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Domestic stock markets were trading with slight cuts in Wednesday's range-bound trade, weighed down by information technology (IT) stocks.

At 02:00 pm, the Sensex was down by 222.68 at 38,264.61 and the Nifty was down 48.25 at 11,252.10.&nbsp;

The Nifty sectoral indices were trading mixed, with the Nifty IT index, down 1 per cent, leading the list of losers.

The Indian rupee gained 6 paise to trade at 74.78 against the American dollar in early deals on tracking weakness in the greenback.

At the interbank forex market, the rupee was trading in a narrow range.

It opened at 74.83 against the US dollar gained further ground and touched 74.78 against the US dollar, up 6 paise over its last close of 74.84.

(With inputs from agencies)

Domestic stock markets were trading with slight cuts in Wednesday's range-bound trade, weighed down by information technology (IT) stocks. At 02:00 pm, the Sensex was down by 222.

Domestic stock markets were trading with slight cuts in Wednesday's range-bound trade, weighed down by information technology (IT) stocks. At 02:00 pm, the Sensex was down by 222.68 at 38,264.61 and the Nifty was down 48.25 at 11,252.10. The Nifty sectoral indices were trading mixed, with the Nifty IT index, down 1 per cent, leading the list of losers. The Indian rupee gained 6 paise to trade at 74.78 against the American dollar in early deals on tracking weakness in the greenback. At the interbank forex market, the rupee was trading in a narrow range. It opened at 74.83 against the US dollar gained further ground and touched 74.78 against the US dollar, up 6 paise over its last close of 74.84. (With inputs from agencies)

Sensex down nearly 200 points; Nifty below 11,300

Domestic stock market indices were trading higher on Tuesday, tracking positive global trends, led by gains in banks and heavyweight Tech Mahindra post its Q1 earnings.&nbsp;

The S&amp;P BSE Sensex was trading around 38,125 levels, up 190 points and the Nifty50 index hovered around the 11,200-mark.

Individually, Tech Mahindra surged over 6 per cent in the intra-day trade after its June quarter profit before tax rose 32.9 per cent sequentially to Rs 1,283 crore.

The precious metal had stormed almost $40 higher at one point to reach $1,980 an ounce, only for a wave of selling to slap it back to $1,947 in wild trade.&nbsp;

The Indian rupee gained 4 paise to trade at 74.79 against the American dollar in early deals on Tuesday amid caution ahead of the two-day US Federal Reserve's meeting. 
At the interbank forex market, the rupee was trading in a narrow range.

It opened at 74.86 against the US dollar but soon recovered the lost ground and touched 74.79 against the US dollar, up 4 paise over its last close of 74.83.

(With inputs from agencies)

Domestic stock market indices were trading higher on Tuesday, tracking positive global trends, led by gains in banks and heavyweight Tech Mahindra post its Q1 earnings.

Domestic stock market indices were trading higher on Tuesday, tracking positive global trends, led by gains in banks and heavyweight Tech Mahindra post its Q1 earnings. The S&P BSE Sensex was trading around 38,125 levels, up 190 points and the Nifty50 index hovered around the 11,200-mark. Individually, Tech Mahindra surged over 6 per cent in the intra-day trade after its June quarter profit before tax rose 32.9 per cent sequentially to Rs 1,283 crore. The precious metal had stormed almost $40 higher at one point to reach $1,980 an ounce, only for a wave of selling to slap it back to $1,947 in wild trade. The Indian rupee gained 4 paise to trade at 74.79 against the American dollar in early deals on Tuesday amid caution ahead of the two-day US Federal Reserve's meeting. At the interbank forex market, the rupee was trading in a narrow range. It opened at 74.86 against the US dollar but soon recovered the lost ground and touched 74.79 against the US dollar, up 4 paise over its last close of 74.83. (With inputs from agencies)

Sensex rises over 150 points, Nifty tests 11,200; IT, autos rally

Rating agency Moody's has downgraded the long-term senior unsecured bonds of Rolls-Royce to "junk" status, saying that the aviation market served by the British engineering firm has weakened and could fall further.

WION Dispatch: Global aviation market weakening, Moody's downgrades Rolls-Royce

Chinese companies with around 200 investment proposals are waiting for security clearance from the Ministry of Home Affairs (MHA) after revised FDI policy was notified in April, making Government of India's approval mandatory for Foreign Direct Investment (FDI) by neighbouring countries.

In April, with an aim to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

The new rules mark a major change in the foreign direct policy of the country and they now&nbsp;also apply to transfer of ownership of FDI.

The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic.

Earlier this year concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake.

China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. &nbsp;The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval.

Meanwhile, India and China have been engaging in diplomatic and military dialogue to achieve de-escalation along the LAC in eastern Ladakh where a violent face-off in Galwan Valley led to casualties on both sides in June.

(With inputs from agencies)

Chinese companies with around 200 investment proposals are waiting for security clearance from the Ministry of Home Affairs (MHA) after revised FDI policy was notified in April, making Government of India's approval mandatory for Foreign Direct Investment (FDI) by neighbouring countries.

Chinese companies with around 200 investment proposals are waiting for security clearance from the Ministry of Home Affairs (MHA) after revised FDI policy was notified in April, making Government of India's approval mandatory for Foreign Direct Investment (FDI) by neighbouring countries. In April, with an aim to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China. The new rules mark a major change in the foreign direct policy of the country and they now also apply to transfer of ownership of FDI. The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic. Earlier this year concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake. China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval. Meanwhile, India and China have been engaging in diplomatic and military dialogue to achieve de-escalation along the LAC in eastern Ladakh where a violent face-off in Galwan Valley led to casualties on both sides in June. (With inputs from agencies)

China corporates wait for Government of India's approval with 200 investment proposals

The domestic stock market indices inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in pandemic-led debt burdens, with a record jump in daily virus cases also denting sentiment.

The S&amp;P BSE Sensex dipped 120 points to 38,000 levels while the Nifty50 index slipped below the 11,200 mark. Among individual stocks, HDFC Bank dipped over 3 per cent after Managing Director Aditya Puri sold 95 per cent of his shareholding in the bank valued at Rs 842.7 crore between July 21 and July 23.

During the day trade S&amp;P BSE Sensex was down over 200 points while the 50-stock Nifty slipped below the 11,150 mark.&nbsp;

Meanwhile, the rupee pared its initial gains and settled on a flat note at 74.83 (provisional) to the US dollar. At the interbank forex market, the domestic unit opened on a strong note at 74.70, but erased the gains to finally close at 74.83, unchanged from its previous closing.

(With inputs from agencies)

The domestic stock market indices inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in pandemic-led debt burdens, with a record jump in daily virus cases also denting sentiment.

The domestic stock market indices inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in pandemic-led debt burdens, with a record jump in daily virus cases also denting sentiment. The S&P BSE Sensex dipped 120 points to 38,000 levels while the Nifty50 index slipped below the 11,200 mark. Among individual stocks, HDFC Bank dipped over 3 per cent after Managing Director Aditya Puri sold 95 per cent of his shareholding in the bank valued at Rs 842.7 crore between July 21 and July 23. During the day trade S&P BSE Sensex was down over 200 points while the 50-stock Nifty slipped below the 11,150 mark. Meanwhile, the rupee pared its initial gains and settled on a flat note at 74.83 (provisional) to the US dollar. At the interbank forex market, the domestic unit opened on a strong note at 74.70, but erased the gains to finally close at 74.83, unchanged from its previous closing. (With inputs from agencies)

Sensex down over 100 points, Nifty below 11,150

Indian two-wheeler majors Hero Moto and Bajaj Auto plan to sharply expand two-wheeler production in India. Watch this video to know more.

WION Dispatch: Indian two-wheeler majors Hero Moto, Bajaj Auto plan expansion

ZeeBusiness.in - the digital platform of business news channel Zee Business – clocked 27.1 million monthly active users as per ComScore India report in May 2020. The website has grown massively by 7.5 times in terms of MAUs year-on-year. Last year in May 2019, the website had 3.6 million users as per the ComScore report.

The growth witnessed by ZeeBusiness.in has been the highest when compared to its top competitors. During the same period, Economictimes.com, LiveMint.com, FinancialExpress.com, and Moneycontrol.com grew by only 1.5 times, 3.7 times, 1.9 times and 1.2 times respectively.

Speaking on the occasion, Sudhir Choudhary, CEO - Cluster 1, ZMCL, said “As India's first Hindi business news channel, Zee Business has always been in a league of its own. It's a product for the common Indian. Our coverage is aimed at helping the layperson decode the developments in the market and plan his or her future finances. This unprecedented growth in our audience in the wake of the pandemic and economic uncertainty, shows the faith people repose in Zee Business. We hope to live up to this vote of confidence from India”.

Anil Singhvi, Managing Editor – Zee Business, shared “At Zee Business, our constant endeavour is to give consumers credible information on Stock Markets, Investments, Trading &amp; more that would add value to their Portfolio.

ZeeBusiness.in to have achieved this milestone first time in the history of the brand, shows the growing trust our consumers have in us in Money matter decisions. We deeply thank our consumers and shall continue to provide guidance along with accurate &amp; timely information”.

ZeeBusiness.in has been focused on bringing latest business news and updates to its readers while continuously educating them about latest stock market trends, data and insights. The platform integrates with its broadcast property to present expert analysis of Stock Markets for online readers.

Commenting on the phenomenal performance, Rohit Chadda, CEO - Digital Publishing, ZEE Group, said, “Our strong focus on the personal finance space has driven the maximum number of users to the platform. The section educates investors on safe investment practices, ideal schemes and a lot more. When it comes to money matters, ZeeBusiness.in has emerged as the one stop solution for queries and investment ideas, beating competition hands down. We try to break the most complicated news items and present them in snackable format for readers which has worked for us. Going forward we plan to aggressively push in business news domain and set new standards for stock market and personal finance reporting while keeping our readers at the helm of coverage.”

The growth registered by ZeeBusiness.in is in line with tremendous leap taken by Zee digital over the last 12 months. The online arm of Zee Group continued its phenomenal growth into 2020 and crossed the 185 million-users mark on ComScore in May 2020. Zee Digital now occupies 3rd position in the ComScore rankings among all digital media group.

 
&nbsp;

ZeeBusiness.in - the digital platform of business news channel Zee Business – clocked 27.1 million monthly active users as per ComScore India report in May 2020.

ZeeBusiness.in - the digital platform of business news channel Zee Business – clocked 27.1 million monthly active users as per ComScore India report in May 2020. The website has grown massively by 7.5 times in terms of MAUs year-on-year. Last year in May 2019, the website had 3.6 million users as per the ComScore report. The growth witnessed by ZeeBusiness.in has been the highest when compared to its top competitors. During the same period, Economictimes.com, LiveMint.com, FinancialExpress.com, and Moneycontrol.com grew by only 1.5 times, 3.7 times, 1.9 times and 1.2 times respectively. Speaking on the occasion, Sudhir Choudhary, CEO - Cluster 1, ZMCL, said “As India's first Hindi business news channel, Zee Business has always been in a league of its own. It's a product for the common Indian. Our coverage is aimed at helping the layperson decode the developments in the market and plan his or her future finances. This unprecedented growth in our audience in the wake of the pandemic and economic uncertainty, shows the faith people repose in Zee Business. We hope to live up to this vote of confidence from India”. Anil Singhvi, Managing Editor – Zee Business, shared “At Zee Business, our constant endeavour is to give consumers credible information on Stock Markets, Investments, Trading & more that would add value to their Portfolio. ZeeBusiness.in to have achieved this milestone first time in the history of the brand, shows the growing trust our consumers have in us in Money matter decisions. We deeply thank our consumers and shall continue to provide guidance along with accurate & timely information”. ZeeBusiness.in has been focused on bringing latest business news and updates to its readers while continuously educating them about latest stock market trends, data and insights. The platform integrates with its broadcast property to present expert analysis of Stock Markets for online readers. Commenting on the phenomenal performance, Rohit Chadda, CEO - Digital Publishing, ZEE Group, said, “Our strong focus on the personal finance space has driven the maximum number of users to the platform. The section educates investors on safe investment practices, ideal schemes and a lot more. When it comes to money matters, ZeeBusiness.in has emerged as the one stop solution for queries and investment ideas, beating competition hands down. We try to break the most complicated news items and present them in snackable format for readers which has worked for us. Going forward we plan to aggressively push in business news domain and set new standards for stock market and personal finance reporting while keeping our readers at the helm of coverage.” The growth registered by ZeeBusiness.in is in line with tremendous leap taken by Zee digital over the last 12 months. The online arm of Zee Group continued its phenomenal growth into 2020 and crossed the 185 million-users mark on ComScore in May 2020. Zee Digital now occupies 3rd position in the ComScore rankings among all digital media group.

ZeeBusiness.in crosses 25 million monthly active users in May, registers massive year-on-year growth of 7.5x

Hit by eroding traveler demand, owing to coronavirus hit lockdowns, Emirates is offering some pilots and cabin crew up to 4 months of unpaid leave. Watch report.

COVID-19 has hit aviation demand: Emirates offers up to 4 months of unpaid leave

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks.

The wage revision will be effective from 1 November, 2017. The wage revision will benefit nearly 10 lakh employees.

“The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as of March 31, 2017, which works out to be Rs 7,898 crore on pay slip components (annually),” according to a memorandum of understanding between the Indian Banks’ Association and the United Forum of Bank Unions, representing workmen unions and officers’ associations.

"We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed," All India Bank Employees' Association (AIBEA) General Secretary CH Venkatachalam said.

The new pay scales will be constructed after merging dearness allowance corresponding to 6352 points (average index point as applicable for the quarter of June-July, August, 2016) and adding thereon a loading of 2.5% on basic pay plus dearness allowance as on March 31, 2017 amounting to around ₹1,155 crore.

They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. 
&nbsp; 
The bank's contribution to National Pension Scheme will be raised to 14 per cent from the current 10 per cent.

(With inputs from agencies)

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks.

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks. The wage revision will be effective from 1 November, 2017. The wage revision will benefit nearly 10 lakh employees. “The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as of March 31, 2017, which works out to be Rs 7,898 crore on pay slip components (annually),” according to a memorandum of understanding between the Indian Banks’ Association and the United Forum of Bank Unions, representing workmen unions and officers’ associations. "We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed," All India Bank Employees' Association (AIBEA) General Secretary CH Venkatachalam said. The new pay scales will be constructed after merging dearness allowance corresponding to 6352 points (average index point as applicable for the quarter of June-July, August, 2016) and adding thereon a loading of 2.5% on basic pay plus dearness allowance as on March 31, 2017 amounting to around ₹1,155 crore. They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. The bank's contribution to National Pension Scheme will be raised to 14 per cent from the current 10 per cent. (With inputs from agencies)

Banks, trade unions agree on 15% wage hike for bank employees

As restrictions imposed to curb the coronavirus outbreak in Canada are eased, the country's annual inflation rate in June has witnessed its biggest jump.

Canada inflation rate jumps highest in 9 years

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Saudi Arabia is looking to sell assets in sectors that were not previously considered for privatization. These sectors would include healthcare and education.

Healthcare and education could be privatized in Saudi Arabia

Equity benchmarks Sensex and Nifty opened with marginal gains on Thursday led by buying in index majors HDFC and ITC amid positive cues from global markets.

The S&amp;P BSE Sensex rose 67 points to 37,937.82 levels and the Nifty50 index hovered above 11,150 levels. 
 
Asian Paints (up 2%) was the top Sensex gainer. Larsen &amp; Toubro was also trading over 1 per cent higher after announcing its June quarter results. 
 
ICICI Securities also rose as much as 7 per cent following the announcement of its quarterly results.

Biocon, Dish TV, and HDFC AMC, among others, are scheduled to announce their June quarter results today.

Equity benchmarks Sensex and Nifty opened with marginal gains on Thursday led by buying in index majors HDFC and ITC amid positive cues from global markets. The S&P BSE Sensex rose 67 points to 37,937.

Equity benchmarks Sensex and Nifty opened with marginal gains on Thursday led by buying in index majors HDFC and ITC amid positive cues from global markets. The S&P BSE Sensex rose 67 points to 37,937.82 levels and the Nifty50 index hovered above 11,150 levels. Asian Paints (up 2%) was the top Sensex gainer. Larsen & Toubro was also trading over 1 per cent higher after announcing its June quarter results. ICICI Securities also rose as much as 7 per cent following the announcement of its quarterly results. Biocon, Dish TV, and HDFC AMC, among others, are scheduled to announce their June quarter results today.

Sensex up 67 points, currently at 37,938; Nifty at 11,168

Pakistan tax officials will look the other way if tax evaders invest their illicit wealth in housing projected initiated by Imran Khan government.&nbsp;

According to the Federal Board of Revenue, if people with black money invest in constuction projects like the Pakistan government's Naya Pakistan Housing Program by December 31, they will be forgiven by tax authorities.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-200-year-old-gurdwara-handed-back-to-sikhs-in-balochistan-315460">Pakistan: 200-year-old Gurdwara handed back to Sikhs in Balochistan</a>

"There is all this money with developers who have been doing tax evasion and small scale projects," Zaigham Rizvi, member of Naya Pakistan Housing Program taskforce, in an interview said, reports Bloomberg.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-nuclear-strategy-focus-shifts-from-pakistan-to-china-report-315192">India's nuclear strategy focus shifts from Pakistan to China: Report</a>

"I support the decision to bring funds from the dark economy into the tangible economy. Construction will generate some sort of tax directly or indirectly if that money is put through the value added system."

Last financial year, Pakistan economy shrank for the first time in seven decades and situation worsened with the arrival of the pandemic.&nbsp;

The Pakistani PM is trying to bring into the system the illegal money that has a value as high as about 56 per cent of the nation's economy.&nbsp;

This is not the first time Pakistan administration has tried to lure the tax cheats and have been brought such schemes at least once by four earlier governments, however, none of them was able to bring back any major sum of black money into the system.&nbsp;

 
&nbsp;

Pakistan tax officials will look the other way if tax evaders invest their illicit wealth in housing projected initiated by Imran Khan government. According to the Federal Board of Revenue, if people with black money invest in constuction projects like the Pakistan government's Naya Pakistan Housing Program by December 31, they will be forgiven by tax authorities.

Pakistan tax officials will look the other way if tax evaders invest their illicit wealth in housing projected initiated by Imran Khan government. According to the Federal Board of Revenue, if people with black money invest in constuction projects like the Pakistan government's Naya Pakistan Housing Program by December 31, they will be forgiven by tax authorities. Also read | Pakistan: 200-year-old Gurdwara handed back to Sikhs in Balochistan "There is all this money with developers who have been doing tax evasion and small scale projects," Zaigham Rizvi, member of Naya Pakistan Housing Program taskforce, in an interview said, reports Bloomberg. Also read | India's nuclear strategy focus shifts from Pakistan to China: Report "I support the decision to bring funds from the dark economy into the tangible economy. Construction will generate some sort of tax directly or indirectly if that money is put through the value added system." Last financial year, Pakistan economy shrank for the first time in seven decades and situation worsened with the arrival of the pandemic. The Pakistani PM is trying to bring into the system the illegal money that has a value as high as about 56 per cent of the nation's economy. This is not the first time Pakistan administration has tried to lure the tax cheats and have been brought such schemes at least once by four earlier governments, however, none of them was able to bring back any major sum of black money into the system.

Pakistan to forgive tax cheaters if black money is invested in housing projects

Flipkart said on Thursday it had acquired parent Walmart Inc`s local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.com Inc.

The deal will allow Flipkart to launch a digital marketplace called Flipkart Wholesale next month, the Bengaluru-headquartered firm said, without disclosing any financial details of the deal.

Walmart, which has been running Best Price wholesale cash-and-carry stores in India since 2009, bought a controlling stake in Flipkart in 2018 for $16 billion.

The brand has 28 wholesale stores, two fulfillment centers and more than 1.5 million members, largely comprising mom-and-pop stores, but Walmart has not been able to make money from this business.

The Flipkart deal, which local daily Economic Times had said&nbsp;was in the offing in January, comes as e-commerce players including Amazon look to woo India`s mom-and-pop stores that are considered the backbone of the economy.

Flipkart also faces competition from local online grocery upstart JioMart, backed by billionaire Mukesh Ambani-led Reliance Industries, whose digital arm has raised around $20 billion.

India does not allow foreign investors to control and market their own inventory on their e-commerce platforms, which is seen as giving JioMart and other local players an edge in a key growth market for e-commerce.

Walmart India employees will join the Flipkart Group as part of the deal, Flipkart said.

Flipkart said on Thursday it had acquired parent Walmart Inc`s local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.

Flipkart said on Thursday it had acquired parent Walmart Inc`s local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.com Inc. The deal will allow Flipkart to launch a digital marketplace called Flipkart Wholesale next month, the Bengaluru-headquartered firm said, without disclosing any financial details of the deal. Walmart, which has been running Best Price wholesale cash-and-carry stores in India since 2009, bought a controlling stake in Flipkart in 2018 for $16 billion. The brand has 28 wholesale stores, two fulfillment centers and more than 1.5 million members, largely comprising mom-and-pop stores, but Walmart has not been able to make money from this business. The Flipkart deal, which local daily Economic Times had said was in the offing in January, comes as e-commerce players including Amazon look to woo India`s mom-and-pop stores that are considered the backbone of the economy. Flipkart also faces competition from local online grocery upstart JioMart, backed by billionaire Mukesh Ambani-led Reliance Industries, whose digital arm has raised around $20 billion. India does not allow foreign investors to control and market their own inventory on their e-commerce platforms, which is seen as giving JioMart and other local players an edge in a key growth market for e-commerce. Walmart India employees will join the Flipkart Group as part of the deal, Flipkart said.

Flipkart buys parent Walmart's Indian wholesale business

Amazon founder Jeff Bezos, 56, added $13 billion to his net worth on Monday along with Tesla CEO Elon Musk, 49, added $5 billion, according to Bloomberg's billionaire's index.

<a href="https://www.wionews.com/technology/very-close-to-level-5-autonomous-driving-technology-tesla-chief-elon-musk-311978">Also Read:&nbsp;'Very close' to level 5 autonomous driving technology, says&nbsp;Tesla chief Elon Musk</a>

The Amazon founder's one-day jump is the highest for an individual in history.&nbsp;Bezos fortune surged after Amazon stocks rocketed 7.9 per cent on growing web shopping trends amid the pandemic. 
&nbsp; 
The Amazon stocks are already 73 per cent up this year and have grown exponentially since the coronavirus pandemic began as people around the world were asked to stay home leading to shopping from the web portals.

Bezos current net worth is $189.3 billion. The Amazon chief had recently pledged $2 billion in projects aimed at combatting climate change, stepping up efforts to reduce the carbon footprint of the tech giant.

Bezos has already added $74.4 billion to his fortune this year. Bezos ex-wife Mackenzie Bezos also saw her fortune rise as she added $4.6 billion to her net worth becoming the thirteenth richest person in the world and the second richest woman after L’Oréal's heiress Françoise Bettencourt Meyers.

Tesla chief Elon Musk also rocked on Monday as Tesla stocks surged 9.5 per cent ahead of the earnings report.&nbsp;

Musk's net worth climbed $5 billion as he became the fifth richest man in the world with a net worth of $74.2 billion.

Tesla's rally at the stock market added 305.6 billion to the company's value overtaking Toyota by nearly $100 billion. Toyota till recently was the most valuable motor company in the world but has been shaken up by Musk's new electric car initiative.

Amazon founder Jeff Bezos, 56, added $13 billion to his net worth on Monday along with Tesla CEO Elon Musk, 49, added $5 billion, according to Bloomberg's billionaire's index.

Amazon founder Jeff Bezos, 56, added $13 billion to his net worth on Monday along with Tesla CEO Elon Musk, 49, added $5 billion, according to Bloomberg's billionaire's index. Also Read: 'Very close' to level 5 autonomous driving technology, says Tesla chief Elon Musk The Amazon founder's one-day jump is the highest for an individual in history. Bezos fortune surged after Amazon stocks rocketed 7.9 per cent on growing web shopping trends amid the pandemic. The Amazon stocks are already 73 per cent up this year and have grown exponentially since the coronavirus pandemic began as people around the world were asked to stay home leading to shopping from the web portals. Bezos current net worth is $189.3 billion. The Amazon chief had recently pledged $2 billion in projects aimed at combatting climate change, stepping up efforts to reduce the carbon footprint of the tech giant. Bezos has already added $74.4 billion to his fortune this year. Bezos ex-wife Mackenzie Bezos also saw her fortune rise as she added $4.6 billion to her net worth becoming the thirteenth richest person in the world and the second richest woman after L’Oréal's heiress Françoise Bettencourt Meyers. Tesla chief Elon Musk also rocked on Monday as Tesla stocks surged 9.5 per cent ahead of the earnings report. Musk's net worth climbed $5 billion as he became the fifth richest man in the world with a net worth of $74.2 billion. Tesla's rally at the stock market added 305.6 billion to the company's value overtaking Toyota by nearly $100 billion. Toyota till recently was the most valuable motor company in the world but has been shaken up by Musk's new electric car initiative.

One day gain in net value: Amazon founder Jeff Bezos makes $13 billion, Tesla chief Musk adds $5 billion

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

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

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

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

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

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

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

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

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

Mega employee bonus of Walmart amid COVID-19 pandemic

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sensex soars to over four-month high on vaccine hopes

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

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