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

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

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

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

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

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

India's June retail inflation at 6.09 per cent

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Elon Musk is now richer than Warren Buffett

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EU consumers can sue Volkswagen in national courts

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

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

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

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

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

Sensex gains 200 points, Nifty tests 10,800

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

Melt: COVID-19 Impact On Consumer Behaviour

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

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

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

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

Indian gold futures hit an all-time significant of 49,045 rupees for every 10 grams on Wednesday, having gains to 25% in 2020.

Indian travel curbs thwart gold smugglers, boost lawful market place

United Airlines on Wednesday said it is warning about 36,000 front-line employees.

United Airlines warns 36,000 employees of potential job

Low-cost airline AirAsia's future is in "significant doubt" amid the coronavirus pandemic.

AirAsia India suffers Rs 334 crore loss; Shares down by 50% so far

The future of top regional budget carrier AirAsia is in "significant doubt" after the collapse in travel demand caused by coronavirus, its auditor warned, sending the airline's share price tumbling nearly 18 percent on Wednesday.

The aviation industry is facing its biggest-ever crisis due to the pandemic, with airlines worldwide going out of business or laying off huge numbers of staff to stay afloat.&nbsp;

AirAsia, led by colourful chief executive Tony Fernandes, pioneered low-cost air travel across Asia in the early 2000s at a time of growing demand from a fast-emerging middle class.&nbsp;

But on Monday the debt-laden Malaysian airline reported a record quarterly loss of 803 million ringgit ($187 million) for the first three months of the year, after being forced to ground its fleet due to the virus.&nbsp;

Auditor Ernst &amp; Young said Tuesday that global travel restrictions had dented AirAsia's financial performance, with liabilities exceeding assets by 1.84 billion ringgit.&nbsp;

It noted the "existence of material uncertainties that may cast significant doubt on... the company's ability to continue as a going concern", in an unqualified audit opinion statement to the Kuala Lumpur stock exchange.

AirAsia, which flies to over 150 destinations, was already facing stiff competition from other low-cost carriers before the outbreak, and had reported a net loss of 283 million ringgit in 2019.&nbsp;

But the auditor also said AirAsia had "seen positive developments on its business operations" with the gradual lifting of travel restrictions in some countries.&nbsp;

- 'Toughest challenge' - 
AirAsia's shares crashed after the end of a morning trading halt and finished down 17.5 percent at 0.71 ringgit.

Even before Monday's dire results, the airline was already reported to have plans to slash hundreds of staff in response to the pandemic.

Fernandes said the coronavirus was "by far the toughest challenge" AirAsia had ever faced.

But he also sought to strike a positive note.&nbsp;

"Every crisis is an obstacle to overcome, and we have restructured the group into a leaner and tighter ship," he said.

Demand had rebounded since operations resumed in late April, while the airline had also applied for bank loans to shore up liquidity and entered talks on new investments, he said.

But there were "serious risks to AirAsia if the current crisis doesn't end soon, or if the airline doesn't get a cash injection," said Endau Analytics aviation consultant Shukor Yusof.

He said Malaysia's government would be reluctant to bail out a private company but would be forced to "consider the political ramifications of potential job losses if AirAsia is forced to shrink".

The company is just recovering from a crisis it faced earlier this year when Fernandes stepped aside as authorities probed unusual payments at the airline, as part of a $4 billion graft scandal involving European planemaker Airbus.

He returned to his post in March after being cleared by an independent investigation.

The flamboyant Fernandes has carved an image for himself as Asia's answer to Richard Branson, shaking up Southeast Asian air travel with his carrier's slogan "Now everyone can fly".

He has not been shy in flaunting his wealth, and is the co-owner of London football club Queens Park Rangers.

The future of top regional budget carrier AirAsia is in "significant doubt" after the collapse in travel demand caused by coronavirus, its auditor warned, sending the airline's share price tumbling nearly 18 percent on Wednesday.

The future of top regional budget carrier AirAsia is in "significant doubt" after the collapse in travel demand caused by coronavirus, its auditor warned, sending the airline's share price tumbling nearly 18 percent on Wednesday. The aviation industry is facing its biggest-ever crisis due to the pandemic, with airlines worldwide going out of business or laying off huge numbers of staff to stay afloat. AirAsia, led by colourful chief executive Tony Fernandes, pioneered low-cost air travel across Asia in the early 2000s at a time of growing demand from a fast-emerging middle class. But on Monday the debt-laden Malaysian airline reported a record quarterly loss of 803 million ringgit ($187 million) for the first three months of the year, after being forced to ground its fleet due to the virus. Auditor Ernst & Young said Tuesday that global travel restrictions had dented AirAsia's financial performance, with liabilities exceeding assets by 1.84 billion ringgit. It noted the "existence of material uncertainties that may cast significant doubt on... the company's ability to continue as a going concern", in an unqualified audit opinion statement to the Kuala Lumpur stock exchange. AirAsia, which flies to over 150 destinations, was already facing stiff competition from other low-cost carriers before the outbreak, and had reported a net loss of 283 million ringgit in 2019. But the auditor also said AirAsia had "seen positive developments on its business operations" with the gradual lifting of travel restrictions in some countries. - 'Toughest challenge' - AirAsia's shares crashed after the end of a morning trading halt and finished down 17.5 percent at 0.71 ringgit. Even before Monday's dire results, the airline was already reported to have plans to slash hundreds of staff in response to the pandemic. Fernandes said the coronavirus was "by far the toughest challenge" AirAsia had ever faced. But he also sought to strike a positive note. "Every crisis is an obstacle to overcome, and we have restructured the group into a leaner and tighter ship," he said. Demand had rebounded since operations resumed in late April, while the airline had also applied for bank loans to shore up liquidity and entered talks on new investments, he said. But there were "serious risks to AirAsia if the current crisis doesn't end soon, or if the airline doesn't get a cash injection," said Endau Analytics aviation consultant Shukor Yusof. He said Malaysia's government would be reluctant to bail out a private company but would be forced to "consider the political ramifications of potential job losses if AirAsia is forced to shrink". The company is just recovering from a crisis it faced earlier this year when Fernandes stepped aside as authorities probed unusual payments at the airline, as part of a $4 billion graft scandal involving European planemaker Airbus. He returned to his post in March after being cleared by an independent investigation. The flamboyant Fernandes has carved an image for himself as Asia's answer to Richard Branson, shaking up Southeast Asian air travel with his carrier's slogan "Now everyone can fly". He has not been shy in flaunting his wealth, and is the co-owner of London football club Queens Park Rangers.

AirAsia's future in doubt due to virus; share price tumbles

E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, two sources aware of the matter said on Wednesday.

<a href="https://www.wionews.com/world/e-commerce-giants-issue-face-masks-for-employees-but-is-it-an-effective-barrier-290841">Also Read:&nbsp;E-commerce giants issue face masks for employees, but is it an effective barrier?</a>

The Indian trade ministry’s Department for Promotion of Industry and Internal Trade (DPIIT), which hosted an online meeting of e-commerce players on Wednesday, wanted the changes to be implemented by the end of July.

The companies, however, said they would need two to three months, according to the sources, who asked not to be named as the discussions were private.

The changes would first be made for new product listings as it was difficult to do this for the tens of millions of products already selling on their platforms, they added.

Amazon, Flipkart and DPIIT did not respond to requests for comment.

The government push to have e-commerce companies name the country of origin beside product listings comes against the backdrop of tensions between India and China following a clash along the LAC on&nbsp;June 15 that left 20 Indian soldiers dead.

Trader groups have since called for a boycott of Chinese-made products and echoed Prime Minister Narendra Modi’s call for a self-reliant nation. New Delhi has banned 59 Chinese origin apps.

E-tailers have previously asked the government to clarify the definition of “country of origin”, which they say remains vague with some products assembled in countries including India but with their components or raw materials sourced from another nation.

On Wednesday, the government said it would discuss the matter internally, according to the sources.

E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, two sources aware of the matter said on Wednesday.

E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, two sources aware of the matter said on Wednesday. Also Read: E-commerce giants issue face masks for employees, but is it an effective barrier? The Indian trade ministry’s Department for Promotion of Industry and Internal Trade (DPIIT), which hosted an online meeting of e-commerce players on Wednesday, wanted the changes to be implemented by the end of July. The companies, however, said they would need two to three months, according to the sources, who asked not to be named as the discussions were private. The changes would first be made for new product listings as it was difficult to do this for the tens of millions of products already selling on their platforms, they added. Amazon, Flipkart and DPIIT did not respond to requests for comment. The government push to have e-commerce companies name the country of origin beside product listings comes against the backdrop of tensions between India and China following a clash along the LAC on June 15 that left 20 Indian soldiers dead. Trader groups have since called for a boycott of Chinese-made products and echoed Prime Minister Narendra Modi’s call for a self-reliant nation. New Delhi has banned 59 Chinese origin apps. E-tailers have previously asked the government to clarify the definition of “country of origin”, which they say remains vague with some products assembled in countries including India but with their components or raw materials sourced from another nation. On Wednesday, the government said it would discuss the matter internally, according to the sources.

E-commerce companies in India begin work to list 'country of origin' labels on products

Italy is considering whether to exclude Chinese telecoms equipment maker Huawei Technologies from building its 5G network, La Repubblica reported, without citing sources.

Despite pressure from Washington, which says Huawei's equipment could be used to spy on the West, Italy has so far not ruled the Chinese company out its network plans.

No comment was immediately available from the Italian government. Huawei, which has repeatedly denied the U.S. allegations, declined to comment.&nbsp;

A political source said the issue was under discussion.

Also read:&nbsp;<a href="/technology/us-sanctions-will-have-a-huge-impact-on-the-reliability-of-huawei-uk-minister-311010" hreflang="en">US sanctions will have a huge impact on the reliability of Huawei: UK minister</a>

"It's being considered at government level," the source told Reuters on Wednesday after the La Repubblica report, which said Italy's Foreign Minister Luigi Di Maio met the U.S. ambassador in Rome last week for talks which included Huawei.

"The Italian government is preparing a change of course as are many of its European partners," the newspaper said, adding that Economy Minister Roberto Gualtieri and Defence Minister Lorenzo Guerini had brought up the issue informally.

"Guerini is certainly the one taking the most Atlanticist line," the political source told Reuters.

Even members of the anti-establishment 5 Star Movement, part of Prime Minister Giuseppe Conte's ruling coalition, who initially favoured Huawei, were rethinking, La Repubblica said.&nbsp;

It said Italian officials believed that even if Democratic Party candidate Joe Biden wins the November presidential election, Washington's stance on Huawei was unlikely to change.

Also read:&nbsp;<a href="/technology/uk-to-end-use-of-huawei-technology-in-its-5g-network-report-310811" hreflang="en">UK to end use of Huawei technology in its 5G network: Report</a>

Last year, parliamentary security committee Copasir said Italy should consider blocking Chinese telecoms firms Huawei and ZTE from taking part in development of 5G networks.

Enrico Borghi, a member of the committee, told Reuters the fact that Italy was likely to use resources from the planned EU coronavirus Recovery Fund to develop its network meant a clear position was needed to exclude Chinese firms from the network.

"All the conditions are there to build 5G networks at European level without using Chinese technology," he said.

Italy is considering whether to exclude Chinese telecoms equipment maker Huawei Technologies from building its 5G network, La Repubblica reported, without citing sources.

Italy is considering whether to exclude Chinese telecoms equipment maker Huawei Technologies from building its 5G network, La Repubblica reported, without citing sources. Despite pressure from Washington, which says Huawei's equipment could be used to spy on the West, Italy has so far not ruled the Chinese company out its network plans. No comment was immediately available from the Italian government. Huawei, which has repeatedly denied the U.S. allegations, declined to comment. A political source said the issue was under discussion. Also read: US sanctions will have a huge impact on the reliability of Huawei: UK minister "It's being considered at government level," the source told Reuters on Wednesday after the La Repubblica report, which said Italy's Foreign Minister Luigi Di Maio met the U.S. ambassador in Rome last week for talks which included Huawei. "The Italian government is preparing a change of course as are many of its European partners," the newspaper said, adding that Economy Minister Roberto Gualtieri and Defence Minister Lorenzo Guerini had brought up the issue informally. "Guerini is certainly the one taking the most Atlanticist line," the political source told Reuters. Even members of the anti-establishment 5 Star Movement, part of Prime Minister Giuseppe Conte's ruling coalition, who initially favoured Huawei, were rethinking, La Repubblica said. It said Italian officials believed that even if Democratic Party candidate Joe Biden wins the November presidential election, Washington's stance on Huawei was unlikely to change. Also read: UK to end use of Huawei technology in its 5G network: Report Last year, parliamentary security committee Copasir said Italy should consider blocking Chinese telecoms firms Huawei and ZTE from taking part in development of 5G networks. Enrico Borghi, a member of the committee, told Reuters the fact that Italy was likely to use resources from the planned EU coronavirus Recovery Fund to develop its network meant a clear position was needed to exclude Chinese firms from the network. "All the conditions are there to build 5G networks at European level without using Chinese technology," he said.

Italy considering whether to exclude Huawei from its 5G network

More retail property in Hong Kong will be left vacant in the second half of the year as large global fashion and luxury brands consolidate their stores or leave the city, property consultancy CBRE said on Wednesday.

The property consultancy said overall vacancy rate in the tier-1 streets climbed to 13.5% in the first six months, a four-year high, while high street rents dropped 15.2%. It expected rents to decline another 5-10% in the rest of the year.

Also read:&nbsp;<a href="/opinions-blogs/national-security-law-and-end-of-hong-kong-as-we-know-it-311585" hreflang="en">National Security Law and end of Hong Kong as we know It</a>

Hong Kong's retail sales slumped 32.8% in may from a year earlier, falling for the 16th consecutive month as the coronavirus pandemic and anti-government protests slammed the brakes on tourism and spending in the city.

British high street retailer Topshop is closing its last shop in the financial city, the South China Morning Post reported on Wednesday. U.S. fashion brands Victoria's Secret and Gap have also decided to close respectively their only shop and most of the shops in the last few weeks.

"Hong Kong is still a strategic location for the big international groups...when rents fall low and tourists are back in the future, they wouldn't mind coming back to develop in Hong Kong again," said Lawrence Wan, a senior director of CBRE Hong Kong.

Also read:&nbsp;<a href="/world/china-opens-new-hong-kong-security-agency-headquarters-311499" hreflang="en">China opens new Hong Kong security agency headquarters</a>

The closures were mainly due to broader external economic reasons back home for the international brands, Wan said, adding that falling rents have on the other hand attracted some new businesses and expansion in Hong Kong.&nbsp;

Food and beverage companies are more active in the retail space, Wan said, citing Japanese restaurant brands Don Don Donki and Sushiro as examples of new entries in the past year.

More retail property in Hong Kong will be left vacant in the second half of the year as large global fashion and luxury brands consolidate their stores or leave the city, property consultancy CBRE said on Wednesday.

More retail property in Hong Kong will be left vacant in the second half of the year as large global fashion and luxury brands consolidate their stores or leave the city, property consultancy CBRE said on Wednesday. The property consultancy said overall vacancy rate in the tier-1 streets climbed to 13.5% in the first six months, a four-year high, while high street rents dropped 15.2%. It expected rents to decline another 5-10% in the rest of the year. Also read: National Security Law and end of Hong Kong as we know It Hong Kong's retail sales slumped 32.8% in may from a year earlier, falling for the 16th consecutive month as the coronavirus pandemic and anti-government protests slammed the brakes on tourism and spending in the city. British high street retailer Topshop is closing its last shop in the financial city, the South China Morning Post reported on Wednesday. U.S. fashion brands Victoria's Secret and Gap have also decided to close respectively their only shop and most of the shops in the last few weeks. "Hong Kong is still a strategic location for the big international groups...when rents fall low and tourists are back in the future, they wouldn't mind coming back to develop in Hong Kong again," said Lawrence Wan, a senior director of CBRE Hong Kong. Also read: China opens new Hong Kong security agency headquarters The closures were mainly due to broader external economic reasons back home for the international brands, Wan said, adding that falling rents have on the other hand attracted some new businesses and expansion in Hong Kong. Food and beverage companies are more active in the retail space, Wan said, citing Japanese restaurant brands Don Don Donki and Sushiro as examples of new entries in the past year.

Hong Kong retail vacancies seen rising as global brands downsize

Gold held steady near a more than eight-year high on Wednesday, with investors hitting pause on a rally fuelled by a surge in coronavirus cases and hopes of more stimulus measures from the U.

Gold held steady near a more than eight-year high on Wednesday, with investors hitting pause on a rally fuelled by a surge in coronavirus cases and hopes of more stimulus measures from the U.S. Federal Reserve. Spot gold was little changed at $1,794.04 per ounce by 0459 GMT, after hitting its highest since November 2011 at $1,796.93 on Tuesday, just a few dollars away from the key level of $1,800. U.S. gold futures eased 0.2% to $1,806.90. "The main focus continues to be on the U.S.," said Stephen Innes, chief market strategist at financial services firm AxiCorp. "If the curve continues to steepen and the virus unabated, we are going to break $1,800 just for the fact that the Fed will have to be forced to add more stimulus." The U.S. coronavirus outbreak crossed a grim new milestone of more than 3 million infections as more states reported record numbers of new cases. Compounding economic concerns, the European Commission on Tuesday forecast the euro zone would drop deeper into recession this year and rebound less steeply in 2021 than previously thought. "The health, financial and economic uncertainties generated by the COVID-19 pandemic and its aftermath are likely to continue to support gold's rally well into 2021, but at a reduced level," HSBC analysts said in a note. Indicative of sentiment, holdings of SPDR Gold Trust rose 0.7% on Tuesday. Fed officials expressed concern that the surge in virus cases threatened to pinch consumer spending and job gains. One Fed policymaker pledged more support ahead from the U.S. central bank. Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement. Spot gold faces a resistance at $1,796 per ounce, a break above which could lead to a gain to $1,831, said Reuters technical analyst Wang Tao. Palladium fell 0.5% to $1,907.30 per ounce, platinum dropped 0.4% to $832.15 and silver lost 0.2% to $18.27.

Gold steadies near more than 8-year peak as virus cases surge

The benchmark indices were trading in range on Wednesday tracking mixed trade in Asian peers as the continued surge in coronavirus cases weighed on the sentiment.&nbsp;

The gain in banking and auto stocks were capped by losses in the IT, FMCG space.&nbsp;

The S&amp;P BSE Sensex was down 50 points at 36,630 levels and the Nifty50 index slipped below the 10,830-mark. IndusInd Bank (up 5%) gained the most among Sensex constituents, followed by Bajaj Auto and Mahindra &amp; Mahindra (both up 1%).

The benchmark indices were trading in range on Wednesday tracking mixed trade in Asian peers as the continued surge in coronavirus cases weighed on the sentiment.

The benchmark indices were trading in range on Wednesday tracking mixed trade in Asian peers as the continued surge in coronavirus cases weighed on the sentiment. The gain in banking and auto stocks were capped by losses in the IT, FMCG space. The S&P BSE Sensex was down 50 points at 36,630 levels and the Nifty50 index slipped below the 10,830-mark. IndusInd Bank (up 5%) gained the most among Sensex constituents, followed by Bajaj Auto and Mahindra & Mahindra (both up 1%).

Sensex drops 50 points, Nifty at 10,786