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India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat". Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said. "Self reliant India does not mean cutting off from rest of the world," Sitharaman said while giving details of Rs 20 lakh crore stimulus package. "We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, and the aged," the finance minister added.

Indian government outlines economy rivival plan, big relief for MSMEs

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus.

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus. The NSE Nifty 50 index rose 2.68% to 9,441.55 by 0350 GMT, while the S&P BSE Sensex was 2.80% higher at 32,254.16. The stimulus package would be equivalent to 10% of India's gross domestic product and includes both fiscal and monetary measures, some of which have already been announced, economists said. India's coronavirus infections have been rising steadily, and on Wednesday they surged past 74,000, with more than 2,400 deaths. Maruti Suzuki Ltd, India's largest automaker, and lender Kotak Mahindra Bank are expected to report March-quarter earnings later on Wednesday. (With inputs from Reuters)

Sensex, Nifty surge after PM Modi's Rs 20 lakh crore stimulus boost

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

<a href="https://www.wionews.com/business-economy/government-extends-deadline-to-file-income-tax-returns-till-november-30-298473">Also Read:&nbsp;Government extends deadline to file income tax returns till November 30</a>

Also, units with turnover of up to Rs 5 crore would be called "micro-units", she said, adding a turnover based criteria is being introduced to define small businesses.

The investment and turnover limits for small businesses has&nbsp;been raised to Rs 10 crore and Rs 50 crore respectively.

<a href="https://www.wionews.com/india-news/governments-financial-package-big-relief-for-msmes-indian-taxpayers-298416">Also Read:&nbsp;Government's financial package: Big relief for MSMEs, Indian taxpayers</a>

The finance minister said units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise.

"The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," India's Prime Minister Modi said.

Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs.

"It will benefit 45 lakh small businesses," the finance minister said.

"Today's announcements by FM Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," PM Modi added.

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Today’s announcements by FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit. <a href="https://twitter.com/hashtag/AatmaNirbharBharatAbhiyan?src=hash&amp;ref_src=twsrc%5Etfw">#AatmaNirbharBharatAbhiyan</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1260559627982442497?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
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Union Home Minister Amit Shah said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment.

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I thank PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>’s government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction. <a href="https://twitter.com/hashtag/AatmaNirbharBharatAbhiyan?src=hash&amp;ref_src=twsrc%5Etfw">#AatmaNirbharBharatAbhiyan</a>
— Amit Shah (@AmitShah) <a href="https://twitter.com/AmitShah/status/1260557561859674112?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
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"I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19," India's home minister said, adding, "it reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted.

(With PTI inputs)

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.

Finance minister Nirmala Sitharaman announced today that MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now. Also Read: Government extends deadline to file income tax returns till November 30 Also, units with turnover of up to Rs 5 crore would be called "micro-units", she said, adding a turnover based criteria is being introduced to define small businesses. The investment and turnover limits for small businesses has been raised to Rs 10 crore and Rs 50 crore respectively. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers The finance minister said units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise. "The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit," India's Prime Minister Modi said. Sitharaman announced Rs 3 lakh crore collateral-free automatic loan for businesses, including MSMEs. "It will benefit 45 lakh small businesses," the finance minister said. "Today's announcements by FM Sitharaman will go a long way in addressing issues faced by businesses, especially MSMEs," PM Modi added. Today’s announcements by FM @nsitharaman will go a long way in addressing issues faced by businesses, especially MSMEs. The steps announced will boost liquidity, empower the entrepreneurs and strengthen their competitive spirit. #AatmaNirbharBharatAbhiyan — Narendra Modi (@narendramodi) May 13, 2020 × Union Home Minister Amit Shah said the Narendra Modi government is committed to reviving the economy, help small businesses and boost employment. I thank PM @narendramodi’s government for infusing liquidity of Rs 90,000 crore in DISCOMs, providing Rs 45,000 crore Partial Credit Guarantee Scheme 2.0 for NBFCs and Rs 50,000 crore liquidity through TDS/TCS rate reduction. #AatmaNirbharBharatAbhiyan — Amit Shah (@AmitShah) May 13, 2020 × "I thank PM @narendramodi and FM @nsitharaman for these unprecedented steps, targeted at assisting MSMEs, cope with challenges of COVID-19," India's home minister said, adding, "it reflects PM Modi's commitment to revive our economy, help small businesses and boost employment," he tweeted. (With PTI inputs)

Government changes definition of MSMEs; PM Modi says will 'empower entrepreneurs'

India's Jubilant Life Sciences Ltd said on Tuesday it had signed a non-exclusive licensing agreement for selling Gilead Sciences Inc's experimental COVID-19 treatment remdesivir in 127 countries, including India.

The drug earlier this month received the US Food and Drug Administration's emergency use authorization to treat COVID-19 patients.

Jubilant also gets the rights to manufacture the drug and scale up production in nearly all low-income and middle-income countries, as well as some high-income nations.

Gilead has said it was negotiating long-term licenses with several generic drugmakers in India and Pakistan to produce remdesivir for developing countries and that it would provide technology to aid the production.

With no approved treatment for COVID-19, the respiratory illness caused by the novel coronavirus, interest in remdesivir has been growing, and the company is being closely watched on the pricing and distribution of the limited supply of the drug.

Not-for-profit Medecins Sans Frontières (MSF), also known as Doctors Without Borders, criticized Gilead for a lack of transparency on the terms of the agreement.

"We believe that instead of business as usual, such agreements should be made public and licenses have to be global including all countries - low, middle and high income," said Leena Menghaney, the South Asia head for MSF's Access Campaign.

Gilead did not immediately respond to a request for comment on the agreement with Jubilant.

The pandemic has killed nearly 286,000 people globally, according to a Reuters tally, and several drugmakers are racing to develop a viable treatment or vaccine to combat the outbreak.

India's Jubilant Life Sciences Ltd said on Tuesday it had signed a non-exclusive licensing agreement for selling Gilead Sciences Inc's experimental COVID-19 treatment remdesivir in 127 countries, including India.

India's Jubilant Life Sciences Ltd said on Tuesday it had signed a non-exclusive licensing agreement for selling Gilead Sciences Inc's experimental COVID-19 treatment remdesivir in 127 countries, including India. The drug earlier this month received the US Food and Drug Administration's emergency use authorization to treat COVID-19 patients. Jubilant also gets the rights to manufacture the drug and scale up production in nearly all low-income and middle-income countries, as well as some high-income nations. Gilead has said it was negotiating long-term licenses with several generic drugmakers in India and Pakistan to produce remdesivir for developing countries and that it would provide technology to aid the production. With no approved treatment for COVID-19, the respiratory illness caused by the novel coronavirus, interest in remdesivir has been growing, and the company is being closely watched on the pricing and distribution of the limited supply of the drug. Not-for-profit Medecins Sans Frontières (MSF), also known as Doctors Without Borders, criticized Gilead for a lack of transparency on the terms of the agreement. "We believe that instead of business as usual, such agreements should be made public and licenses have to be global including all countries - low, middle and high income," said Leena Menghaney, the South Asia head for MSF's Access Campaign. Gilead did not immediately respond to a request for comment on the agreement with Jubilant. The pandemic has killed nearly 286,000 people globally, according to a Reuters tally, and several drugmakers are racing to develop a viable treatment or vaccine to combat the outbreak.

India's Jubilant signs licensing deal for US pharma firm Gilead's covid-19 drug

India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat". Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said. "Self reliant India does not mean cutting off from rest of the world," Sitharaman said while giving details of Rs 20 lakh crore stimulus package. "We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, and the aged," the finance minister added. #WION #NirmalaSitharaman #EconomicPackageIndia About Channel: WION -The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One. Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults. Subscribe to our channel at https://goo.gl/JfY3NI Check out our website: http://www.wionews.com Connect with us on our social media handles: Facebook: https://www.facebook.com/WIONews Twitter: https://twitter.com/WIONews Follow us on Google News for latest updates WION: shorturl.at/fwKO0 Zee News English: shorturl.at/aJVY3 Zee News Hindi: shorturl.at/eorM1 Zee Business: shorturl.at/hpqX6 DNA News: shorturl.at/rBOY6 BGR: shorturl.at/eioqL

Watch: India's six steps to boost MSMEs | Nirmala Sitharaman Press Conference

India's finance minister Nirmala Sitharaman while unveiling the financial package under&nbsp;"Atmanirbhar Bharat" announced that the government had decided to extend&nbsp;the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020.

<a href="https://www.wionews.com/india-news/financial-package-meant-to-build-a-self-reliant-india-build-local-brands-nirmala-sitharaman-298416">Also Read:&nbsp;Financial package meant to build a self reliant India, build local brands, says Sitharaman</a>

India's finance minister also announced a number of measures in an effort to boost the economy and protect the MSMEs and taxpayers.

"From tomorrow till March 31, 2021, the TDS/TCS rates have been reduced by 25 per cent of the existing rate... this shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.. all of these will be eligible for 25 per cent rate reduction."

"This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS," Sitharaman said.

While announcing the stimulus package, Sitharaman said that measures were meant to spur "growth and build a self reliant India", however, "self reliant India does not mean cutting off from rest of the world," the finance minister added.

India's finance minister also announced statutory PF contribution by the employer to be reduced to 10 per cent from 12 per cent earlier to provide Rs 6,750 crore liquidity relief.

Sitharaman also announced Rs 50,000 crore equity infusion through MSME "Fund of Funds" to provide support to growth potential MSMEs along with Rs 30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs.

India's finance minister Nirmala Sitharaman while unveiling the financial package under "Atmanirbhar Bharat" announced that the government had decided to extend the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020.

India's finance minister Nirmala Sitharaman while unveiling the financial package under "Atmanirbhar Bharat" announced that the government had decided to extend the deadline for filing of income tax returns for 2019-20 fiscal till November 30, 2020. Also Read: Financial package meant to build a self reliant India, build local brands, says Sitharaman India's finance minister also announced a number of measures in an effort to boost the economy and protect the MSMEs and taxpayers. "From tomorrow till March 31, 2021, the TDS/TCS rates have been reduced by 25 per cent of the existing rate... this shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.. all of these will be eligible for 25 per cent rate reduction." "This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS," Sitharaman said. While announcing the stimulus package, Sitharaman said that measures were meant to spur "growth and build a self reliant India", however, "self reliant India does not mean cutting off from rest of the world," the finance minister added. India's finance minister also announced statutory PF contribution by the employer to be reduced to 10 per cent from 12 per cent earlier to provide Rs 6,750 crore liquidity relief. Sitharaman also announced Rs 50,000 crore equity infusion through MSME "Fund of Funds" to provide support to growth potential MSMEs along with Rs 30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs.

Government extends deadline to file income tax returns till November 30

Indian stock market benchmarks BSE Sensex and Nifty 50 index ended with over 2 per cent gains on Wednesday.

The S&amp;P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009. of 30 constituents of the index, 26 ended in the green and rest four in the red. Axis Bank (up 7 per cent) ended as the biggest gainer on the index while Nestle India (down over 5 per cent) emerged as the top loser.

NSE's Nifty advanced 187 points or 2 per cent to 9,383.55 levels.

Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635.&nbsp;

Pharma stocks, on the other hand, ended in the red. Nifty Pharma slipped over 1 per cent to 9,148.&nbsp;

Indian stock market benchmarks BSE Sensex and Nifty 50 index ended with over 2 per cent gains on Wednesday. The S&P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009.

Indian stock market benchmarks BSE Sensex and Nifty 50 index ended with over 2 per cent gains on Wednesday. The S&P BSE Sensex rallied 637 points or 2 per cent to settle at 32,009. of 30 constituents of the index, 26 ended in the green and rest four in the red. Axis Bank (up 7 per cent) ended as the biggest gainer on the index while Nestle India (down over 5 per cent) emerged as the top loser. NSE's Nifty advanced 187 points or 2 per cent to 9,383.55 levels. Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635. Pharma stocks, on the other hand, ended in the red. Nifty Pharma slipped over 1 per cent to 9,148.

Sensex ends above 32,000, Nifty settles near 9,400

India's manufacturing output contracted 20.6 per cent in March from a year earlier, indicating the impact of the nationwide lockdown imposed to contain the coronavirus outbreak -- and also&nbsp;fanning hopes that the central bank will ease rates further to kick-start the economy amid the crisis.

The data was presented by the government on Tuesday.

The 20.6% fall in manufacturing was driven by the closure of thousands of factories after the government imposed a national lockdown in the last week of March.

Industrial output, which includes manufacturing and mining, contracted 16.7 per cent for the corresponding period, compared to analysts' forecast of 8.7 per cent fall in a Reuters poll.

The industrial output for the fiscal year 2019/20 ending March contracted 0.7 per cent over the corresponding period of the previous year.

Private economists and rating agencies say India's economy could contract by up to 0.5% in the current financial year beginning April, compared with earlier government estimates of around 6% growth. This is likely to encourage the Reserve Bank of India (RBI) to ease rates and pump in more liquidity.

In April, the unemployment rate rose to 23.5% from 8.7% the previous month, data released by the Centre for Monitoring Indian Economy, a Mumbai-based think tank, showed.

Meanwhile, the ministry of statistics said the Indian government did not release headline retail inflation figures for the month of April due to inadequate data collection.

The data are usually collected from 1,114 urban markets and 1,181 villages through personal visits, which have been suspended since March 19 due to the lockdown announced by the government to contain the spread of the coronavirus.

Modi’s government is starting to pull back from one of the world’s tightest lockdowns of 1.3 billion people that has left millions out of work and stranded in cities far from home while infections keep rising.

India’s coronavirus infections have crossed 70,000, including 2,293 deaths.

(with inputs from Reuters)

India's manufacturing output contracted 20.6 per cent in March from a year earlier, indicating the impact of the nationwide lockdown imposed to contain the coronavirus outbreak -- and also fanning hopes that the central bank will ease rates further to kick-start the economy amid the crisis.

India's manufacturing output contracted 20.6 per cent in March from a year earlier, indicating the impact of the nationwide lockdown imposed to contain the coronavirus outbreak -- and also fanning hopes that the central bank will ease rates further to kick-start the economy amid the crisis. The data was presented by the government on Tuesday. The 20.6% fall in manufacturing was driven by the closure of thousands of factories after the government imposed a national lockdown in the last week of March. Industrial output, which includes manufacturing and mining, contracted 16.7 per cent for the corresponding period, compared to analysts' forecast of 8.7 per cent fall in a Reuters poll. The industrial output for the fiscal year 2019/20 ending March contracted 0.7 per cent over the corresponding period of the previous year. Private economists and rating agencies say India's economy could contract by up to 0.5% in the current financial year beginning April, compared with earlier government estimates of around 6% growth. This is likely to encourage the Reserve Bank of India (RBI) to ease rates and pump in more liquidity. In April, the unemployment rate rose to 23.5% from 8.7% the previous month, data released by the Centre for Monitoring Indian Economy, a Mumbai-based think tank, showed. Meanwhile, the ministry of statistics said the Indian government did not release headline retail inflation figures for the month of April due to inadequate data collection. The data are usually collected from 1,114 urban markets and 1,181 villages through personal visits, which have been suspended since March 19 due to the lockdown announced by the government to contain the spread of the coronavirus. Modi’s government is starting to pull back from one of the world’s tightest lockdowns of 1.3 billion people that has left millions out of work and stranded in cities far from home while infections keep rising. India’s coronavirus infections have crossed 70,000, including 2,293 deaths. (with inputs from Reuters)

India's manufacturing output contracts 20.6% in March

Indian stock market benchmarks BSE Sensex and Nifty50 were trading over 1 per cent down on Tuesday following weak global cues.&nbsp;

At 2:30 pm, the 30-share Sensex was down 199 points or 0.63% per cent at 31,363, while the broader Nifty 50 index was trading at 9,197.95, down 41.25 points or 0.45%.

Today Rupee ended stronger at 75.50 per US dollar vs Monday's close of 75.74/$.

A total of 11 companies, including Nestle, Havells, and Bandhan Bank are scheduled to announce their March quarter results.

Indian stock market benchmarks BSE Sensex and Nifty50 were trading over 1 per cent down on Tuesday following weak global cues. At 2:30 pm, the 30-share Sensex was down 199 points or 0.

Indian stock market benchmarks BSE Sensex and Nifty50 were trading over 1 per cent down on Tuesday following weak global cues. At 2:30 pm, the 30-share Sensex was down 199 points or 0.63% per cent at 31,363, while the broader Nifty 50 index was trading at 9,197.95, down 41.25 points or 0.45%. Today Rupee ended stronger at 75.50 per US dollar vs Monday's close of 75.74/$. A total of 11 companies, including Nestle, Havells, and Bandhan Bank are scheduled to announce their March quarter results.

Sensex off lows, still down 100 points, Nifty trades above 9,100

Dealing with economic fallout of COVID19, India has announced a sharp 54% increase in its FY21 gross borrowing target to Rs 12 lakh crore from Rs 7.8 lakh crore.

India raises FY21 gross borrowing target to Rs 12 lakh crore

US&nbsp;President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.

In an overnight phone call, US&nbsp;Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He set aside rapidly deteriorating US-China relations and discussed progress since the deal took effect in mid-February.

<img alt="Liu He" data-entity-type="file" data-entity-uuid="2149e888-6a14-4643-b4e6-e0e7ef111ab5" src="//cdn.wionews.com/sites/default/files/inline-images/RTS2V0GD.jpg" /> 
China's Vice Premier Liu He gestures to the media between US&nbsp;Trade Representative Robert Lighthizer (L) and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington

The two Trump cabinet officials said in a joint statement that both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.”

Also read:&nbsp;<a href="https://www.wionews.com/world/us-accuses-china-and-russia-of-coordinating-to-spread-virus-conspiracies-297550" hreflang="en">US accuses China and Russia of coordinating to spread virus conspiracies</a>

China’s Commerce Ministry said the two sides agreed to improve the atmosphere for implementation of the Phase 1 deal, which calls for Beijing to boost its purchases of American farm and manufactured goods, energy and services by $200 billion over two years compared to a 2017 baseline.

The deal brought a partial truce to an 18-month trade war between the world’s two largest economies that heaped US&nbsp;tariffs on some $370 billion worth of Chinese imports.

Trump, who has blamed China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the United States, has threatened to terminate the trade deal if China fails to meet its purchase commitments. He said on Wednesday that he will assess that effort within the next week.

China has rejected the Trump administration’s assertions that there was evidence the new coronavirus came from a Wuhan laboratory and scientists have said it appears to have developed in nature.

Early on Friday, just before the US. Labor Department announced that a staggering 20.5 million US&nbsp;jobs were lost in April, Trump told a news channel that he was “having a very hard time with China.”

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-fuels-historic-us-job-losses-eu-wants-borders-kept-shut-297548">Coronavirus fuels historic US job losses, EU wants borders kept shut</a>

While he was initially “very excited” about the trade deal’s signing in January, the pandemic since then had changed his views about it.

“Look, I feel differently than I did. I was the most - I was very tough with China,” Trump said.

Asked if he was “breaking up” the Phase 1 trade deal, Trump said: “I’m very - I’m very torn as to - I have not decided yet, if you want to know the truth.”

Trump and some members of his administration have threatened punitive action against Beijing, including possible tariffs and shifting supply chains away from China.

While China has made some purchases of US&nbsp;farm goods, some observers say these are running far behind the pace needed to meet the first-year goal of a $77 billion increase as China’s economy is just now beginning to recover from shutdowns imposed during the pandemic.

Beijing’s new plans to implement tougher protections for intellectual property as part of the trade deal have met with mixed reviews.

US President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.

US President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage. In an overnight phone call, US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He set aside rapidly deteriorating US-China relations and discussed progress since the deal took effect in mid-February. China's Vice Premier Liu He gestures to the media between US Trade Representative Robert Lighthizer (L) and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington The two Trump cabinet officials said in a joint statement that both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.” Also read: US accuses China and Russia of coordinating to spread virus conspiracies China’s Commerce Ministry said the two sides agreed to improve the atmosphere for implementation of the Phase 1 deal, which calls for Beijing to boost its purchases of American farm and manufactured goods, energy and services by $200 billion over two years compared to a 2017 baseline. The deal brought a partial truce to an 18-month trade war between the world’s two largest economies that heaped US tariffs on some $370 billion worth of Chinese imports. Trump, who has blamed China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the United States, has threatened to terminate the trade deal if China fails to meet its purchase commitments. He said on Wednesday that he will assess that effort within the next week. China has rejected the Trump administration’s assertions that there was evidence the new coronavirus came from a Wuhan laboratory and scientists have said it appears to have developed in nature. Early on Friday, just before the US. Labor Department announced that a staggering 20.5 million US jobs were lost in April, Trump told a news channel that he was “having a very hard time with China.” Also read: Coronavirus fuels historic US job losses, EU wants borders kept shut While he was initially “very excited” about the trade deal’s signing in January, the pandemic since then had changed his views about it. “Look, I feel differently than I did. I was the most - I was very tough with China,” Trump said. Asked if he was “breaking up” the Phase 1 trade deal, Trump said: “I’m very - I’m very torn as to - I have not decided yet, if you want to know the truth.” Trump and some members of his administration have threatened punitive action against Beijing, including possible tariffs and shifting supply chains away from China. While China has made some purchases of US farm goods, some observers say these are running far behind the pace needed to meet the first-year goal of a $77 billion increase as China’s economy is just now beginning to recover from shutdowns imposed during the pandemic. Beijing’s new plans to implement tougher protections for intellectual property as part of the trade deal have met with mixed reviews.

Trump 'torn' over US-China trade deal as officials push to fulfill its terms

India's fuel demand dipped 45.8% in April from a year earlier, as economic activity came to a halt due to nationwide lockdown and travel curbs to combat the spread of novel coronavirus.

India's fuel demand dipped 45.8% in April from a year earlier, as economic activity came to a halt due to nationwide lockdown and travel curbs to combat the spread of novel coronavirus. Consumption of fuel totalled 9.93 million tonnes - its lowest since 2007, government data showed on Saturday. State fuel retailers in India sold 50% less refined fuel in the first two weeks of April than the same time a year earlier as the country came to a standstill due to the lockdown that was put in place on March 24. The government last week extended the lockdown until May 17, with some relaxations in lower-risk areas, although travel by air, rail and metro and inter-state movement of people by road was still banned. The International Energy Agency (IEA) in its latest report said India's annual fuel consumption will decline by 5.6% in 2020 compared with growth of 2.4% forecast in its March report. Consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, was down about 55.6% year-over-year at 3.25 million tonnes. (With inputs from Reuters)

India's fuel demand falls sharply in April amid lockdown to curb spread of coronavirus

Indian retail inflation fell to a five month low in April amid the nationwide lockdown imposed to quell the spread of the coronavirus.

According to a Reuters poll, the economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food.

The May 5-7 poll median of more than 40 economists predicted India's annual consumer price inflation fell to 5.68 per cent in April from March's 5.91 per cent, still above the Reserve Bank of India`s (RBI) medium-term target of 4.00 per cent.

Forecasts in the Reuters poll ranged between 4.50 per cent and 7.00 per cent and about 80 per cent of participants expected inflation to be below the upper band of the RBI`s inflation target range of 2.00-6.00 per cent.

While the lockdown was extended to May 17, the government has allowed considerable relaxations in lower-risk districts, which might help lift the economic slowdown experienced since March.

That inflation rate, if realised, would allow the central bank to keep policy loose to combat the unprecedented impact of the pandemic which has battered the economy.

(with inputs from Reuters)

Indian retail inflation fell to a five month low in April amid the nationwide lockdown imposed to quell the spread of the coronavirus. According to a Reuters poll, the economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food.

Indian retail inflation fell to a five month low in April amid the nationwide lockdown imposed to quell the spread of the coronavirus. According to a Reuters poll, the economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food. The May 5-7 poll median of more than 40 economists predicted India's annual consumer price inflation fell to 5.68 per cent in April from March's 5.91 per cent, still above the Reserve Bank of India`s (RBI) medium-term target of 4.00 per cent. Forecasts in the Reuters poll ranged between 4.50 per cent and 7.00 per cent and about 80 per cent of participants expected inflation to be below the upper band of the RBI`s inflation target range of 2.00-6.00 per cent. While the lockdown was extended to May 17, the government has allowed considerable relaxations in lower-risk districts, which might help lift the economic slowdown experienced since March. That inflation rate, if realised, would allow the central bank to keep policy loose to combat the unprecedented impact of the pandemic which has battered the economy. (with inputs from Reuters)

India inflation likely eased to a five-month low in April amid coronavirus-enforced lockdown

Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore in to Jio Platforms.

This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/facebook-buys-999-equity-stake-in-indias-reliance-jio-293896">Facebook buys 9.99% equity stake in India's Reliance Jio</a>

Vista's investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. 
 
Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.

Also read:&nbsp;<a href="https://www.wionews.com/world/heres-what-facebook-ceo-mark-zuckerberg-said-after-teaming-up-with-mukesh-ambanis-jio-293993">Here's what Facebook CEO Mark Zuckerberg said after teaming up with Mukesh Ambani's Jio</a>

Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world.

Commenting on the investment, Robert F. Smith, Founder, Chairman and CEO of Vista, said, "We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world`s fastest growing digital economies."

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio's digital apps, digital ecosystems and high speed connectivity platform under one umbrella.

Commenting on the transaction, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, "Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.''

Previously, Mark Zuckerberg's Facebook bought 9.99 per cent&nbsp;equity stake in Jio.

Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore in to Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.

Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore in to Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Also read: Facebook buys 9.99% equity stake in India's Reliance Jio Vista's investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks. Also read: Here's what Facebook CEO Mark Zuckerberg said after teaming up with Mukesh Ambani's Jio Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world. Commenting on the investment, Robert F. Smith, Founder, Chairman and CEO of Vista, said, "We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world`s fastest growing digital economies." Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio's digital apps, digital ecosystems and high speed connectivity platform under one umbrella. Commenting on the transaction, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, "Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.'' Previously, Mark Zuckerberg's Facebook bought 9.99 per cent equity stake in Jio.

US-based Vista Equity Partners to invest Rs 11,367 crore in Reliance Jio

US labour Department said today that the <a href="https://www.wionews.com/world/75000-americans-at-risk-of-dying-from-coronavirus-despair-says-study-297460">coronavirus</a> pandemic led to wiping out of 20.5 million jobs last month.

<a href="https://www.wionews.com/world/whistleblower-complaint-draws-attention-to-trump-administrations-flawed-covid-19-response-297366">Also Read:&nbsp;Whistleblower complaint draws attention to Trump administration's flawed COVID-19 response</a>

The unemployment rate crashed 14.7 per cent amid COVID-19 outbreak in April compared to 4.4 per cent in March. The unemployment rate is well beyond the peak of the 2008 financial crisis.&nbsp;

Job losses in the US in March was 870,000 even as the country was closing down due to the virus in the second half of the month.&nbsp;During the economic collapse 12 years ago, the US lost 8.6 million jobs in a two year period.

President Trump while talking to a US television channel said "It's fully expected, there's no surprise", adding,"I'll bring it back".&nbsp;

The virus has already claimed over 75,000 lives leading to large scale closure of business&nbsp;and lockdowns which has hampered economic activity with some categorising it as the "largest collapse in history."

Amid the breakdown in economic activity, US and China decided to create favourable conditions for the phase one trade deal which has been in the works despite tensions between the two countries over the coronavirus outbreak.

"Both sides said they should strengthen macroeconomic and public health cooperation, strive to create a favourable atmosphere and conditions for the implementation of the phase one US-China economic and trade agreement, promoting positive results," a notice from China's Ministry of Commerce said.

US trade representative said: "They also agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner."

&nbsp;

US labour Department said today that the coronavirus pandemic led to wiping out of 20.5 million jobs last month. Also Read: Whistleblower complaint draws attention to Trump administration's flawed COVID-19 response The unemployment rate crashed 14.

US labour Department said today that the coronavirus pandemic led to wiping out of 20.5 million jobs last month. Also Read: Whistleblower complaint draws attention to Trump administration's flawed COVID-19 response The unemployment rate crashed 14.7 per cent amid COVID-19 outbreak in April compared to 4.4 per cent in March. The unemployment rate is well beyond the peak of the 2008 financial crisis. Job losses in the US in March was 870,000 even as the country was closing down due to the virus in the second half of the month. During the economic collapse 12 years ago, the US lost 8.6 million jobs in a two year period. President Trump while talking to a US television channel said "It's fully expected, there's no surprise", adding,"I'll bring it back". The virus has already claimed over 75,000 lives leading to large scale closure of business and lockdowns which has hampered economic activity with some categorising it as the "largest collapse in history." Amid the breakdown in economic activity, US and China decided to create favourable conditions for the phase one trade deal which has been in the works despite tensions between the two countries over the coronavirus outbreak. "Both sides said they should strengthen macroeconomic and public health cooperation, strive to create a favourable atmosphere and conditions for the implementation of the phase one US-China economic and trade agreement, promoting positive results," a notice from China's Ministry of Commerce said. US trade representative said: "They also agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner."

US records 20.5 million job losses in April; no surprise, will bring it back, says Trump

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday.

Moody's report: India may see 0% GDP growth this fiscal year

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday.

The ratings agency said it expected India to see no growth in financial year 2021 and bounce back to a 6.6% GDP growth in FY22, while the fiscal deficit is seen rising to 5.5% of GDP in FY21 versus the budgeted estimate of 3.5%.

The COVID-19 spread in the country has also "significantly reduced the prospects of a durable fiscal consolidation," it said in a report.

In November, Moody's cut the outlook on India's sovereign rating of Baa2 to "negative" from "stable" due to a slowdown in growth and had said it will monitor the country's debt levels closely.

Baa2 is the second-lowest investment grade score.

"Prolonged financial stress among rural households, weak job creation and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched weakening," the agency noted.

If nominal GDP growth does not return to high rates the government will face very significant constraints in narrowing the budget deficit and preventing a rise in the debt burden, Moody's said.

India has so far outlined a 1.7 trillion rupee ($22.53 billion) stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor and a second package focussing on help for small and medium businesses is expected soon.

Moody's reiterated that the negative outlook indicates an upgrade is unlikely in the near term.

"We would be likely to change the rating outlook to stable if we saw a significant increase in the probability of fiscal metrics stabilizing and strengthening over time," it said.

It added that a downgrade of India's rating would likely occur "if we expected its fiscal metrics to weaken materially".

India's eight-week long lockdown, one of the world's most stringent, has helped contain the spread of the coronavirus, officials say, with the country having reported only 56,342 cases and 1,886 deaths, compared to the 3.86 million global infections.

"Lower growth and government revenue generation, coupled with coronavirus-related fiscal stimulus measures, will lead to higher government debt ratios, which we project to rise to around 81% of GDP over the next few years," Moody's said.

While the government remains committed to medium-term fiscal consolidation, material strengthening in India's public finances is likely to be limited near term and the debt burden will remain sensitive to changes in nominal GDP growth, it added.

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday. The ratings agency said it expected India to see no growth in financial year 2021 and bounce back to a 6.6% GDP growth in FY22, while the fiscal deficit is seen rising to 5.5% of GDP in FY21 versus the budgeted estimate of 3.5%. The COVID-19 spread in the country has also "significantly reduced the prospects of a durable fiscal consolidation," it said in a report. In November, Moody's cut the outlook on India's sovereign rating of Baa2 to "negative" from "stable" due to a slowdown in growth and had said it will monitor the country's debt levels closely. Baa2 is the second-lowest investment grade score. "Prolonged financial stress among rural households, weak job creation and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched weakening," the agency noted. If nominal GDP growth does not return to high rates the government will face very significant constraints in narrowing the budget deficit and preventing a rise in the debt burden, Moody's said. India has so far outlined a 1.7 trillion rupee ($22.53 billion) stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor and a second package focussing on help for small and medium businesses is expected soon. Moody's reiterated that the negative outlook indicates an upgrade is unlikely in the near term. "We would be likely to change the rating outlook to stable if we saw a significant increase in the probability of fiscal metrics stabilizing and strengthening over time," it said. It added that a downgrade of India's rating would likely occur "if we expected its fiscal metrics to weaken materially". India's eight-week long lockdown, one of the world's most stringent, has helped contain the spread of the coronavirus, officials say, with the country having reported only 56,342 cases and 1,886 deaths, compared to the 3.86 million global infections. "Lower growth and government revenue generation, coupled with coronavirus-related fiscal stimulus measures, will lead to higher government debt ratios, which we project to rise to around 81% of GDP over the next few years," Moody's said. While the government remains committed to medium-term fiscal consolidation, material strengthening in India's public finances is likely to be limited near term and the debt burden will remain sensitive to changes in nominal GDP growth, it added.

India may see 0% GDP growth this fiscal year, says Moody's report

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make decisions on what kind of content should be allowed and not allowed on the social media and Instagram, reported news agency AFP.

The oversight board is to make final decisions regarding the kinds of posts that would land social media in trouble&nbsp;about censorship, misinformation or free speech, AFP report said.

Facebook public policy director Brent Harris described the creation of the board as the "beginning of a fundamental change in the way some of the most difficult content decisions on Facebook will be made."

The 20 members of the panel announced Wednesday come from various countries and include jurists, human rights activists, journalists, a Nobel peace laureate and a former Danish prime minister, the report added.

"This is a group that has a diverse set of insights, backgrounds, and beliefs but share a deep commitment to advancing human rights and freedom of expression," board director Thomas Hughes said during a phone briefing.

The board is to be expanded to 40 members. It remained unclear when the board would start hearing cases due to restrictions on gathering or traveling caused by the deadly coronavirus pandemic.

Board members have met virtually and training has started, according to Hughes.

The board was first proposed by Facebook co-founder and chief Mark Zuckerberg in 2018.

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make decisions on what kind of content should be allowed and not allowed on the social media and Instagram, reported news agency AFP.

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make decisions on what kind of content should be allowed and not allowed on the social media and Instagram, reported news agency AFP. The oversight board is to make final decisions regarding the kinds of posts that would land social media in trouble about censorship, misinformation or free speech, AFP report said. Facebook public policy director Brent Harris described the creation of the board as the "beginning of a fundamental change in the way some of the most difficult content decisions on Facebook will be made." The 20 members of the panel announced Wednesday come from various countries and include jurists, human rights activists, journalists, a Nobel peace laureate and a former Danish prime minister, the report added. "This is a group that has a diverse set of insights, backgrounds, and beliefs but share a deep commitment to advancing human rights and freedom of expression," board director Thomas Hughes said during a phone briefing. The board is to be expanded to 40 members. It remained unclear when the board would start hearing cases due to restrictions on gathering or traveling caused by the deadly coronavirus pandemic. Board members have met virtually and training has started, according to Hughes. The board was first proposed by Facebook co-founder and chief Mark Zuckerberg in 2018.

Facebook announces members of its 'supreme court' for content

India on Tuesday increased taxes and duties on petrol and diesel, as the government moves to raise revenues in an economy that has ground to a halt in the coronavirus crisis.

Taxes and duties on petrol and diesel were increased by 10 Rs/litre and 13 Rs/litre, respectively.

The government, however, said in a statement that local pump prices would not be affected.

In the international markets, prices of fuel have declined substantially amid the slump in global crude oil demand.

Some state governments earlier on Tuesday sharply raised taxes on alcohol, which reopened to sales for the first time after March 25 when India entered a nationwide lockdown owing to the coronavirus pandemic. 
&nbsp; 
India has so far reported 49,391 coronavirus cases, and the death toll stands at 1,694.

India on Tuesday increased taxes and duties on petrol and diesel, as the government moves to raise revenues in an economy that has ground to a halt in the coronavirus crisis.

India on Tuesday increased taxes and duties on petrol and diesel, as the government moves to raise revenues in an economy that has ground to a halt in the coronavirus crisis. Taxes and duties on petrol and diesel were increased by 10 Rs/litre and 13 Rs/litre, respectively. The government, however, said in a statement that local pump prices would not be affected. In the international markets, prices of fuel have declined substantially amid the slump in global crude oil demand. Some state governments earlier on Tuesday sharply raised taxes on alcohol, which reopened to sales for the first time after March 25 when India entered a nationwide lockdown owing to the coronavirus pandemic. India has so far reported 49,391 coronavirus cases, and the death toll stands at 1,694.

India hikes taxes on petrol, diesel amid coronavirus crisis

Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry.

The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500.

"We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill," Airbnb CEO and cofounder Brian Chesky said in a letter to employees.

"I am truly sorry. Please know this is not your fault. The world will never stop seeking the qualities and talents that you brought to Airbnb," he further wrote.

He added that Airbnb's business has been "hit hard" and revenue this year is expected to be less than half of what the company earned in 2019.

Airbnb has also reportedly delayed plans for a Wall Street debut this year.

In the US, Airbnb said it will cover 12 months of health insurance for its employees through COBRA. In all other countries, it will cover health insurance costs through the end of this year.

It's said many of Airbnb hosts are struggling to make mortgage payments and pay bills due to coronavirus-related cancellations.

Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry. The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500.

Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry. The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500. "We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill," Airbnb CEO and cofounder Brian Chesky said in a letter to employees. "I am truly sorry. Please know this is not your fault. The world will never stop seeking the qualities and talents that you brought to Airbnb," he further wrote. He added that Airbnb's business has been "hit hard" and revenue this year is expected to be less than half of what the company earned in 2019. Airbnb has also reportedly delayed plans for a Wall Street debut this year. In the US, Airbnb said it will cover 12 months of health insurance for its employees through COBRA. In all other countries, it will cover health insurance costs through the end of this year. It's said many of Airbnb hosts are struggling to make mortgage payments and pay bills due to coronavirus-related cancellations.

Airbnb to lay off 25% of its employees

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the<a href="https://www.wionews.com/world/global-coronavirus-cases-surge-to-36-million-death-toll-at-257337-296973"> coronavirus</a> outbreak.

<a href="https://www.wionews.com/world/italy-claims-worlds-first-coronavirus-vaccine-human-trials-soon-296954">Also Read:&nbsp;Italy claims world's first coronavirus vaccine; human trials soon</a>

The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.3 per cent growth rate next year.

While announcing the scale of the challenge, EU said Italy, Spain and France who have been the worst-affected countries due to the virus have seen their deficit sour to around ten per cent.

Meanwhile, German automaker BMW reported that its net profit was down in the first quarter due to the effect of the virus with most countries in Europe on lockdown.

The German company said it sold 21 per cent lesser cars as compared to last year with the company's chief executive adding that we are gradually ramping up our production again according to demand in each market."

"In view of the current situation, we will either put certain projects on hold or subject them to further review," the BMW chief said even as Germany sought a return to business with the opening up of the economy.

In a development that depressed sentiments further, German manufacturers reported new orders had gone down in March as the COVID-19 shut economic activity.

However, several European countries are now looking to resume economic activity after economic lockdown which has led to recession and loss of jobs as people were not allowed to go out of the house but most governments have been cautious over the opening preferring to open gradually amid fears of a second wave of the virus.

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the coronavirus outbreak. Also Read: Italy claims world's first coronavirus vaccine; human trials soon The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the coronavirus outbreak. Also Read: Italy claims world's first coronavirus vaccine; human trials soon The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.3 per cent growth rate next year. While announcing the scale of the challenge, EU said Italy, Spain and France who have been the worst-affected countries due to the virus have seen their deficit sour to around ten per cent. Meanwhile, German automaker BMW reported that its net profit was down in the first quarter due to the effect of the virus with most countries in Europe on lockdown. The German company said it sold 21 per cent lesser cars as compared to last year with the company's chief executive adding that we are gradually ramping up our production again according to demand in each market." "In view of the current situation, we will either put certain projects on hold or subject them to further review," the BMW chief said even as Germany sought a return to business with the opening up of the economy. In a development that depressed sentiments further, German manufacturers reported new orders had gone down in March as the COVID-19 shut economic activity. However, several European countries are now looking to resume economic activity after economic lockdown which has led to recession and loss of jobs as people were not allowed to go out of the house but most governments have been cautious over the opening preferring to open gradually amid fears of a second wave of the virus.

'Recession of historic proportions': Eurozone economy predicted to contract 7.7%

As the <a href="https://www.wionews.com/world/amid-coronavirus-pandemic-china-eyes-moon-trip-with-successful-rocket-launch-296819">coronavirus </a>pandemic continues&nbsp;to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.4 billion in March on falling exports.

<a href="https://www.wionews.com/world/covid-19-russia-records-over-10000-infection-cases-for-second-consecutive-day-296791">Also Read:&nbsp;Russia records over 10,000 infection cases for second consecutive day</a>

In Britain, car sales crashed 97 per cent, the lowest since 1946 which was just after World War-II even as the country recorded 28,734 deaths in the country which is now among the worst-hit COVID-19 nations in Europe along with Italy and Spain.

The Society of Motor Manufacturers and Traders(SMMT) said new registrations for cars sold in Britain collapsed by a "precipitous" 97 per cent last month on a yearly basis to just 4,321 vehicles.

"The decline was the steepest of modern times, and is in line with similar falls across Europe, with France 88.8 percent down and the Italian market falling 97.5 percent in April," it said while informing that it was mainly due to the fact that car show showrooms remained shut in Britain as the coronavirus took a firm grip in the country.

SMMT chief executive Mike Hawes said: "A strong new car market supports a healthy economy and as Britain starts to plan for recovery, we need car retail to be in the vanguard."

Meanwhile, the Spanish government said that jobless figure rose by more than 282,000 in April as the country continued to grapple with the virus even though it has now begun reopening party of the economy.

The number of unemployed in Spain has now risen to 3.8 million even as the nation continues to be hit hard with the virus.

The government said the effect of the loss was particularly strong in the services sector and among workers with temporary contracts.

According to the country's &nbsp;National Statistics Institute (INE), the country's first quarter results showed the unemployment rate had jumped to 14.4 per cent.

As the coronavirus pandemic continues to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.

As the coronavirus pandemic continues to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.4 billion in March on falling exports. Also Read: Russia records over 10,000 infection cases for second consecutive day In Britain, car sales crashed 97 per cent, the lowest since 1946 which was just after World War-II even as the country recorded 28,734 deaths in the country which is now among the worst-hit COVID-19 nations in Europe along with Italy and Spain. The Society of Motor Manufacturers and Traders(SMMT) said new registrations for cars sold in Britain collapsed by a "precipitous" 97 per cent last month on a yearly basis to just 4,321 vehicles. "The decline was the steepest of modern times, and is in line with similar falls across Europe, with France 88.8 percent down and the Italian market falling 97.5 percent in April," it said while informing that it was mainly due to the fact that car show showrooms remained shut in Britain as the coronavirus took a firm grip in the country. SMMT chief executive Mike Hawes said: "A strong new car market supports a healthy economy and as Britain starts to plan for recovery, we need car retail to be in the vanguard." Meanwhile, the Spanish government said that jobless figure rose by more than 282,000 in April as the country continued to grapple with the virus even though it has now begun reopening party of the economy. The number of unemployed in Spain has now risen to 3.8 million even as the nation continues to be hit hard with the virus. The government said the effect of the loss was particularly strong in the services sector and among workers with temporary contracts. According to the country's National Statistics Institute (INE), the country's first quarter results showed the unemployment rate had jumped to 14.4 per cent.

COVID-19 effect: US trade deficit widens to $44.4 billion; UK car sales crashes to 1946 level

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets.

<a href="https://www.wionews.com/business-economy/global-markets-stocks-fall-as-us-china-tensions-threaten-rebound-296550">Global Markets: Stocks fall as US-China tensions threaten rebound</a> 
 
The S&amp;P BSE Sensex tumbled 2,002 points or 5.94 per cent to 31,715 levels and the Nifty50 index ended at 9,293.50, down 566.40 points or 5.74 per cent.&nbsp;

It had opened at 32,748.14 and has so far touched a high of 32,748.14.

The rupee ended weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar.

On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%.

Auto stocks also plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time in April after the nationwide lockdown halted output and shut sales network.

Global markets

European stock markets and oil prices fell on Monday as a spat between top US officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5 per cent with US stock futures trading close to 1 per cent in the red.

(With inputs from agencies)

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets. Global Markets: Stocks fall as US-China tensions threaten rebound The S&P BSE Sensex tumbled 2,002 points or 5.

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets. Global Markets: Stocks fall as US-China tensions threaten rebound The S&P BSE Sensex tumbled 2,002 points or 5.94 per cent to 31,715 levels and the Nifty50 index ended at 9,293.50, down 566.40 points or 5.74 per cent. It had opened at 32,748.14 and has so far touched a high of 32,748.14. The rupee ended weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar. On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake. Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. Auto stocks also plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time in April after the nationwide lockdown halted output and shut sales network. Global markets European stock markets and oil prices fell on Monday as a spat between top US officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5 per cent with US stock futures trading close to 1 per cent in the red. (With inputs from agencies)

Sensex tumbles 2,002 points, Nifty ends at 9,293; financials, auto stocks worst-hit

European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets.

European shares &lt;.STOXX&gt; opened down 2.5% with U.S. stock futures trading close to 1% in the red.

Earlier, MSCI`s broadest index of Asia-Pacific shares outside Japan &lt;.MIAPJ0000PUS&gt; fell 2.5%, pulled down by Hong Kong where the Hang Seng &lt;.HSI&gt; returned from a two-session holiday with its biggest drop in six weeks.

U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the virus emerged from a laboratory in the central Chinese city of Wuhan.

Pompeo did not provide evidence or dispute an earlier U.S. intelligence conclusion that the virus was not man-made.

An editorial in China`s Global Times said he was "bluffing" and called on the United States to present its evidence.

"Concern on the potential for another flare up between the US and China is dominating price action", commented RBC strategist Adam Cole in a morning note.

Simon Black, head of investment management at wealth management firm Dolfin said investors were also adjusting their forecasts over the depth of the economic damage inflicted by the pandemic.

"It`s also the economic reality sinking in", he said, adding that the rebound of over 20% from lows hit in March by global equities was likely not sustainable.

Companies listed on the pan-European STOXX 600 &lt;.STOXX&gt; are currently expected to report a 40% decline in earnings in the second quarter.

Manufacturing activity in the euro zone collapsed last month as government-imposed lockdowns to stop the spread of the new coronavirus forced factories to close and consumers to stay indoors, a survey showed on Monday.

"We`ve just come off a rally of hopes, not a rally on fundamentals", Black said, pointing to the massive monetary and fiscal stimulus pledged by governments and central banks around the world.

Recent economic data paints a dire picture of the global economy after weeks of lockdowns.

In the United States, manufacturing plunged to an 11-year low last month, consumer spending collapsed, and some 30.3 million Americans have filed claims for unemployment.

Oil prices fell again, paring last week`s gains, on worries a global oil glut may persist even as coronavirus pandemic lockdowns start to ease.

U.S. West Texas Intermediate (WTI) crude futures fell to $18.66 a barrel while Brent crude futures were down 1.7% at $26, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses.

In currency markets, the dollar rose 0.1% to 99.38 against a basket of currencies while the euro was down 0.48% at $1.0930.

The safe-haven yen fell 0.2% to 106.72 per dollar.

Global coronavirus cases have surpassed 3.5 million and deaths have neared a quarter of a million, according to a Reuters tally.

European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets.

European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares <.STOXX> opened down 2.5% with U.S. stock futures trading close to 1% in the red. Earlier, MSCI`s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> fell 2.5%, pulled down by Hong Kong where the Hang Seng <.HSI> returned from a two-session holiday with its biggest drop in six weeks. U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the virus emerged from a laboratory in the central Chinese city of Wuhan. Pompeo did not provide evidence or dispute an earlier U.S. intelligence conclusion that the virus was not man-made. An editorial in China`s Global Times said he was "bluffing" and called on the United States to present its evidence. "Concern on the potential for another flare up between the US and China is dominating price action", commented RBC strategist Adam Cole in a morning note. Simon Black, head of investment management at wealth management firm Dolfin said investors were also adjusting their forecasts over the depth of the economic damage inflicted by the pandemic. "It`s also the economic reality sinking in", he said, adding that the rebound of over 20% from lows hit in March by global equities was likely not sustainable. Companies listed on the pan-European STOXX 600 <.STOXX> are currently expected to report a 40% decline in earnings in the second quarter. Manufacturing activity in the euro zone collapsed last month as government-imposed lockdowns to stop the spread of the new coronavirus forced factories to close and consumers to stay indoors, a survey showed on Monday. "We`ve just come off a rally of hopes, not a rally on fundamentals", Black said, pointing to the massive monetary and fiscal stimulus pledged by governments and central banks around the world. Recent economic data paints a dire picture of the global economy after weeks of lockdowns. In the United States, manufacturing plunged to an 11-year low last month, consumer spending collapsed, and some 30.3 million Americans have filed claims for unemployment. Oil prices fell again, paring last week`s gains, on worries a global oil glut may persist even as coronavirus pandemic lockdowns start to ease. U.S. West Texas Intermediate (WTI) crude futures fell to $18.66 a barrel while Brent crude futures were down 1.7% at $26, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses. In currency markets, the dollar rose 0.1% to 99.38 against a basket of currencies while the euro was down 0.48% at $1.0930. The safe-haven yen fell 0.2% to 106.72 per dollar. Global coronavirus cases have surpassed 3.5 million and deaths have neared a quarter of a million, according to a Reuters tally.

Global Markets: Stocks fall as US-China tensions threaten rebound

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets.

At 2:21 pm, the Sensex was at 31,796.08, lower by 1,921.54 points or 5.70 per cent from the previous close of 33,717.62.

It had opened at 32,748.14 and has so far touched a high of 32,748.14 and a low of 31,796.08.

The Nifty50 on the National Stock Exchange was at 9,319.20, lower by 540.70 points from the previous close.

Rupee ends weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar.

On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. 
 
(With inputs from agencies)

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets. At 2:21 pm, the Sensex was at 31,796.

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets. At 2:21 pm, the Sensex was at 31,796.08, lower by 1,921.54 points or 5.70 per cent from the previous close of 33,717.62. It had opened at 32,748.14 and has so far touched a high of 32,748.14 and a low of 31,796.08. The Nifty50 on the National Stock Exchange was at 9,319.20, lower by 540.70 points from the previous close. Rupee ends weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar. On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake. Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. (With inputs from agencies)

Sensex nosedives 1,900 points, Nifty below 9,350; financials, auto stocks worst-hit

India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the RBI and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters.

India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters. Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019. "There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said. A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic. "These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters. The official and bankers declined to be named as they were not officially authorized to discuss the matter with media. India's finance ministry declined to comment, while the RBI and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment. The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases. The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus. India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

Indian bank bad debt could double after coronavirus crisis: Report