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A US court has upheld a verdict that talcum powder sold by Johnson & Johnson caused ovarian cancer and ordered the pharmaceutical giant to pay $2.1 billion in damages.

A US court has upheld a verdict that talcum powder sold by Johnson & Johnson caused ovarian cancer and ordered the pharmaceutical giant to pay $2.1 billion in damages. The decision by the Missouri Court of Appeals cut by more than half the $4.4 billion a jury had awarded 22 people in 2018. The court agreed that some of the plaintiffs should not have been included in the case as they were from outside the state. But the Tuesday decision upheld the awarding of damages for the company "knowingly selling products that contained asbestos to consumers." "Because defendants are large, multi-billion-dollar corporations, we believe a large amount of punitive damages is necessary to have an effect in this case," the judgement said. "It is impossible to place monetary value on the physical, mental and emotional anguish plaintiffs suffered because of their injury caused by defendants." A spokeswoman for Johnson & Johnson said the company would appeal the decision in the Supreme Court of Missouri, according to the Wall Street Journal. Johnson & Johnson has faced thousands of lawsuits across the United States alleging it failed to warn consumers of the risk of cancer from asbestos in its talc-based products. In 2019 a California jury became the latest to award millions in damages to a plaintiff who said the company's baby powder had given her terminal cancer. Last month the firm announced it was discontinuing production of its talc-based baby powder in the US and Canada, in part due to the "constant barrage of litigation advertising" over the product. It will continue to sell the product in the rest of the world, it added.

Johnson & Johnson told to pay $2.1 billion over cancer-causing talc powder

Credit rating agency Moody's has said India's economy will shrink 3.1 per cent this year.

The agency had pegged India's growth at 0.2 per cent in April amid the pandemic. Moody's said it expects India's economy to register 6.9 per cent growth next year.

As the coronavirus pandemic continues to hit major economies, Moody's also downgraded G20 advanced economies projecting a contraction of 6.4 per cent in 2020, but said that they will grow at 4.8 per cent next year.

Moody's had earlier cut India's credit rating to investment grade 'Baa3' due to lack of implementing policies to boost growth.

"April-June quarter of 2020 will go down in history as the worst quarter for the global economy since at least World War II. We continue to expect a gradual recovery beginning in the second half of the year, but that outcome will depend on whether governments can reopen their economies while also safeguarding public health," it said.

The agency said that COVID-19 pandemic will push debt levels in the world's richest nations up by almost 20 percentage points on average this year.

"We estimate that on average in this group, government debt/GDP ratios will rise by around 19 percentage points, nearly twice as much as in 2009 during the great financial crisis," it stated.

"Compared with the GFC, the rise in debt burdens will be more immediate and pervasive, reflecting the acuteness and breadth of the shock posed by the coronavirus".

Moody's had singled out China as the only country in G20 to grow during the pandemic forecasting a 1 per cent growth with 7.1 in 2021.

However, it cautioned, saying: "Asian countries are particularly vulnerable to changes in geopolitical dynamics. The rise in tensions between China and countries bordering the South China Sea and clashes on the border with India suggest that geopolitical risks are rising for the entire region." 
&nbsp;

Credit rating agency Moody's has said India's economy will shrink 3.1 per cent this year. The agency had pegged India's growth at 0.2 per cent in April amid the pandemic.

Credit rating agency Moody's has said India's economy will shrink 3.1 per cent this year. The agency had pegged India's growth at 0.2 per cent in April amid the pandemic. Moody's said it expects India's economy to register 6.9 per cent growth next year. As the coronavirus pandemic continues to hit major economies, Moody's also downgraded G20 advanced economies projecting a contraction of 6.4 per cent in 2020, but said that they will grow at 4.8 per cent next year. Moody's had earlier cut India's credit rating to investment grade 'Baa3' due to lack of implementing policies to boost growth. "April-June quarter of 2020 will go down in history as the worst quarter for the global economy since at least World War II. We continue to expect a gradual recovery beginning in the second half of the year, but that outcome will depend on whether governments can reopen their economies while also safeguarding public health," it said. The agency said that COVID-19 pandemic will push debt levels in the world's richest nations up by almost 20 percentage points on average this year. "We estimate that on average in this group, government debt/GDP ratios will rise by around 19 percentage points, nearly twice as much as in 2009 during the great financial crisis," it stated. "Compared with the GFC, the rise in debt burdens will be more immediate and pervasive, reflecting the acuteness and breadth of the shock posed by the coronavirus". Moody's had singled out China as the only country in G20 to grow during the pandemic forecasting a 1 per cent growth with 7.1 in 2021. However, it cautioned, saying: "Asian countries are particularly vulnerable to changes in geopolitical dynamics. The rise in tensions between China and countries bordering the South China Sea and clashes on the border with India suggest that geopolitical risks are rising for the entire region."

'Geopolitical risks': India's economy to contract 3.1% in 2020, says Moody's

Taiwan's Foxconn chairman Liu Young-way has announced that the company is planning "further investments" in India even though there was "certain impact" at present due to the coronavirus.

<a href="https://www.wionews.com/india-news/border-vs-business-india-tells-two-state-firms-to-not-use-china-telecoms-gear-306911">Also Read:&nbsp;Border vs business: India tells two state firms to not use China telecoms gear</a>

Foxconn makes smartphones in India for Apple Inc and Xiaomi Corp, however, operations were suspended due to the COVID-19 pandemic as India went into a lockdown.

Chairman Liu Young-way declared India was a "bright&nbsp;spot for development". The company had to suspend its operations in China amid the coronavirus outbreak. Liu declared that since there were no infections at its China plants, it was able to resume operations.

Liu speaking at the annual general meeting, however, cautioned against the second wave of infections stating that it would be a risk to business.

The Taiwanese tech giant first-quarter profit had slumped by nearly 90 per cent on year due to the coronavirus pandemic. The company's net income for January-March had plunged 89 per cent to $70 million, while revenue fell 12 per cent on-year. Liu had pointed out that remote working, online entertainment and new lifestyles had generated "new drive for growth".

However, for the second quarter, Foxconn said it expects revenue to show double-digit percentage growth.

Foxconn is the world's biggest contract electronics manufacturer and makes Apple's iPhones as well as gadgets for many other international brands.&nbsp; 
&nbsp;

Taiwan's Foxconn chairman Liu Young-way has announced that the company is planning "further investments" in India even though there was "certain impact" at present due to the coronavirus.

Taiwan's Foxconn chairman Liu Young-way has announced that the company is planning "further investments" in India even though there was "certain impact" at present due to the coronavirus. Also Read: Border vs business: India tells two state firms to not use China telecoms gear Foxconn makes smartphones in India for Apple Inc and Xiaomi Corp, however, operations were suspended due to the COVID-19 pandemic as India went into a lockdown. Chairman Liu Young-way declared India was a "bright spot for development". The company had to suspend its operations in China amid the coronavirus outbreak. Liu declared that since there were no infections at its China plants, it was able to resume operations. Liu speaking at the annual general meeting, however, cautioned against the second wave of infections stating that it would be a risk to business. The Taiwanese tech giant first-quarter profit had slumped by nearly 90 per cent on year due to the coronavirus pandemic. The company's net income for January-March had plunged 89 per cent to $70 million, while revenue fell 12 per cent on-year. Liu had pointed out that remote working, online entertainment and new lifestyles had generated "new drive for growth". However, for the second quarter, Foxconn said it expects revenue to show double-digit percentage growth. Foxconn is the world's biggest contract electronics manufacturer and makes Apple's iPhones as well as gadgets for many other international brands.

'Bright spot for development': Taiwan's Foxconn eyes further investments in India

Government on Tuesday once again increased petrol and diesel prices in the country.

The price of petrol was increased by Rs 20 paise per litre and diesel was increased by 55 paisa.

<a href="https://www.wionews.com/business-economy/petrol-price-up-by-rs-762-and-diesel-rs-828-in-14-days-307262">Also Read:&nbsp;Petrol price up by Rs 7.62 and diesel Rs 8.28 in 14 days</a>

Petrol will now cost 79.76 a litre in the national capital and diesel will cost 79.40 a litre from today.

Fuel prices in India have now been increased for seventeen consecutive days. The government has been increasing fuel prices ever since Unlock 1.0 was unveiled in early June as malls and offices were allowed to reopen.

Petrol prices have now gone up by Rs 8.50 in the last 17 days and diesel prices have been hiked by nearly Rs 10.

On Monday, petrol prices were hiked by 33 paise per litre and diesel by 58 paise. The hike in fuel prices come as oil producers sharply cut back output in May. OPEC had earlier declared in April that it would cut oil output by 9.7 million bpd from May 1 until the end of June due to falling demand.

International oil prices had edged higher on Monday amid rising coronavirus cases worldwide with fears of stalling fuel demand. Brent crude was up 48 cents at $42.67 a barrel with West Texas Intermediate (WTI) crude rising by 50 cents to $40.33.

Government on Tuesday once again increased petrol and diesel prices in the country. The price of petrol was increased by Rs 20 paise per litre and diesel was increased by 55 paisa.

Government on Tuesday once again increased petrol and diesel prices in the country. The price of petrol was increased by Rs 20 paise per litre and diesel was increased by 55 paisa. Also Read: Petrol price up by Rs 7.62 and diesel Rs 8.28 in 14 days Petrol will now cost 79.76 a litre in the national capital and diesel will cost 79.40 a litre from today. Fuel prices in India have now been increased for seventeen consecutive days. The government has been increasing fuel prices ever since Unlock 1.0 was unveiled in early June as malls and offices were allowed to reopen. Petrol prices have now gone up by Rs 8.50 in the last 17 days and diesel prices have been hiked by nearly Rs 10. On Monday, petrol prices were hiked by 33 paise per litre and diesel by 58 paise. The hike in fuel prices come as oil producers sharply cut back output in May. OPEC had earlier declared in April that it would cut oil output by 9.7 million bpd from May 1 until the end of June due to falling demand. International oil prices had edged higher on Monday amid rising coronavirus cases worldwide with fears of stalling fuel demand. Brent crude was up 48 cents at $42.67 a barrel with West Texas Intermediate (WTI) crude rising by 50 cents to $40.33.

Petrol, diesel prices hiked for seventeen consecutive days

Domestic stock market benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying.

The S&amp;P BSE Sensex rallied 519 points or 1.49 per cent to settle at 35,430 levels, while the Nifty50 index ended at 10,471, up 160 points or 1.55 per cent.

The Indian rupee settled stronger against the US dollar today, ending at 75.65 per dollar

Meanwhile, Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics.

(With inputs from agencies)

Domestic stock market benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying. The S&P BSE Sensex rallied 519 points or 1.

Domestic stock market benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying. The S&P BSE Sensex rallied 519 points or 1.49 per cent to settle at 35,430 levels, while the Nifty50 index ended at 10,471, up 160 points or 1.55 per cent. The Indian rupee settled stronger against the US dollar today, ending at 75.65 per dollar Meanwhile, Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics. (With inputs from agencies)

Sensex ends 519 points higher, Nifty at 10,471

US President Donald Trump's move&nbsp;to stop issuing of H-1B visa and other work visas for the rest of the year may hurt the Indian IT industry's margins.

The proclamation that comes into effect on June 24, is expected to impact Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

A Goldman Sachs Equity Research report said that Indian IT outsourcing companies have been consistently working towards reducing their reliance on H-1B/L1 visas since 2017, and focusing on the locally hired workforce to create more jobs in the US economy.

The Goldman Sachs report said local hires account for as much as 45-70 per cent of the employees in the US for the top 5 Indian IT service firms, reducing the dependence on H1-B visas. 
 
<a href="https://www.wionews.com/world/president-donald-trump-signs-executive-order-to-suspend-h-1b-visas-307833">Also Read: President Donald Trump signs executive order to suspend H-1B visas</a>

Meanwhile, industry body Nasscom has termed the proclamation as "misguided" and "harmful to the US economy" and said this could possibly force more work to be performed offshore since the local talent is not available in the country.&nbsp;

H-1B visas are designed for certain skilled workers such as those employed in science, engineering, and information technology fields, while H-2B visas are given to seasonal workers such as hotel and construction staff.

L-1 visas are meant for executives who work for large corporations and J-1 visas are issued to research scholars, professors and other cultural and work-exchange programs. 
 
<a href="https://www.wionews.com/world/reform-h-1b-visa-system-move-towards-merit-based-immigration-trump-to-officials-307865">Also Read: Reform H-1B visa system; move towards merit-based immigration: Trump to officials</a>

Sundar Pichai, Indian-American CEO of Google, expressed disappointment over the proclamation, saying that immigration has contributed immensely to America''s economic success, making it a global leader in tech, and also Google, the company it is today.

Meanwhile, Indian-American Congressman Raja Krishnamoorthi said the H-1B programme, in particular, plays a crucial role in addressing the dangerous shortage of health care professionals while also providing other key sectors of our economy with talent from around the world to not only fill jobs, but create new ones.

Trump said that the step was essential to help millions of Americans who have lost their jobs due to the economic crisis amidst the COVID-19 pandemic. 
 
(With inputs from PTI) 
&nbsp;

US President Donald Trump's move to stop issuing of H-1B visa and other work visas for the rest of the year may hurt the Indian IT industry's margins. The proclamation that comes into effect on June 24, is expected to impact Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

US President Donald Trump's move to stop issuing of H-1B visa and other work visas for the rest of the year may hurt the Indian IT industry's margins. The proclamation that comes into effect on June 24, is expected to impact Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1. A Goldman Sachs Equity Research report said that Indian IT outsourcing companies have been consistently working towards reducing their reliance on H-1B/L1 visas since 2017, and focusing on the locally hired workforce to create more jobs in the US economy. The Goldman Sachs report said local hires account for as much as 45-70 per cent of the employees in the US for the top 5 Indian IT service firms, reducing the dependence on H1-B visas. Also Read: President Donald Trump signs executive order to suspend H-1B visas Meanwhile, industry body Nasscom has termed the proclamation as "misguided" and "harmful to the US economy" and said this could possibly force more work to be performed offshore since the local talent is not available in the country. H-1B visas are designed for certain skilled workers such as those employed in science, engineering, and information technology fields, while H-2B visas are given to seasonal workers such as hotel and construction staff. L-1 visas are meant for executives who work for large corporations and J-1 visas are issued to research scholars, professors and other cultural and work-exchange programs. Also Read: Reform H-1B visa system; move towards merit-based immigration: Trump to officials Sundar Pichai, Indian-American CEO of Google, expressed disappointment over the proclamation, saying that immigration has contributed immensely to America''s economic success, making it a global leader in tech, and also Google, the company it is today. Meanwhile, Indian-American Congressman Raja Krishnamoorthi said the H-1B programme, in particular, plays a crucial role in addressing the dangerous shortage of health care professionals while also providing other key sectors of our economy with talent from around the world to not only fill jobs, but create new ones. Trump said that the step was essential to help millions of Americans who have lost their jobs due to the economic crisis amidst the COVID-19 pandemic. (With inputs from PTI)

How will H1-B visa suspension impact Indian companies?

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE.&nbsp;

The company claims that FabiFlu is the first oral Favipiravir-approved medication in India to treat COVID-19.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-19-human-trials-for-potential-vaccine-begins-initial-results-expected-in-august-307069">COVID 19: Human trials for potential vaccine begins; initial results expected in August</a>

Favipiravir is undergoing trials in other countries too over its efficacy.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/first-results-of-german-companys-coronavirus-vaccine-trial-expected-in-two-months-307063">First results of German company's coronavirus vaccine trial expected in two months</a>

"This approval comes at a time when cases in India are spiralling like never before, putting tremendous pressure on our healthcare system," Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals said.

The prescription-based drug will be available at an MRP of Rs 3,500 for a strip of 34 tablets.&nbsp;

The pharma company's medication got approval from India's Drug Controller General of India (DCGI) on Friday.&nbsp;

Glenmark is also separately testing a combination of favipiravir and umifenovir, another anti-viral medicine, for its potential to treat coronavirus.&nbsp;

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE.

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE. The company claims that FabiFlu is the first oral Favipiravir-approved medication in India to treat COVID-19. Also read | COVID 19: Human trials for potential vaccine begins; initial results expected in August Favipiravir is undergoing trials in other countries too over its efficacy. Also read | First results of German company's coronavirus vaccine trial expected in two months "This approval comes at a time when cases in India are spiralling like never before, putting tremendous pressure on our healthcare system," Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals said. The prescription-based drug will be available at an MRP of Rs 3,500 for a strip of 34 tablets. The pharma company's medication got approval from India's Drug Controller General of India (DCGI) on Friday. Glenmark is also separately testing a combination of favipiravir and umifenovir, another anti-viral medicine, for its potential to treat coronavirus.

Glenmark's shares rise up to 40% following launch of potential coronavirus drug

German payment group Wirecard recently admitted that 1.9 billion Euros ($2.13 billion) earlier counted in foreign accounts is now unaccounted for, implying that “it was never there”. The auditor had refused to sign off 2019 accounts because of the missing amount.

After this, the group’s earlier financial statements were withdrawn.

Responding to this mishap, a German financial watchdog Bafin called the incident a “total disaster”.

"It is a scandal that something like this could happen", said Bafin president Felix Hufeld at a conference in Frankfurt.

The company Wirecard AG on Friday claimed to have a victim of "fraud of considerable proportions”.

On Thursday, the company shares had dropped by over 60 per cent. The company fears it will require loans to compensate for the mishap.

There was evidence of "spurious balance confirmations", said auditor EY, which was also unable to find the missing amount in trust accounts.

"At present it cannot be ruled out that Wirecard AG has become the aggrieved party in a case of fraud of considerable proportions," Wirecard Chief Executive Markus Braun said in a statement on Friday.

"It is currently unclear why the two banks have stated to the auditor that the confirmations are spurious. The trustee has announced to Wirecard AG that he will clarify the facts of the matter with the two banks managing the trust accounts at short notice," Braun said.

German payment group Wirecard recently admitted that 1.9 billion Euros ($2.13 billion) earlier counted in foreign accounts is now unaccounted for, implying that “it was never there”.

German payment group Wirecard recently admitted that 1.9 billion Euros ($2.13 billion) earlier counted in foreign accounts is now unaccounted for, implying that “it was never there”. The auditor had refused to sign off 2019 accounts because of the missing amount. After this, the group’s earlier financial statements were withdrawn. Responding to this mishap, a German financial watchdog Bafin called the incident a “total disaster”. "It is a scandal that something like this could happen", said Bafin president Felix Hufeld at a conference in Frankfurt. The company Wirecard AG on Friday claimed to have a victim of "fraud of considerable proportions”. On Thursday, the company shares had dropped by over 60 per cent. The company fears it will require loans to compensate for the mishap. There was evidence of "spurious balance confirmations", said auditor EY, which was also unable to find the missing amount in trust accounts. "At present it cannot be ruled out that Wirecard AG has become the aggrieved party in a case of fraud of considerable proportions," Wirecard Chief Executive Markus Braun said in a statement on Friday. "It is currently unclear why the two banks have stated to the auditor that the confirmations are spurious. The trustee has announced to Wirecard AG that he will clarify the facts of the matter with the two banks managing the trust accounts at short notice," Braun said.

'Total disaster' after Germany's Wirecard claims $2.1b was 'never there'

At a time when China is facing a threat to its exports worldwide, the country is looking at the domestic market to give a boost to its economy. The recovery in China has come earlier than many other big global economies, and hence, the best market for Chinese goods now is China itself.&nbsp;

Yiwu is the world's largest small commodity wholesale market in east China's Zhejiang province. The trade city has now rolled out various schemes to meet the demands of domestic traders as Asia's largest economy is looking inwards for economic growth.&nbsp;

The Chinese government, foreign trade companies, and e-commerce platforms have taken a series of measures to divert marketable export-oriented products to the domestic market to relieve the impact of COVID-19 on foreign trade companies.&nbsp;

"We have a huge domestic market with a population of 1.4 billion, so there is enough market room for our exports to turn to the domestic market," said Gu Xueming, President, Chinese Academy of International Trade.

Chinese authorities are giving importance both to foreign trade and domestic sales for economic growth. The businessmen are trying to increase market shares in domestic supermarkets and department stores.&nbsp;

In the Chenghai district, Shantou city of south China's Guangdong province, toy export businesses are also turning to the domestic market. The local government has organised several leading e-commerce platforms to pull factories, foreign trade companies, and domestic consumers together, with the innovation of new sales modes based on live streaming and short videos.

Experts expect the Chinese economy to come back on the growth path before rebounding in the second half of the year.

The strict lockdowns imposed in China are steadily being relaxed in recent months and demand is coming back as a result of this. But coronavirus is a threat that still has not waned away and the recent spur in coronavirus cases in Beijing has forced authorities to go for mass checking. Logistics and delivery service sectors in Beijing have ramped up testing for all staff members over the weekend to contain the spread of the novel coronavirus. Beijing reported nine new confirmed COVID-19 cases on Sunday. The capital has recorded over 230 new infections since June 11.&nbsp;

But the coronavirus cases are much less as compared to many big markets globally. So the best markets for Chinese products are now being explored in China itself. &nbsp;

At a time when China is facing a threat to its exports worldwide, the country is looking at the domestic market to give a boost to its economy. The recovery in China has come earlier than many other big global economies, and hence, the best market for Chinese goods now is China itself.

At a time when China is facing a threat to its exports worldwide, the country is looking at the domestic market to give a boost to its economy. The recovery in China has come earlier than many other big global economies, and hence, the best market for Chinese goods now is China itself. Yiwu is the world's largest small commodity wholesale market in east China's Zhejiang province. The trade city has now rolled out various schemes to meet the demands of domestic traders as Asia's largest economy is looking inwards for economic growth. The Chinese government, foreign trade companies, and e-commerce platforms have taken a series of measures to divert marketable export-oriented products to the domestic market to relieve the impact of COVID-19 on foreign trade companies. "We have a huge domestic market with a population of 1.4 billion, so there is enough market room for our exports to turn to the domestic market," said Gu Xueming, President, Chinese Academy of International Trade. Chinese authorities are giving importance both to foreign trade and domestic sales for economic growth. The businessmen are trying to increase market shares in domestic supermarkets and department stores. In the Chenghai district, Shantou city of south China's Guangdong province, toy export businesses are also turning to the domestic market. The local government has organised several leading e-commerce platforms to pull factories, foreign trade companies, and domestic consumers together, with the innovation of new sales modes based on live streaming and short videos. Experts expect the Chinese economy to come back on the growth path before rebounding in the second half of the year. The strict lockdowns imposed in China are steadily being relaxed in recent months and demand is coming back as a result of this. But coronavirus is a threat that still has not waned away and the recent spur in coronavirus cases in Beijing has forced authorities to go for mass checking. Logistics and delivery service sectors in Beijing have ramped up testing for all staff members over the weekend to contain the spread of the novel coronavirus. Beijing reported nine new confirmed COVID-19 cases on Sunday. The capital has recorded over 230 new infections since June 11. But the coronavirus cases are much less as compared to many big markets globally. So the best markets for Chinese products are now being explored in China itself.

China focuses on the domestic market for economic recovery

India's crude oil imports in May fell 22.6% from a year earlier, it's biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus.

India's crude oil imports in May fell 22.6% from a year earlier, it's biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it's lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday. Oil products imports eased 0.8% to 3.57 million tonnes year-on-year, while exports rose by 5.9% to 5.75 million tonnes, gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas. The country has relaxed coronavirus-led restrictions in lower risk areas, which is expected to improve demand and scale up crude processing. The latest data bolstered those expectations with India's fuel demand jumping nearly 50% in May from the previous month, signalling a slow revival of economic activity. However, industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in some parts of the country. Diesel exports, which continued to account for a major share of exports, increased by nearly 33% to 2.79 million tonnes. India revised down its crude oil imports figure for April to 16.55 million tonnes- a decline of 16% year-on-year, from 17.28 million tonnes reported earlier, the data showed.

India's May crude oil imports post biggest decline since at least 2005

Petrol and diesel prices continued to rise through the fortnight with the two auto fuels getting dearer by 51 and 61 paise per litre respectively on Saturday. This is the 14th day of fuel price rise since June 7 when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown.

Petrol and diesel prices continued to rise through the fortnight with the two auto fuels getting dearer by 51 and 61 paise per litre respectively on Saturday. This is the 14th day of fuel price rise since June 7 when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown. With the latest increase, petrol is being retailed at Rs 78.88 per litre and diesel at Rs 77.67 a litre in Delhi. This is an increase of Rs 7.62 per litre in the price of petrol since June 7. Similarly, diesel prices have gone up higher by Rs 8.28 per litre during the 24 day period. Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike later only when the respective state governments hiked VAT or cess. (With inputs from agencies)

Petrol price up by Rs 7.62 and diesel Rs 8.28 in 14 days

Domestic stock market indices advanced by 1.5 per cent on Friday led by gains by big firm which become net debt-free ahead of its March 2021 target.

The S&amp;P BSE Sensex today gained 524 points or 1.53 per cent to settle at 34,732. Of 30 stocks on the index, 18 ended in the green and rest 12 in the red. Besides RIL, ICICI Bank, HDFC Bank, Bajaj Finance, and Bharti Airtel were the major contributors to the index's gains.&nbsp;

NSE's Nifty50 ended at 10,244, up 153 points or 1.5 per cent with 33 constituents advancing, 16 declining and 1 remaining unchanged. Volatility index, India VIX, dipped over 5 per cent to 29.78 levels.&nbsp;

Every week, Sensex gained nearly 3 per cent while Nifty added 2.7 per cent.

Meanwhile, Asian shares wobbled in choppy trade as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. Japan's Nikkei gained by 0.55 per cent and South Korean stocks rose by 0.37 per cent amid concern about diplomatic tension with North Korea. Shares in China rose by 0.96 per cent led by gains in financials and healthcare sector while Hong Kong`s Hang Seng edged up by 0.73 per cent.

(With inputs from agencies)

Domestic stock market indices advanced by 1.5 per cent on Friday led by gains by big firm which become net debt-free ahead of its March 2021 target. The S&P BSE Sensex today gained 524 points or 1.

Domestic stock market indices advanced by 1.5 per cent on Friday led by gains by big firm which become net debt-free ahead of its March 2021 target. The S&P BSE Sensex today gained 524 points or 1.53 per cent to settle at 34,732. Of 30 stocks on the index, 18 ended in the green and rest 12 in the red. Besides RIL, ICICI Bank, HDFC Bank, Bajaj Finance, and Bharti Airtel were the major contributors to the index's gains. NSE's Nifty50 ended at 10,244, up 153 points or 1.5 per cent with 33 constituents advancing, 16 declining and 1 remaining unchanged. Volatility index, India VIX, dipped over 5 per cent to 29.78 levels. Every week, Sensex gained nearly 3 per cent while Nifty added 2.7 per cent. Meanwhile, Asian shares wobbled in choppy trade as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. Japan's Nikkei gained by 0.55 per cent and South Korean stocks rose by 0.37 per cent amid concern about diplomatic tension with North Korea. Shares in China rose by 0.96 per cent led by gains in financials and healthcare sector while Hong Kong`s Hang Seng edged up by 0.73 per cent. (With inputs from agencies)

Sensex, Nifty end with gains for the third week in a row

China's Oppo cancelled the live online launch of its flagship smartphone in India on Wednesday after a border clash between the two countries that has renewed calls from local Indian trader groups to shun Chinese products.

Soldiers from India and China fought each other with nail-studded clubs and stones on a disputed Himalayan mountain frontier this week, leading to the death of 20 Indian soldiers in the worst clash since 1967.

The clashes risk souring sentiment for big Chinese investors who were eyeing the Indian market and already faced pressure as anti-China sentiment festered during the coronavirus outbreak.

Chinese firms such as Great Wall, SAIC and Bytedance have placed major bets on India, where investors like Alibaba also fund many startups. Chinese smartphone brands, including Oppo and Xiaomi, account for eight of every 10 smartphones sold in India.

Oppo, which has a phone-assembly plant in India, had earlier announced a "live unveiling" of its new Find X2 smartphone models would be held on Wednesday, but a YouTube link that had to go live at 4 p.m. local time was not available for viewing.

To launch the phone, the company instead uploaded a 20-minute, pre-recorded video which included a brief highlight of Oppo's efforts to support Indian authorities in preventing the spread of coronavirus.

Oppo did not respond to Reuters' request on why the live launch was cancelled, but a person familiar with the company's thinking said the decision was taken to avoid any possible uproar on social media.

"There is tension in the environment," said the person.

Even before the border clashes, New Delhi in April changed its foreign investment policy for neighbouring countries, a move that upset Chinese investors as the Indian government now screens all incoming investments from there.

"The current government will play hardball... I do not think any new approvals for China proposals will happen in a hurry," said Abhishek Saxena, co-founder of Indian law firm Phoenix Legal that advises Chinese clients.

The Confederation of All India Traders, a group representing roughly 70 million brick-and-mortar retailers, said on Wednesday its members will boycott imported Chinese goods despite the loss their businesses will suffer.

A Twitter user, Uzair Hasan Rizvi, uploaded a video that showed some people throwing a "Chinese TV" from a high-storey building in Gujarat state and then dancing on it before dismantling it. Reuters could not independently confirm when the video was created.

Hindu nationalist group Swadeshi Jagran Manch, which advocates for self reliance, urged Indian authorities to ban Chinese companies from participating in government tenders.

On Wednesday, police arrested some members of the group who protested near the Chinese embassy in New Delhi and chanted slogans such as "Made in China down down".

China's Oppo cancelled the live online launch of its flagship smartphone in India on Wednesday after a border clash between the two countries that has renewed calls from local Indian trader groups to shun Chinese products.

China's Oppo cancelled the live online launch of its flagship smartphone in India on Wednesday after a border clash between the two countries that has renewed calls from local Indian trader groups to shun Chinese products. Soldiers from India and China fought each other with nail-studded clubs and stones on a disputed Himalayan mountain frontier this week, leading to the death of 20 Indian soldiers in the worst clash since 1967. The clashes risk souring sentiment for big Chinese investors who were eyeing the Indian market and already faced pressure as anti-China sentiment festered during the coronavirus outbreak. Chinese firms such as Great Wall, SAIC and Bytedance have placed major bets on India, where investors like Alibaba also fund many startups. Chinese smartphone brands, including Oppo and Xiaomi, account for eight of every 10 smartphones sold in India. Oppo, which has a phone-assembly plant in India, had earlier announced a "live unveiling" of its new Find X2 smartphone models would be held on Wednesday, but a YouTube link that had to go live at 4 p.m. local time was not available for viewing. To launch the phone, the company instead uploaded a 20-minute, pre-recorded video which included a brief highlight of Oppo's efforts to support Indian authorities in preventing the spread of coronavirus. Oppo did not respond to Reuters' request on why the live launch was cancelled, but a person familiar with the company's thinking said the decision was taken to avoid any possible uproar on social media. "There is tension in the environment," said the person. Even before the border clashes, New Delhi in April changed its foreign investment policy for neighbouring countries, a move that upset Chinese investors as the Indian government now screens all incoming investments from there. "The current government will play hardball... I do not think any new approvals for China proposals will happen in a hurry," said Abhishek Saxena, co-founder of Indian law firm Phoenix Legal that advises Chinese clients. The Confederation of All India Traders, a group representing roughly 70 million brick-and-mortar retailers, said on Wednesday its members will boycott imported Chinese goods despite the loss their businesses will suffer. A Twitter user, Uzair Hasan Rizvi, uploaded a video that showed some people throwing a "Chinese TV" from a high-storey building in Gujarat state and then dancing on it before dismantling it. Reuters could not independently confirm when the video was created. Hindu nationalist group Swadeshi Jagran Manch, which advocates for self reliance, urged Indian authorities to ban Chinese companies from participating in government tenders. On Wednesday, police arrested some members of the group who protested near the Chinese embassy in New Delhi and chanted slogans such as "Made in China down down".

Oppo cancels live online phone launch in India amid calls to boycott Chinese goods

Domestic stock market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks.&nbsp;

The S&amp;P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.05 levels while the Nifty50 index reclaimed the psychological level of 10,000 and ended at 10,092, up 210.50 points or over 2 per cent. Volatility index, India VIX, dropped over 5 per cent to 31.58 levels.&nbsp;

Market turns positive for the week, posts biggest one-day gain since June.Financial heavyweights and Reliance Industries major contributors to the market.

Meanwhile, PM Narendra Modi launched the auction process of 41 coal mines for commercial mining. PM Modi said that commercial coal block auction is a win-win situation for industry users as new resources will open up, states will earn more revenue, generating more job opportunities.

Global markets

Global stocks drifted on Thursday as spiking coronavirus cases in some US states and China crushed hopes of a quick global economic comeback from the pandemic. S&amp;P 500 mini futures clawed back losses during Asian trade to end 0.2 per cent lower. China's blue-chip CSI300 shares were a bright spot, adding 0.7 per cent.&nbsp;

In Europe, too, shares retreated. The pan-European STOXX 600 index fell 0.3 per cent after two straight days of gains, driven by optimism over global stimulus helping economies claw back from the coronavirus-led slide.

In commodities, oil prices ticked up after US oil product stocks shrank. Brent crude futures were up 37 cents at $41.08 a barrel at the time of writing of this report. US West Texas Intermediate (WTI) crude futures rose 25 cents to $38.21 a barrel.

Both benchmarks were down about 2 per cent earlier in the session.

(With inputs from agencies)

Domestic stock market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks. The S&P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.

Domestic stock market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks. The S&P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.05 levels while the Nifty50 index reclaimed the psychological level of 10,000 and ended at 10,092, up 210.50 points or over 2 per cent. Volatility index, India VIX, dropped over 5 per cent to 31.58 levels. Market turns positive for the week, posts biggest one-day gain since June.Financial heavyweights and Reliance Industries major contributors to the market. Meanwhile, PM Narendra Modi launched the auction process of 41 coal mines for commercial mining. PM Modi said that commercial coal block auction is a win-win situation for industry users as new resources will open up, states will earn more revenue, generating more job opportunities. Global markets Global stocks drifted on Thursday as spiking coronavirus cases in some US states and China crushed hopes of a quick global economic comeback from the pandemic. S&P 500 mini futures clawed back losses during Asian trade to end 0.2 per cent lower. China's blue-chip CSI300 shares were a bright spot, adding 0.7 per cent. In Europe, too, shares retreated. The pan-European STOXX 600 index fell 0.3 per cent after two straight days of gains, driven by optimism over global stimulus helping economies claw back from the coronavirus-led slide. In commodities, oil prices ticked up after US oil product stocks shrank. Brent crude futures were up 37 cents at $41.08 a barrel at the time of writing of this report. US West Texas Intermediate (WTI) crude futures rose 25 cents to $38.21 a barrel. Both benchmarks were down about 2 per cent earlier in the session. (With inputs from agencies)

Sensex jumps 700 points, Nifty ends at 10,092

Indian Finance Minister Nirmala Sitharaman on Friday announced the third tranche of the Atmanirbhar Bharat Abhiyan economic package of Rs 20 lakh crore.

Highlights from Nirmala Sitharaman's third press briefing on economic package

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday.

<a href="https://www.wionews.com/business-economy/government-hikes-petrol-diesel-prices-again-306177">Also Read:&nbsp;Government hikes petrol, diesel prices again</a>

Petrol will now cost Rs 77.28 a litre in the national capital and diesel will cost Rs 75.79 a litre from today.

On Tuesday, the government had hiked petrol prices by 47 paise and diesel prices by 57 paise a litre. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre.&nbsp;

The government has been increasing prices for the past 10 days especially after the Unlock 1.0 came into effect nationwide with the opening of malls and shopping complexes.

Amid the rise in fuel prices in India, UAE energy minister Suheil al-Mazrouei said that the current low oil and gas prices could lead to energy shocks as the coronavirus pandemic continues to exist with fears of second wave in some parts of the world.

Brent crude had crashed to a low of under $20 a barrel and WTI had sunk into negative territory in April.

Mazrouei said: "Unless we have a second wave of Covid-19, I think we will see a demand recovery at a pace that is adequate to the cut we have done as... OPEC+, provided other producers do not rush and over-produce."

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday. Also Read: Government hikes petrol, diesel prices again Petrol will now cost Rs 77.

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday. Also Read: Government hikes petrol, diesel prices again Petrol will now cost Rs 77.28 a litre in the national capital and diesel will cost Rs 75.79 a litre from today. On Tuesday, the government had hiked petrol prices by 47 paise and diesel prices by 57 paise a litre. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre. The government has been increasing prices for the past 10 days especially after the Unlock 1.0 came into effect nationwide with the opening of malls and shopping complexes. Amid the rise in fuel prices in India, UAE energy minister Suheil al-Mazrouei said that the current low oil and gas prices could lead to energy shocks as the coronavirus pandemic continues to exist with fears of second wave in some parts of the world. Brent crude had crashed to a low of under $20 a barrel and WTI had sunk into negative territory in April. Mazrouei said: "Unless we have a second wave of Covid-19, I think we will see a demand recovery at a pace that is adequate to the cut we have done as... OPEC+, provided other producers do not rush and over-produce."

Petrol, diesel prices hiked in India for eleventh consecutive day

Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict.

After gyrating 600.70 points during the day, the 30-share index closed 97.30 points, or 0.29 per cent, lower at 33,507.92. It had hit an intra-day high of 33,933.66 and a low of 33,332.96.

Similarly, the NSE Nifty settled 32.85 points, or 0.33 per cent, down at 9,881.15. It touched a high of 10,003.60 and a low of 9,833.80 in the session.

Global markets

Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.

In Asia, Japan’s Nikkei eased 0.5 per cent, after jumping almost 5 per cent on Tuesday for its biggest daily gain in three months. Chinese blue chips recovered from an early dip to finish steady.&nbsp;

In the overnight trade, the Dow ended Tuesday up 2.04 per cent, while the S&amp;P 500 gained 1.90 per cent and the Nasdaq 1.75 per cent.

In commodities, oil prices declined on Wednesday as data showed an increase in US crude and fuel inventories. Brent crude futures were down 29 cents, or 0.7 per cent, at $40.67 a barrel at the time of writing of this report, and US West Texas Intermediate (WTI) futures fell 43 cents, or 1.1 per cent, to $37.95 a barrel.&nbsp;

(With inputs from Reuters)

Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict.

Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict. After gyrating 600.70 points during the day, the 30-share index closed 97.30 points, or 0.29 per cent, lower at 33,507.92. It had hit an intra-day high of 33,933.66 and a low of 33,332.96. Similarly, the NSE Nifty settled 32.85 points, or 0.33 per cent, down at 9,881.15. It touched a high of 10,003.60 and a low of 9,833.80 in the session. Global markets Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases. In Asia, Japan’s Nikkei eased 0.5 per cent, after jumping almost 5 per cent on Tuesday for its biggest daily gain in three months. Chinese blue chips recovered from an early dip to finish steady. In the overnight trade, the Dow ended Tuesday up 2.04 per cent, while the S&P 500 gained 1.90 per cent and the Nasdaq 1.75 per cent. In commodities, oil prices declined on Wednesday as data showed an increase in US crude and fuel inventories. Brent crude futures were down 29 cents, or 0.7 per cent, at $40.67 a barrel at the time of writing of this report, and US West Texas Intermediate (WTI) futures fell 43 cents, or 1.1 per cent, to $37.95 a barrel. (With inputs from Reuters)

Sensex ends 97 points lower amid India-China face-off

Apple Inc on Monday released the results of a study that found its App Store spurred $458 billion (363.52 billion pounds) in sales last year from categories such as retail of physical goods, ride-hailing and advertising from which the iPhone maker takes no commission.

Apple Inc on Monday released the results of a study that found its App Store spurred $458 billion (363.52 billion pounds) in sales last year from categories such as retail of physical goods, ride-hailing and advertising from which the iPhone maker takes no commission. The study, backed by Apple, marks the first time the company has sought to quantify App Store activity that does not produce a commission for Apple. Commissions from the App Store, which is the only way developers can distribute apps to iPhones owned by consumers, have become a key sales driver for Apple as iPhone sales level off. Also read: As Apple eyes shift to India from China, smartphone manufacturing to get major boost But Apple's study suggested the App Store has a broader impact. The App Store generated $519 billion in billings and sales in 2019, according to the study, conducted by economic research consulting firm Analysis Group. Of that amount, $413 billion was from physical goods and services. The study found $45 billion came from in-app advertising. The remaining 15% of overall App Store activity - about $63 billion - came from digital goods and services such as music and video subscriptions or in-app purchases in games. Apple takes a commission of between 15% and 30% for digital goods and services purchased through the App Store. That practice has drawn antitrust scrutiny in the United States and Europe, with rivals such as Spotify Technology Ltd saying the practice hurts their business. Also read: Apple rolls out cheaper iPhone as pandemic curbs spending To avoid paying Apple's commissions, rivals like Spotify must ask their customers to sign up for subscriptions on their own website, which adds multiple extra steps compared with paying inside the App Store. Spotify has alleged that created an uneven playing field. In a conference call with journalists, Apple representatives said the company commissioned the study to gain a better understanding of the physical goods and services activity in its App Store. General retail apps on iPhones and iPads, including Amazon.com, generated an estimated $268 billion in sales and billings, followed by travel apps at $57 billion and ride-hailing apps at $40 billion.

Apple-backed study sheds light on physical sales through App Store

The government on Tuesday once again hiked fuel prices in India increasing petrol prices by 47 paise and diesel prices by 57 paise a litre.

Petrol will now cost Rs 76.73 a litre in the national capital with diesel at Rs75.19 a litre.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-again-in-india-305290">Also Read:&nbsp;Petrol, diesel prices hiked again in India</a>

The price of petrol has now gone up by Rs 5.47 in the last ten days with diesel prices shooting up by Rs 5.80.&nbsp;

On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre.&nbsp;

The government's move comes as international oil prices dipped over spike in coronavirus&nbsp;infections around the world leading to a fall in demand of fuel prices.

Brent crude was down 14 cents at $39.58 a barrel on Tuesday after prices had increased&nbsp;on Monday as&nbsp;United Arab Emirates' energy minister said that OPEC+ hasn't been in full compliance with oil cuts which were agreed upon earlier.

OPEC&nbsp;and Russia had&nbsp;agreed to extend production cuts of 9.7 million barrels per day through July due to fall in demand due to the coronavirus pandemic..

The government on Tuesday once again hiked fuel prices in India increasing petrol prices by 47 paise and diesel prices by 57 paise a litre. Petrol will now cost Rs 76.

The government on Tuesday once again hiked fuel prices in India increasing petrol prices by 47 paise and diesel prices by 57 paise a litre. Petrol will now cost Rs 76.73 a litre in the national capital with diesel at Rs75.19 a litre. Also Read: Petrol, diesel prices hiked again in India The price of petrol has now gone up by Rs 5.47 in the last ten days with diesel prices shooting up by Rs 5.80. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre. The government's move comes as international oil prices dipped over spike in coronavirus infections around the world leading to a fall in demand of fuel prices. Brent crude was down 14 cents at $39.58 a barrel on Tuesday after prices had increased on Monday as United Arab Emirates' energy minister said that OPEC+ hasn't been in full compliance with oil cuts which were agreed upon earlier. OPEC and Russia had agreed to extend production cuts of 9.7 million barrels per day through July due to fall in demand due to the coronavirus pandemic..

Government hikes petrol, diesel prices again

The domestic stock market benchmark indices witnessed a volatile trade today due to escalating tensions between India and China.&nbsp;

At close, the Sensex ended 376.42 points or 1.13 per cent at 33,605.22, and the Nifty ended 100.30 points or 1.02 per cent at 9,914. Broader markets ended the session on a mixed note as Nifty Midcap100 index closed 0.44 per cent higher while Nifty Smallcap100 index slipped 0.11 per cent.

Nifty Bank moves 384 points higher at 20,297 and Midcap 62 points to 14,231. Financial heavyweights like HDFC twins and ICICI Bank help Nifty close higher.IT stocks gain with rupee weakening to 76.21 against US dollar; TCS and Infosys up 1-2%. Tata Motors slips 6% after reporting a weak Q4.

The HDFC twins (both up 4%) were the top Sensex gainers while Axis Bank and Tech Mahindra (both down 2%) were the main laggards. In the Sensex pack, 15 stocks advanced while as many declined.

(With inputs from agencies)

The domestic stock market benchmark indices witnessed a volatile trade today due to escalating tensions between India and China. At close, the Sensex ended 376.42 points or 1.

The domestic stock market benchmark indices witnessed a volatile trade today due to escalating tensions between India and China. At close, the Sensex ended 376.42 points or 1.13 per cent at 33,605.22, and the Nifty ended 100.30 points or 1.02 per cent at 9,914. Broader markets ended the session on a mixed note as Nifty Midcap100 index closed 0.44 per cent higher while Nifty Smallcap100 index slipped 0.11 per cent. Nifty Bank moves 384 points higher at 20,297 and Midcap 62 points to 14,231. Financial heavyweights like HDFC twins and ICICI Bank help Nifty close higher.IT stocks gain with rupee weakening to 76.21 against US dollar; TCS and Infosys up 1-2%. Tata Motors slips 6% after reporting a weak Q4. The HDFC twins (both up 4%) were the top Sensex gainers while Axis Bank and Tech Mahindra (both down 2%) were the main laggards. In the Sensex pack, 15 stocks advanced while as many declined. (With inputs from agencies)

Sensex ends 376 points higher, Nifty ends higher despite volatility

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases.&nbsp;

The BSE S&amp;P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814. Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent. 
Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent. Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively.&nbsp;

The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation. However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges.

Global markets

Fears that the second wave of COVID-19 infections is underway sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt.

The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia.

(With inputs from agencies)

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. The BSE S&P Sensex closed 552 points or 1.

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. The BSE S&P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814. Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent. Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent. Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively. The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation. However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges. Global markets Fears that the second wave of COVID-19 infections is underway sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt. The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia. (With inputs from agencies)

Sensex slips 552 points, Nifty ends just above 9,800 on global cues

The government today hiked petrol and diesel prices once again on Monday.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-again-in-india-305290">Also Read:&nbsp;Petrol, diesel prices hiked again in India</a>

Petrol was increased by Rs 0.48 a litre and diesel prices have now gone up Rs 0.59 a litre. Petrol will cost Rs 76.26 a litre in the national capital and diesel is set to cost Rs 74.62 a litre.

Last week the government had hiked prices over six days with petrol prices going up by Rs 3.31 and diesel prices by Rs 3.42.

The government's move comes even as international oil prices dropped more than two per cent over fears of a second wave of coronavirus in the United States.

Brent crude futures fell 66 cents at $38.07 a barrel while US West Texas Intermediate (WTI) crude futures fell 81 cents to $35.45 a barrel.

OPEC had earlier decided to cut supplies by 9.7 million barrels per day nearly about 10 per cent due to falling demand as a result of the coronavirus pandemic sweeping the world with major economies under lockdown.

The government today hiked petrol and diesel prices once again on Monday. Also Read: Petrol, diesel prices hiked again in India Petrol was increased by Rs 0.48 a litre and diesel prices have now gone up Rs 0.

The government today hiked petrol and diesel prices once again on Monday. Also Read: Petrol, diesel prices hiked again in India Petrol was increased by Rs 0.48 a litre and diesel prices have now gone up Rs 0.59 a litre. Petrol will cost Rs 76.26 a litre in the national capital and diesel is set to cost Rs 74.62 a litre. Last week the government had hiked prices over six days with petrol prices going up by Rs 3.31 and diesel prices by Rs 3.42. The government's move comes even as international oil prices dropped more than two per cent over fears of a second wave of coronavirus in the United States. Brent crude futures fell 66 cents at $38.07 a barrel while US West Texas Intermediate (WTI) crude futures fell 81 cents to $35.45 a barrel. OPEC had earlier decided to cut supplies by 9.7 million barrels per day nearly about 10 per cent due to falling demand as a result of the coronavirus pandemic sweeping the world with major economies under lockdown.

Petrol, diesel prices hiked again in India

The world is already experiencing new and interesting trends coming up in what is often-described as COVID-era. And in several countries, especially in the United States, one such trend that is being observed is cycling.&nbsp;

In the US, bicycle stocks in the stores of Walmart and Target are getting emptied, and independent sellers are also seeing a huge spike in sales.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/hybrid-cars-produce-more-co2-than-older-vehicles-in-uk-study-283365">Hybrid cars produce more CO2 than older vehicles in UK: Study</a>

In the last two months, bicycle sales in the US saw its biggest jump since the oil crisis in the 1970s, said Jay Townley, who observes cycling industry trends at Human Powered Solutions, reported AP.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-wants-petrol-diesel-vehicles-out-by-2035-proposes-switching-to-hybrid-vehicles-278805">UK wants petrol &amp; diesel vehicles out by 2035, proposes switching to hybrid vehicles</a> 
&nbsp; 
"People quite frankly have panicked, and they’re buying bikes like toilet paper," he added, referring to the panic buying witnessed during the start of the pandemic.&nbsp;

Countries around the world witnessed this trend as public transport remains a threat, increasing coronavirus transmissions.&nbsp;

In Manila and Rome, several bike lanes were installed to accommodate rising interest in cycling, while in London, authorities are seeking a ban on cars from some central thoroughfares.

Bike shop owners in the Philippine capital say demand is more than it was at Christmas. Bicycle sales are booming in Italy due to government incentives, which includes a 500-euro ($575) "bici bonus", offering rebate for up to 60% of the cost of a bike. &nbsp;

However, Townley added that the surging demand has also caused a shortage in the stock as 90 per cent&nbsp;of its cycles come from China, which witnessed a production hit due to the coronavirus pandemic.&nbsp;

Experts believe a boom in the sale of cycles can be because of multiple reasons, which include restrictions on public transport, a fitness alternative due to the shutdown of gyms, and keeping children due to stay-at-home orders.

Not just traditional cycles, electric cycles are also getting popular in the times of coronavirus.&nbsp;

Taco Carlier, co-founder of VanMoof, a Dutch e-bike manufacturer, said that since the pandemic began, he is seeing an "unlimited demand", leading to a 10-week order backlog for its commuter electric bikes, which generally used to take a day's time for delivery.&nbsp;

VanMoof's sales rose by 138 per cent in the US and 184 per cent in Britain in the February-April period compared to last year, with significant gains in other European countries.&nbsp;

Carlier said that they have increased their production, but adds, that they still would require two-three months to meet the demand.&nbsp;

The world is already experiencing new and interesting trends coming up in what is often-described as COVID-era. And in several countries, especially in the United States, one such trend that is being observed is cycling.

The world is already experiencing new and interesting trends coming up in what is often-described as COVID-era. And in several countries, especially in the United States, one such trend that is being observed is cycling. In the US, bicycle stocks in the stores of Walmart and Target are getting emptied, and independent sellers are also seeing a huge spike in sales. Also read | Hybrid cars produce more CO2 than older vehicles in UK: Study In the last two months, bicycle sales in the US saw its biggest jump since the oil crisis in the 1970s, said Jay Townley, who observes cycling industry trends at Human Powered Solutions, reported AP. Also read | UK wants petrol & diesel vehicles out by 2035, proposes switching to hybrid vehicles "People quite frankly have panicked, and they’re buying bikes like toilet paper," he added, referring to the panic buying witnessed during the start of the pandemic. Countries around the world witnessed this trend as public transport remains a threat, increasing coronavirus transmissions. In Manila and Rome, several bike lanes were installed to accommodate rising interest in cycling, while in London, authorities are seeking a ban on cars from some central thoroughfares. Bike shop owners in the Philippine capital say demand is more than it was at Christmas. Bicycle sales are booming in Italy due to government incentives, which includes a 500-euro ($575) "bici bonus", offering rebate for up to 60% of the cost of a bike. However, Townley added that the surging demand has also caused a shortage in the stock as 90 per cent of its cycles come from China, which witnessed a production hit due to the coronavirus pandemic. Experts believe a boom in the sale of cycles can be because of multiple reasons, which include restrictions on public transport, a fitness alternative due to the shutdown of gyms, and keeping children due to stay-at-home orders. Not just traditional cycles, electric cycles are also getting popular in the times of coronavirus. Taco Carlier, co-founder of VanMoof, a Dutch e-bike manufacturer, said that since the pandemic began, he is seeing an "unlimited demand", leading to a 10-week order backlog for its commuter electric bikes, which generally used to take a day's time for delivery. VanMoof's sales rose by 138 per cent in the US and 184 per cent in Britain in the February-April period compared to last year, with significant gains in other European countries. Carlier said that they have increased their production, but adds, that they still would require two-three months to meet the demand.

'Buying bikes like toilet paper': Coronavirus causes a surge in bicycle sales

Sensex plummeted over 1,000 points in opening trade on Friday with Nifty falling 274 after Wall Street stocks plunged over fears of another wave of coronavirus in the US.

<a href="https://www.wionews.com/world/several-us-states-report-spike-in-coronavirus-cases-as-stocks-plunge-305259">Also Read: Several US states report spike in coronavirus cases as stocks plunge</a>

Sensex fell 1,101.68 points to 32,436.69 and the Nifty fell 274 points to 9,628. The markets recovered to trade at 32,818.74, down 719 points.

Stocks&nbsp;in Asia plunged as well with stocks down in Hong Kong over one percent and Tokyo stocks were down 1.5 per cent and Shanghai shed 0.7 per cent.

In Sydney stocks were down 1.7 per cent, Seoul, Singapore and Jakarta all dropped more than two per cent and Taipei slipped 0.9 percent.

On Thursday, Wall Street street stocks collapsed with&nbsp;the Dow crashing 6.9 per cent and the S&amp;P 500 sliding 5.9 per cent with the Nasdaq going down 5.3 per cent.

Sensex plummeted over 1,000 points in opening trade on Friday with Nifty falling 274 after Wall Street stocks plunged over fears of another wave of coronavirus in the US.

Sensex plummeted over 1,000 points in opening trade on Friday with Nifty falling 274 after Wall Street stocks plunged over fears of another wave of coronavirus in the US. Also Read: Several US states report spike in coronavirus cases as stocks plunge Sensex fell 1,101.68 points to 32,436.69 and the Nifty fell 274 points to 9,628. The markets recovered to trade at 32,818.74, down 719 points. Stocks in Asia plunged as well with stocks down in Hong Kong over one percent and Tokyo stocks were down 1.5 per cent and Shanghai shed 0.7 per cent. In Sydney stocks were down 1.7 per cent, Seoul, Singapore and Jakarta all dropped more than two per cent and Taipei slipped 0.9 percent. On Thursday, Wall Street street stocks collapsed with the Dow crashing 6.9 per cent and the S&P 500 sliding 5.9 per cent with the Nasdaq going down 5.3 per cent.

Global markets plunge over second wave of coronavirus in US; Sensex crashes over 1,000 points

The government today hiked fuel prices in India once again with the cost of petrol rising by Rs 3.31 in six days and diesel prices going up by Rs 3.42.

<a href="https://www.wionews.com/business-economy/amid-unlock-10-government-hikes-petrol-diesel-prices-for-fourth-consecutive-day-304745">Also Read:&nbsp;Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day</a>

Petrol prices were&nbsp;hiked by 57 paise per litre and diesel by 59 paise on Friday. Petrol will now cost Rs 74.57 a litre with diesel at 72.81 a litre in the national capital.

The hike in petrol prices comes as international oil prices climbed and finished with gains for a sixth week in a row.

OPEC and Russia had earlier pledged to cut output by 9.7 million barrels per day from May 1 until the end of June after the coronavirus outbreak led to a dramatic fall in oil prices.

"All participating countries... agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month," it said.

The oil-producing block decided to later extend the output cuts through to July.

The government today hiked fuel prices in India once again with the cost of petrol rising by Rs 3.31 in six days and diesel prices going up by Rs 3.42. Also Read: Amid Unlock 1.

The government today hiked fuel prices in India once again with the cost of petrol rising by Rs 3.31 in six days and diesel prices going up by Rs 3.42. Also Read: Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day Petrol prices were hiked by 57 paise per litre and diesel by 59 paise on Friday. Petrol will now cost Rs 74.57 a litre with diesel at 72.81 a litre in the national capital. The hike in petrol prices comes as international oil prices climbed and finished with gains for a sixth week in a row. OPEC and Russia had earlier pledged to cut output by 9.7 million barrels per day from May 1 until the end of June after the coronavirus outbreak led to a dramatic fall in oil prices. "All participating countries... agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month," it said. The oil-producing block decided to later extend the output cuts through to July.

Facebook's acquisition of popular GIF website Giphy is being scrutinised by Britain's competition watchdog for possibly reducing competition in the United Kingdom.

The parent of messaging app WhatsApp bought Giphy, a popular website for making and sharing animated images, or GIFs, in May to integrate it with its rapidly growing photo-sharing app, Instagram.

While a formal probe is yet to begin, the Competition and Markets Authority (CMA) earlier this week served Facebook with an initial enforcement order and on Friday began the first stage of an investigation, inviting comments on the transaction from any interested party.&nbsp;

Facebook, the world's largest social media network, did not immediately respond to a Reuters request for comment.

Giphy sought to quell some of the concerns in a statement. "Everyone will continue to have the same access to GIPHY. We look forward to demonstrating how this partnership is a win for our users, partners, and content creators," it said.

According to Facebook, 50% of Giphy's traffic comes from Facebook's apps, with half of that coming from Instagram.

The deal, pegged at around $400 million by news website Axios, came through as Facebook was already under scrutiny over antitrust concerns, and the company is now taking fire for its decision to not challenge inflammatory posts by U.S. President Donald Trump.

Some advocacy groups had already raised concerns when the deal was announced and Facebook had then said that Giphy's integrations with other social platforms like Twitter, Snapchat and ByteDance's TikTok would not change.

The American Economic Liberties Project, an antitrust advocacy group, had said that Facebook and Google are monopolizing online communications through such deals, while urging the Federal Trade Commission to probe the deal.

Alphabet Inc's Google had acquired GIF platform Tenor in 2018 and integrated it into its image search function.

 
&nbsp;

Facebook's acquisition of popular GIF website Giphy is being scrutinised by Britain's competition watchdog for possibly reducing competition in the United Kingdom.

Facebook's acquisition of popular GIF website Giphy is being scrutinised by Britain's competition watchdog for possibly reducing competition in the United Kingdom. The parent of messaging app WhatsApp bought Giphy, a popular website for making and sharing animated images, or GIFs, in May to integrate it with its rapidly growing photo-sharing app, Instagram. While a formal probe is yet to begin, the Competition and Markets Authority (CMA) earlier this week served Facebook with an initial enforcement order and on Friday began the first stage of an investigation, inviting comments on the transaction from any interested party. Facebook, the world's largest social media network, did not immediately respond to a Reuters request for comment. Giphy sought to quell some of the concerns in a statement. "Everyone will continue to have the same access to GIPHY. We look forward to demonstrating how this partnership is a win for our users, partners, and content creators," it said. According to Facebook, 50% of Giphy's traffic comes from Facebook's apps, with half of that coming from Instagram. The deal, pegged at around $400 million by news website Axios, came through as Facebook was already under scrutiny over antitrust concerns, and the company is now taking fire for its decision to not challenge inflammatory posts by U.S. President Donald Trump. Some advocacy groups had already raised concerns when the deal was announced and Facebook had then said that Giphy's integrations with other social platforms like Twitter, Snapchat and ByteDance's TikTok would not change. The American Economic Liberties Project, an antitrust advocacy group, had said that Facebook and Google are monopolizing online communications through such deals, while urging the Federal Trade Commission to probe the deal. Alphabet Inc's Google had acquired GIF platform Tenor in 2018 and integrated it into its image search function.

Facebook's Giphy deal draws UK competition watchdog's attention