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Tesla chief Elon Musk, who is known for his outspoken comments, has gathered another controversy which led to a massive drop in his company's own share value.

Musk on Friday tweeted that Tesla's share price is "too high", which led to a $14 billion wipe off the carmaker's value.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/tesla-ceo-elon-musk-tweets-against-coronavirus-lockdown-295686">Tesla CEO Elon Musk tweets against coronavirus lockdown</a>

"Tesla stock price is too high imo" (in my opinion), Musk said in a tweet.&nbsp;

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Tesla stock price is too high imo
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1256239815256797184?ref_src=twsrc%5Etfw">May 1, 2020</a></blockquote>
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Musk himself lost $3 billion following the tweet.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/it-is-elon-musk-vs-mark-zuckerberg-billionaires-clash-with-different-opinions-on-lockdown-295751">It is Elon Musk vs Mark Zuckerberg! Billionaires clash with different opinions on lockdown</a>

Tesla' share price sank 10.3 per cent on Friday to close at $701.32.

This sharp fall came after shares of Tesla had jumped nearly 85 per cent this year due to a rise in production and analysts lauding the company for&nbsp;being well-positioned towards an expected transition to electric cars.

This is not the first time that Musk&nbsp;got into trouble due to his tweets and was even charged with fraud and a fine of $20 million by US securities regulator when in August 2018 he had said that "funding secured" for car maker to go private.&nbsp;

Musk later reached a settlement in with SEC in April 2019 where he was asked to avoid speaking on certain topics on Twitter that includes statements about acquisitions, mergers, new products, among others.&nbsp;

Tesla chief Elon Musk, who is known for his outspoken comments, has gathered another controversy which led to a massive drop in his company's own share value. Musk on Friday tweeted that Tesla's share price is "too high", which led to a $14 billion wipe off the carmaker's value.

Tesla chief Elon Musk, who is known for his outspoken comments, has gathered another controversy which led to a massive drop in his company's own share value. Musk on Friday tweeted that Tesla's share price is "too high", which led to a $14 billion wipe off the carmaker's value. Also read | Tesla CEO Elon Musk tweets against coronavirus lockdown "Tesla stock price is too high imo" (in my opinion), Musk said in a tweet. Tesla stock price is too high imo — Elon Musk (@elonmusk) May 1, 2020 × Musk himself lost $3 billion following the tweet. Also read | It is Elon Musk vs Mark Zuckerberg! Billionaires clash with different opinions on lockdown Tesla' share price sank 10.3 per cent on Friday to close at $701.32. This sharp fall came after shares of Tesla had jumped nearly 85 per cent this year due to a rise in production and analysts lauding the company for being well-positioned towards an expected transition to electric cars. This is not the first time that Musk got into trouble due to his tweets and was even charged with fraud and a fine of $20 million by US securities regulator when in August 2018 he had said that "funding secured" for car maker to go private. Musk later reached a settlement in with SEC in April 2019 where he was asked to avoid speaking on certain topics on Twitter that includes statements about acquisitions, mergers, new products, among others.

Tweet once again gets Elon Musk into trouble as Tesla loses $14 billion

As the coronavirus pandemic continues to grapple the world, economies are in a state of shock. The world economies are ravaging more severe than the global financial crisis or the great depression.

In a first, all major automakers, including Maruti Suzuki, Mahindra &amp; Mahindra, failed to sell any car in Aprile&nbsp;due to the nationwide Covid-19 shutdown.

Meanwhile, Royal Dutch Shell, an oil and gas "supermajor" has cut its dividend for the first time since World War Two.

One of India's biggest conglomerate, Reliance suffered its worst profit fall in more than 11-years.

Going by the latest numbers coming in, it would not be wrong to say that the global economic impact from the pandemic is severe and it juts not India that is suffering, world economies are also facing the heat.

In the united states, 3.8 million people lost their jobs and filed for unemployment benefits last week.

According to the data, in six weeks, as many as 30 million Americans have sought unemployment benefits. This is one-fifth of America's working population and roughly nine per cent of its population.

In Europe as well, its economy is declining at the fastest rate on record.

The European Union is the world's largest economic bloc and since the outbreak, the eurozone economy has shrunk by 3.8 per cent.

France became the worst hit casualty as it saw the largest drop in GDP since 1949. Spain lost more than five per cent of its GDP in this quarter.

In Germany, retail sales have declined at their fastest rate since January 2007.&nbsp;

Meanwhile, economists have said that job losses are inevitable.

President of the European Central back, Christine Lagarde recently sais that the worst might be yet to come.

Some predictions by economy experts have painted further dire state of affairs for the rest of the year.

One way to make a guess about the future is to look at the global energy consumption.

The International Energy Agency or the IEA says it's not looking good.&nbsp;

They also said the global energy demand is set to plunge this year while forecasting a decline of six per cent in energy demand.&nbsp;

This is the biggest drop since world war two.

"In absolute terms, the decline is unprecedented - the equivalent of losing the entire energy demand of India, the world's third-largest energy consumer."

I guess it's safe to say the world economy now faces a long road to recovery.

As the coronavirus pandemic continues to grapple the world, economies are in a state of shock. The world economies are ravaging more severe than the global financial crisis or the great depression.

As the coronavirus pandemic continues to grapple the world, economies are in a state of shock. The world economies are ravaging more severe than the global financial crisis or the great depression. In a first, all major automakers, including Maruti Suzuki, Mahindra & Mahindra, failed to sell any car in Aprile due to the nationwide Covid-19 shutdown. Meanwhile, Royal Dutch Shell, an oil and gas "supermajor" has cut its dividend for the first time since World War Two. One of India's biggest conglomerate, Reliance suffered its worst profit fall in more than 11-years. Going by the latest numbers coming in, it would not be wrong to say that the global economic impact from the pandemic is severe and it juts not India that is suffering, world economies are also facing the heat. In the united states, 3.8 million people lost their jobs and filed for unemployment benefits last week. According to the data, in six weeks, as many as 30 million Americans have sought unemployment benefits. This is one-fifth of America's working population and roughly nine per cent of its population. In Europe as well, its economy is declining at the fastest rate on record. The European Union is the world's largest economic bloc and since the outbreak, the eurozone economy has shrunk by 3.8 per cent. France became the worst hit casualty as it saw the largest drop in GDP since 1949. Spain lost more than five per cent of its GDP in this quarter. In Germany, retail sales have declined at their fastest rate since January 2007. Meanwhile, economists have said that job losses are inevitable. President of the European Central back, Christine Lagarde recently sais that the worst might be yet to come. Some predictions by economy experts have painted further dire state of affairs for the rest of the year. One way to make a guess about the future is to look at the global energy consumption. The International Energy Agency or the IEA says it's not looking good. They also said the global energy demand is set to plunge this year while forecasting a decline of six per cent in energy demand. This is the biggest drop since world war two. "In absolute terms, the decline is unprecedented - the equivalent of losing the entire energy demand of India, the world's third-largest energy consumer." I guess it's safe to say the world economy now faces a long road to recovery.

A long road to recovery for world economies even after pandemic gets over

Non-subsidised LPG or market-priced cooking gas prices were cut by a record Rs 162.50 per cylinder on Friday, in line with the slump in benchmark international rates.

This is the third straight monthly reduction in rates of non-subsidised LPG, which users who have given up subsidy buy. Also, this is the gas that domestic household consumers buy after exhausting their quota of 12 cylinders of 14.2 kg each at subsidised prices.

The outbreak of coronavirus and the lockdowns imposed by nations to curb its spread has evaporated demand for oil, sending international oil prices crashing.

Benchmark Brent crude oil last month dropped to a two-decade low of USD 15.98 a barrel but has rebounded since to USD 26.43 a barrel on Friday.

Non-subsidised LPG now costs Rs 581.50 per 14.2-kg cylinder in Delhi, down from Rs 744 till Thursday, according to a price notification issued by state-owned oil firms.

This is the steepest reduction in non-subsidised cooking gas prices ever. It beats Rs 150.5 per cylinder cut effected in January 2019.

Also, this is the third straight monthly reduction in price on the back of falling international rates. The cut comes on the back of Rs 61.50 per cylinder reduction in April and Rs 53 cut in March.

In three reductions, the price of non-subsidised cooking gas has been cut by Rs 277 per 14.2-kg cylinder. It more than negates the massive Rs 144.5 per cylinder hike in rates introduced in February.

State-owned oil marketing companies revise the price of cooking gas on the first day of every month based on average of benchmark fuel in the international market and foreign exchange rate.

Cooking gas is available only at market price across the country. Eligible users, however, get a subsidy in their bank accounts for buying LPG cylinders at below-market rates.

In Mumbai, the non-subsidised cooking gas price was reduced to Rs 579 per cylinder from Rs 714.50.

Domestic LPG users are entitled to buy 12 bottles of 14.2 kg each at subsidised rates in a year.

The price of 19-kg LPG cylinders, used by commercial establishment, has been cut to Rs 1,029.50 from Rs 1,285, the notification said.

Non-subsidised LPG or market-priced cooking gas prices were cut by a record Rs 162.50 per cylinder on Friday, in line with the slump in benchmark international rates.

Non-subsidised LPG or market-priced cooking gas prices were cut by a record Rs 162.50 per cylinder on Friday, in line with the slump in benchmark international rates. This is the third straight monthly reduction in rates of non-subsidised LPG, which users who have given up subsidy buy. Also, this is the gas that domestic household consumers buy after exhausting their quota of 12 cylinders of 14.2 kg each at subsidised prices. The outbreak of coronavirus and the lockdowns imposed by nations to curb its spread has evaporated demand for oil, sending international oil prices crashing. Benchmark Brent crude oil last month dropped to a two-decade low of USD 15.98 a barrel but has rebounded since to USD 26.43 a barrel on Friday. Non-subsidised LPG now costs Rs 581.50 per 14.2-kg cylinder in Delhi, down from Rs 744 till Thursday, according to a price notification issued by state-owned oil firms. This is the steepest reduction in non-subsidised cooking gas prices ever. It beats Rs 150.5 per cylinder cut effected in January 2019. Also, this is the third straight monthly reduction in price on the back of falling international rates. The cut comes on the back of Rs 61.50 per cylinder reduction in April and Rs 53 cut in March. In three reductions, the price of non-subsidised cooking gas has been cut by Rs 277 per 14.2-kg cylinder. It more than negates the massive Rs 144.5 per cylinder hike in rates introduced in February. State-owned oil marketing companies revise the price of cooking gas on the first day of every month based on average of benchmark fuel in the international market and foreign exchange rate. Cooking gas is available only at market price across the country. Eligible users, however, get a subsidy in their bank accounts for buying LPG cylinders at below-market rates. In Mumbai, the non-subsidised cooking gas price was reduced to Rs 579 per cylinder from Rs 714.50. Domestic LPG users are entitled to buy 12 bottles of 14.2 kg each at subsidised rates in a year. The price of 19-kg LPG cylinders, used by commercial establishment, has been cut to Rs 1,029.50 from Rs 1,285, the notification said.

Non-subsidised cooking gas price cut by a record Rs 162.50 per cylinder

Twitter swung to a loss in the past quarter as the global pandemic hit advertising revenue, even as the social platform saw a surge in new users.

In its quarterly update Thursday, Twitter saw an $8 million loss as revenues edged up three per cent to $808 million and its user base increased 24 per cent.

Chief executive Jack Dorsey said the platform was working to be a useful resource for people during the global lockdowns.

"I've never been more sure of the value Twitter brings to people around the world," Dorsey told analysts on a conference call.

He said Twitter's goal is to "serve the global conversation" and that the platform is "helping the world stay informed, and providing a unique way for people to come together to help or simply entertain and remind one another of our connections."

Twitter shares jumped as much as 10 per cent in pre-market trade, but later turned negative after expressing caution about prospects for a rebound. Shares opened down 6.4 per cent.

Advertising revenue was essentially flat in the period, but were hit by a huge slump in the final weeks of the quarter, Twitter said.

It said ad revenues plummeted 27 per cent compared with a year ago between March 11 and 27, when many global events were cancelled and US residents began sheltering in place.

"The downturn we saw in March was particularly pronounced in the US, and advertising weakness in Asia began to subside as work and travel restrictions were gradually lifted," Twitter said in a letter to shareholders.

Chief financial officer Ned Segal told analysts it was too soon to know when the ad outlook for Twitter will improve.

Since the company's earnings warning last month, he said, "things remain relatively consistent ... and we thought they may have actually continued to deteriorate" since late March.

Twitter's results come after online giants Facebook and Google reported earnings suggesting the tech sector is weathering the global health crisis despite declines in digital advertising.

The tech sector has become an important lifeline for people to stay connected during the lockdowns, even if online firms are seeing a hit to revenues.

14 million new users

Twitter's preferred measure -- "monetizable" daily active users -- hit 166 million, a leap of 24 per cent from a year ago.

Twitter said 14 million new users joined the platform over the past quarter, its best gain using that metric.

Last month, Twitter dialled back its financial guidance as a result of the COVID-19 outbreak, which has dealt a blow to the global economy and advertising, which makes up the bulk of its revenues.

The San Francisco-based company also struck a deal with activist investors to keep Dorsey in charge in exchange for a reorganization of the board. Dorsey also modified plans to spend a large part of the year in Africa.

Twitter has also been scrambling to weed out hoaxes and misinformation about the coronavirus which have been proliferating on social media.

"We've responded quickly to the challenges, updating our policies, increasing our use of machine learning and automation to take actions on potentially abusive &amp; manipulative content, ensuring continuity of service, and partnering with advertisers to adapt their campaigns," Twitter said.

Twitter said it was not offering a project for the current quarter "given the unprecedented uncertainty and rapidly shifting market conditions."

Jasmine Enberg, an analyst at eMarketer, called the results "a positive surprise."

"A strong January and February were enough to partially offset the steep coronavirus-related declines in its March revenues," Enberg said.

"But Twitter's ad business is heavily event-driven, so the suspension of major sporting leagues in March will have hurt its bottom line and will continue to do so as long as social distancing and stay-at-home measures remain in place."

Twitter swung to a loss in the past quarter as the global pandemic hit advertising revenue, even as the social platform saw a surge in new users. In its quarterly update Thursday, Twitter saw an $8 million loss as revenues edged up three per cent to $808 million and its user base increased 24 per cent.

Twitter swung to a loss in the past quarter as the global pandemic hit advertising revenue, even as the social platform saw a surge in new users. In its quarterly update Thursday, Twitter saw an $8 million loss as revenues edged up three per cent to $808 million and its user base increased 24 per cent. Chief executive Jack Dorsey said the platform was working to be a useful resource for people during the global lockdowns. "I've never been more sure of the value Twitter brings to people around the world," Dorsey told analysts on a conference call. He said Twitter's goal is to "serve the global conversation" and that the platform is "helping the world stay informed, and providing a unique way for people to come together to help or simply entertain and remind one another of our connections." Twitter shares jumped as much as 10 per cent in pre-market trade, but later turned negative after expressing caution about prospects for a rebound. Shares opened down 6.4 per cent. Advertising revenue was essentially flat in the period, but were hit by a huge slump in the final weeks of the quarter, Twitter said. It said ad revenues plummeted 27 per cent compared with a year ago between March 11 and 27, when many global events were cancelled and US residents began sheltering in place. "The downturn we saw in March was particularly pronounced in the US, and advertising weakness in Asia began to subside as work and travel restrictions were gradually lifted," Twitter said in a letter to shareholders. Chief financial officer Ned Segal told analysts it was too soon to know when the ad outlook for Twitter will improve. Since the company's earnings warning last month, he said, "things remain relatively consistent ... and we thought they may have actually continued to deteriorate" since late March. Twitter's results come after online giants Facebook and Google reported earnings suggesting the tech sector is weathering the global health crisis despite declines in digital advertising. The tech sector has become an important lifeline for people to stay connected during the lockdowns, even if online firms are seeing a hit to revenues. 14 million new users Twitter's preferred measure -- "monetizable" daily active users -- hit 166 million, a leap of 24 per cent from a year ago. Twitter said 14 million new users joined the platform over the past quarter, its best gain using that metric. Last month, Twitter dialled back its financial guidance as a result of the COVID-19 outbreak, which has dealt a blow to the global economy and advertising, which makes up the bulk of its revenues. The San Francisco-based company also struck a deal with activist investors to keep Dorsey in charge in exchange for a reorganization of the board. Dorsey also modified plans to spend a large part of the year in Africa. Twitter has also been scrambling to weed out hoaxes and misinformation about the coronavirus which have been proliferating on social media. "We've responded quickly to the challenges, updating our policies, increasing our use of machine learning and automation to take actions on potentially abusive & manipulative content, ensuring continuity of service, and partnering with advertisers to adapt their campaigns," Twitter said. Twitter said it was not offering a project for the current quarter "given the unprecedented uncertainty and rapidly shifting market conditions." Jasmine Enberg, an analyst at eMarketer, called the results "a positive surprise." "A strong January and February were enough to partially offset the steep coronavirus-related declines in its March revenues," Enberg said. "But Twitter's ad business is heavily event-driven, so the suspension of major sporting leagues in March will have hurt its bottom line and will continue to do so as long as social distancing and stay-at-home measures remain in place."

Twitter swings to loss as pandemic hits advertising

Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the coronavirus.

The Labor Department's weekly jobless claims report on Thursday followed news on Wednesday that the economy in the first quarter suffered its sharpest contraction since the Great Recession. This ended the longest expansion in the United States' history as the economy reels from nationwide lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus.

Initial claims for state unemployment benefits totalled a seasonally adjusted 3.839 million for the week ended April 25, the government said. That was down from 4.442 million in the prior week but the numbers are still high at levels unimaginable just months ago. Economists polled by Reuters had expected 3.50 million claims in the latest week. Applications for jobless benefits hit a record 6.867 million in the week ended March 28.

"Job separations will likely remain high for a while, as softer demand spills over into industries not initially directly affected by shutdowns," said Andrew Hollenhorst, an economist at Citigroup in New York.

Last week's filings lifted the number of people who sought unemployment benefits to around 30 million since March 21, roughly 18.4% of the working-age population.

At face value, the ballooning joblessness rolls imply a jump in the unemployment rate to above 15% in April.

Economists, however, say this unlikely due to the nature of job losses during the lockdowns. The government has allowed people temporarily unemployed for reasons related to COVID-19 to file for jobless benefits.

This includes those quarantined with the expectation of returning to work, as well as people leaving employment due to a risk of exposure or infection or to care for a family member.

However, according to the Labor Department's Bureau of Labor Statistics, which compiles the closely watched monthly employment report, a person is defined as unemployed if they do not have a job and have actively looked for work in the past four weeks, and currently are available for work.

Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the coronavirus.

Millions more Americans filed claims for unemployment benefits last week, suggesting that layoffs were spreading to industries that were not initially directly impacted by business closures and disruptions related to the coronavirus. The Labor Department's weekly jobless claims report on Thursday followed news on Wednesday that the economy in the first quarter suffered its sharpest contraction since the Great Recession. This ended the longest expansion in the United States' history as the economy reels from nationwide lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus. Initial claims for state unemployment benefits totalled a seasonally adjusted 3.839 million for the week ended April 25, the government said. That was down from 4.442 million in the prior week but the numbers are still high at levels unimaginable just months ago. Economists polled by Reuters had expected 3.50 million claims in the latest week. Applications for jobless benefits hit a record 6.867 million in the week ended March 28. "Job separations will likely remain high for a while, as softer demand spills over into industries not initially directly affected by shutdowns," said Andrew Hollenhorst, an economist at Citigroup in New York. Last week's filings lifted the number of people who sought unemployment benefits to around 30 million since March 21, roughly 18.4% of the working-age population. At face value, the ballooning joblessness rolls imply a jump in the unemployment rate to above 15% in April. Economists, however, say this unlikely due to the nature of job losses during the lockdowns. The government has allowed people temporarily unemployed for reasons related to COVID-19 to file for jobless benefits. This includes those quarantined with the expectation of returning to work, as well as people leaving employment due to a risk of exposure or infection or to care for a family member. However, according to the Labor Department's Bureau of Labor Statistics, which compiles the closely watched monthly employment report, a person is defined as unemployed if they do not have a job and have actively looked for work in the past four weeks, and currently are available for work.

US weekly jobless claims remain elevated as millions more seek benefits

The Silicon Valley giants, Apple and Google would release the initial versions of the contact tracing apps aimed to reduce the coronavirus spread this week, companies said in a statement on Thursday. According to the statement, the initial versions will be released to selective developers only for testing.

The final version of their tools is expected to be released by mid-May after the developers complete the testing.

Also read: <a href="https://www.wionews.com/world/google-and-apple-collaborate-to-track-coronavirus-pandemic-292645">Google and Apple collaborate to track coronavirus pandemic</a>

Apple and Google have been working with public health experts and researchers to write apps that people can use to notify those they have come in contact with if they come down with COVID-19, the respiratory disease caused by the new coronavirus.

The rare collaboration is expected to accelerate usage of apps that aim to get potentially infected individuals into testing or quarantine more quickly and reliably than existing systems in much of the world. Such tracing will play a vital role in managing the virus once lockdowns end, health experts say.

Also read: <a href="https://www.wionews.com/business-economy/apple-to-delay-mass-production-of-2020-flagship-iphones-report-295119">Apple to delay mass production of 2020 flagship iPhones</a>

Meanwhile, according to a recent survey done by the University of Maryland and the Washington Post, &nbsp;more than half of all Americans either do not own smartphones or would not use these apps aimed at trace who has been exposed to the new coronavirus.

As per the poll, 82% of Americans said they had a smartphone out of those, only half said they would definitely or probably use such an app.

Much of the scepticism is based on concern about Google and Apple, the poll found.

Just 43% of smartphone users polled expressed "a great deal" or "a good amount" of trust in Google and Apple and other tech companies, while 47% expressed trust in health insurers, 56% in universities and 57% in public health agencies, the poll found.

Contract tracing is deemed necessary to reopen the US economy, which has been hard hit by shutdowns aimed at slowing the spread of the disease which has killed more than 58,000 Americans. 
&nbsp;

(With inputs from Reuters)

The Silicon Valley giants, Apple and Google would release the initial versions of the contact tracing apps aimed to reduce the coronavirus spread this week, companies said in a statement on Thursday.

The Silicon Valley giants, Apple and Google would release the initial versions of the contact tracing apps aimed to reduce the coronavirus spread this week, companies said in a statement on Thursday. According to the statement, the initial versions will be released to selective developers only for testing. The final version of their tools is expected to be released by mid-May after the developers complete the testing. Also read: Google and Apple collaborate to track coronavirus pandemic Apple and Google have been working with public health experts and researchers to write apps that people can use to notify those they have come in contact with if they come down with COVID-19, the respiratory disease caused by the new coronavirus. The rare collaboration is expected to accelerate usage of apps that aim to get potentially infected individuals into testing or quarantine more quickly and reliably than existing systems in much of the world. Such tracing will play a vital role in managing the virus once lockdowns end, health experts say. Also read: Apple to delay mass production of 2020 flagship iPhones Meanwhile, according to a recent survey done by the University of Maryland and the Washington Post, more than half of all Americans either do not own smartphones or would not use these apps aimed at trace who has been exposed to the new coronavirus. As per the poll, 82% of Americans said they had a smartphone out of those, only half said they would definitely or probably use such an app. Much of the scepticism is based on concern about Google and Apple, the poll found. Just 43% of smartphone users polled expressed "a great deal" or "a good amount" of trust in Google and Apple and other tech companies, while 47% expressed trust in health insurers, 56% in universities and 57% in public health agencies, the poll found. Contract tracing is deemed necessary to reopen the US economy, which has been hard hit by shutdowns aimed at slowing the spread of the disease which has killed more than 58,000 Americans. (With inputs from Reuters)

Coronavirus pandemic: Apple, Google to release developer version of contact tracing app this week

British Airways is set to cut more than a quarter of its jobs due to the coronavirus crisis, forecasting that passenger numbers will take years to&nbsp;return to 2019 levels.

BA has 45,000 employees, including 16,500 cabin crew and 3,900 pilots, according to its website.

International Consolidated Airlines Group SA (IAG), which owns British Airways, reported a first-quarter operating loss reflecting the full extent of travel lockdowns during the pandemic. Revenue dropped 13% to 4.6 billion euros.

IAG said it expected significantly worse losses in the second quarter due to the decline in passenger capacity and traffic, despite some relief from government job retention and wage support schemes.

In a statement, it said the sweeping restructuring at BA will probably "affect most of British Airways' employees and may result in the redundancy of up to 12,000 of them."&nbsp;

<a href="https://www.wionews.com/world/uk-reports-586-covid-19-deaths-in-last-24-hours-death-toll-crosses-21600-295396">Also read |&nbsp;UK reports 586 COVID-19 deaths in last 24 hours; death toll crosses 21,600</a>

Union leaders criticised the plans and said the airline should have worked to secure more government aid to avoid cutting jobs.

The pilots union BALPA said staff were devastated.

Earlier this month, BA used Britain's COVID-19 jobs retention scheme to furlough 22,626 employees. Under the scheme, the government takes on part of the cost of retaining staff who remain on the payroll while being sent home during the crisis.

Governments in Europe and the United States are providing payroll support to airlines while the industry battles its biggest ever crisis. Estimated global airline losses from the coronavirus pandemic have climbed to $314 billion, the International Air Transport Association said on April 14. More than half the world's airplanes are in storage.

British Airways is set to cut more than a quarter of its jobs due to the coronavirus crisis, forecasting that passenger numbers will take years to return to 2019 levels.

British Airways is set to cut more than a quarter of its jobs due to the coronavirus crisis, forecasting that passenger numbers will take years to return to 2019 levels. BA has 45,000 employees, including 16,500 cabin crew and 3,900 pilots, according to its website. International Consolidated Airlines Group SA (IAG), which owns British Airways, reported a first-quarter operating loss reflecting the full extent of travel lockdowns during the pandemic. Revenue dropped 13% to 4.6 billion euros. IAG said it expected significantly worse losses in the second quarter due to the decline in passenger capacity and traffic, despite some relief from government job retention and wage support schemes. In a statement, it said the sweeping restructuring at BA will probably "affect most of British Airways' employees and may result in the redundancy of up to 12,000 of them." Also read | UK reports 586 COVID-19 deaths in last 24 hours; death toll crosses 21,600 Union leaders criticised the plans and said the airline should have worked to secure more government aid to avoid cutting jobs. The pilots union BALPA said staff were devastated. Earlier this month, BA used Britain's COVID-19 jobs retention scheme to furlough 22,626 employees. Under the scheme, the government takes on part of the cost of retaining staff who remain on the payroll while being sent home during the crisis. Governments in Europe and the United States are providing payroll support to airlines while the industry battles its biggest ever crisis. Estimated global airline losses from the coronavirus pandemic have climbed to $314 billion, the International Air Transport Association said on April 14. More than half the world's airplanes are in storage.

Coronavirus fallout: British Airways plans to cut more than a quarter of its jobs

It's not just groceries and medicines even cars can be ordered online and get home delivered.&nbsp;The coronavirus pandemic has forced car makers in India to adopt a new strategy&nbsp;of sales and delivery.&nbsp;

Carmakers are expecting reduced customer footfall due to fear psychosis that may prevail even after the lockdown gets over. The car dealerships are shut and the customers will not throng to showrooms as soon as lockdown is lifted to buy cars even if they have money. All this has forced carmakers to adjust to the new normal of post-pandemic reality thorough online sales and doorstep delivery medium.&nbsp;

Under the schemes announced by various carmakers, customers can take the online demonstration of their favourite set of wheels, &nbsp;book and pay online before getting the delivery at their doorstep.&nbsp;

German carmakers BMW, Mercedes, Volkswagen and Japanese carmaker Honda have launched these scheme to push sales that will help them even after lockdown is over. Mercedes had started its online platform in January this year to sell used cars and the service has now been expanded to facilitate the purchase of new cars.&nbsp;

Mercedes-Benz that is already running once such facility in Germany expect that 25 per cent of its worldwide passenger car sales will be made through online channels by the year 2025 while for its rival BMW, India is the first country where its contactless experience has been introduced, &nbsp;

“Amidst the current pandemic situation, we have successfully transformed our business processes and put in place various measures to effectively and efficiently serve our existing customers and prospects by leveraging these new-age digital technologies", said Arlindo Teixeira, acting president, BMW Group, India&nbsp;

Customers can even go for customization of cars before booking and they will be eligible for discount schemes and special offers applicable for the online sale of cars. Carmakers are also providing this facility on used cars.&nbsp; 
&nbsp; 
"But bringing everything online is not an easy task. Volkswagen had to integrate its 137 sales and 116 service touchpoints in this process", said a Volkswagen India executive

Carmakers believe online sales experience will not only help them to promote sales but also provide a better interface with the millennials and young customers who prefer everything online. But this medium may be practical for selling only popular car models. For the latest and the lesser selling models, customers may still prefer to go to showrooms to get convinced about their purchase decision. &nbsp;

It's not just groceries and medicines even cars can be ordered online and get home delivered. The coronavirus pandemic has forced car makers in India to adopt a new strategy of sales and delivery.

It's not just groceries and medicines even cars can be ordered online and get home delivered. The coronavirus pandemic has forced car makers in India to adopt a new strategy of sales and delivery. Carmakers are expecting reduced customer footfall due to fear psychosis that may prevail even after the lockdown gets over. The car dealerships are shut and the customers will not throng to showrooms as soon as lockdown is lifted to buy cars even if they have money. All this has forced carmakers to adjust to the new normal of post-pandemic reality thorough online sales and doorstep delivery medium. Under the schemes announced by various carmakers, customers can take the online demonstration of their favourite set of wheels, book and pay online before getting the delivery at their doorstep. German carmakers BMW, Mercedes, Volkswagen and Japanese carmaker Honda have launched these scheme to push sales that will help them even after lockdown is over. Mercedes had started its online platform in January this year to sell used cars and the service has now been expanded to facilitate the purchase of new cars. Mercedes-Benz that is already running once such facility in Germany expect that 25 per cent of its worldwide passenger car sales will be made through online channels by the year 2025 while for its rival BMW, India is the first country where its contactless experience has been introduced, “Amidst the current pandemic situation, we have successfully transformed our business processes and put in place various measures to effectively and efficiently serve our existing customers and prospects by leveraging these new-age digital technologies", said Arlindo Teixeira, acting president, BMW Group, India Customers can even go for customization of cars before booking and they will be eligible for discount schemes and special offers applicable for the online sale of cars. Carmakers are also providing this facility on used cars. "But bringing everything online is not an easy task. Volkswagen had to integrate its 137 sales and 116 service touchpoints in this process", said a Volkswagen India executive Carmakers believe online sales experience will not only help them to promote sales but also provide a better interface with the millennials and young customers who prefer everything online. But this medium may be practical for selling only popular car models. For the latest and the lesser selling models, customers may still prefer to go to showrooms to get convinced about their purchase decision.

Carmakers go online to boost falling sales amid virus pandemic

Domestic stock markets ended in the green for the third day in a row and the Nifty went past 9,500-mark for the first time since 16 March.

Sensex surged 605.64 points or 1.89 per cent to 32,720.16 while the Nifty was up 155.25 points or 1.65 per cent at 9,536.15 at the close.&nbsp;

Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of the shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020.

The Indian rupee settled stronger at 75.67 per dollar as compared to Tuesday's closing of 76.18 against the US dollar.

Domestic stock markets ended in the green for the third day in a row and the Nifty went past 9,500-mark for the first time since 16 March. Sensex surged 605.64 points or 1.

Domestic stock markets ended in the green for the third day in a row and the Nifty went past 9,500-mark for the first time since 16 March. Sensex surged 605.64 points or 1.89 per cent to 32,720.16 while the Nifty was up 155.25 points or 1.65 per cent at 9,536.15 at the close. Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of the shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. The Indian rupee settled stronger at 75.67 per dollar as compared to Tuesday's closing of 76.18 against the US dollar.

Sensex ends 605 points higher, Nifty at 9,553

Boeing Co said it would need to borrow more money over the next six months and that it did not expect to pay dividends again for years, as it wrestles with the coronavirus lockdown-induced economic fallout.

Boeing is trying to bring its 737 MAX jet back into service after two fatal crashes, even as the aviation industry slumps because of the coronavirus, which has dried up demand for passenger air travel.

The grounding of its 737 MAX jet has caused the US planemaker major losses.

Boeing would continue ordering parts and services from its suppliers to ensure the smaller companies have enough business to keep them afloat during the downturn.

Boeing expects it will take two to three years for travel to return to 2019 levels and an additional few years more for the industry's long-term trend growth to return. It, however, will resume paying dividends in the medium-term.

The largest US planemaker, which reports first-quarter earnings Wednesday, last month drew down its entire $13.8 billion credit line and suspended its dividend. Boeing's first- quarter deliveries were a third of the 149 seen a year earlier and the lowest since 1984 for the first quarter.

<a href="https://www.wionews.com/business-economy/coronavirus-impact-airbus-warns-staff-of-deeper-job-cuts-survival-being-at-stake-294985">Also read | Coronavirus impact: Airbus warns staff of deeper job cuts, survival being 'at stake'</a>

Boeing shares closed down 0.3 per cent to $128.68.

Boeing also said on Monday it would resume 787 production in South Carolina next week after it resumed commercial airplane production last week in Washington state. Each of the company’s 12 board nominees received a majority of votes from shareholders, though five directors got a significant number of no votes.

Two proxy advisors, Glass Lewis and Institutional Shareholder Services (ISS), had recommended that Boeing shareholders vote against key board members to show objections to the company’s handling of the 737 MAX crisis.

Boeing Co said it would need to borrow more money over the next six months and that it did not expect to pay dividends again for years, as it wrestles with the coronavirus lockdown-induced economic fallout.

Boeing Co said it would need to borrow more money over the next six months and that it did not expect to pay dividends again for years, as it wrestles with the coronavirus lockdown-induced economic fallout. Boeing is trying to bring its 737 MAX jet back into service after two fatal crashes, even as the aviation industry slumps because of the coronavirus, which has dried up demand for passenger air travel. The grounding of its 737 MAX jet has caused the US planemaker major losses. Boeing would continue ordering parts and services from its suppliers to ensure the smaller companies have enough business to keep them afloat during the downturn. Boeing expects it will take two to three years for travel to return to 2019 levels and an additional few years more for the industry's long-term trend growth to return. It, however, will resume paying dividends in the medium-term. The largest US planemaker, which reports first-quarter earnings Wednesday, last month drew down its entire $13.8 billion credit line and suspended its dividend. Boeing's first- quarter deliveries were a third of the 149 seen a year earlier and the lowest since 1984 for the first quarter. Also read | Coronavirus impact: Airbus warns staff of deeper job cuts, survival being 'at stake' Boeing shares closed down 0.3 per cent to $128.68. Boeing also said on Monday it would resume 787 production in South Carolina next week after it resumed commercial airplane production last week in Washington state. Each of the company’s 12 board nominees received a majority of votes from shareholders, though five directors got a significant number of no votes. Two proxy advisors, Glass Lewis and Institutional Shareholder Services (ISS), had recommended that Boeing shareholders vote against key board members to show objections to the company’s handling of the 737 MAX crisis.

Boeing wrestles with coronavirus fallout, says will need to borrow more money

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter.

The company, which has $1.47 billion in cash, said it was in talks with big U.S. banks to get an additional $1.30 billion in loan to ride out the crisis.

The cash preservation plan lifted Harley shares, which have lost nearly half of its value so far this year, up 9% in premarket trading.

Earlier this month, the motorcycle maker pulled its 2020 profit forecast and decided to temporarily lay off most of its global production employees as well as cut salaries of its leadership team in a bid to lower costs.

On Tuesday, Harley said it would cut cost to match the lower demand and focus more on sales efforts in the United States, its biggest market.

The company has been struggling with falling U.S. sales as its baby-boomer fan base ages. To counter that, it has been trying to woo the next generation of younger riders with electric and more nimbler bikes.

But that has done little to boost sales. To make matters worse, the pandemic has further hit demand as Americans are forced to stay at home to curb the spread of COVID-19.

Retail sales fell 15.5% in the United States in the quarter and 20.7% internationally. "Global retail motorcycle sales in the first quarter were significantly impacted by COVID-19," the company said in statement.

Total motorcycle shipments to dealers fell 10% to 52,973 units in the first-quarter ended March 29, while retail sales at its dealers declined nearly 18% to 40,439 units.

Harley said it would expand its lineup of profitable "iconic" motorcycles, while also targeting to boost sales of some of its new products such as adventure touring, sport bike Streetfighter and electric motorcycles.

"These efforts will pave the way for...improved profitability and long-term growth," said acting Chief Executive Officer Jochen Zeitz, who took helm in February.

Zeitz, who was a board member at Harley and best known for turning around the Puma brand's near-bankrupt business, replaced CEO Matt Levatich.

Harley's net income fell to $69.7 million, or 45 cents per share in the quarter, from $127.9 million, or 80 cents per share, a year earlier.

Motorcycles and related products revenue fell 8% to $1.10 billion. On an adjusted basis, it earned 51 cents, beating analysts' average estimate of 41 cents, according to IBES data from Refinitiv.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter. The company, which has $1.47 billion in cash, said it was in talks with big U.S. banks to get an additional $1.30 billion in loan to ride out the crisis. The cash preservation plan lifted Harley shares, which have lost nearly half of its value so far this year, up 9% in premarket trading. Earlier this month, the motorcycle maker pulled its 2020 profit forecast and decided to temporarily lay off most of its global production employees as well as cut salaries of its leadership team in a bid to lower costs. On Tuesday, Harley said it would cut cost to match the lower demand and focus more on sales efforts in the United States, its biggest market. The company has been struggling with falling U.S. sales as its baby-boomer fan base ages. To counter that, it has been trying to woo the next generation of younger riders with electric and more nimbler bikes. But that has done little to boost sales. To make matters worse, the pandemic has further hit demand as Americans are forced to stay at home to curb the spread of COVID-19. Retail sales fell 15.5% in the United States in the quarter and 20.7% internationally. "Global retail motorcycle sales in the first quarter were significantly impacted by COVID-19," the company said in statement. Total motorcycle shipments to dealers fell 10% to 52,973 units in the first-quarter ended March 29, while retail sales at its dealers declined nearly 18% to 40,439 units. Harley said it would expand its lineup of profitable "iconic" motorcycles, while also targeting to boost sales of some of its new products such as adventure touring, sport bike Streetfighter and electric motorcycles. "These efforts will pave the way for...improved profitability and long-term growth," said acting Chief Executive Officer Jochen Zeitz, who took helm in February. Zeitz, who was a board member at Harley and best known for turning around the Puma brand's near-bankrupt business, replaced CEO Matt Levatich. Harley's net income fell to $69.7 million, or 45 cents per share in the quarter, from $127.9 million, or 80 cents per share, a year earlier. Motorcycles and related products revenue fell 8% to $1.10 billion. On an adjusted basis, it earned 51 cents, beating analysts' average estimate of 41 cents, according to IBES data from Refinitiv.

Harley-Davidson cuts dividend, halts buybacks to preserve cash

Oil prices fell significantly on Monday with the US benchmark down nearly 25 per cent amid fears over a growing scarcity of oil storage space.

The West Texas Intermediate for June delivery shed 4.16 U.S. dollars, or 24.56 per cent, to settle at 12.78 dollars a barrel on the New York Mercantile Exchange. The prices traded as low as 11.88 dollars earlier in the session.

Brent crude for June delivery dropped 1.45 dollars, or 6.76 per cent, to close at 19.99 dollars a barrel on the London ICE Futures Exchange.

Risks on the demand side amid the COVID-19 pandemic fallout have reignited fears over availability of storage capacities, experts noted.

Monday's heavy losses followed extreme volatility on the oil markets in the prior week.

Despite a period of stabilization they have been enjoying since mid-last week, US oil prices posted a record weekly loss of 32.3 per cent based on the June contract. It is the biggest weekly percentage loss on record, according to Dow Jones Market Data. June Brent declined 23.6 per cent for the week ending Friday.

Oil prices fell significantly on Monday with the US benchmark down nearly 25 per cent amid fears over a growing scarcity of oil storage space. The West Texas Intermediate for June delivery shed 4.

Oil prices fell significantly on Monday with the US benchmark down nearly 25 per cent amid fears over a growing scarcity of oil storage space. The West Texas Intermediate for June delivery shed 4.16 U.S. dollars, or 24.56 per cent, to settle at 12.78 dollars a barrel on the New York Mercantile Exchange. The prices traded as low as 11.88 dollars earlier in the session. Brent crude for June delivery dropped 1.45 dollars, or 6.76 per cent, to close at 19.99 dollars a barrel on the London ICE Futures Exchange. Risks on the demand side amid the COVID-19 pandemic fallout have reignited fears over availability of storage capacities, experts noted. Monday's heavy losses followed extreme volatility on the oil markets in the prior week. Despite a period of stabilization they have been enjoying since mid-last week, US oil prices posted a record weekly loss of 32.3 per cent based on the June contract. It is the biggest weekly percentage loss on record, according to Dow Jones Market Data. June Brent declined 23.6 per cent for the week ending Friday.

US oil futures plunge nearly 25% amid fears of filled storage

The Reserve Bank of India (RBI) is set to open a special liquidity facility of upto Rs 50,000 &nbsp;crores ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures.

The prominent Franklin Templeton Mutual Fund said on Thursday it would wind up six credit funds for lack of liquidity following which fund houses in India have struggled to allay investors' fears of a flood of redemption requests.

"The stress is, however, confined to the high-risk debt mutual fund segment at this stage; the larger industry remains liquid," the RBI said, in a statement.

The RBI will now conduct repo operations for 90 days' tenor at the fixed repo rate and the funds will be available on-tap and open-ended.

Banks will need to access the funds from the RBI at the repo window and extend loans to mutual funds, buy outright corporate bonds or commercial papers from them or extend the funds against collateral through a repo.

Exposures under this facility will not be reckoned under the large exposures framework and stand to be classified as "held-to-maturity", even in excess of the permissible 25% of total investments, the central bank added.

India has reported 27,892&nbsp;coronavirus infections and 872&nbsp;deaths as of Monday morning.

The Reserve Bank of India (RBI) is set to open a special liquidity facility of upto Rs 50,000 crores ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures.

The Reserve Bank of India (RBI) is set to open a special liquidity facility of upto Rs 50,000 crores ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures. The prominent Franklin Templeton Mutual Fund said on Thursday it would wind up six credit funds for lack of liquidity following which fund houses in India have struggled to allay investors' fears of a flood of redemption requests. "The stress is, however, confined to the high-risk debt mutual fund segment at this stage; the larger industry remains liquid," the RBI said, in a statement. The RBI will now conduct repo operations for 90 days' tenor at the fixed repo rate and the funds will be available on-tap and open-ended. Banks will need to access the funds from the RBI at the repo window and extend loans to mutual funds, buy outright corporate bonds or commercial papers from them or extend the funds against collateral through a repo. Exposures under this facility will not be reckoned under the large exposures framework and stand to be classified as "held-to-maturity", even in excess of the permissible 25% of total investments, the central bank added. India has reported 27,892 coronavirus infections and 872 deaths as of Monday morning.

Coronavirus: RBI to open special liquidity window for mutual funds

Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand, the Wall Street Journal reported citing people familiar with the matter.

The pandemic has disrupted manufacturing across Asia.

However, Apple is forging ahead with plans to release four new iPhone models later this year, the report added citing sources.

The new models will be enabled with 5G connectivity that promises low response times and faster internet.

The Nikkei had reported in late March that Apple was preparing to possibly delay the launch of its first 5G iPhones.

The WSJ report on Monday added that Apple was slashing the number of handsets that it plans to make in the second half of this year by as much as 20%.

The company, which traditionally unveils new iPhones in September, released a smaller iPhone priced at $399 earlier this month.

Apple did not immediately respond to Reuters' request for comment

(With inputs from Reuters)&nbsp; 
&nbsp;

Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand, the Wall Street Journal reported citing people familiar with the matter.

Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand, the Wall Street Journal reported citing people familiar with the matter. The pandemic has disrupted manufacturing across Asia. However, Apple is forging ahead with plans to release four new iPhone models later this year, the report added citing sources. The new models will be enabled with 5G connectivity that promises low response times and faster internet. The Nikkei had reported in late March that Apple was preparing to possibly delay the launch of its first 5G iPhones. The WSJ report on Monday added that Apple was slashing the number of handsets that it plans to make in the second half of this year by as much as 20%. The company, which traditionally unveils new iPhones in September, released a smaller iPhone priced at $399 earlier this month. Apple did not immediately respond to Reuters' request for comment (With inputs from Reuters)

Apple to delay mass production of 2020 flagship iPhones: Report

Volkswagen, the world's largest carmaker by sales, resumed work at its biggest factory in Wolfsburg, Germany, on Monday. Volkswagen Group, which owns the Skoda, Audi, Bentley, Porsche and Seat brands, is also re-starting production in Portugal, Spain, Russia, South Africa, the Czech Republic and South America this week.

Volkswagen, the world's largest carmaker by sales, resumed work at its biggest factory in Wolfsburg, Germany, on Monday. Volkswagen Group, which owns the Skoda, Audi, Bentley, Porsche and Seat brands, is also re-starting production in Portugal, Spain, Russia, South Africa, the Czech Republic and South America this week. In Wolfsburg, around 8,000 workers started building cars again on Monday, including the Volkswagen Golf. This week 1,400 cars will be built, followed by 6,000 cars in a fortnight, Volkswagen said. Production capacity in the Wolfsburg plant will be at around 10%-15% to begin with, and reach around 40% of pre-crisis levels in the week after, Andreas Tostmann, Volkswagen brand's board member responsible for production, told. "The restart of Europe's biggest car factory after weeks of standstill is an important symbol for our employees, our dealers, suppliers, the German economy and for Europe," Tostmann said. Volkswagen has overhauled its procedures to include extra hygiene measures. Workers are told to measure their temperature and to get changed into their overalls at home, to prevent crowding in factory changing rooms. Extra markings have been put on the factory floor so that workers are better able to adhere to a 1.5 metre social distancing rule, and extra time is provided so that employees can disinfect their tools and surfaces, Volkswagen said. (With inputs from Reuters)

Volkswagen re-starts Europe's largest car factory after coronavirus shutdown

The domestic stock markets surged on Monday, with a major contribution from financial stocks after the Reserve Bank of India announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore.&nbsp;

The S&amp;P BSE Sensex jumped 515 points, or over 1.6 per cent, to 31,840 levels and the Nifty50 index surpassed 9,300 levels. All the Nifty sectoral indices were in the green, led by Nifty Bank index, up 3 per cent.

Asian stock markets gained after Japan's central bank promised more asset purchases to shore up financial markets and more governments prepared to revive struggling economies by reopening businesses. Tokyo's benchmark surged 2.8 per cent and Shanghai, Hong Kong and Sydney also gained.

Meanwhile, The Reserve Bank of India on Monday announced a special liquidity facility of Rs 50,000 crores for mutual funds in the wake of the winding up of six debt funds by Franklin Templeton.

(With inputs from agencies)

The domestic stock markets surged on Monday, with a major contribution from financial stocks after the Reserve Bank of India announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore.

The domestic stock markets surged on Monday, with a major contribution from financial stocks after the Reserve Bank of India announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore. The S&P BSE Sensex jumped 515 points, or over 1.6 per cent, to 31,840 levels and the Nifty50 index surpassed 9,300 levels. All the Nifty sectoral indices were in the green, led by Nifty Bank index, up 3 per cent. Asian stock markets gained after Japan's central bank promised more asset purchases to shore up financial markets and more governments prepared to revive struggling economies by reopening businesses. Tokyo's benchmark surged 2.8 per cent and Shanghai, Hong Kong and Sydney also gained. Meanwhile, The Reserve Bank of India on Monday announced a special liquidity facility of Rs 50,000 crores for mutual funds in the wake of the winding up of six debt funds by Franklin Templeton. (With inputs from agencies)

Sensex ends 415 points higher after RBI announces liquidity facility for mutual funds

European planemaker Airbus has issued an assessment of the impact of the coronavirus crisis, telling the company's employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.&nbsp;

A letter was sent to its 1,35,000 employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since mid-March.

Chief Executive Guillaume Faury, in the letter, said Airbus was "bleeding cash at an unprecedented speed". He also said that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.

"The survival of Airbus is in question if we don`t act now," he added.

People familiar with the matter say Airbus is also in active discussions with European governments about tapping schemes to assist struggling industries, including state-guaranteed loans.

<a href="https://www.wionews.com/world/covid-19-positive-cases-near-3-million-mark-globally-death-toll-passes-2-lacs-294998">Also read | COVID-19 positive cases near 3-million mark globally; death toll passes 2 lakhs</a>

Industry sources have said a new restructuring plan similar to its 2007 Power8 which saw 10,000 job cuts could be launched in the summer.

To stem the outflow of cash, Airbus this month said it would slash benchmark narrow-body jet production by a third to 40 jets a month. It also issued targets for wide-body jets implying cuts up to 42% compared with previously published rates.

It was earlier reported that Airbus was looking at scenarios involving output cuts of up to a half, and analysts say Boeing is expected to unveil comparable cuts along with lay-offs this week, lowering monthly 787 output to as low as 6 jets.

Airbus's new production plan would remain for as long as it took to make a more thorough assessment of demand. Analysts and airlines have so far mostly spoken of a downturn lasting no more than 3-4 years.

<a href="https://www.wionews.com/videos/european-plane-maker-airbus-warn-its-employees-on-job-cut-as-it-faces-financial-impact-295012">WATCH |&nbsp;European plane maker Airbus warn its employees on job cut as it faces financial impact</a>

Rival Boeing, with even weaker finances due to the year-old grounding of its 737 MAX, scrapped a $4.2 billion tie-up with Brazil`s Embraer on Saturday in a move widely seen as triggered by the crisis, though it cited contractual reasons.

(with inputs from Reuters)

European planemaker Airbus has issued an assessment of the impact of the coronavirus crisis, telling the company's employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.

European planemaker Airbus has issued an assessment of the impact of the coronavirus crisis, telling the company's employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action. A letter was sent to its 1,35,000 employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since mid-March. Chief Executive Guillaume Faury, in the letter, said Airbus was "bleeding cash at an unprecedented speed". He also said that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review. "The survival of Airbus is in question if we don`t act now," he added. People familiar with the matter say Airbus is also in active discussions with European governments about tapping schemes to assist struggling industries, including state-guaranteed loans. Also read | COVID-19 positive cases near 3-million mark globally; death toll passes 2 lakhs Industry sources have said a new restructuring plan similar to its 2007 Power8 which saw 10,000 job cuts could be launched in the summer. To stem the outflow of cash, Airbus this month said it would slash benchmark narrow-body jet production by a third to 40 jets a month. It also issued targets for wide-body jets implying cuts up to 42% compared with previously published rates. It was earlier reported that Airbus was looking at scenarios involving output cuts of up to a half, and analysts say Boeing is expected to unveil comparable cuts along with lay-offs this week, lowering monthly 787 output to as low as 6 jets. Airbus's new production plan would remain for as long as it took to make a more thorough assessment of demand. Analysts and airlines have so far mostly spoken of a downturn lasting no more than 3-4 years. WATCH | European plane maker Airbus warn its employees on job cut as it faces financial impact Rival Boeing, with even weaker finances due to the year-old grounding of its 737 MAX, scrapped a $4.2 billion tie-up with Brazil`s Embraer on Saturday in a move widely seen as triggered by the crisis, though it cited contractual reasons. (with inputs from Reuters)

Coronavirus impact: Airbus warns staff of deeper job cuts, survival being 'at stake'

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective April 23, citing severe market dislocation and illiquidity caused by the coronavirus.

"The decision has been taken to protect value for investors via a managed sale of the portfolio," the Fund said in a statement.

The decision was limited to funds which have "material direct exposure to the higher-yielding, lower-rated credit securities in India that have been most impacted by the ongoing liquidity crisis in the market," the statement said.

The funds included Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund, it said.

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective April 23, citing severe market dislocation and illiquidity caused by the coronavirus.

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective April 23, citing severe market dislocation and illiquidity caused by the coronavirus. "The decision has been taken to protect value for investors via a managed sale of the portfolio," the Fund said in a statement. The decision was limited to funds which have "material direct exposure to the higher-yielding, lower-rated credit securities in India that have been most impacted by the ongoing liquidity crisis in the market," the statement said. The funds included Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund, it said.

Franklin Templeton to close six India funds hit by coronavirus

Despite the growing criticism over privacy issues, Zoom video conferencing app's user base grew by another 50% bring the number to 300 million in the last three weeks. While the shares of the US-based company rose 12% to a record high of $168.24 today.

The numbers were released on late Wednesday by Chief Executive Eric Yuan.

Also read: <a href="https://www.wionews.com/world/online-holocaust-event-on-zoom-disrupted-by-anti-semitic-protesters-in-germany-293875">Online holocaust event on Zoom disrupted by anti-Semitic protesters in Germany</a>

The coronavirus-driven lockdown of millions of people globally has driven huge growth in the use of platforms like Zoom, Skype or Microsoft's Teams application.

Over the last few months, Zoom has faced a barrage of criticism from cybersecurity experts over bugs in its codes and the lack of end-to-end encryption of its chat sessions.&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/should-you-be-using-the-video-conferencing-app-zoom-293629">Should you be using the video-conferencing app Zoom?</a>

After several incidents of "zoombombing", the video conferencing app is banned has been banned by authorities around the world including Elon Musk’s venture SpaceX, Asia-focused bank Standard Chartered as well as governments in Germany, Taiwan and Singapore.

Also read:<a href="https://www.wionews.com/india-news/dont-use-zoom-app-for-work-mha-directs-government-officials-292969"> Don't use Zoom app for work: MHA directs government officials</a>

Researchers say "Zoombombing" incidents, where uninvited guests crash meetings, were caused by simple choices made by some of the millions of new users of the app and that the company has taken sensible steps including giving hosts the ability to lock meetings and restrict what attendees can do.

It has appointed former Facebook security chief Alex Stamos and a number of other experts to attack these concerns and security researchers say it has responded robustly to the issues.

(With inputs from agencies)

Despite the growing criticism over privacy issues, Zoom video conferencing app's user base grew by another 50% bring the number to 300 million in the last three weeks.

Despite the growing criticism over privacy issues, Zoom video conferencing app's user base grew by another 50% bring the number to 300 million in the last three weeks. While the shares of the US-based company rose 12% to a record high of $168.24 today. The numbers were released on late Wednesday by Chief Executive Eric Yuan. Also read: Online holocaust event on Zoom disrupted by anti-Semitic protesters in Germany The coronavirus-driven lockdown of millions of people globally has driven huge growth in the use of platforms like Zoom, Skype or Microsoft's Teams application. Over the last few months, Zoom has faced a barrage of criticism from cybersecurity experts over bugs in its codes and the lack of end-to-end encryption of its chat sessions. Also read: Should you be using the video-conferencing app Zoom? After several incidents of "zoombombing", the video conferencing app is banned has been banned by authorities around the world including Elon Musk’s venture SpaceX, Asia-focused bank Standard Chartered as well as governments in Germany, Taiwan and Singapore. Also read: Don't use Zoom app for work: MHA directs government officials Researchers say "Zoombombing" incidents, where uninvited guests crash meetings, were caused by simple choices made by some of the millions of new users of the app and that the company has taken sensible steps including giving hosts the ability to lock meetings and restrict what attendees can do. It has appointed former Facebook security chief Alex Stamos and a number of other experts to attack these concerns and security researchers say it has responded robustly to the issues. (With inputs from agencies)

Despite security concerns, Zoom users top 300 million, shares hit record

While the world economies are struggling and world bodies like the International Monetary Fund and World Bank are issuing warnings of great recession every other day, the wealth of America's billionaires continues to be on the rise.

According to the latest report by the Institue of Policy Studies, the combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10% during the ongoing COVID-19 pandemic.

As per the report, during the period between January 1 to April 10 this year, 34 of the nation's wealthiest billionaires have seen their net worth increase by tens of millions of dollars.

Since the coronavirus pandemic began in December, over a billion people are confined in their homes due to the lockdown and self-distancing rules.

During the lockdown, tech companies like Zoom have seen a surge in their userbase thus boosting the net worth of billionaire founders with holdings in those companies.

According to the IPS report, eight of these billionaires including Bezos, Zoom Video Communications Inc founder Eric Yuan and Musk saw a $1-billion jump in their total net worth.

Musk holds an 18.5% stake in Tesla shares, which has soared over 73% since the beginning of the year as traders looked beyond the short-term impact of the coronavirus pandemic.

Bezos owns about 15.1% in Amazon stock, which has gained nearly 31% this year as online orders on its platform have surged due to people staying indoors.

Meanwhile, IMF on Tuesday said that the coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse.

The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook.

If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 per cent, according to the IMF.

(With inputs from agencies)

While the world economies are struggling and world bodies like the International Monetary Fund and World Bank are issuing warnings of great recession every other day, the wealth of America's billionaires continues to be on the rise.

While the world economies are struggling and world bodies like the International Monetary Fund and World Bank are issuing warnings of great recession every other day, the wealth of America's billionaires continues to be on the rise. According to the latest report by the Institue of Policy Studies, the combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10% during the ongoing COVID-19 pandemic. As per the report, during the period between January 1 to April 10 this year, 34 of the nation's wealthiest billionaires have seen their net worth increase by tens of millions of dollars. Since the coronavirus pandemic began in December, over a billion people are confined in their homes due to the lockdown and self-distancing rules. During the lockdown, tech companies like Zoom have seen a surge in their userbase thus boosting the net worth of billionaire founders with holdings in those companies. According to the IPS report, eight of these billionaires including Bezos, Zoom Video Communications Inc founder Eric Yuan and Musk saw a $1-billion jump in their total net worth. Musk holds an 18.5% stake in Tesla shares, which has soared over 73% since the beginning of the year as traders looked beyond the short-term impact of the coronavirus pandemic. Bezos owns about 15.1% in Amazon stock, which has gained nearly 31% this year as online orders on its platform have surged due to people staying indoors. Meanwhile, IMF on Tuesday said that the coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse. The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook. If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 per cent, according to the IMF. (With inputs from agencies)

While world economies struggle, American billionaires get 10% richer during coronavirus pandemic

Brent crude oil plunged more than 12 per cent to below USD 17 a barrel on Wednesday even as the United States erased early gains and fell.

In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course.

Consequently, Brent dropped 12.31 per cent to $16.98 a barrel, extending heavy losses from a day earlier. WTI for June delivery, which had rebounded about 20 per cent at the open, was down around 5 per cent at $11 a barrel in the afternoon.

Prices have plunged as lockdowns and travel restrictions introduced worldwide to stem the spread of the virus hammer demand.

On Monday, WTI for May delivery collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up.

Analysts said the morning bounce was driven by news that members of exporting group OPEC, as well as some allies in the OPEC+ grouping, held a teleconference Tuesday -- but grim reality soon returned to the markets.

US crude has been particularly hard-hit because of storage problems, as WTI is delivered at a single, inland point, although the sell-off has now spread to Brent.

The crisis was worsened by a price war between Saudi Arabia and Russia.

<a href="https://www.wionews.com/business-economy/us-oil-prices-surge-after-massive-fall-293935">Also read | US oil prices surge after massive fall</a>

Brent crude oil plunged more than 12 per cent to below USD 17 a barrel on Wednesday even as the United States erased early gains and fell. In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course.

Brent crude oil plunged more than 12 per cent to below USD 17 a barrel on Wednesday even as the United States erased early gains and fell. In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course. Consequently, Brent dropped 12.31 per cent to $16.98 a barrel, extending heavy losses from a day earlier. WTI for June delivery, which had rebounded about 20 per cent at the open, was down around 5 per cent at $11 a barrel in the afternoon. Prices have plunged as lockdowns and travel restrictions introduced worldwide to stem the spread of the virus hammer demand. On Monday, WTI for May delivery collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up. Analysts said the morning bounce was driven by news that members of exporting group OPEC, as well as some allies in the OPEC+ grouping, held a teleconference Tuesday -- but grim reality soon returned to the markets. US crude has been particularly hard-hit because of storage problems, as WTI is delivered at a single, inland point, although the sell-off has now spread to Brent. The crisis was worsened by a price war between Saudi Arabia and Russia. Also read | US oil prices surge after massive fall

Oil plunges again as US erases early gains

People in the United States are buying more alcohol&nbsp;than ever before, especially online amid the&nbsp;"shelter-in-place" order due to Covid-19.

According to statistics released by&nbsp;American information, data and measurement firm,&nbsp;Nielsen, online alcoholic beverage sales&nbsp;increased 441 per cent and 387 per cent&nbsp;during the first two weeks of April itself.

Also read:&nbsp;<a href="https://www.wionews.com/world/no-benefit-higher-death-rate-for-malaria-drug-in-coronavirus-study-293900" hreflang="en">No benefit, higher death rate for malaria drug in coronavirus study</a>

Since customers are staying at home due to the fear of getting infected by the virus, they are gravitating towards delivery.

Startup company Drizly which delivers alcohol from stores to customers in nearly 200 US cities, said that&nbsp;''sales have been so strong that its growth keeps breaking the previous week's record''.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-state-sues-chinas-leaders-over-coronavirus-293897" hreflang="en">US state sues China's leaders over coronavirus</a>

New customers have doubled and are currently making up 33 per cent&nbsp;of the company's total sales.

"Consumer awareness of the alcohol ecommerce category has exploded over the last six weeks, as more people turn to delivery services as a safer alternative," said Drizly's CEO Cory Rellas.

In the first week of April, online wine sales represented the industry's fastest-growing product, according to Nielsen, because of the Easter holiday.

Meanwhile, wine grew 36.5 per cent in&nbsp;comparison&nbsp;to the previous&nbsp;year and up 5.2 per cent&nbsp;from the previous week.

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People in the United States are buying more alcohol than ever before, especially online amid the "shelter-in-place" order due to Covid-19. According to statistics released by American information, data and measurement firm, Nielsen, online alcoholic beverage sales increased 441 per cent and 387 per cent during the first two weeks of April itself.

People in the United States are buying more alcohol than ever before, especially online amid the "shelter-in-place" order due to Covid-19. According to statistics released by American information, data and measurement firm, Nielsen, online alcoholic beverage sales increased 441 per cent and 387 per cent during the first two weeks of April itself. Also read: No benefit, higher death rate for malaria drug in coronavirus study Since customers are staying at home due to the fear of getting infected by the virus, they are gravitating towards delivery. Startup company Drizly which delivers alcohol from stores to customers in nearly 200 US cities, said that ''sales have been so strong that its growth keeps breaking the previous week's record''. Also read: US state sues China's leaders over coronavirus New customers have doubled and are currently making up 33 per cent of the company's total sales. "Consumer awareness of the alcohol ecommerce category has exploded over the last six weeks, as more people turn to delivery services as a safer alternative," said Drizly's CEO Cory Rellas. In the first week of April, online wine sales represented the industry's fastest-growing product, according to Nielsen, because of the Easter holiday. Meanwhile, wine grew 36.5 per cent in comparison to the previous year and up 5.2 per cent from the previous week.

Alcohol sales soar online in US amid coronavirus

There is more bad news for the Indian economy. Earlier, economists had predicted that India might register some growth. Most projections say less than two per cent.&nbsp; But, the International Monetary Fund (IMF) chief economist&nbsp;Gita Gopinath in an exclusive interview to WION&nbsp;said that India's growth will drop to 0.5 per cent this year.

India's projected GDP growth is at 1.9 per cent while China's 1.2 per cent. The IMF has already said that this phase will be worst than the great depression. The great depression was the worst worldwide economic downturn. It lasted for 10 years, starting in 1929. Now the world stares at something worst.

Meanwhile, the Indian government is mulling a second economic stimulus.

Government think tank Niti Aayong says a package equal to five per cent of India's GDP, which&nbsp;is around 9.5 lakh crore, is needed.

RBI recently announced multiple relief measures and banks are also being pushed to lend more.

According to Gopinath moves by the RBI will help the economy.

Now all eyes are on New Delhi as reports hint at second stimulus package.&nbsp;

There is more bad news for the Indian economy. Earlier, economists had predicted that India might register some growth. Most projections say less than two per cent.

There is more bad news for the Indian economy. Earlier, economists had predicted that India might register some growth. Most projections say less than two per cent. But, the International Monetary Fund (IMF) chief economist Gita Gopinath in an exclusive interview to WION said that India's growth will drop to 0.5 per cent this year. India's projected GDP growth is at 1.9 per cent while China's 1.2 per cent. The IMF has already said that this phase will be worst than the great depression. The great depression was the worst worldwide economic downturn. It lasted for 10 years, starting in 1929. Now the world stares at something worst. Meanwhile, the Indian government is mulling a second economic stimulus. Government think tank Niti Aayong says a package equal to five per cent of India's GDP, which is around 9.5 lakh crore, is needed. RBI recently announced multiple relief measures and banks are also being pushed to lend more. According to Gopinath moves by the RBI will help the economy. Now all eyes are on New Delhi as reports hint at second stimulus package.

India's growth will drop to 0.5 per cent this year, says IMF chief economist Gita Gopinath

Apple Inc is planning to fix a flaw that a security firm said may have left more than half a billion iPhones vulnerable to hackers.

The bug, which also exists on iPads, was discovered by Zuk Avraham, chief executive of San Francisco-based mobile security forensics company ZecOps, while investigating a sophisticated cyberattack against a client in late 2019. Avraham said he found evidence the vulnerability was exploited in at least six cybersecurity break-ins.

An Apple spokesman acknowledged that a vulnerability exists in Apple’s software for email on iPhones and iPads, known as the Mail app, and that the company had developed a fix, which will be rolled out in a forthcoming update on millions of devices it has sold globally.

Apple declined to comment on Avraham’s research, which was published on Wednesday, that suggests the flaw could be triggered from afar and that it had already been exploited by hackers against high-profile users.

Avraham said he found evidence that a malicious program was taking advantage of the vulnerability in Apple’s iOS mobile operating system as far back as January 2018. He could not determine who the hackers were and Reuters was unable to independently verify his claim.

To execute the hack, Avraham said victims would be sent an apparently blank email message through the Mail app forcing a crash and reset. The crash opened the door for hackers to steal other data on the device, such as photos and contact details.

ZecOps claims the vulnerability allowed hackers to remotely steal data off iPhones even if they were running recent versions of iOS. By itself, the flaw would given access to whatever the Mail app had access to, including confidential messages.

Avraham, a former Israeli Defense Force security researcher, said he suspected that the hacking technique was part of a chain of malicious programs, the rest undiscovered, which could have given an attacker full remote access. Apple declined to comment on that prospect.

Avraham based most of his conclusions on data from “crash reports,” which are generated when programs fail in mid-task on a device. He was then able to recreate a technique that caused controlled crashes.

Two independent security researchers who reviewed ZecOps’ discovery found the evidence credible but said they had not yet fully recreated its findings due to time constraints.

Patrick Wardle, an Apple security expert and former researcher for the U.S. National Security Agency, said the discovery “confirms what has always been somewhat of a rather badly kept secret: that well-resourced adversaries can remotely and silently infect fully patched iOS devices.”

Because Apple was not aware of the software bug until recently, it could have been very valuable to governments and contractors offering hacking services. Exploit programs that work without warning against an up-to-date phone can be worth more than $1 million.

While Apple is largely viewed within the cybersecurity industry as having a high standard for digital security, any successful hacking technique against the iPhone could affect millions due to the device’s global popularity. In 2019, Apple said there were about 900 million iPhones in active use.

Bill Marczak, a security researcher with Citizen Lab, a Canada-based academic security research group, called the vulnerability discovery “scary.”

“A lot of times, you can take comfort from the fact that hacking is preventable,” said Marczak. “With this bug, it doesn’t matter if you’ve got a PhD in cybersecurity, this will eat your lunch.”

Apple Inc is planning to fix a flaw that a security firm said may have left more than half a billion iPhones vulnerable to hackers. The bug, which also exists on iPads, was discovered by Zuk Avraham, chief executive of San Francisco-based mobile security forensics company ZecOps, while investigating a sophisticated cyberattack against a client in late 2019.

Apple Inc is planning to fix a flaw that a security firm said may have left more than half a billion iPhones vulnerable to hackers. The bug, which also exists on iPads, was discovered by Zuk Avraham, chief executive of San Francisco-based mobile security forensics company ZecOps, while investigating a sophisticated cyberattack against a client in late 2019. Avraham said he found evidence the vulnerability was exploited in at least six cybersecurity break-ins. An Apple spokesman acknowledged that a vulnerability exists in Apple’s software for email on iPhones and iPads, known as the Mail app, and that the company had developed a fix, which will be rolled out in a forthcoming update on millions of devices it has sold globally. Apple declined to comment on Avraham’s research, which was published on Wednesday, that suggests the flaw could be triggered from afar and that it had already been exploited by hackers against high-profile users. Avraham said he found evidence that a malicious program was taking advantage of the vulnerability in Apple’s iOS mobile operating system as far back as January 2018. He could not determine who the hackers were and Reuters was unable to independently verify his claim. To execute the hack, Avraham said victims would be sent an apparently blank email message through the Mail app forcing a crash and reset. The crash opened the door for hackers to steal other data on the device, such as photos and contact details. ZecOps claims the vulnerability allowed hackers to remotely steal data off iPhones even if they were running recent versions of iOS. By itself, the flaw would given access to whatever the Mail app had access to, including confidential messages. Avraham, a former Israeli Defense Force security researcher, said he suspected that the hacking technique was part of a chain of malicious programs, the rest undiscovered, which could have given an attacker full remote access. Apple declined to comment on that prospect. Avraham based most of his conclusions on data from “crash reports,” which are generated when programs fail in mid-task on a device. He was then able to recreate a technique that caused controlled crashes. Two independent security researchers who reviewed ZecOps’ discovery found the evidence credible but said they had not yet fully recreated its findings due to time constraints. Patrick Wardle, an Apple security expert and former researcher for the U.S. National Security Agency, said the discovery “confirms what has always been somewhat of a rather badly kept secret: that well-resourced adversaries can remotely and silently infect fully patched iOS devices.” Because Apple was not aware of the software bug until recently, it could have been very valuable to governments and contractors offering hacking services. Exploit programs that work without warning against an up-to-date phone can be worth more than $1 million. While Apple is largely viewed within the cybersecurity industry as having a high standard for digital security, any successful hacking technique against the iPhone could affect millions due to the device’s global popularity. In 2019, Apple said there were about 900 million iPhones in active use. Bill Marczak, a security researcher with Citizen Lab, a Canada-based academic security research group, called the vulnerability discovery “scary.” “A lot of times, you can take comfort from the fact that hacking is preventable,” said Marczak. “With this bug, it doesn’t matter if you’ve got a PhD in cybersecurity, this will eat your lunch.”

Flaw in iPhone, iPads may have allowed hackers to steal data for years

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil.

Shares of heavyweight Reliance Industries climbed to a near seven-week high after Facebook bought a 10 per cent stake in the company's digital business for $5.7 billion.

The NSE Nifty 50 index inched up 0.5 per cent to 9,028.2 by 0349 GMT, while the benchmark S&amp;P BSE Sensex rose 0.5 per cent to 30,813.29.

Gains in Reliance helped eclipse losses in nearly a third of the Nifty 50 components, driven by weak risk appetite as crude prices remained under pressure.

In Mumbai, energy giant Oil and Natural Gas Corporation Ltd fell as much as 6.9 per cent to a three-week low.

Meanwhile, Asian share markets slipped to two-week lows as the plunge in oil prices exposed the deep economic damage wrought by the global coronavirus health crisis.

 
&nbsp;

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil.

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil. Shares of heavyweight Reliance Industries climbed to a near seven-week high after Facebook bought a 10 per cent stake in the company's digital business for $5.7 billion. The NSE Nifty 50 index inched up 0.5 per cent to 9,028.2 by 0349 GMT, while the benchmark S&P BSE Sensex rose 0.5 per cent to 30,813.29. Gains in Reliance helped eclipse losses in nearly a third of the Nifty 50 components, driven by weak risk appetite as crude prices remained under pressure. In Mumbai, energy giant Oil and Natural Gas Corporation Ltd fell as much as 6.9 per cent to a three-week low. Meanwhile, Asian share markets slipped to two-week lows as the plunge in oil prices exposed the deep economic damage wrought by the global coronavirus health crisis.

Nifty, Sensex edge high as Reliance jumps on Facebook deal

US oil prices jumped on Wednesday after falling below zero for the first time at the start of the week due to a coronavirus-triggered collapse in demand.

US benchmark West Texas Intermediate for June delivery was up almost 10 per cent at $12.68 a barrel, paring gains of around 20 per cent at the open in Asia.

The market has been under heavy pressure due to massive oversupply as lockdowns and travel restrictions introduced worldwide to stem the spread of the coronavirus hammer demand. US crude has been particularly hard-hit due to storage problems, as WTI is delivered at a single, inland point.

<a href="https://www.wionews.com/world/crude-oil-demand-falls-but-memes-hit-a-high-293750">Also read |&nbsp;Crude oil demand falls. But memes hit a high!</a>

WTI for May delivery on Monday collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up.

European benchmark Brent crude for June delivery bounced more than 2 per cent at the open, but then reversed gains and was trading around 3 per cent lower, with a barrel changing hands for $18.73.

It had tumbled to an 18-year low the previous day.&nbsp;

The oil crisis was worsened by a price war between Saudi Arabia and Russia. They drew a line under the dispute earlier this month and, along with other top producers, agreed to slash output by almost 10 million barrels a day to shore up coronavirus-hit markets.

<a href="https://www.wionews.com/business-economy/stock-markets-tumble-on-oil-market-crash-sensex-down-1000-points-293755">Also read |&nbsp;Stock markets tumble on oil market crash, Sensex down 1000 points</a>

US oil prices jumped on Wednesday after falling below zero for the first time at the start of the week due to a coronavirus-triggered collapse in demand. US benchmark West Texas Intermediate for June delivery was up almost 10 per cent at $12.

US oil prices jumped on Wednesday after falling below zero for the first time at the start of the week due to a coronavirus-triggered collapse in demand. US benchmark West Texas Intermediate for June delivery was up almost 10 per cent at $12.68 a barrel, paring gains of around 20 per cent at the open in Asia. The market has been under heavy pressure due to massive oversupply as lockdowns and travel restrictions introduced worldwide to stem the spread of the coronavirus hammer demand. US crude has been particularly hard-hit due to storage problems, as WTI is delivered at a single, inland point. Also read | Crude oil demand falls. But memes hit a high! WTI for May delivery on Monday collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up. European benchmark Brent crude for June delivery bounced more than 2 per cent at the open, but then reversed gains and was trading around 3 per cent lower, with a barrel changing hands for $18.73. It had tumbled to an 18-year low the previous day. The oil crisis was worsened by a price war between Saudi Arabia and Russia. They drew a line under the dispute earlier this month and, along with other top producers, agreed to slash output by almost 10 million barrels a day to shore up coronavirus-hit markets. Also read | Stock markets tumble on oil market crash, Sensex down 1000 points

US oil prices surge after massive fall