Mario video game has been sold for a whopping $114,000 at in an auction in the United States underscoring the enduring popularity of the entertainment game created decades ago.

An anonymous bidder snapped up an early version of the pioneering Super Mario game released in 1985 for Nintendo's console during an auction conducted last week by Dallas-based Heritage Auctions.&nbsp;

The new price has broken heritage auctions' previous record amount for a video game which was a $100,150 bid made early last year for an unopened copy of the same game. The Super Mario copy that sold for a new record was part of a collection of video games from the 1980s and 1990s that sold to various buyers for nearly $700,000.

The price is the highest ever paid to for a video game, Heritage said adding that it was found in "excellent condition" with the "highest-graded copy of the game".

Heritage had said that copy of Mike Tyson's Punch-Out! was sold for $50,400 but the latest auction by an anonymous bidder of 1980s iconic game speaks of the game's enduring value for collectors who are able to shell out huge sums of cash to get hold of the vintage wine. 
&nbsp;

An unopened copy of a vintage Super Mario video game has been sold for a whopping $114,000 at in an auction in the United States underscoring the enduring popularity of the entertainment game created decades ago.

An unopened copy of a vintage Super Mario video game has been sold for a whopping $114,000 at in an auction in the United States underscoring the enduring popularity of the entertainment game created decades ago. An anonymous bidder snapped up an early version of the pioneering Super Mario game released in 1985 for Nintendo's console during an auction conducted last week by Dallas-based Heritage Auctions. The new price has broken heritage auctions' previous record amount for a video game which was a $100,150 bid made early last year for an unopened copy of the same game. The Super Mario copy that sold for a new record was part of a collection of video games from the 1980s and 1990s that sold to various buyers for nearly $700,000. The price is the highest ever paid to for a video game, Heritage said adding that it was found in "excellent condition" with the "highest-graded copy of the game". Heritage had said that copy of Mike Tyson's Punch-Out! was sold for $50,400 but the latest auction by an anonymous bidder of 1980s iconic game speaks of the game's enduring value for collectors who are able to shell out huge sums of cash to get hold of the vintage wine.

Super Mario video game breaks record for most expensive game ever sold

India's annual retail inflation rose to 6.09% in June compared with 5.84% in March, the government data showed on Monday. Food inflation in June increased by 7.87 per cent, according to the Consumer Price Index (CPI) data.

India's annual retail inflation rose to 6.09% in June compared with 5.84% in March, the government data showed on Monday. Food inflation in June increased by 7.87 per cent, according to the Consumer Price Index (CPI) data. The inflation figures are based on data collected from limited markets in view of the restrictions imposed on account of coronavirus pandemic, the Ministry of Statistics & Programme Implementation said in a release. The data collected, however, did not meet the adequacy criteria for generating robust estimates of CPIs at the state-level, it added. The retail inflation based on Consumer Prince Index was 3.18 per cent in June 2019. The government had suspended the release of inflation headline numbers for April and May due to inadequate data collection during the two-months long lockdown. (With inputs from agencies)

India's June retail inflation at 6.09 per cent

Johnnie Walker scotch whisky will be available in plastic-free bottles from early 2021, Reuters reported stated quoting Diageo on Monday. The development comes as the world's biggest spirits maker ramps up efforts to tackle plastic waste.

Johnnie Walker scotch whisky will be available in plastic-free bottles from early 2021, Reuters reported stated quoting Diageo on Monday. The development comes as the world's biggest spirits maker ramps up efforts to tackle plastic waste. The new bottle, developed in partnership with venture management company Pilot Lite, will be made from wood pulp that meets food grade standards and is fully recyclable, the Guinness and Tanqueray Gin maker said. Diageo and Pilot Lite have launched a sustainable packaging company called Pulpex Ltd to develop the paper bottle and collaborate on research and development, the report added. Pulpex will also create branded paper-bottles in non-competing categories for companies including Lipton team maker Unilever Plc and soda maker PepsiCo, which are also expected to launch next year. Consumer product companies have come under increased scrutiny for the amount of plastic they use in packaging food and other household items. In Europe, for example, 8.2 million tonnes of plastic were used to package food and drink in 2018, according to ING analysts. Diageo uses less than 5% of plastic in its total packaging, but along with Unilever and PepsiCo, has set targets to reduce and recycle plastic in their packaging as part of the United Nations Sustainable Development Goals program by 2025. (With inputs from Reuters)

Liquor maker Diageo to launch Johnnie Walker whisky in paper bottles in 2021

Describing themselves as "Millionaires for Humanity", a group of 80 millionaires urged governments around the world to tax the super-wealthy a lot more so that recovery from the coronavirus can be found.&nbsp;

The group, which included people like filmmaker Abigail Disney, screenwriter Richard Curtis, and &nbsp;Ben and Jerry's ice cream co-founder Jerry Greenfield, wrote an open letter, saying they should be taxed higher, "immediately, substantially, permanently".&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/no-coronavirus-tax-on-the-super-rich-in-india-294928">No coronavirus tax on the super rich in India</a>

The letter said as the world is fighting coronavirus crisis "millionaires like us have a critical role to play in healing our world".&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/europe-threatens-digital-taxes-without-global-deal-after-us-quits-talks-306832">Europe threatens digital taxes without global deal, after US quits talks</a>

It further said they are not treating the sick suffering from the deadly virus and not restocking groceries in the supermarkets.

"But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis," the letter adds.&nbsp;

US entrepreneur Sidney Topol and New Zealand retailer Stephen Tindall were also among the signatories.&nbsp;

The letter was published before the upcoming meeting of G20 finance ministers.

It comes at a time when many experts have already spoken on the idea of taxing the wealthy to deal with the crisis.&nbsp;

In Britain, the Institute of Fiscal Studies think-tank has said higher taxes are required for several people, not just the super-rich.&nbsp;

Earlier, Spanish and Russian governments have also indicated that such taxes would be imposed.&nbsp;

Various groups including Oxfam, Tax Justice UK, and the Patriotic Millionaires came together to pen this letter.&nbsp;

Describing themselves as "Millionaires for Humanity", a group of 80 millionaires urged governments around the world to tax the super-wealthy a lot more so that recovery from the coronavirus can be found.

Describing themselves as "Millionaires for Humanity", a group of 80 millionaires urged governments around the world to tax the super-wealthy a lot more so that recovery from the coronavirus can be found. The group, which included people like filmmaker Abigail Disney, screenwriter Richard Curtis, and Ben and Jerry's ice cream co-founder Jerry Greenfield, wrote an open letter, saying they should be taxed higher, "immediately, substantially, permanently". Also read | No coronavirus tax on the super rich in India The letter said as the world is fighting coronavirus crisis "millionaires like us have a critical role to play in healing our world". Also read | Europe threatens digital taxes without global deal, after US quits talks It further said they are not treating the sick suffering from the deadly virus and not restocking groceries in the supermarkets. "But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis," the letter adds. US entrepreneur Sidney Topol and New Zealand retailer Stephen Tindall were also among the signatories. The letter was published before the upcoming meeting of G20 finance ministers. It comes at a time when many experts have already spoken on the idea of taxing the wealthy to deal with the crisis. In Britain, the Institute of Fiscal Studies think-tank has said higher taxes are required for several people, not just the super-rich. Earlier, Spanish and Russian governments have also indicated that such taxes would be imposed. Various groups including Oxfam, Tax Justice UK, and the Patriotic Millionaires came together to pen this letter.

Tax us 'substantially': Millionaires pen letter demanding super-rich to be taxed more

India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Reuters reported quoting the trade minister on Saturday.

India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Reuters reported quoting the trade minister on Saturday. Piyush Goyal said that Asia's third-largest economy is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free trade agreement between the countries. He said that he is also in dialogue with the European Union's trade commissioner for a deal that could start with a preferential trade agreement. The ultimate goal here too would be to have a free trade agreement, he noted. India currently has no trade deal with the EU. Trade talks between the two regions stalled in 2013.

India in talks with EU for trade deal, open to pact with UK: Piyush Goyal

Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday said the country's economy has started showing signs of normalcy with easing of more than two months of coronavirus-induced lockdown restrictions. The medium-term outlook for the Indian economy, however, remains uncertain with supply chains and demand yet to be fully restored while the trajectory of the coronavirus spread and the length of its impact remain unknown, he added.

The RBI chief also said the coronavirus pandemic has so far been the "biggest test of robustness and resilience of India's economic and financial system".

"Coronavirus pandemic perhaps represents so far the biggest test of robustness and resilience of our economic and financial system," Shaktikanta Das said, in his keynote address at the 7th SBI Banking and Economics Conclave.

According to most estimates, the Indian economy will register a record contraction of over 4.5% in the current fiscal year that started on April 1 due to the pandemic.

Starting late March, the country was placed under one of the strictest lockdowns in the world for over two months. Since early June, the government has started easing restrictions to help some revival in the economy even though the number of infections in the country continues to rise.

"The Indian economy has started showing signs of getting back to normalcy in response to the staggered easing of restrictions. It is, however, still uncertain when supply chains will be restored fully -- how long it will take for demand conditions to normalise and what kind of durable effects the pandemic will leave behind on our potential growth," he said.

Das said that the 2008 global crisis and the current crisis show that such economic shocks have "fatter tails" than generally believed, and that the country's financial system should have larger capital buffers.

A recapitalisation plan for Indian banks is necessary as the economic impact of the pandemic may result in higher bad loans and erosion of capital for banks, the RBI governor added.

The central bank has cut policy rates by 115 basis points in response to the pandemic, resulting in a total policy rate reduction of 250 basis points since February 2019, along with providing liquidity of Rs 9.57 trillion ($127.28 billion).

It has also eased some bad loan provisioning norms and allowed loan moratoriums for retail customers.

Das said that the central bank has to carefully unwind the unusual monetary and regulatory measures taken to cushion the economic shocks in the post pandemic world, as the financial sector should return to normal functioning without relying on the regulatory relaxations as the new norm.

The RBI chief also said inflation would continue to moderate going forward and investment activity will revive.

India recorded 27,114 coronavirus cases in the last 24 hours, taking the total to 8,20,915 including 22,123 dead.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday said the country's economy has started showing signs of normalcy with easing of more than two months of coronavirus-induced lockdown restrictions.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday said the country's economy has started showing signs of normalcy with easing of more than two months of coronavirus-induced lockdown restrictions. The medium-term outlook for the Indian economy, however, remains uncertain with supply chains and demand yet to be fully restored while the trajectory of the coronavirus spread and the length of its impact remain unknown, he added. The RBI chief also said the coronavirus pandemic has so far been the "biggest test of robustness and resilience of India's economic and financial system". "Coronavirus pandemic perhaps represents so far the biggest test of robustness and resilience of our economic and financial system," Shaktikanta Das said, in his keynote address at the 7th SBI Banking and Economics Conclave. According to most estimates, the Indian economy will register a record contraction of over 4.5% in the current fiscal year that started on April 1 due to the pandemic. Starting late March, the country was placed under one of the strictest lockdowns in the world for over two months. Since early June, the government has started easing restrictions to help some revival in the economy even though the number of infections in the country continues to rise. "The Indian economy has started showing signs of getting back to normalcy in response to the staggered easing of restrictions. It is, however, still uncertain when supply chains will be restored fully -- how long it will take for demand conditions to normalise and what kind of durable effects the pandemic will leave behind on our potential growth," he said. Das said that the 2008 global crisis and the current crisis show that such economic shocks have "fatter tails" than generally believed, and that the country's financial system should have larger capital buffers. A recapitalisation plan for Indian banks is necessary as the economic impact of the pandemic may result in higher bad loans and erosion of capital for banks, the RBI governor added. The central bank has cut policy rates by 115 basis points in response to the pandemic, resulting in a total policy rate reduction of 250 basis points since February 2019, along with providing liquidity of Rs 9.57 trillion ($127.28 billion). It has also eased some bad loan provisioning norms and allowed loan moratoriums for retail customers. Das said that the central bank has to carefully unwind the unusual monetary and regulatory measures taken to cushion the economic shocks in the post pandemic world, as the financial sector should return to normal functioning without relying on the regulatory relaxations as the new norm. The RBI chief also said inflation would continue to moderate going forward and investment activity will revive. India recorded 27,114 coronavirus cases in the last 24 hours, taking the total to 8,20,915 including 22,123 dead.

Signs of normalcy in India's economy but medium-term outlook uncertain: RBI chief

Emirates airline has cut a tenth of its workforce during the novel coronavirus pandemic in layoffs that could rise to 15 percent, or 9,000 jobs, its president said, according to a report on Saturday.

The Middle East's largest carrier, which operates a fleet of 270 wide-bodied aircraft, halted operations in late March as part of global shutdowns to stem the spread of the virus.&nbsp;

It resumed two weeks later on a limited network and plans to fly to 58 cities by mid-August, down from about 157 before the crisis.

However, its president Tim Clark has said previously that it could take up to four years for operations to return to "some degree of normality", and the airline has been staging rounds of layoffs, as recently as last week, without disclosing numbers.

Before the crisis hit, Emirates employed some 60,000 staff, including 4,300 pilots and nearly 22,000 cabin crew, according to its annual report.

Clark said in an interview with the BBC that the airline had already cut a tenth of its staff and that Emirates "will probably have to let go of a few more, probably up to 15 percent".

A company spokeswoman told AFP the airline had nothing to add to the report.

The International Air Transport Association (IATA) has said that airlines are in line to make a combined net loss of more than $84 billion this year in the wake of the pandemic crisis, the biggest in the industry's history.

Clark said in the interview that Emirates was "not as badly off as others" but that the crisis hit just as it was "heading for one of our best years ever".

The Dubai-based airline had reported a bumper 21 percent rise in annual profits in March.

Emirates airline has cut a tenth of its workforce during the novel coronavirus pandemic in layoffs that could rise to 15 percent, or 9,000 jobs, its president said, according to a report on Saturday.

Emirates airline has cut a tenth of its workforce during the novel coronavirus pandemic in layoffs that could rise to 15 percent, or 9,000 jobs, its president said, according to a report on Saturday. The Middle East's largest carrier, which operates a fleet of 270 wide-bodied aircraft, halted operations in late March as part of global shutdowns to stem the spread of the virus. It resumed two weeks later on a limited network and plans to fly to 58 cities by mid-August, down from about 157 before the crisis. However, its president Tim Clark has said previously that it could take up to four years for operations to return to "some degree of normality", and the airline has been staging rounds of layoffs, as recently as last week, without disclosing numbers. Before the crisis hit, Emirates employed some 60,000 staff, including 4,300 pilots and nearly 22,000 cabin crew, according to its annual report. Clark said in an interview with the BBC that the airline had already cut a tenth of its staff and that Emirates "will probably have to let go of a few more, probably up to 15 percent". A company spokeswoman told AFP the airline had nothing to add to the report. The International Air Transport Association (IATA) has said that airlines are in line to make a combined net loss of more than $84 billion this year in the wake of the pandemic crisis, the biggest in the industry's history. Clark said in the interview that Emirates was "not as badly off as others" but that the crisis hit just as it was "heading for one of our best years ever". The Dubai-based airline had reported a bumper 21 percent rise in annual profits in March.

Emirates airline to cut up to 9,000 jobs, say reports

Elon Musk's net worth soared past Warren Buffett on Friday as he became the seventh richest person in the world, according to the Bloomberg Billionaires Index.

The fortune of the chief executive officer of Tesla Inc rose by $6.07 billion on Friday, following a 10.8% jump in the electric carmaker's stock.

Buffett's net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added.

Tesla's shares have surged 500% over the past year as the company increased sales of its Model 3 sedan.

The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.

The stock is up about 38% since the close on July 1, a day before the company reported its quarterly delivery numbers.

Elon Musk's net worth soared past Warren Buffett on Friday as he became the seventh richest person in the world, according to the Bloomberg Billionaires Index. The fortune of the chief executive officer of Tesla Inc rose by $6.

Elon Musk's net worth soared past Warren Buffett on Friday as he became the seventh richest person in the world, according to the Bloomberg Billionaires Index. The fortune of the chief executive officer of Tesla Inc rose by $6.07 billion on Friday, following a 10.8% jump in the electric carmaker's stock. Buffett's net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added. Tesla's shares have surged 500% over the past year as the company increased sales of its Model 3 sedan. The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months. The stock is up about 38% since the close on July 1, a day before the company reported its quarterly delivery numbers.

Elon Musk is now richer than Warren Buffett

Indian conglomerate&nbsp;Tata&nbsp;Sons&nbsp;is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report.

Tata&nbsp;Sons&nbsp;will likely tie up with other financial investors to acquire AirAsia's 49 per cent&nbsp;stake in the venture.

The Tatas own 51 per cent in the airline and have the right of first refusal in acquiring shares of its partner.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airasias-future-in-doubt-due-to-virus-share-price-tumbles-311765">AirAsia's future in doubt due to virus; share price tumbles</a>

Malaysian budget carrier AirAsia had said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern.

The losses from the pandemic have left no cash in the coffers and it is seeking a fund of over 500 million dollars.

AirAsia reported a loss of&nbsp; $187 billion&nbsp;in the first quarter, the biggest loss since listing on stock exchanges in 2004.

Also read:&nbsp;<a href="https://www.wionews.com/world/will-the-global-aviation-industry-survive-coronavirus-related-slowdown-286815">Will the global aviation industry survive coronavirus-related slowdown?</a>

There are plans to cut the workforce by 30 per cent and the remaining employees may have to take a pay cut of up to 75 per cent. AirAsia is unable to pay suppliers and lenders as well.

It has refused all deliveries of airbus jets this year.&nbsp;The pandemic has only hastened a development that was a long time coming...

The Tatas flew India's first airline in 1938. However, they lost it to nationalisation after independence. Now, 80 years later, the Tatas could have their own airline in India.

The Tata group has had a difficult partnership with Air Asia which&nbsp;began operations in 2013. But, a few years later, Air Asia's CEO&nbsp;Tony Fernandes was pulled up for money laundering in India.

The Central Bureau of Investigation began to probe the airline. Investigating agencies said the company used corrupt means to acquire a license for international operations.

Soon top Air Asia executives were replaced by trusted Tata group veterans. Acquiring the AirAsia stake can be beneficial in another way.

If the deal goes through, the Tatas will be&nbsp;bidding for Air India, India's national carrier. The government is looking to sell 100 per cent stake as part of the plan to limit its role in many state-run companies.

A non-compete clause restricted both Tatas and AirAsia&nbsp;from investing in a rival airline.

However, this hurdle has been removed as the Tata group is the sole contender to take over Air India. It is the same airline that was founded by JRD&nbsp;Tata in 1938. That year Tata airlines carried its first passengers from Bombay to Trivandrum in a six-seater aircraft.

The Tata group also owns 51 per cent in Vistara airlines which is a&nbsp;joint venture with the Singapore airlines.

So, the Tatas have three routes to take to the air independently. The crucial question is that of timing if it concerns acquiring other airlines&nbsp;it is the perfect time most airlines are in deep trouble due to the pandemic.

Although AirAsia is going off the runway but&nbsp;is it the right time to enter the aviation market with an airline of one's&nbsp;own company.

Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report.

Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report. Tata Sons will likely tie up with other financial investors to acquire AirAsia's 49 per cent stake in the venture. The Tatas own 51 per cent in the airline and have the right of first refusal in acquiring shares of its partner. Also read: AirAsia's future in doubt due to virus; share price tumbles Malaysian budget carrier AirAsia had said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern. The losses from the pandemic have left no cash in the coffers and it is seeking a fund of over 500 million dollars. AirAsia reported a loss of $187 billion in the first quarter, the biggest loss since listing on stock exchanges in 2004. Also read: Will the global aviation industry survive coronavirus-related slowdown? There are plans to cut the workforce by 30 per cent and the remaining employees may have to take a pay cut of up to 75 per cent. AirAsia is unable to pay suppliers and lenders as well. It has refused all deliveries of airbus jets this year. The pandemic has only hastened a development that was a long time coming... The Tatas flew India's first airline in 1938. However, they lost it to nationalisation after independence. Now, 80 years later, the Tatas could have their own airline in India. The Tata group has had a difficult partnership with Air Asia which began operations in 2013. But, a few years later, Air Asia's CEO Tony Fernandes was pulled up for money laundering in India. The Central Bureau of Investigation began to probe the airline. Investigating agencies said the company used corrupt means to acquire a license for international operations. Soon top Air Asia executives were replaced by trusted Tata group veterans. Acquiring the AirAsia stake can be beneficial in another way. If the deal goes through, the Tatas will be bidding for Air India, India's national carrier. The government is looking to sell 100 per cent stake as part of the plan to limit its role in many state-run companies. A non-compete clause restricted both Tatas and AirAsia from investing in a rival airline. However, this hurdle has been removed as the Tata group is the sole contender to take over Air India. It is the same airline that was founded by JRD Tata in 1938. That year Tata airlines carried its first passengers from Bombay to Trivandrum in a six-seater aircraft. The Tata group also owns 51 per cent in Vistara airlines which is a joint venture with the Singapore airlines. So, the Tatas have three routes to take to the air independently. The crucial question is that of timing if it concerns acquiring other airlines it is the perfect time most airlines are in deep trouble due to the pandemic. Although AirAsia is going off the runway but is it the right time to enter the aviation market with an airline of one's own company.

Tata Sons in talks to acquire AirAsia's India stake at steep discount

Hundreds of Nokia's employees have risen up in protest holding up t-shirts that read: COVID-19 spared me, but Nokia wants to kill me with CEO Rajeev Suri being a special target.

A placard with his photo said: "Suri, you're fired". Nokia plans to cull over 1,200 jobs at its French subsidiary Alcatel Lucent. Most of the layoffs will be carried out in the research and development division.

The unions are shocked that Nokia is doing it now at a time when the R&amp;D is needed the most to catch up with Huawei and Ericsson which are Nokia's two strongest competitors in the 5G race.

History is repeating itself yet again for Nokia. The lack of vision had pushed Nokia out of the cellphone business with the telecom network business coming off the rails. Nokia has faced problems with Alcatel-Lucent since acquiring it for $18 billion in 2016. On paper it was a good deal, in practice, however, it was complicated. Several overlapping operations and products had to be shed-off and costs had to be cut.

It distracted Nokia in the 5G race and it stopped innovating - now it's losing. Huawei leads with 91 5G deals, Ericsson sits in second place with 81 deals with Nokia a distant third with 67 deals.

On the financial front, Nokia has been leaking money since the Alcatel-Lucent acquisition, also, due to poor investments in products. Ericsson, on the other hand, has been turning more profitable. Huawei is dominating despite security concerns but Nokia is losing its way.

It is eerily similar to how its cellphone business collapsed. In 2007, the global mobile phone sales crossed the $1 billion mark for the first time. Nokia had sold one out of two mobile phones that year that means half a billion mobile phones!

The Nokia 1100 had become the world's largest selling mobile phone with over 1.2 billion units sold since its launch in 2003. Forbes asked the perfect question when it made Nokia its cover story for one of the issues: Nokia - 1 billion customers: Can anyone catch the cellphone king?

The answer to this question came that very year - the iPhone!

Steve Jobs showcased the first iPhone in 2007 and within two years Nokia's button phones were out of fashion.

iPhone's super-fine touch screen changed everything and Nokia's share price plummeted below 10 dollars - a very steep fall from 40 dollars per share at its peak in 2007 and by 2013, iPhone sales were five times that of Nokia's. In the same year unable to adapt, innovate and compete with Apple, Nokia sold its mobile phone business to Microsoft.

Nokia's fall became a case study at business schools which was taught to young wanna-be executives as a cautionary tale. There were two reasons that led to Nokia's collapse - inferior technology due to lack of innovation and lack of vision among top-level managers.

Nokia is committing the same mistake in the 5G race. So, CEO Rajiv Suri will be replaced by Pekka Lundmark, if the new CEO can beat Huawei and Ericsson given Nokia's current situation it will be one of the greatest business stories of all time.

Hundreds of Nokia's employees have risen up in protest holding up t-shirts that read: COVID-19 spared me, but Nokia wants to kill me with CEO Rajeev Suri being a special target.

Hundreds of Nokia's employees have risen up in protest holding up t-shirts that read: COVID-19 spared me, but Nokia wants to kill me with CEO Rajeev Suri being a special target. A placard with his photo said: "Suri, you're fired". Nokia plans to cull over 1,200 jobs at its French subsidiary Alcatel Lucent. Most of the layoffs will be carried out in the research and development division. The unions are shocked that Nokia is doing it now at a time when the R&D is needed the most to catch up with Huawei and Ericsson which are Nokia's two strongest competitors in the 5G race. History is repeating itself yet again for Nokia. The lack of vision had pushed Nokia out of the cellphone business with the telecom network business coming off the rails. Nokia has faced problems with Alcatel-Lucent since acquiring it for $18 billion in 2016. On paper it was a good deal, in practice, however, it was complicated. Several overlapping operations and products had to be shed-off and costs had to be cut. It distracted Nokia in the 5G race and it stopped innovating - now it's losing. Huawei leads with 91 5G deals, Ericsson sits in second place with 81 deals with Nokia a distant third with 67 deals. On the financial front, Nokia has been leaking money since the Alcatel-Lucent acquisition, also, due to poor investments in products. Ericsson, on the other hand, has been turning more profitable. Huawei is dominating despite security concerns but Nokia is losing its way. It is eerily similar to how its cellphone business collapsed. In 2007, the global mobile phone sales crossed the $1 billion mark for the first time. Nokia had sold one out of two mobile phones that year that means half a billion mobile phones! The Nokia 1100 had become the world's largest selling mobile phone with over 1.2 billion units sold since its launch in 2003. Forbes asked the perfect question when it made Nokia its cover story for one of the issues: Nokia - 1 billion customers: Can anyone catch the cellphone king? The answer to this question came that very year - the iPhone! Steve Jobs showcased the first iPhone in 2007 and within two years Nokia's button phones were out of fashion. iPhone's super-fine touch screen changed everything and Nokia's share price plummeted below 10 dollars - a very steep fall from 40 dollars per share at its peak in 2007 and by 2013, iPhone sales were five times that of Nokia's. In the same year unable to adapt, innovate and compete with Apple, Nokia sold its mobile phone business to Microsoft. Nokia's fall became a case study at business schools which was taught to young wanna-be executives as a cautionary tale. There were two reasons that led to Nokia's collapse - inferior technology due to lack of innovation and lack of vision among top-level managers. Nokia is committing the same mistake in the 5G race. So, CEO Rajiv Suri will be replaced by Pekka Lundmark, if the new CEO can beat Huawei and Ericsson given Nokia's current situation it will be one of the greatest business stories of all time.

Can Nokia's new CEO Pekka Lundmark beat Huawei, Ericsson in 5G race?

A top IMF official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country's economic situation due to the COVID-19 pandemic.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/indias-confirmed-coronavirus-cases-at-793-lakh-312147">India's confirmed coronavirus cases at 7.93 lakh</a>

Vitor Gaspar, Director of the International Monetary Fund's Fiscal Affairs Department, told PTI that a complete and successful implementation of the existing support measures (in particular, food provision to households) is of paramount importance.

"Given the severity of the economic situation, in the near-term there is room for more fiscal support, particularly for vulnerable households and SMEs (Small and Medium-Sized Enterprises),"&nbsp;he said.

Over the medium-term, India will continue to have a very limited fiscal space, and a credible and well-communicated consolidation plan will be urgently needed once the coronavirus pandemic subsides, Gasper said.

The economic impact of the COVID-19 in India has been substantial and broad-based, he said, adding that high frequency indicators point to a sharp decline in economic activity, as reflected in the industrial production, business sentiment (in the purchasing managers index), vehicle sales and trade.

In the June World Economic Outlook (WEO), growth in fiscal year 20/21 was revised down to -4.5 per cent, he said.

The downward revision compared with the April WEO was driven primarily by the continued rise in the number of COVID-19 cases in India.

<a href="https://www.wionews.com/india-news/indias-confirmed-coronavirus-cases-at-793-lakh-312147">India's confirmed coronavirus cases at 7.93 lakh</a>

"This led the International Monetary Fund to make specific two adjustments. First, the assumed length of the partial lockdown was extended somewhat. Second, and more important, we made more conservative assumptions about the speed of recovery given that the health crisis has not yet been contained,"&nbsp;Gasper said in response to a question.

He said that the near-term growth outlook in India continues to be clouded by the global and domestic slowdown and uncertainties relating to the evolution of the coronavirus pandemic.

According to the senior IMF official, India's general government fiscal deficit is projected to reach 12.1 per cent of the GDP in fiscal year 20/21, primarily due to weak tax revenues, as well as a denominator effect associated with the negative projected nominal GDP growth&nbsp; - as with all other macro variables, estimates are highly uncertain.

"Consistent with this, and the deterioration in economic activity, India's public debt-to-GDP ratio is projected to reach about 84 per cent this fiscal year,"&nbsp;Gasper added.

According to Johns Hopkins Coronavirus Resource Center, the contagion has infected over 12 million people and killed more than 554,000 across the world.

The US is the worst affected country with over 3.1 million cases and more than 1,33,000 deaths. India's COVID-19 caseload stands at 7,93,802 with 21,604 deaths.

The COVID-19, which originated in China's Wuhan city in December last year, has also battered the world economy with the International Monetary Fund saying that the global economy is bound to suffer a "severe recession".

Scientists are racing against time to find a vaccine or medicine for its treatment.

A top IMF official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country's economic situation due to the COVID-19 pandemic.

A top IMF official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country's economic situation due to the COVID-19 pandemic. Also Read: India's confirmed coronavirus cases at 7.93 lakh Vitor Gaspar, Director of the International Monetary Fund's Fiscal Affairs Department, told PTI that a complete and successful implementation of the existing support measures (in particular, food provision to households) is of paramount importance. "Given the severity of the economic situation, in the near-term there is room for more fiscal support, particularly for vulnerable households and SMEs (Small and Medium-Sized Enterprises)," he said. Over the medium-term, India will continue to have a very limited fiscal space, and a credible and well-communicated consolidation plan will be urgently needed once the coronavirus pandemic subsides, Gasper said. The economic impact of the COVID-19 in India has been substantial and broad-based, he said, adding that high frequency indicators point to a sharp decline in economic activity, as reflected in the industrial production, business sentiment (in the purchasing managers index), vehicle sales and trade. In the June World Economic Outlook (WEO), growth in fiscal year 20/21 was revised down to -4.5 per cent, he said. The downward revision compared with the April WEO was driven primarily by the continued rise in the number of COVID-19 cases in India. India's confirmed coronavirus cases at 7.93 lakh "This led the International Monetary Fund to make specific two adjustments. First, the assumed length of the partial lockdown was extended somewhat. Second, and more important, we made more conservative assumptions about the speed of recovery given that the health crisis has not yet been contained," Gasper said in response to a question. He said that the near-term growth outlook in India continues to be clouded by the global and domestic slowdown and uncertainties relating to the evolution of the coronavirus pandemic. According to the senior IMF official, India's general government fiscal deficit is projected to reach 12.1 per cent of the GDP in fiscal year 20/21, primarily due to weak tax revenues, as well as a denominator effect associated with the negative projected nominal GDP growth - as with all other macro variables, estimates are highly uncertain. "Consistent with this, and the deterioration in economic activity, India's public debt-to-GDP ratio is projected to reach about 84 per cent this fiscal year," Gasper added. According to Johns Hopkins Coronavirus Resource Center, the contagion has infected over 12 million people and killed more than 554,000 across the world. The US is the worst affected country with over 3.1 million cases and more than 1,33,000 deaths. India's COVID-19 caseload stands at 7,93,802 with 21,604 deaths. The COVID-19, which originated in China's Wuhan city in December last year, has also battered the world economy with the International Monetary Fund saying that the global economy is bound to suffer a "severe recession". Scientists are racing against time to find a vaccine or medicine for its treatment.

Economic impact of COVID-19 in India has been substantial: IMF

Harley-Davidson Inc on Thursday said it will lay off 500 employees this year as part of new Chief Executive Jochen Zeitz's efforts to revive the struggling motorcycle maker.

Video: Harley-Davidson to cut hundreds of jobs as part of turnaround strategy

EU consumers should be able to sue Volkswagen in their national courts if they have bought cars with emission cheat devices installed, the Court of Justice of the European Union ruled on Thursday.

EU consumers can sue Volkswagen in national courts

Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency S&P Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level.

COVID-19 to cost global banks $2.1 trillion by the end of 2021

Domestic stock markets rose half a per cent on Thursday, amid similar trends in their Asian peers.

S&amp;P BSE Sensex was up 182 points or 50% at 36,511 points, while the 50-stock Nifty jumped above the 10,750 mark.

The Nifty sectoral indices were trading in the green, led by Nifty Metal index, up 3 per cent.

According to traders, market participants followed optimism in global equities, shrugging off concerns over the rising number of COVID-19 cases and its impact on economic recovery.

The number of cases around the world linked to the disease has crossed 1.20 crore and the death toll has topped 5.48 lakh.

In India, the number of infections spiked to 7.67 lakh and the death toll rose to 21,129.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains.

Stock exchanges on Wall Street too ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude futures slipped 0.05 per cent to USD 43.27 per barrel.&nbsp;

(With inputs from agencies)

Domestic stock markets rose half a per cent on Thursday, amid similar trends in their Asian peers. S&P BSE Sensex was up 182 points or 50% at 36,511 points, while the 50-stock Nifty jumped above the 10,750 mark.

Domestic stock markets rose half a per cent on Thursday, amid similar trends in their Asian peers. S&P BSE Sensex was up 182 points or 50% at 36,511 points, while the 50-stock Nifty jumped above the 10,750 mark. The Nifty sectoral indices were trading in the green, led by Nifty Metal index, up 3 per cent. According to traders, market participants followed optimism in global equities, shrugging off concerns over the rising number of COVID-19 cases and its impact on economic recovery. The number of cases around the world linked to the disease has crossed 1.20 crore and the death toll has topped 5.48 lakh. In India, the number of infections spiked to 7.67 lakh and the death toll rose to 21,129. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains. Stock exchanges on Wall Street too ended on a positive note in the overnight session. Meanwhile, international oil benchmark Brent crude futures slipped 0.05 per cent to USD 43.27 per barrel. (With inputs from agencies)

Sensex gains 200 points, Nifty tests 10,800

This week on Melt: Anant Rangaswami interviews Third Eye Integrated Services MDs Gitanjali Ghate & Jasmeet Kaur Srivastava on changing consumer behaviour because of the pandemic.+ Creative Picks with Ritwika Gupta. Sat 1130am & Sun 1030am on WION.

Melt: COVID-19 Impact On Consumer Behaviour

Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday.

They said properties of DHFL promoter brothers Kapil and Dheeraj Wadhawan have also been attached as part of a provisional order issued by it under the Prevention of Money Laundering Act (PMLA).

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/yes-bank-board-reconstituted-with-immediate-effect-prashant-kumar-to-be-new-md-ceo-288727">Yes Bank board reconstituted with immediate effect; Prashant Kumar to be new MD-CEO</a>

Some foreign assets of Kapoor have also been frozen by the central agency, they said. 
 
Kapoor was arrested by the central probe agency in March and he is at present in judicial custody.

Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday.

Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday. They said properties of DHFL promoter brothers Kapil and Dheeraj Wadhawan have also been attached as part of a provisional order issued by it under the Prevention of Money Laundering Act (PMLA). Also read | Yes Bank board reconstituted with immediate effect; Prashant Kumar to be new MD-CEO Some foreign assets of Kapoor have also been frozen by the central agency, they said. Kapoor was arrested by the central probe agency in March and he is at present in judicial custody.

Yes Bank scam: ED attaches over Rs 2,200 crore assets of Rana Kapoor, others