National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

The state government of Karnataka's has said that parota must be taxed at more than triple the GST tax rate on the roti.&nbsp;

The Karnataka bench of Authority for Advance Rulings (AAR), stated that parotas would be subject to a higher GST rate of 18% unlike roti (5% GST). The institution said that since "roti" was generic, not every flatbread could be considered a part of it.

The higher rate of Goods and Services Tax (GST) on the parota is inspiring memes and jokes on social media.

“With all the other challenges the country is facing, it makes you wonder if we should be worrying about an existential crisis for the ‘Parota.’ In any case, given Indian jugaad skills, I’m pretty sure there will be a new breed of ‘Parotis’ that will challenge any categorisation,” Mahindra &amp; Mahindra group chairman Anand Mahindra tweeted. 
 
<img alt="Anand Mahindra" data-entity-type="file" data-entity-uuid="44d203e7-9dd5-4fa2-b132-22ccdf1cb5ef" src="//cdn.wionews.com/sites/default/files/inline-images/anand-mahindra.JPG" />

Say no to food fascism

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
5% GST for Rotis and 18% GST for Porotta?! 
 
This discrimination should end right now. Say No to Food Fascism! You dont get to decide what we should eat! <a href="https://twitter.com/hashtag/HandsOffPorotta?src=hash&amp;ref_src=twsrc%5Etfw">#HandsOffPorotta</a> <a href="https://t.co/Y59zjkdT6q">pic.twitter.com/Y59zjkdT6q</a>
— The Saudade Guy🌹 (@arunrajpaul) <a href="https://twitter.com/arunrajpaul/status/1271333398888546304?ref_src=twsrc%5Etfw">June 12, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Classic and Whole Wheat Malabar "Parota" under Schedule III of GST Laws is taxable at 18% GST. 
The government gave a very lame explanation that Porotta is taxed simply because it's not Roti. 
 
The flawed logic shows the north south divide in their politics.<a href="https://twitter.com/hashtag/HandsOffPorotta?src=hash&amp;ref_src=twsrc%5Etfw">#HandsOffPorotta</a>
— Arya 🌹 (@RantingDosa) <a href="https://twitter.com/RantingDosa/status/1271313806350680065?ref_src=twsrc%5Etfw">June 12, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

&nbsp;

The state government of Karnataka's has said that parota must be taxed at more than triple the GST tax rate on the roti. The Karnataka bench of Authority for Advance Rulings (AAR), stated that parotas would be subject to a higher GST rate of 18% unlike roti (5% GST).

The state government of Karnataka's has said that parota must be taxed at more than triple the GST tax rate on the roti. The Karnataka bench of Authority for Advance Rulings (AAR), stated that parotas would be subject to a higher GST rate of 18% unlike roti (5% GST). The institution said that since "roti" was generic, not every flatbread could be considered a part of it. The higher rate of Goods and Services Tax (GST) on the parota is inspiring memes and jokes on social media. “With all the other challenges the country is facing, it makes you wonder if we should be worrying about an existential crisis for the ‘Parota.’ In any case, given Indian jugaad skills, I’m pretty sure there will be a new breed of ‘Parotis’ that will challenge any categorisation,” Mahindra & Mahindra group chairman Anand Mahindra tweeted. Say no to food fascism 5% GST for Rotis and 18% GST for Porotta?! This discrimination should end right now. Say No to Food Fascism! You dont get to decide what we should eat! #HandsOffPorotta pic.twitter.com/Y59zjkdT6q — The Saudade Guy🌹 (@arunrajpaul) June 12, 2020 × Classic and Whole Wheat Malabar "Parota" under Schedule III of GST Laws is taxable at 18% GST. The government gave a very lame explanation that Porotta is taxed simply because it's not Roti. The flawed logic shows the north south divide in their politics.#HandsOffPorotta — Arya 🌹 (@RantingDosa) June 12, 2020 ×

18% GST on Parotas, 5% on roti: Twitter reacts on the bizarre ruling

Britain's economy shrank by more than a fifth in April from March, official data showed Friday, as the first full month of coronavirus lockdown ravaged activity.&nbsp;

Gross domestic product nosedived by a record 20.4 percent from the previous month, after a 5.8-percent contraction in March, the Office for National Statistics said.

The UK government had imposed a lockdown on March 23 in an attempt to halt the spread of COVID-19, and also stepped in to back up employee wages in a costly "furlough" jobs retention scheme.

"GDP fell by 20.4 percent in the month, the largest fall since monthly records began in 1997, reflecting record widespread falls in services, production and construction output," the ONS added.

The dramatic collapse in April was three times greater than the slump experienced during the 2008-2009 global financial crisis, it said.

Britain is now gradually easing stay-at-home restrictions, with widespread concern about the impact of two months of lockdown on the economy.

- 'Unprecendented' - 
Yet the harsh restrictions -- under which shops and factories shut down and workers were sent home -- is widely expected to have sent the nation into recession.

Jonathan Athow, ONS deputy national statistician, described the 20-percent slump as "unprecedented".

"April's fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-COVID-19 fall," said Athow.

"In April, the economy was around 25 percent smaller than in February."

The hardest hit areas were pubs, education, health and car sales.

GDP meanwhile shrank by 10.4 percent in the three months to the end of April.

"The economy has experienced a significant shock since the start of the coronavirus pandemic; GDP has fallen dramatically, with record broad-based falls in output for production, services and construction," the ONS added.

- 'Wide-ranging impact' - 
The COVID-19 pandemic, which has blighted economies worldwide, had a "significant and wide-ranging negative impact" in April on British businesses.

"April 2020 has experienced sharper falls than March as the negative impacts of social distancing and 'lockdown' have led to a significant fall in consumer demand and business and factory closures, as well as supply chain disruptions," the ONS said.

Britain is meanwhile pressing ahead with its lockdown easing plans.

Non-essential shops and services, as well as zoos, wildlife parks and drive-in cinemas can open from next Monday, and individual attendance will be allowed at places of worship.

However, restrictions have not yet been lifted on pubs, bars, restaurants and other leisure facilities.

Britain is widely expected to slump into recession in the second quarter of this year, having contracted by two percent in the first three months of 2020.

The economy could collapse as much as 35 percent in the current quarter that runs to the end of June, according to UK fiscal watchdog the Office for Budget Responsibility.

The Bank of England has already warned that the COVID-19 economic paralysis could lead to Britain's worst recession in centuries.

Britain's economy shrank by more than a fifth in April from March, official data showed Friday, as the first full month of coronavirus lockdown ravaged activity.

Britain's economy shrank by more than a fifth in April from March, official data showed Friday, as the first full month of coronavirus lockdown ravaged activity. Gross domestic product nosedived by a record 20.4 percent from the previous month, after a 5.8-percent contraction in March, the Office for National Statistics said. The UK government had imposed a lockdown on March 23 in an attempt to halt the spread of COVID-19, and also stepped in to back up employee wages in a costly "furlough" jobs retention scheme. "GDP fell by 20.4 percent in the month, the largest fall since monthly records began in 1997, reflecting record widespread falls in services, production and construction output," the ONS added. The dramatic collapse in April was three times greater than the slump experienced during the 2008-2009 global financial crisis, it said. Britain is now gradually easing stay-at-home restrictions, with widespread concern about the impact of two months of lockdown on the economy. - 'Unprecendented' - Yet the harsh restrictions -- under which shops and factories shut down and workers were sent home -- is widely expected to have sent the nation into recession. Jonathan Athow, ONS deputy national statistician, described the 20-percent slump as "unprecedented". "April's fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-COVID-19 fall," said Athow. "In April, the economy was around 25 percent smaller than in February." The hardest hit areas were pubs, education, health and car sales. GDP meanwhile shrank by 10.4 percent in the three months to the end of April. "The economy has experienced a significant shock since the start of the coronavirus pandemic; GDP has fallen dramatically, with record broad-based falls in output for production, services and construction," the ONS added. - 'Wide-ranging impact' - The COVID-19 pandemic, which has blighted economies worldwide, had a "significant and wide-ranging negative impact" in April on British businesses. "April 2020 has experienced sharper falls than March as the negative impacts of social distancing and 'lockdown' have led to a significant fall in consumer demand and business and factory closures, as well as supply chain disruptions," the ONS said. Britain is meanwhile pressing ahead with its lockdown easing plans. Non-essential shops and services, as well as zoos, wildlife parks and drive-in cinemas can open from next Monday, and individual attendance will be allowed at places of worship. However, restrictions have not yet been lifted on pubs, bars, restaurants and other leisure facilities. Britain is widely expected to slump into recession in the second quarter of this year, having contracted by two percent in the first three months of 2020. The economy could collapse as much as 35 percent in the current quarter that runs to the end of June, according to UK fiscal watchdog the Office for Budget Responsibility. The Bank of England has already warned that the COVID-19 economic paralysis could lead to Britain's worst recession in centuries.

Britain's GDP contracts 20.4% over coronavirus lockdown

Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp.

<a href="https://www.wionews.com/business-economy/elon-musk-earns-770-million-performance-based-payday-in-stock-options-after-tesla-hits-targets-301736">Also Read:&nbsp;Musk earns $770 million payday in stock options after Tesla hits targets</a>

The electric car company is now reportedly worth over $187 billion as its stocks rose over six per cent on Wall Street. Tesla's CEO Elon Musk in an email to his staff had said that the company's new Semi truck was ready for "volume production", however, he did not put a deadline or when the production will begin.

Tesla stocks had earlier hit an all-time high in February when it crossed $9,000 a share due to record sales in 2019 and results of factory output in China, however, it fell rapidly as the coronavirus pandemic hit the United States.

Musk on Wednesday had tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.

“Production of the battery and powertrain will take place at Giga Nevada,” Musk said.

Tesla had to close its factories in California, Buffalo and Fremont amid the virus.

The company had previously announced the production of Tesla Semi in 2017 boasting of travelling 500 kms on a single battery, however, the company had later said it was delaying production until 2021.

Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp.

Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp. Also Read: Musk earns $770 million payday in stock options after Tesla hits targets The electric car company is now reportedly worth over $187 billion as its stocks rose over six per cent on Wall Street. Tesla's CEO Elon Musk in an email to his staff had said that the company's new Semi truck was ready for "volume production", however, he did not put a deadline or when the production will begin. Tesla stocks had earlier hit an all-time high in February when it crossed $9,000 a share due to record sales in 2019 and results of factory output in China, however, it fell rapidly as the coronavirus pandemic hit the United States. Musk on Wednesday had tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate. “Production of the battery and powertrain will take place at Giga Nevada,” Musk said. Tesla had to close its factories in California, Buffalo and Fremont amid the virus. The company had previously announced the production of Tesla Semi in 2017 boasting of travelling 500 kms on a single battery, however, the company had later said it was delaying production until 2021.

Musk's Tesla becomes most valuable automaker, beats Toyota

The S&amp;P BSE Sensex tumbled 709 points or over 2 per cent on Thursday, led by losses in Reliance Industries, HDFC Bank and ICICI Bank, as a sell-off in global equities hit investor sentiment.

After touching a low of 33,480.42, the 30-share index settled 708.68 points, or 2.07 per cent, lower at 33,538.37. Similarly, the broader NSE Nifty tanked 214.15 points, or 2.12 per cent, to close at 9,902.&nbsp;

The investor sentiment took a hit post US Federal Reserve's policy meeting outcome. The US central bank projected a 6.5 per cent decline in the US economy's gross domestic product (GDP) this year and a 9.3 per cent unemployment rate at the year's end.

Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh. 
 
(With inputs from agencies)

The S&P BSE Sensex tumbled 709 points or over 2 per cent on Thursday, led by losses in Reliance Industries, HDFC Bank and ICICI Bank, as a sell-off in global equities hit investor sentiment.

The S&P BSE Sensex tumbled 709 points or over 2 per cent on Thursday, led by losses in Reliance Industries, HDFC Bank and ICICI Bank, as a sell-off in global equities hit investor sentiment. After touching a low of 33,480.42, the 30-share index settled 708.68 points, or 2.07 per cent, lower at 33,538.37. Similarly, the broader NSE Nifty tanked 214.15 points, or 2.12 per cent, to close at 9,902. The investor sentiment took a hit post US Federal Reserve's policy meeting outcome. The US central bank projected a 6.5 per cent decline in the US economy's gross domestic product (GDP) this year and a 9.3 per cent unemployment rate at the year's end. Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh. (With inputs from agencies)

Sensex slumps 709 points on global sell-off

Asia-focused banking giant HSBC's vocal support for China's controversial Hong Kong security law has not been well received in Britain, the former ruler of the city.

The London-headquartered lender last week backed Beijing's contentious legal proposal for Hong Kong, which critics fear will be used to stamp out dissent in the city.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-privately-urged-top-hong-kong-officials-to-back-national-security-law-304961">China privately urged top Hong Kong officials to back national security law</a>

HSBC's announcement angered business and political circles in Britain, which returned the former colony to Chinese rule in 1997.

Also read |&nbsp;<a href="https://www.wionews.com/world/hong-kong-marks-one-year-of-pro-democracy-activism-with-fresh-protests-53-arrested-304706">Hong Kong marks one year of pro-democracy activism with fresh protests, 53 arrested</a>

The bank's decision flew in the face of convention because most multinationals attempt to steer clear of political intervention.

However, HSBC's top Asia executive, Peter Wong, has signed a petition in support of the law.

In addition, London-listed bank Standard Chartered -- which also focuses primarily on Asia -- sided with Beijing over the law.

'Cosy up'&nbsp;

"The UK-listed banks have taken China's side as it is clear they want to cosy up to the second largest economy in the world," said CMC Markets analyst David Madden.

HSBC insisted the Chinese measures would help "stabilise" Hong Kong and "revitalise" its economy.

HSBC's move came after Hong Kong's pro-Beijing former leader Leung Chun-ying criticised the bank for not publicly supporting the law -- while profiting from its Chinese business interests.&nbsp;

Asia remains critical for HSBC because the bank generates the majority of its profits in the region.

The lender's chief executive Noel Quinn announced plans this year to axe 35,000 jobs as HSBC strengthens its focus on Asia and trims fat from less profitable activities in Europe and the United States.

'Synonymous with Hong Kong'

HSBC -- or the Hong Kong &amp; Shanghai Banking Corporation -- is closely linked to the history of the former British colony.

The bank was founded in Hong Kong and Shanghai in 1865 -- but has been based in Britain since 1993.

"HSBC is synonymous with Hong Kong – the website and bank cards feature the skyline, the HSBC building in Hong Kong is an iconic one, and the firm employs around 30,000 people in Hong Kong," said Emma Wall, head of investment analysis at broker Hargreaves Lansdown.

"To those outside of the region it may therefore come as a surprise that HSBC, and other firms such as Standard Chartered, have put up no resistance to the recent divisive bill.

"But ultimately, any corporate decision will be made with future revenues in mind -- and for HSBC half of their revenues come from Asia," she added.

But the bank's decision has been met with anger from prominent politicians in Britain.

Former Conservative Party leader Iain Duncan Smith said HSBC's support for China's national security law was a "grave error".

Lisa Nandy and Anneliese Dodds, leading lawmakers in the main opposition Labour party, have meanwhile written to both banks to express concern.

Last week's decision also risks HSBC's reputation on the global stage.

US Secretary of State Mike Pompeo criticised the bank for backing the law, calling it a "cautionary tale" and warning of businesses' overreliance on Beijing.

"That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank's business in China as political leverage against London," Pompeo said in a statement.

Asia-focused banking giant HSBC's vocal support for China's controversial Hong Kong security law has not been well received in Britain, the former ruler of the city.

Asia-focused banking giant HSBC's vocal support for China's controversial Hong Kong security law has not been well received in Britain, the former ruler of the city. The London-headquartered lender last week backed Beijing's contentious legal proposal for Hong Kong, which critics fear will be used to stamp out dissent in the city. Also read | China privately urged top Hong Kong officials to back national security law HSBC's announcement angered business and political circles in Britain, which returned the former colony to Chinese rule in 1997. Also read | Hong Kong marks one year of pro-democracy activism with fresh protests, 53 arrested The bank's decision flew in the face of convention because most multinationals attempt to steer clear of political intervention. However, HSBC's top Asia executive, Peter Wong, has signed a petition in support of the law. In addition, London-listed bank Standard Chartered -- which also focuses primarily on Asia -- sided with Beijing over the law. 'Cosy up' "The UK-listed banks have taken China's side as it is clear they want to cosy up to the second largest economy in the world," said CMC Markets analyst David Madden. HSBC insisted the Chinese measures would help "stabilise" Hong Kong and "revitalise" its economy. HSBC's move came after Hong Kong's pro-Beijing former leader Leung Chun-ying criticised the bank for not publicly supporting the law -- while profiting from its Chinese business interests. Asia remains critical for HSBC because the bank generates the majority of its profits in the region. The lender's chief executive Noel Quinn announced plans this year to axe 35,000 jobs as HSBC strengthens its focus on Asia and trims fat from less profitable activities in Europe and the United States. 'Synonymous with Hong Kong' HSBC -- or the Hong Kong & Shanghai Banking Corporation -- is closely linked to the history of the former British colony. The bank was founded in Hong Kong and Shanghai in 1865 -- but has been based in Britain since 1993. "HSBC is synonymous with Hong Kong – the website and bank cards feature the skyline, the HSBC building in Hong Kong is an iconic one, and the firm employs around 30,000 people in Hong Kong," said Emma Wall, head of investment analysis at broker Hargreaves Lansdown. "To those outside of the region it may therefore come as a surprise that HSBC, and other firms such as Standard Chartered, have put up no resistance to the recent divisive bill. "But ultimately, any corporate decision will be made with future revenues in mind -- and for HSBC half of their revenues come from Asia," she added. But the bank's decision has been met with anger from prominent politicians in Britain. Former Conservative Party leader Iain Duncan Smith said HSBC's support for China's national security law was a "grave error". Lisa Nandy and Anneliese Dodds, leading lawmakers in the main opposition Labour party, have meanwhile written to both banks to express concern. Last week's decision also risks HSBC's reputation on the global stage. US Secretary of State Mike Pompeo criticised the bank for backing the law, calling it a "cautionary tale" and warning of businesses' overreliance on Beijing. "That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank's business in China as political leverage against London," Pompeo said in a statement.

HSBC slammed in UK for backing China's Hong Kong law

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues.

After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63.&nbsp;Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

SIn the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep&nbsp; 
recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade. Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains. International oil benchmark Brent crude futures fell 2.66 per cent to $ 40.62 per barrel.

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues.

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues. After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63. Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25. Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys. On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers. SIn the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15. On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed. According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome. The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022. It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment. Stock exchanges on Wall Street ended on a mixed note in overnight trade. Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains. International oil benchmark Brent crude futures fell 2.66 per cent to $ 40.62 per barrel.

Sensex slides 200 points amid foreign fund outflows, weak global cues

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-for-third-straight-day-304430">Also Read: Petrol, diesel prices hiked for third straight day</a>

Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise&nbsp;as India's PUS's ended&nbsp;82-day freeze in rate revision since March.

Petrol in Delhi will now cost Rs 73.40 per litre and diesel rate will now be 71. 62 per litre. It is the fourth time rates have been revised since Sunday.

On Tuesday, the government had hiked petrol prices by Rs 54 a litre and diesel by 58 paise, the prices petrol has now gone up by Rs 2.14 a litre since Sunday with diesel prices becoming dearer by Rs 2.23 for the consumer.

Global oil prices across the world have rebounded after falling to historic lows due to the coronavirus crisis. However, on Wednesday global prices fell to $40.59 a barrel after a sharp rise in crude and fuel stockpiles in the United States.

According to two intergovernmental agency report, governments subsidised fossil fuels in 2019 up to nearly half a trillion dollars, with the IEA pointing out that subsidies for fossil fuel consumption declined 27 per cent, compared to 2018 due to lower oil and gas prices.

Amid the crisis, the British energy giant BP said it plans to lay off close to 10,000 jobs.

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions. Also Read: Petrol, diesel prices hiked for third straight day Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise as India's PUS's ended 82-day freeze in rate revision since March.

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions. Also Read: Petrol, diesel prices hiked for third straight day Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise as India's PUS's ended 82-day freeze in rate revision since March. Petrol in Delhi will now cost Rs 73.40 per litre and diesel rate will now be 71. 62 per litre. It is the fourth time rates have been revised since Sunday. On Tuesday, the government had hiked petrol prices by Rs 54 a litre and diesel by 58 paise, the prices petrol has now gone up by Rs 2.14 a litre since Sunday with diesel prices becoming dearer by Rs 2.23 for the consumer. Global oil prices across the world have rebounded after falling to historic lows due to the coronavirus crisis. However, on Wednesday global prices fell to $40.59 a barrel after a sharp rise in crude and fuel stockpiles in the United States. According to two intergovernmental agency report, governments subsidised fossil fuels in 2019 up to nearly half a trillion dollars, with the IEA pointing out that subsidies for fossil fuel consumption declined 27 per cent, compared to 2018 due to lower oil and gas prices. Amid the crisis, the British energy giant BP said it plans to lay off close to 10,000 jobs.

Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following the easing of coronavirus lockdowns.

The company said it would permanently close about 400 stores in the Americas over the next 18 months and cut its planned new store openings by half to about 300 this fiscal year, signifying the lasting impact of the pandemic.

The world's largest coffee chain's shares fell nearly 4%, as it also forecast a bigger-than-expected current-quarter loss and an over $3 billion fall in revenue.

With the COVID-19 pandemic effectively putting a stop to dining out in most of the United States for weeks, Starbucks was forced to convert its cafes to pick-up or drive-through joints only.

The company said it would now speed up the opening of pick-up only stores, especially in urban areas, as health experts advise people to stick with social-distancing norms.

Starbucks projected an adjusted loss of about 55 cents to 70 cents per share for its third-quarter ending in June and said it expects US&nbsp;same-store sales to drop by up to 45%. Analysts were expecting a third-quarter loss of 16 cents per share, according to IBES data from Refinitiv.

However, declines are expected to slow towards the end of the year.

The company expects same-store sales in China to drop by 20% to 25%, slightly more optimistic than an earlier forecast of 25% to 35% fall.

Starbucks said it expects current-quarter operating income decline between $2 billion to $2.2 billion. It reported an operating income of $1.07 billion in the third quarter of last year.

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following the easing of coronavirus lockdowns.

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following the easing of coronavirus lockdowns. The company said it would permanently close about 400 stores in the Americas over the next 18 months and cut its planned new store openings by half to about 300 this fiscal year, signifying the lasting impact of the pandemic. The world's largest coffee chain's shares fell nearly 4%, as it also forecast a bigger-than-expected current-quarter loss and an over $3 billion fall in revenue. With the COVID-19 pandemic effectively putting a stop to dining out in most of the United States for weeks, Starbucks was forced to convert its cafes to pick-up or drive-through joints only. The company said it would now speed up the opening of pick-up only stores, especially in urban areas, as health experts advise people to stick with social-distancing norms. Starbucks projected an adjusted loss of about 55 cents to 70 cents per share for its third-quarter ending in June and said it expects US same-store sales to drop by up to 45%. Analysts were expecting a third-quarter loss of 16 cents per share, according to IBES data from Refinitiv. However, declines are expected to slow towards the end of the year. The company expects same-store sales in China to drop by 20% to 25%, slightly more optimistic than an earlier forecast of 25% to 35% fall. Starbucks said it expects current-quarter operating income decline between $2 billion to $2.2 billion. It reported an operating income of $1.07 billion in the third quarter of last year.

Starbucks expects over $2 billion drop in quarterly income due to covid-19

Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday.

The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people. Boeing told airlines it hopes to conduct the flight in late June, the sources said.

Asking for anonymity because they had not been authorized to speak publicly, they said Boeing had also notified airlines of a fix to address safety concerns about the placement of wiring bundles on the aircraft.

Reuters has previously reported that the Federal Aviation Administration (FAA) does not plan to clear Boeing for a resumption of 737 MAX flights until at least August.

The sources warned the date could slip into July for the certification test flight, as the dates for many milestones for returning the plane to service have been repeatedly pushed back.

The FAA said on Wednesday it was "in regular contact with Boeing as the company continues its work on the 737 MAX ... The aircraft will be cleared for return to passenger service only after the FAA is satisfied that all safety-related issues are addressed."

Boeing declined to comment.

In March, Reuters first reported Boeing would separate 737 MAX wiring bundles, flagged by regulators as potentially dangerous before the jet returns to service.

In early April, Boeing confirmed it would make two new software updates to the 737 MAX's flight control computer. But Boeing said software issues that prompted the updates were unrelated to a key anti-software system known as MCAS faulted in both fatal crashes.

Boeing resumed production of the 737 MAX on May 27 after halting it in January.

Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday. The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people.

Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday. The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people. Boeing told airlines it hopes to conduct the flight in late June, the sources said. Asking for anonymity because they had not been authorized to speak publicly, they said Boeing had also notified airlines of a fix to address safety concerns about the placement of wiring bundles on the aircraft. Reuters has previously reported that the Federal Aviation Administration (FAA) does not plan to clear Boeing for a resumption of 737 MAX flights until at least August. The sources warned the date could slip into July for the certification test flight, as the dates for many milestones for returning the plane to service have been repeatedly pushed back. The FAA said on Wednesday it was "in regular contact with Boeing as the company continues its work on the 737 MAX ... The aircraft will be cleared for return to passenger service only after the FAA is satisfied that all safety-related issues are addressed." Boeing declined to comment. In March, Reuters first reported Boeing would separate 737 MAX wiring bundles, flagged by regulators as potentially dangerous before the jet returns to service. In early April, Boeing confirmed it would make two new software updates to the 737 MAX's flight control computer. But Boeing said software issues that prompted the updates were unrelated to a key anti-software system known as MCAS faulted in both fatal crashes. Boeing resumed production of the 737 MAX on May 27 after halting it in January.

Boeing aims for key 737 Max certification flight in late June: Report 

After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday.

The coronavirus pandemic will lead to shrinking of the already slowing economy in 2020-21 that started in April. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year.

"The pandemic has drastically weakened India's growth outlook and laid bare the challenges caused by a high public-debt burden," Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday.

"After the global crisis, India's GDP growth is likely to return to higher levels than 'BBB' category peers, provided it avoids further deterioration in financial sector health as a result of the pandemic," it said forecasting a 9.5 per cent real GDP growth next year.

India on March 25 instituted the world's largest lockdown to combat the novel coronavirus, halting almost all economic activities.

The lockdown has been repeatedly extended, although some restrictions have been eased from May 4 in zones with fewer infections. "However, new cases have continued to rise," it said.

To support the economy, the Reserve Bank of India (RBI) has eased monetary policy by cutting policy rates and providing liquidity through long-term repo operations.

Prudential requirements for banks have also been eased to free up liquidity for lending. "The government has announced stimulus measures amounting to 10 per cent of GDP, of which the fiscal component of about 1 per cent of GDP is significantly less than many of India's peers," the rating agency said.

General government debt already stood at 70 per cent of GDP in 2019-20, well above the 'BBB' rating median of 42 per cent.

India's ratio of public debt/GDP is expected to rise to 84 per cent of GDP in 2020-21  up from a forecast of 71 per cent when Fitch Ratings affirmed the 'BBB-' rating in December 2019.

"This is based on our expectation of slower economic growth in FY21 and wider fiscal deficits, assuming that the government's fiscal response remains restrained," it said.

"The credit profile is strengthened by relative external resilience stemming from solid foreign-reserve buffers, but weakened by some lagging structural factors, including governance indicators and GDP per capita."

Listing positives for India, Fitch Ratings said there was greater confidence in a sustained reduction in general government debt over the medium term to a level closer to the 'BBB' peer median.

Also, there is a possibility of higher sustained investment and growth rates without the creation of macroeconomic imbalances, such as from successful structural reform implementation.

Among the negatives was a material increase in the fiscal deficit, causing the gross general government debt/GDP ratio to be placed on a sustained upward trajectory.

Other negative was loose macroeconomic policy settings that cause a return of persistently high inflation and widening current-account deficits, which would increase the risk of external funding stress, it said.

After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday.

After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday. The coronavirus pandemic will lead to shrinking of the already slowing economy in 2020-21 that started in April. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year. "The pandemic has drastically weakened India's growth outlook and laid bare the challenges caused by a high public-debt burden," Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday. "After the global crisis, India's GDP growth is likely to return to higher levels than 'BBB' category peers, provided it avoids further deterioration in financial sector health as a result of the pandemic," it said forecasting a 9.5 per cent real GDP growth next year. India on March 25 instituted the world's largest lockdown to combat the novel coronavirus, halting almost all economic activities. The lockdown has been repeatedly extended, although some restrictions have been eased from May 4 in zones with fewer infections. "However, new cases have continued to rise," it said. To support the economy, the Reserve Bank of India (RBI) has eased monetary policy by cutting policy rates and providing liquidity through long-term repo operations. Prudential requirements for banks have also been eased to free up liquidity for lending. "The government has announced stimulus measures amounting to 10 per cent of GDP, of which the fiscal component of about 1 per cent of GDP is significantly less than many of India's peers," the rating agency said. General government debt already stood at 70 per cent of GDP in 2019-20, well above the 'BBB' rating median of 42 per cent. India's ratio of public debt/GDP is expected to rise to 84 per cent of GDP in 2020-21  up from a forecast of 71 per cent when Fitch Ratings affirmed the 'BBB-' rating in December 2019. "This is based on our expectation of slower economic growth in FY21 and wider fiscal deficits, assuming that the government's fiscal response remains restrained," it said. "The credit profile is strengthened by relative external resilience stemming from solid foreign-reserve buffers, but weakened by some lagging structural factors, including governance indicators and GDP per capita." Listing positives for India, Fitch Ratings said there was greater confidence in a sustained reduction in general government debt over the medium term to a level closer to the 'BBB' peer median. Also, there is a possibility of higher sustained investment and growth rates without the creation of macroeconomic imbalances, such as from successful structural reform implementation. Among the negatives was a material increase in the fiscal deficit, causing the gross general government debt/GDP ratio to be placed on a sustained upward trajectory. Other negative was loose macroeconomic policy settings that cause a return of persistently high inflation and widening current-account deficits, which would increase the risk of external funding stress, it said.

Indian economy to grow at 9.5 per cent in next fiscal: Fitch Ratings

After a special court allowed attachment and confiscation of assets owned by diamantaire Nirav Modi and Mehul Choksi, Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong.

<a href="https://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071">Also read: This is how Nirav Modi planned his safe exit from India</a> 
 
Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act.

Nirav Modi and his uncle Mehul Choksi duped the Punjab National Bank (PNB) of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with some bank officials.

<a href="wionews.com/india-news/pnb-scam-nirav-modi-threatened-to-kill-companys-director-claims-chargesheet-269457">PNB scam: Nirav Modi threatened to kill company's director, claims chargesheet</a> 
 
This scam continues to haunt the gems and jewellery industry even two-and-a-half years later, with banks unwilling to lend money to the sector.&nbsp;

The bank lending to the gems and jewellery industry is on a consistent fall since the financial scam broke out in January 2018.&nbsp;

Nirav Modi is currently facing a probe by two investigating agencies, ED and CBI. India is fighting to secure his extradition from the UK.

(With inputs from PTI)

After a special court allowed attachment and confiscation of assets owned by diamantaire Nirav Modi and Mehul Choksi, Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong.

After a special court allowed attachment and confiscation of assets owned by diamantaire Nirav Modi and Mehul Choksi, Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong. Also read: This is how Nirav Modi planned his safe exit from India Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act. Nirav Modi and his uncle Mehul Choksi duped the Punjab National Bank (PNB) of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with some bank officials. PNB scam: Nirav Modi threatened to kill company's director, claims chargesheet This scam continues to haunt the gems and jewellery industry even two-and-a-half years later, with banks unwilling to lend money to the sector. The bank lending to the gems and jewellery industry is on a consistent fall since the financial scam broke out in January 2018. Nirav Modi is currently facing a probe by two investigating agencies, ED and CBI. India is fighting to secure his extradition from the UK. (With inputs from PTI)

Enforcement Directorate brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi, Choksi firms from Hong Kong

The domestic stock market on Wednesday ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank.&nbsp;

The S&amp;P BSE Sensex ended the day at 34,247.05, up 290 points or 0.86 per cent with IndusInd Bank (up nearly 8 per cent) being the top gainer and Hero MotoCorp (down nearly 4 per cent) the biggest loser.&nbsp;

NSE's Nifty ended at 10,116, up 69.50 points or 0.69 per cent. Of 50 constituents, 28 advanced and 22 declined. India VIX, the volatility gauge, slipped nearly 3 per cent to 29.35 levels.&nbsp;

The other prominent gainers were Hindalco and Tata Consultancy Services.&nbsp;

However, Hero MotoCorp slipped by 3.4 per cent a day after the company reported Q4 FY20 standalone profit of Rs 621 crore, down 15 per cent from Q4 FY19. GAIL, ONGC, Coal India, Bajaj Auto, Titan, Tata Steel and Britannia too traded with a negative bias.&nbsp;

Meanwhile, Asian stock markets gained for the 10th consecutive session. Japan`s Nikkei rose by 0.15 per cent while South Korea`s Kospi crawled up by 0.31 per cent. But Hong Kong`s Hang Seng was down marginally by 0.03 per cent.

(With inputs from ANI)

The domestic stock market on Wednesday ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank.

The domestic stock market on Wednesday ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank. The S&P BSE Sensex ended the day at 34,247.05, up 290 points or 0.86 per cent with IndusInd Bank (up nearly 8 per cent) being the top gainer and Hero MotoCorp (down nearly 4 per cent) the biggest loser. NSE's Nifty ended at 10,116, up 69.50 points or 0.69 per cent. Of 50 constituents, 28 advanced and 22 declined. India VIX, the volatility gauge, slipped nearly 3 per cent to 29.35 levels. The other prominent gainers were Hindalco and Tata Consultancy Services. However, Hero MotoCorp slipped by 3.4 per cent a day after the company reported Q4 FY20 standalone profit of Rs 621 crore, down 15 per cent from Q4 FY19. GAIL, ONGC, Coal India, Bajaj Auto, Titan, Tata Steel and Britannia too traded with a negative bias. Meanwhile, Asian stock markets gained for the 10th consecutive session. Japan`s Nikkei rose by 0.15 per cent while South Korea`s Kospi crawled up by 0.31 per cent. But Hong Kong`s Hang Seng was down marginally by 0.03 per cent. (With inputs from ANI)

Nifty ends above 10,100, Sensex up 290 points

As India began opening up the country amid the <a href="https://www.wionews.com/india-news/covid-19-india-reports-highest-single-day-spike-for-second-consecutive-day-304446">coronavirus </a>crisis, the S&amp;P BSE Sensex climbed up 0.82% at 34,651.09 in morning trade with the NSE Nifty 50 index up 0.79 per cent to 10,247.08.

After diving down over profit-booking, the Sensex regained power to climb&nbsp;325 points.to reach 34,710.52.

Indusland stocks jumped 5 per cent even as HDFC bank stocks was down over 1,000 points with Dr.Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd rising nearly 4 per cent each pushing up the Nifty.

However, PVR &nbsp;Ltd and INOX Leisure Ltd shares slipped after the companies reported losses amid the shutdown of malls during the pandemic.

Other gainers on the stock exchanged included Asian Paints and ITC.

The stocks which went down included Reliance, HCL Tech, Power Grid Corp, BPCL, GAIL and WIPRO.

Meanwhile, Tokyo's benchmark Nikkei index closed slightly lower on Tuesday with the Nikkei 225 index falling 0.38 per cent to 23,091.03, while the Topix index losing 0.14 percent to 1,628.43.

However, Hong Kong stocks gained for the seventh day after the Wall Street surge on Monday with Hang Seng Index adding 0.52 per cent to reach 24,906.01 with China's benchmark Shanghai Composite Index rising 0.06 per cent to 2,939.54. 
&nbsp;

As India began opening up the country amid the coronavirus crisis, the S&P BSE Sensex climbed up 0.82% at 34,651.09 in morning trade with the NSE Nifty 50 index up 0.

As India began opening up the country amid the coronavirus crisis, the S&P BSE Sensex climbed up 0.82% at 34,651.09 in morning trade with the NSE Nifty 50 index up 0.79 per cent to 10,247.08. After diving down over profit-booking, the Sensex regained power to climb 325 points.to reach 34,710.52. Indusland stocks jumped 5 per cent even as HDFC bank stocks was down over 1,000 points with Dr.Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd rising nearly 4 per cent each pushing up the Nifty. However, PVR Ltd and INOX Leisure Ltd shares slipped after the companies reported losses amid the shutdown of malls during the pandemic. Other gainers on the stock exchanged included Asian Paints and ITC. The stocks which went down included Reliance, HCL Tech, Power Grid Corp, BPCL, GAIL and WIPRO. Meanwhile, Tokyo's benchmark Nikkei index closed slightly lower on Tuesday with the Nikkei 225 index falling 0.38 per cent to 23,091.03, while the Topix index losing 0.14 percent to 1,628.43. However, Hong Kong stocks gained for the seventh day after the Wall Street surge on Monday with Hang Seng Index adding 0.52 per cent to reach 24,906.01 with China's benchmark Shanghai Composite Index rising 0.06 per cent to 2,939.54.

Sensex, Nifty rise as India reopens

The government on Tuesday announced hiking of petrol prices by 54 paise per litre and diesel by 58 paise a litre.

The petrol prices in Delhi will now cost Rs 73.00 per litre, with diesel rates now available at Rs 71.17 a litre.

It is the third straight day fuel price hike.

The move comes after oil companies on Sunday had restarted revising prices in line with costs, after ending an 82-day pause after the government on March 14 had hiked excise duty on petrol and diesel by Rs 3 per litre each.

On Sunday, petrol and diesel prices were hiked by 60 paise per litre. On Monday, it was increased by a similar priceline.

According to government data released last week, India's gas sales had jumped sharply in May compared with April due to the lockdown. However, sales in May was still down nearly 36 per cent and 31 per cent respectively from a year earlier, after contracting more than 50 per cent in April compared to last year.

The sale of liquefied petroleum gas (LPG) had risen 13 per cent in May from a year ago while jet fuel declined by 85 per cent during the same period, data showed.

The government on Tuesday announced hiking of petrol prices by 54 paise per litre and diesel by 58 paise a litre. The petrol prices in Delhi will now cost Rs 73.

The government on Tuesday announced hiking of petrol prices by 54 paise per litre and diesel by 58 paise a litre. The petrol prices in Delhi will now cost Rs 73.00 per litre, with diesel rates now available at Rs 71.17 a litre. It is the third straight day fuel price hike. The move comes after oil companies on Sunday had restarted revising prices in line with costs, after ending an 82-day pause after the government on March 14 had hiked excise duty on petrol and diesel by Rs 3 per litre each. On Sunday, petrol and diesel prices were hiked by 60 paise per litre. On Monday, it was increased by a similar priceline. According to government data released last week, India's gas sales had jumped sharply in May compared with April due to the lockdown. However, sales in May was still down nearly 36 per cent and 31 per cent respectively from a year earlier, after contracting more than 50 per cent in April compared to last year. The sale of liquefied petroleum gas (LPG) had risen 13 per cent in May from a year ago while jet fuel declined by 85 per cent during the same period, data showed.

Petrol, diesel prices hiked for third straight day

The domestic equity market slipped over a per cent on Tuesday amid across-the-board sell-off with the financials taking the biggest knock.

Sensex shed 414 points or 1.2 per cent to settle at 33,956.69 while NSE's Nifty ended at 10,047, down 121 points or 1.19 per cent. Nifty Bank lost 462 points or over 2 per cent to 20,724.90 levels. Volatility index, India VIX, climbed over 2 per cent to 30.26 levels.&nbsp;

India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

Global markets

Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. Australia’s S&amp;P/ASX 200 surged 2.6 per cent, China’s blue-chip CSI300 index advanced 0.7 per cent and Hong Kong’s Hang Seng index climbed 1.6 per cent. Japan’s Nikkei bucked the trend to be down 0.6 per cent.&nbsp;

(With inputs from agencies)

The domestic equity market slipped over a per cent on Tuesday amid across-the-board sell-off with the financials taking the biggest knock. Sensex shed 414 points or 1.

The domestic equity market slipped over a per cent on Tuesday amid across-the-board sell-off with the financials taking the biggest knock. Sensex shed 414 points or 1.2 per cent to settle at 33,956.69 while NSE's Nifty ended at 10,047, down 121 points or 1.19 per cent. Nifty Bank lost 462 points or over 2 per cent to 20,724.90 levels. Volatility index, India VIX, climbed over 2 per cent to 30.26 levels. India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. Global markets Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. Australia’s S&P/ASX 200 surged 2.6 per cent, China’s blue-chip CSI300 index advanced 0.7 per cent and Hong Kong’s Hang Seng index climbed 1.6 per cent. Japan’s Nikkei bucked the trend to be down 0.6 per cent. (With inputs from agencies)

Sensex plunges 850 points from day’s high, Nifty ends 535 points down

The Sensex went up 608 points to 34,895.83 in early trade on Monday with the Nifty surging 184.60 pts to 10,326.75.

<a href="https://www.wionews.com/india-news/covid-19-india-gears-up-for-unlock-10-devotees-flock-to-religious-places-304096">Also Read:&nbsp;India gears up for Unlock 1.0; devotees flock to religious places&nbsp;</a>

The big gainers were IndusInd Bank, Bajaj Finance and Axis Bank. Reliance Industries stocks also went up over 2 per cent.

Yes Bank shares also rose on Monday, going up over 3 per cent to a ten-week high after rating firm Crisil reaffirmed BBB ratings for the bank.

The market sentiment was boosted after India began to unlock further from today after being on lockdown from March 25.

Places of worship, including malls have been allowed to reopen in the country amid rising cases.

Meanwhile, Hong Kong stocks ended Monday's morning session slightly higher with the Hang Seng Index rising 0.17 per cent to 24,812.58.

Tokyo's Nikkei index rose for the sixth consecutive session on Monday amid Wall Street rally last week.

The Nikkei closed 23,178.10 with over 300 points up. Wall Street stocks had surged last week after US jobs data was released which showed the country had regained 2.5 million jobs in May and unemployment had dropped amid the pandemic.

The Sensex went up 608 points to 34,895.83 in early trade on Monday with the Nifty surging 184.60 pts to 10,326.75. Also Read: India gears up for Unlock 1.0; devotees flock to religious places The big gainers were IndusInd Bank, Bajaj Finance and Axis Bank.

The Sensex went up 608 points to 34,895.83 in early trade on Monday with the Nifty surging 184.60 pts to 10,326.75. Also Read: India gears up for Unlock 1.0; devotees flock to religious places The big gainers were IndusInd Bank, Bajaj Finance and Axis Bank. Reliance Industries stocks also went up over 2 per cent. Yes Bank shares also rose on Monday, going up over 3 per cent to a ten-week high after rating firm Crisil reaffirmed BBB ratings for the bank. The market sentiment was boosted after India began to unlock further from today after being on lockdown from March 25. Places of worship, including malls have been allowed to reopen in the country amid rising cases. Meanwhile, Hong Kong stocks ended Monday's morning session slightly higher with the Hang Seng Index rising 0.17 per cent to 24,812.58. Tokyo's Nikkei index rose for the sixth consecutive session on Monday amid Wall Street rally last week. The Nikkei closed 23,178.10 with over 300 points up. Wall Street stocks had surged last week after US jobs data was released which showed the country had regained 2.5 million jobs in May and unemployment had dropped amid the pandemic.

Sensex rises over 600 points in early trade as India unlocks

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent.

However, the Indian economy is expected to bounce back in 2021, the World Bank said.

"In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21 when the impact of COVID-19 will largely materialise.

"Stringent measures to restrict the spread of the virus, which heavily curtail short-term activity, will contribute to the contraction," it said in the Global Economic Prospect report.

International rating agencies like Moody's Investors Service, Fitch Rating and S&amp;P Global Ratings have all predicted a 4-5 per cent contraction in India's economic growth rate from April 2020 to March 2021 fiscal. Crisil has said this would be the country's fourth recession since Independence, first since liberalisation, and perhaps the worst to date.

The World Bank said spillovers from the weaker global growth and balance sheet stress in the financial sector will also weigh on activity, despite some support from the fiscal stimulus and continued monetary policy easing.

According to the report, the central bank has been purchasing government bonds to further ease the financial conditions. The Indian government has also increased its spending on healthcare to bolster the COVID-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions.

The growth rate of the Indian economy in fiscal 2017 was seven per cent, which dropped to 6.1 per cent in fiscal 2018 and to 4.2 per cent in fiscal 2020, it said.

The real impact of the COVID-19 and lockdown would be felt in the current fiscal (2020-21) beginning April, the bank said as it forecast a negative growth rate of 3.2 per cent.

The World Bank revised its January projection on India by a massive negative nine per cent for the year 2020 and minus three per cent for the year 2021.

The contraction in the Indian economy will have a spillover impact in South Asia, according to the bank's projections.

Growth in the region is projected to register a contraction of -2.7 per cent in 2020 and is marked by high uncertainty, the report said. 
Across the region, the pandemic mitigation measures will severely hinder consumption and services activity, while high uncertainty about the pandemic will constrain private investment.

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent. However, the Indian economy is expected to bounce back in 2021, the World Bank said. "In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21 when the impact of COVID-19 will largely materialise. "Stringent measures to restrict the spread of the virus, which heavily curtail short-term activity, will contribute to the contraction," it said in the Global Economic Prospect report. International rating agencies like Moody's Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India's economic growth rate from April 2020 to March 2021 fiscal. Crisil has said this would be the country's fourth recession since Independence, first since liberalisation, and perhaps the worst to date. The World Bank said spillovers from the weaker global growth and balance sheet stress in the financial sector will also weigh on activity, despite some support from the fiscal stimulus and continued monetary policy easing. According to the report, the central bank has been purchasing government bonds to further ease the financial conditions. The Indian government has also increased its spending on healthcare to bolster the COVID-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions. The growth rate of the Indian economy in fiscal 2017 was seven per cent, which dropped to 6.1 per cent in fiscal 2018 and to 4.2 per cent in fiscal 2020, it said. The real impact of the COVID-19 and lockdown would be felt in the current fiscal (2020-21) beginning April, the bank said as it forecast a negative growth rate of 3.2 per cent. The World Bank revised its January projection on India by a massive negative nine per cent for the year 2020 and minus three per cent for the year 2021. The contraction in the Indian economy will have a spillover impact in South Asia, according to the bank's projections. Growth in the region is projected to register a contraction of -2.7 per cent in 2020 and is marked by high uncertainty, the report said. Across the region, the pandemic mitigation measures will severely hinder consumption and services activity, while high uncertainty about the pandemic will constrain private investment.

India's economy to contract by 3.2% in 2020-21: World Bank

The Ryanair boss Michael O’Leary on Sunday said that his company will not cancel flights despite the UK government's new quarantine rules. “British people are ignoring this quarantine.

The Ryanair boss Michael O’Leary on Sunday said that his company will not cancel flights despite the UK government's new quarantine rules. “British people are ignoring this quarantine. They know it’s rubbish,” he was quoted as saying by The Guardian. O’Leary said thousands of Britons were still booking holidays with Ryanair, which intends to operate almost 1,000 flights a day from 1 July, he said and added, he had no intention of cancelling flights in the peak months of July and August if the rules were still in place then. “No [we won’t cancel], because the flights are full outbound of the UK,” he said. “British people are ignoring this quarantine. They know it’s rubbish. Ryanair is operating a thousand daily flights to points all over Portugal, Spain, Italy [and] Greece from the 1st of July, the 2nd, the 3rd and every day after that,” he was quoted as saying. Also read: Britain starts mandatory self-quarantine for arrivals O’Leary said he expected British tourists would still book holidays in Europe but European travellers would be put off travelling to Britain. O’Leary’s comments come after Ryanair, easyJet and IAG, the owner of British Airways, started legal action against the government in an attempt to overturn new rules requiring all passengers arriving in the UK to self-isolate for 14 days, which came into effect on Monday. Breaking the rules, which are designed to help prevent a second wave of the coronavirus, is punishable with a £1,000 fine. John Holland-Kaye, the chief executive of Heathrow airport, has warned that “millions” of jobs could be lost if the government does not come up with a plan to allow restriction-free travel. Also read: UK's situational awareness was quite poor, it cost many lives: Government scientific advisor “We cannot go on like this as a country,” he told Sky News. “We need to start planning to reopen our borders. If we don’t get aviation moving again quickly, in a very safe way, then we are going to lose hundreds of thousands if not millions of jobs in the UK just at the time when we need to be rebuilding our economy.”

Ryanair boss says British people know quarantine rules are rubbish

Domestic stock market indices Sensex and Nifty slip nearly 2% from highs to close Monday trade with minor gains.HDFC Twins, Reliance &amp; ITC drag market while Infosys, Axis Bank and Bajaj Finance support.

The S&amp;P BSE Sensex slipped 557 points from day's high to end at 34,370.58, up 83 points or &nbsp;0.24 per cent while NSE's Nifty ended at 10,167 points, up 25 points or 0.25 per cent. &nbsp;India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels.&nbsp;

Oil, IT, and Technology and Media stocks led the gains today, while some selling was seen in Basic Materials, Health, and Metal stocks.

Global markets

World shares paused on Monday as investors turned cautious after a 42 per cent surge since March, as economies continued to struggle with the effects of the coronavirus pandemic.&nbsp;

Europe’s blue-chip stock index opened 0.5 per cent lower after its best weekly gain in more than eight years. US S&amp;P 500 futures inched 0.1 per cent lower, giving up most of the gains made earlier in the day.&nbsp;

(With inputs from agencies)&nbsp;

Domestic stock market indices Sensex and Nifty slip nearly 2% from highs to close Monday trade with minor gains.HDFC Twins, Reliance & ITC drag market while Infosys, Axis Bank and Bajaj Finance support.

Domestic stock market indices Sensex and Nifty slip nearly 2% from highs to close Monday trade with minor gains.HDFC Twins, Reliance & ITC drag market while Infosys, Axis Bank and Bajaj Finance support. The S&P BSE Sensex slipped 557 points from day's high to end at 34,370.58, up 83 points or 0.24 per cent while NSE's Nifty ended at 10,167 points, up 25 points or 0.25 per cent. India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels. Oil, IT, and Technology and Media stocks led the gains today, while some selling was seen in Basic Materials, Health, and Metal stocks. Global markets World shares paused on Monday as investors turned cautious after a 42 per cent surge since March, as economies continued to struggle with the effects of the coronavirus pandemic. Europe’s blue-chip stock index opened 0.5 per cent lower after its best weekly gain in more than eight years. US S&P 500 futures inched 0.1 per cent lower, giving up most of the gains made earlier in the day. (With inputs from agencies)

Sensex, Nifty end higher led by banks, IT names

An executive who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his suit to force the company to fire him with a payout worth more than $2 million, according to Bloomberg&nbsp;

When his employer Lafarge SA announced in 2015 a staff-buyout program as part of its merger with Holcim Ltd., Antoine Zenone hoped he could make a fortune but the company told him he wasn't eligible and French judges have said "non" -- three times in a row.

The Paris appeals court ruled that Zenone couldn't benefit from the plan because he'd already agreed to an expatriate position in Singapore. That suspended his French employment contract and excluded him from buyout offers made to Lafarge's domestic staff.

Zenone was seeking about 2.1 million euros ($2.3 million) and until recently had been paid 16,195 euros gross a month by Lafarge without having to provide any work, according to last week's ruling. 
The world's two largest cement makers combined in 2015 to cut costs and boost value as demand for building materials eroded. But LafargeHolcim shares slid in subsequent years on a loss of investor confidence and a scandal over operations in war-torn Syria.

An executive who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his suit to force the company to fire him with a payout worth more than $2 million, according to Bloomberg When his employer Lafarge SA announced in 2015 a staff-buyout program as part of its merger with Holcim Ltd.

An executive who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his suit to force the company to fire him with a payout worth more than $2 million, according to Bloomberg When his employer Lafarge SA announced in 2015 a staff-buyout program as part of its merger with Holcim Ltd., Antoine Zenone hoped he could make a fortune but the company told him he wasn't eligible and French judges have said "non" -- three times in a row. The Paris appeals court ruled that Zenone couldn't benefit from the plan because he'd already agreed to an expatriate position in Singapore. That suspended his French employment contract and excluded him from buyout offers made to Lafarge's domestic staff. Zenone was seeking about 2.1 million euros ($2.3 million) and until recently had been paid 16,195 euros gross a month by Lafarge without having to provide any work, according to last week's ruling. The world's two largest cement makers combined in 2015 to cut costs and boost value as demand for building materials eroded. But LafargeHolcim shares slid in subsequent years on a loss of investor confidence and a scandal over operations in war-torn Syria.

Man paid to do nothing wanted $2 million but he missed his chance by two days: Report

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.83 billion rupees ($752 million). ADIA's investment in Jio Platforms, which comprises Reliance's telecoms arm Jio Infocomm and its music and video streaming apps, gives the unit an enterprise value of 5.16 trillion rupees, Reliance said in a regulatory filing. Reliance, controlled by India's richest man Mukesh Ambani, has now sold just over 21% of Jio Platforms to investors including Facebook Inc, securing nearly $13 billion in less than seven weeks. On Friday, Abu Dhabi's state fund Mubadala Investment Co announced it would purchase a 1.85% stake in Jio Platforms for 90.93 billion rupees. "The rapid growth of the (Jio) business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution," Hamad Shahwan Aldhaheri, executive director in ADIA's private equities department, said in a statement. With estimated assets of nearly $700 billion, ADIA is chaired by the president of the United Arab Emirates, Sheikh Khalifa bin Zayed al-Nahyan, while its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. With more than 376 million users, Jio Infocomm is India's biggest telecoms firm by subscribers. Since entering the market in 2016 with free voice service and cut-price data it has forced out several rivals and driven consolidation in the sector. Ambani has always pitched Jio as a tech company instead of a traditional mobile carrier, often saying publicly that "data is the new oil".

Reliance says Abu Dhabi Investment Authority invests $752 million in digital unit

Indian stock market indices BSE Sensex and Nifty 50 were trading over 1 per cent higher on Friday led by gains in index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, HDFC and Kotak Mahindra Bank.

During the initial trade, the Sensex rose 376 points to touch an intra-day high of 34,357.30 points.

The stock markets trimmed major gains tracking a mixed trend in the Asian indices.

Around 11:30 am, it was trading at 34,089.60, higher by 108.90 or 0.32 per cent from the previous close of 33,980.70.

Similarly, NSE Nifty rose 63.15 points, or 0.63%, to 10,092.20.

Meanwhile, the rupee appreciated 19 paise to 75.38 against the US dollar in early trade on Friday as strong domestic equity supported by foreign fund inflows boosted investor sentiments.

Forex traders said positive domestic stock market, sustained foreign fund inflows, weak American currency and upbeat risk appetite supported the rupee.

The rupee opened on a strong note at 75.38 at the interbank forex market, up 19 paise over its last close.

(With inputs from agencies)

Indian stock market indices BSE Sensex and Nifty 50 were trading over 1 per cent higher on Friday led by gains in index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, HDFC and Kotak Mahindra Bank.

Indian stock market indices BSE Sensex and Nifty 50 were trading over 1 per cent higher on Friday led by gains in index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, HDFC and Kotak Mahindra Bank. During the initial trade, the Sensex rose 376 points to touch an intra-day high of 34,357.30 points. The stock markets trimmed major gains tracking a mixed trend in the Asian indices. Around 11:30 am, it was trading at 34,089.60, higher by 108.90 or 0.32 per cent from the previous close of 33,980.70. Similarly, NSE Nifty rose 63.15 points, or 0.63%, to 10,092.20. Meanwhile, the rupee appreciated 19 paise to 75.38 against the US dollar in early trade on Friday as strong domestic equity supported by foreign fund inflows boosted investor sentiments. Forex traders said positive domestic stock market, sustained foreign fund inflows, weak American currency and upbeat risk appetite supported the rupee. The rupee opened on a strong note at 75.38 at the interbank forex market, up 19 paise over its last close. (With inputs from agencies)

Sensex up 300 points, Nifty trades above 10,100

Nations across the globe have witnessed severe impact of the coronavirus pandemic on their economy.

A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years. COVID-19 is likely to push more than 34 million people into extreme poverty, the report further said.

The total number of coronavirus cases has increased to over 6.6 million, claiming more than 390,000 lives. Economies are struggling to cope with the fallout of the crisis. 
 
<a href="https://www.wionews.com/business-economy/us-billionaires-get-richer-during-coronavirus-pandemic-combined-wealth-soar-by-half-a-trillion-303632">Also Read: US billionaires get richer during coronavirus pandemic</a> 
 
Here are five worst-affected sectors:

Oil

After nearly two-thirds of the world went into lockdown to contain the spread of coronavirus, the demand for oil fell by over 30 million barrels per day.

In April 2020, US oil prices collapsed to a historic low, close to minus $37 per barrel. Oil has recovered as most countries have lifted lockdowns,&nbsp;but oil&nbsp;remains on the slippery ground.

Prices are expected to touch at least $40 dollars per barrel by the end of the year if a second wave doesn't force more lockdowns.

Automobiles

The pandemic has smashed the automobile sector like never before. Global auto sales are expected to fall by 20 per cent in 2020.&nbsp; 
 
It may also take some time before the car manufacturing units go on full steam with a full roster of workers.&nbsp; 
 
<a href="https://www.wionews.com/world/why-are-short-term-schemes-and-stimulus-are-insufficient-to-tackle-covid-19-303676">Also Read: Why are short term schemes and stimulus are insufficient to tackle COVID-19</a>

Aviation&nbsp;

The first measure governments adopted to stop the spread of the virus was stopping air travel. Global air passenger traffic plunged 94 per cent in April.

Airlines across the world have reached out for relief. Leading aircraft makers, Boeing and Airbus, have cautioned their respective governments that they may fold up if no help arrives.

Several countries have restarted domestic flights now and international air travel is also expected to resume in mid-June, but the turbulence will remain for a while.

Tourism

International tourism could decline by 60 to 80 per cent this year, resulting in a revenue loss of over one trillion dollars. 
 
Many countries are wholly-reliant on tourists to drive their economy. It's one of the most labour-intensive industries in the world and over 100 million jobs are at risk.

Luxury Goods

Over the last two months, luxury goods sales have slipped by close to 80 per cent. The industry took a major hit after e-commerce platforms deemed luxury goods deliveries as non-essential.

Nearly 40 per cent of the luxury goods in the world are manufactured in Italy which was one of the severely-affected countries. And thus, fashion brands lost their manufacturing base.

Some countries are opening malls, but the industry will have to wait to see its fortunes revive. 
&nbsp;

Nations across the globe have witnessed severe impact of the coronavirus pandemic on their economy. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.

Nations across the globe have witnessed severe impact of the coronavirus pandemic on their economy. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years. COVID-19 is likely to push more than 34 million people into extreme poverty, the report further said. The total number of coronavirus cases has increased to over 6.6 million, claiming more than 390,000 lives. Economies are struggling to cope with the fallout of the crisis. Also Read: US billionaires get richer during coronavirus pandemic Here are five worst-affected sectors: Oil After nearly two-thirds of the world went into lockdown to contain the spread of coronavirus, the demand for oil fell by over 30 million barrels per day. In April 2020, US oil prices collapsed to a historic low, close to minus $37 per barrel. Oil has recovered as most countries have lifted lockdowns, but oil remains on the slippery ground. Prices are expected to touch at least $40 dollars per barrel by the end of the year if a second wave doesn't force more lockdowns. Automobiles The pandemic has smashed the automobile sector like never before. Global auto sales are expected to fall by 20 per cent in 2020. It may also take some time before the car manufacturing units go on full steam with a full roster of workers. Also Read: Why are short term schemes and stimulus are insufficient to tackle COVID-19 Aviation The first measure governments adopted to stop the spread of the virus was stopping air travel. Global air passenger traffic plunged 94 per cent in April. Airlines across the world have reached out for relief. Leading aircraft makers, Boeing and Airbus, have cautioned their respective governments that they may fold up if no help arrives. Several countries have restarted domestic flights now and international air travel is also expected to resume in mid-June, but the turbulence will remain for a while. Tourism International tourism could decline by 60 to 80 per cent this year, resulting in a revenue loss of over one trillion dollars. Many countries are wholly-reliant on tourists to drive their economy. It's one of the most labour-intensive industries in the world and over 100 million jobs are at risk. Luxury Goods Over the last two months, luxury goods sales have slipped by close to 80 per cent. The industry took a major hit after e-commerce platforms deemed luxury goods deliveries as non-essential. Nearly 40 per cent of the luxury goods in the world are manufactured in Italy which was one of the severely-affected countries. And thus, fashion brands lost their manufacturing base. Some countries are opening malls, but the industry will have to wait to see its fortunes revive.

Coronavirus impact: Sectors that took the worst hit

Nations across the globe have witnessed the severe impact of the coronavirus pandemic on their economy, but American billionaires see a jump on their wealth.&nbsp;

The combined wealth of US billionaires that include Jeff Bezos, Mark Zuckerberg, and Elon Musk surged by more than $565 billion or 19% since the beginning of the outbreak in the country, as per a report published by the Institute for Policy Studies (IPS).

Also read |&nbsp;<a href="https://www.wionews.com/world/divorce-that-creates-a-billionaire-chinese-couple-parting-ways-with-a-settlement-of-32-billion-302587">Divorce that creates a billionaire: Chinese couple parting ways with a settlement of $3.2 billion</a>

"These statistics remind us that we are more economically and racially divided than at any time in decades," Chuck Collins said, a co-author of the report.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/2153-billionaires-have-more-money-than-46-billion-people-combined-oxfam-275420">2,153 billionaires have more money than 4.6 billion people combined: Oxfam</a>

In the report, which includes the 11-week period, Amazon's founder Bezos's wealth rose by $36.2 billion, while Facebook CEO Zuckerberg saw it soar by nearly $30.1 billion. &nbsp;

Tesla Inc CEO Musk's net worth also soared by $14.1 billion.

Last week, the wealth of US billionaires jumped by $79 billion, according to the report. 
&nbsp;

Nations across the globe have witnessed the severe impact of the coronavirus pandemic on their economy, but American billionaires see a jump on their wealth. The combined wealth of US billionaires that include Jeff Bezos, Mark Zuckerberg, and Elon Musk surged by more than $565 billion or 19% since the beginning of the outbreak in the country, as per a report published by the Institute for Policy Studies (IPS).

Nations across the globe have witnessed the severe impact of the coronavirus pandemic on their economy, but American billionaires see a jump on their wealth. The combined wealth of US billionaires that include Jeff Bezos, Mark Zuckerberg, and Elon Musk surged by more than $565 billion or 19% since the beginning of the outbreak in the country, as per a report published by the Institute for Policy Studies (IPS). Also read | Divorce that creates a billionaire: Chinese couple parting ways with a settlement of $3.2 billion "These statistics remind us that we are more economically and racially divided than at any time in decades," Chuck Collins said, a co-author of the report. Also read | 2,153 billionaires have more money than 4.6 billion people combined: Oxfam In the report, which includes the 11-week period, Amazon's founder Bezos's wealth rose by $36.2 billion, while Facebook CEO Zuckerberg saw it soar by nearly $30.1 billion. Tesla Inc CEO Musk's net worth also soared by $14.1 billion. Last week, the wealth of US billionaires jumped by $79 billion, according to the report.

US billionaires get richer during coronavirus pandemic, combined wealth soar by half a trillion

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices which collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December.

Two OPEC+ sources said Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but they said Riyadh was also pushing to extend them until the end of August.

Benchmark Brent crude, which slumped below $20 a barrel in April, climbed 2% on Friday to trade at a three-month high of nearly $41. Prices had slipped from recent highs earlier in the week on uncertainty about when OPEC+ would meet.

Saturday's meetings would start with talks between members of the Organization of the Petroleum Exporting Countries and be followed by a gathering of the OPEC+ group, an OPEC+ source said, after Algerian and Russian media reported the meetings.

Three OPEC sources said an extension to cuts was contingent on high compliance and countries that produced above quota in May and June must promise to adhere to targets and agree to compensate for any earlier overproduction by cutting more in July, August and September.

Iraq, which had one of the worst compliance rates in May according to a Reuters survey of OPEC production, agreed to the additional pledge, OPEC sources said.

"The Saudis have been pushing Baghdad hard to comply," one OPEC+ source said. "Iraq has agreed to the pledge to improve its full compliance with the cuts."

Baghdad blamed technical reasons and a recent change in its government for weak compliance in May, another OPEC source said.

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs. The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices which collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December. Two OPEC+ sources said Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but they said Riyadh was also pushing to extend them until the end of August. Benchmark Brent crude, which slumped below $20 a barrel in April, climbed 2% on Friday to trade at a three-month high of nearly $41. Prices had slipped from recent highs earlier in the week on uncertainty about when OPEC+ would meet. Saturday's meetings would start with talks between members of the Organization of the Petroleum Exporting Countries and be followed by a gathering of the OPEC+ group, an OPEC+ source said, after Algerian and Russian media reported the meetings. Three OPEC sources said an extension to cuts was contingent on high compliance and countries that produced above quota in May and June must promise to adhere to targets and agree to compensate for any earlier overproduction by cutting more in July, August and September. Iraq, which had one of the worst compliance rates in May according to a Reuters survey of OPEC production, agreed to the additional pledge, OPEC sources said. "The Saudis have been pushing Baghdad hard to comply," one OPEC+ source said. "Iraq has agreed to the pledge to improve its full compliance with the cuts." Baghdad blamed technical reasons and a recent change in its government for weak compliance in May, another OPEC source said.

OPEC+ to meet on Saturday on extending cuts, pushing for compliance

The domestic stock markets were fluctuating between gains on losses in Thursday's early deals ahead of the F&amp;O (futures &amp; options) weekly expiry.

Among headline indices, the S&amp;P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark. Tech Mahindra (up 2%) was the top Sensex gainer. Besides, HDFC Bank and ICICI Bank gained 1 per cent each. On the other hand, Titan dipped 3 per cent.

Among Sensex gainers were Tech Mahindra, Sun Pharma, TCS, Power Grid, HDFC Bank, HCL Tech and ICICI Bank, all up in the range of 1-3 per cent. On the side, Titan Company was the top Sensex laggard, down 3 per cent followed by Kotak Mahindra Bank, ONGC, M&amp;M, Bajaj Finance, Axis Bank, State Bank of India (SBI).&nbsp;

The domestic stock markets were fluctuating between gains on losses in Thursday's early deals ahead of the F&O (futures & options) weekly expiry. Among headline indices, the S&P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark.

The domestic stock markets were fluctuating between gains on losses in Thursday's early deals ahead of the F&O (futures & options) weekly expiry. Among headline indices, the S&P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark. Tech Mahindra (up 2%) was the top Sensex gainer. Besides, HDFC Bank and ICICI Bank gained 1 per cent each. On the other hand, Titan dipped 3 per cent. Among Sensex gainers were Tech Mahindra, Sun Pharma, TCS, Power Grid, HDFC Bank, HCL Tech and ICICI Bank, all up in the range of 1-3 per cent. On the side, Titan Company was the top Sensex laggard, down 3 per cent followed by Kotak Mahindra Bank, ONGC, M&M, Bajaj Finance, Axis Bank, State Bank of India (SBI).

Sensex, Nifty volatile, swinging between gains and losses