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Facebook Inc has announced a $5.7 billion investment in India's Reliance Industries Ltd's telecom unit. The social media giant's&nbsp;investment will translate to a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, Jio said in a statement.

Facebook on Wednesday said it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart. The intention is to enable people to connect with businesses, shops and purchase products, it said in a statement.

The deal comes at a time when Facebook-owned WhatsApp has secured approval to roll out its digital payment service in India, according to media reports, to compete with the likes of Google Pay and Paytm.

"This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore&nbsp;pre-money enterprise value, agreed at a conversion rate of Rs 70 to a US Dollar. Facebook's investment will translate into a 9.99 per cent&nbsp;equity stake in Jio Platforms on a fully diluted basis," RIL said.

Facebook, in a statement posted on its website, said the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country."

RIL chairman and managing director Mukesh Ambani said "the synergy between Jio and Facebook will help realise Prime Minister Narendra Modi's 'Digital India' Mission with its two ambitious goals - 'Ease of Living' and 'Ease of Doing Business' - for every single category of Indian people without exception."

RIL hopes to leverage the power of complementary platforms across Jio and Facebook "especially" to modernise India`s small businesses.

"Our focus will be India's 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector," RIL said.

The deal will allow Facebook to wade deeper into the Indian market where its WhatsApp messaging platform alone has 400 million users. India is home to some of Facebook's most thriving communities on WhatsApp, Facebook and Instagram.

Last month, it was reported that social media giant was in talks for a 10 per cent stake in Jio but the talks were halted due to global travel bans amid the coronavirus outbreak.

<a href="https://www.wionews.com/world/hug-it-out-facebook-brings-new-emojis-in-the-wake-of-coronavirus-pandemic-293280">Also read |&nbsp;'Hug it out': Facebook brings new emojis in the wake of coronavirus pandemic</a>

Facebook Inc has announced a $5.7 billion investment in India's Reliance Industries Ltd's telecom unit. The social media giant's investment will translate to a 9.

Facebook Inc has announced a $5.7 billion investment in India's Reliance Industries Ltd's telecom unit. The social media giant's investment will translate to a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, Jio said in a statement. Facebook on Wednesday said it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart. The intention is to enable people to connect with businesses, shops and purchase products, it said in a statement. The deal comes at a time when Facebook-owned WhatsApp has secured approval to roll out its digital payment service in India, according to media reports, to compete with the likes of Google Pay and Paytm. "This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value, agreed at a conversion rate of Rs 70 to a US Dollar. Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," RIL said. Facebook, in a statement posted on its website, said the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country." RIL chairman and managing director Mukesh Ambani said "the synergy between Jio and Facebook will help realise Prime Minister Narendra Modi's 'Digital India' Mission with its two ambitious goals - 'Ease of Living' and 'Ease of Doing Business' - for every single category of Indian people without exception." RIL hopes to leverage the power of complementary platforms across Jio and Facebook "especially" to modernise India`s small businesses. "Our focus will be India's 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector," RIL said. The deal will allow Facebook to wade deeper into the Indian market where its WhatsApp messaging platform alone has 400 million users. India is home to some of Facebook's most thriving communities on WhatsApp, Facebook and Instagram. Last month, it was reported that social media giant was in talks for a 10 per cent stake in Jio but the talks were halted due to global travel bans amid the coronavirus outbreak. Also read | 'Hug it out': Facebook brings new emojis in the wake of coronavirus pandemic

Facebook buys 9.99% equity stake in India's Reliance Jio

Indian Banks' Association (IBA) has submitted a list of recommendations to both the government and the Reserve Bank of India (RBI) to ease the financial burden faced by various sectors due to the outbreak of coronavirus pandemic.

Some of the key recommendations included blanket credit guarantee for MSME loans, one-time loan restructuring for sectors hit hard by COVID-19 and raising of moratorium and relief for the NBFC sector, sources said.

As per the RBI's norms, restructuring of loans is prohibited and resolution of default cases are dealt as per the Insolvency and Bankruptcy Code (IBC).

Based on the representation made by various industry associations, a detailed and comprehensive list of suggestions have been submitted to the government and the RBI for addressing problems faced by various sectors including MSME in general and banking sector in particular, sources said.

It is for the regulator and the government to take an informed decision on those suggestions depending on their assessment and keeping in mind prudential norms, sources added.

However, the IBA in its meeting last week was of the view that this is an extraordinary situation and response to this should be extraordinary.

Bankers believed that some safety net has to be created for both industry and banks for survival first, sources said, adding, revival would follow.

Various estimates indicate a drastic reduction in GDP growth forecast for the current fiscal due to the impact of COVID-19 and consequent lockdown.

As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent. Similarly, the IMF projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s.

Earlier this month, SBI Chairman Rajnish Kumar had said that the IBA will request for raising the loan moratorium period from the existing three months to 5-6 months depending on the evolving situation.

Kumar, who is also the chairman of the IBA, had said that there was also demand government guarantees against loans to certain risk-prone sectors to revive credit flow in the economy post lockdown.&nbsp;

Indian Banks' Association (IBA) has submitted a list of recommendations to both the government and the Reserve Bank of India (RBI) to ease the financial burden faced by various sectors due to the outbreak of coronavirus pandemic.

Indian Banks' Association (IBA) has submitted a list of recommendations to both the government and the Reserve Bank of India (RBI) to ease the financial burden faced by various sectors due to the outbreak of coronavirus pandemic. Some of the key recommendations included blanket credit guarantee for MSME loans, one-time loan restructuring for sectors hit hard by COVID-19 and raising of moratorium and relief for the NBFC sector, sources said. As per the RBI's norms, restructuring of loans is prohibited and resolution of default cases are dealt as per the Insolvency and Bankruptcy Code (IBC). Based on the representation made by various industry associations, a detailed and comprehensive list of suggestions have been submitted to the government and the RBI for addressing problems faced by various sectors including MSME in general and banking sector in particular, sources said. It is for the regulator and the government to take an informed decision on those suggestions depending on their assessment and keeping in mind prudential norms, sources added. However, the IBA in its meeting last week was of the view that this is an extraordinary situation and response to this should be extraordinary. Bankers believed that some safety net has to be created for both industry and banks for survival first, sources said, adding, revival would follow. Various estimates indicate a drastic reduction in GDP growth forecast for the current fiscal due to the impact of COVID-19 and consequent lockdown. As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent. Similarly, the IMF projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s. Earlier this month, SBI Chairman Rajnish Kumar had said that the IBA will request for raising the loan moratorium period from the existing three months to 5-6 months depending on the evolving situation. Kumar, who is also the chairman of the IBA, had said that there was also demand government guarantees against loans to certain risk-prone sectors to revive credit flow in the economy post lockdown.

Double moratorium period to 6 months, provide credit guarantee for MSME loans: IBA to RBI

The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.

The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day.

Later, the domestic unit recovered the lost ground in line with surging stock markets and finally settled at 76.68, higher by 15 paise over its last close of 76.83 against the US dollar.

Indian stocks were trading higher with the benchmark index Sensex rising by 2.5 per cent or 768 points in the closing session.

The US dollar also lost some ground against the euro and the pound in European trade, which strengthened the rupee.

Brent crude dropped 8 per cent to USD 17.78 per barrel while oil for Indian basket also eased by 0.68 per cent to USD 20.42 per barrel which supported the local currency.

"USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly USD 5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month," Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said.

Gupta, however, noted that global market is still risk averse amid the coronavirus pandemic.

"This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels," Gupta said.

The number of cases around the world linked to the new coronavirus has crossed over 25.51 lakh. In India, nearly 20,000 coronavirus cases have been reported so far.

"If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level," Gupta said.&nbsp;

The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.

The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies. The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day. Later, the domestic unit recovered the lost ground in line with surging stock markets and finally settled at 76.68, higher by 15 paise over its last close of 76.83 against the US dollar. Indian stocks were trading higher with the benchmark index Sensex rising by 2.5 per cent or 768 points in the closing session. The US dollar also lost some ground against the euro and the pound in European trade, which strengthened the rupee. Brent crude dropped 8 per cent to USD 17.78 per barrel while oil for Indian basket also eased by 0.68 per cent to USD 20.42 per barrel which supported the local currency. "USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly USD 5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month," Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said. Gupta, however, noted that global market is still risk averse amid the coronavirus pandemic. "This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels," Gupta said. The number of cases around the world linked to the new coronavirus has crossed over 25.51 lakh. In India, nearly 20,000 coronavirus cases have been reported so far. "If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level," Gupta said.

Rupee recovers from all-time low to settle at 76.68 against US dollar

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently. Global crude prices are likely to remain subdued for some time, as predicted by the International Monetary Fund. The global crude prices recently witnessed a historic fall with crude futures trading in negative for the first time.&nbsp;

"We can say for sure that this uncertainty and volatility around oil prices will continue for the next several months. IMF's forecast for oil prices is around $35 per barrel for 2020-2021 but just as a pandemic is so uncertain, the recovery will also depend on a lot of factors. Even if the prices recover, no one is expecting crude prices which were there before the virus", said IMF's chief economist Gita Gopinath in an exclusive interaction with WION. 
 
<img alt="Gita Gopinath" data-entity-type="file" data-entity-uuid="5bf71705-93d7-4639-8975-62e40c1a69a5" src="//cdn.wionews.com/sites/default/files/inline-images/Gita-Gopinath.jpeg" />

Gita Gopinath speaks during a news conference in Washington. (Reuters Photo) 
 
Historically low oil prices also translate into an existential crisis for the countries depending on crude export as the main source of revenue. "For countries that depend on oil export, it is a double whammy. They are dealing with both the health crisis and the financial crisis. Low crude prices are what we would call a permanent shock and the countries will have to learn to adjust to this permanent shock. This will have implications for their fiscal situation, but this is also the time for countries to diversify from oil dependence, " Gita Gopinath added.

As physical US crude grades fell into negative territory for the first time in history, Mexican, Ecuadorean and Venezuelan grades indexed to them also traded negative for the first time. &nbsp;Latin America exports some 5 million barrels per day (BPD) of mostly heavy crude.&nbsp;

The International Monetary Fund earlier said the economic fallout of the coronavirus pandemic, combined with other problems in recent years, meant Latin America and the Caribbean would likely see “no growth” in the decade from 2015 to 2025.

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently.

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently. Global crude prices are likely to remain subdued for some time, as predicted by the International Monetary Fund. The global crude prices recently witnessed a historic fall with crude futures trading in negative for the first time. "We can say for sure that this uncertainty and volatility around oil prices will continue for the next several months. IMF's forecast for oil prices is around $35 per barrel for 2020-2021 but just as a pandemic is so uncertain, the recovery will also depend on a lot of factors. Even if the prices recover, no one is expecting crude prices which were there before the virus", said IMF's chief economist Gita Gopinath in an exclusive interaction with WION. Gita Gopinath speaks during a news conference in Washington. (Reuters Photo) Historically low oil prices also translate into an existential crisis for the countries depending on crude export as the main source of revenue. "For countries that depend on oil export, it is a double whammy. They are dealing with both the health crisis and the financial crisis. Low crude prices are what we would call a permanent shock and the countries will have to learn to adjust to this permanent shock. This will have implications for their fiscal situation, but this is also the time for countries to diversify from oil dependence, " Gita Gopinath added. As physical US crude grades fell into negative territory for the first time in history, Mexican, Ecuadorean and Venezuelan grades indexed to them also traded negative for the first time. Latin America exports some 5 million barrels per day (BPD) of mostly heavy crude. The International Monetary Fund earlier said the economic fallout of the coronavirus pandemic, combined with other problems in recent years, meant Latin America and the Caribbean would likely see “no growth” in the decade from 2015 to 2025.

Cheap crude to be a new normal, oil income-dependent economies will have to diversify: IMF's chief economist Gita Gopinath

The domestic stock market indices plunged nearly 3% on Tuesday tracking weakness in global markets.

At 12:30 pm, BSE Sensex index was down 1,088.21 points, or 3.44%, at 30,559.79 levels. The Nifty50 index was down by 298.85 points at 8,963.00 levels.&nbsp;

In Mumbai trading, oil-to-retail conglomerate Reliance Industries Ltd was the biggest drag on the indexes, falling as much as 4.3%.

Infosys Ltd slid 3.9% after the No. 2 software exporter suspended its revenue guidance for full-year 2021 as the pandemic froze client activity in the United States and Europe.

The Nifty Bank Index plunged 4.6%, its most since April 3, with private-sector lender ICICI Bank Ltd down for a second straight day, tumbling 6.7%.

Aluminium producer Hindalco Industries Ltd was the top loser on the Nifty 50, falling as much as 9.2%.

Drugmaker Morepen Laboratories Ltd surged 10% after the company got a license to manufacture malaria drug hydroxychloroquine, seen as a treatment for COVID-19, the illness caused by the coronavirus.

The Nifty Pharma Index was up 3.1%.

(With inputs from Reuters)

The domestic stock market indices plunged nearly 3% on Tuesday tracking weakness in global markets. At 12:30 pm, BSE Sensex index was down 1,088.21 points, or 3.

The domestic stock market indices plunged nearly 3% on Tuesday tracking weakness in global markets. At 12:30 pm, BSE Sensex index was down 1,088.21 points, or 3.44%, at 30,559.79 levels. The Nifty50 index was down by 298.85 points at 8,963.00 levels. In Mumbai trading, oil-to-retail conglomerate Reliance Industries Ltd was the biggest drag on the indexes, falling as much as 4.3%. Infosys Ltd slid 3.9% after the No. 2 software exporter suspended its revenue guidance for full-year 2021 as the pandemic froze client activity in the United States and Europe. The Nifty Bank Index plunged 4.6%, its most since April 3, with private-sector lender ICICI Bank Ltd down for a second straight day, tumbling 6.7%. Aluminium producer Hindalco Industries Ltd was the top loser on the Nifty 50, falling as much as 9.2%. Drugmaker Morepen Laboratories Ltd surged 10% after the company got a license to manufacture malaria drug hydroxychloroquine, seen as a treatment for COVID-19, the illness caused by the coronavirus. The Nifty Pharma Index was up 3.1%. (With inputs from Reuters)

Stock markets tumble on oil market crash, Sensex down 1000 points

US benchmark WTI oil collapsed to $0.01 a barrel in New York as the coronavirus epidemic ravaged the oil market.

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-to-11-amid-oversupply-fall-in-demand-due-to-coronavirus-293611">Also Read:&nbsp;Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus</a>

A major supply glut and the coronavirus epidemic which has led to a fall in demand led to a crash in prices never seen before in the international oil prices.

West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27.

The crash came even as OPEC and Russia had last week reached a deal to cut output by nearly 10 million barrels per day starting May to boost prices.

With the global economy coming to a virtual standstill with several countries across the world including the US on a lockdown, the demand for oil has plunged to a historic low.

The crash in oil prices hit the US stock exchange with Dow down 1.3 per cent to 23,930.97 with S&amp;P 500 losing 0.8 per cent to 2,851.58, while the Nasdaq dipping 0.1 per cent to 8,641.94.

US benchmark WTI oil collapsed to $0.01 a barrel in New York as the coronavirus epidemic ravaged the oil market. Also Read: Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus A major supply glut and the coronavirus epidemic which has led to a fall in demand led to a crash in prices never seen before in the international oil prices.

US benchmark WTI oil collapsed to $0.01 a barrel in New York as the coronavirus epidemic ravaged the oil market. Also Read: Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus A major supply glut and the coronavirus epidemic which has led to a fall in demand led to a crash in prices never seen before in the international oil prices. West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27. The crash came even as OPEC and Russia had last week reached a deal to cut output by nearly 10 million barrels per day starting May to boost prices. With the global economy coming to a virtual standstill with several countries across the world including the US on a lockdown, the demand for oil has plunged to a historic low. The crash in oil prices hit the US stock exchange with Dow down 1.3 per cent to 23,930.97 with S&P 500 losing 0.8 per cent to 2,851.58, while the Nasdaq dipping 0.1 per cent to 8,641.94.

Amid coronavirus pandemic, US benchmark WTI oil collapses to $0.01 a barrel

The coronavirus has brought a lot of firsts but none as stark and shocking as oil trading in the negative zone. Also read: We will never let the great US oil & gas industry down, says Trump after prices crash What does that even mean?

The coronavirus has brought a lot of firsts but none as stark and shocking as oil trading in the negative zone. Also read: We will never let the great US oil & gas industry down, says Trump after prices crash What does that even mean? Traders paying buyers to take the oil off their hands. So the consumers get both the oil and the cash. Also read: China eases entry, sets up 'fast-track channels' for business personnel to visit This should sound good but it isn't. This has happened for the first time in history. This story is about the US oil benchmark. This is a bit technical but let's simplify it and break it down to four questions and answers. Why did the oil prices crash? Monday, was a really bad day for the oil markets. The price of one barrel of oil hit about 20 dollars. That's about 1,600 rupees. One barrel has 159 litres. So it can be said oil prices fell to 10 rupees a litre. But, the benchmark for US oil witnessed something unheard of. The benchmark is called West Texas intermediate. Here the oil prices fell into the negative and that's where it stayed. Oil ended the day around $30 below zero. Now, this benchmark-- is a point of reference for American traders. An indicator for oil prices in America. On Monday, traders looked at it with horror. The graph fell below zero. Traders were stuck with barrels of oil. And nobody to buy it. Oil used to be considered gold right now it is worthless. Why is this happening? Why are global oil prices falling? There are a couple of reasons. One: The demand has dropped. The world is in lockdown mode. People are at home. Not driving, not flying. Factories are shut. So there's no demand. Two: The battle between Saudi Arabia and Russia over oil prices. They reached a truce. But it came too late. They agreed to cut production a few days back. But before their agreement, companies kept pumping the market with oil. Now, there is a demand-supply mismatch. Oil kept coming, but it wasn't being used. The result is this-- the world has more oil than it needs. So, the prices have collapsed. So the oil prices are falling. US Traders are paying people to buy oil. Does this mean you get paid to fill up your tank? The answer is no. That's not how it works. The price of crude oil has dropped. That does not mean a fall in retail prices. The crude fall The fall was in something called the futures contract. It is an agreement to buy or sell something at a future date. And, the drop in America does not affect prices in India. India imports the Brent crude. Its price is low but stable. But, that does not mean the prices in India can't drop. What does the price drop mean for India? Its good news. But not necessarily for you and me. India can import oil for cheap. The government can consider stocking up the reserves. But, the retail prices may not see a major drop. Two factors decide the prices of oil in India. The price of the rupee against the dollar and the 15-day average prices. The rupee has fallen to record lows against the dollar. One dollar costs around 77 rupees. So, importing the oil will cost more. Here is how the world should look at the situation for oil. For importers, more oil is available for cheap. They can buy more at throwaway prices. But this price fall is bad for business. Exporters will struggle. In America, if the prices fall more --- businesses could shut, people could lose jobs. Major exporters like Saudi Arabia might be able to manage the shock. Russia is feeling the pinch of this drop already. The rubble is losing its value and the situation might not improve anytime soon.

Oil trades in negative zone, how does it impact prices across the globe?

The price of a barrel of benchmark US&nbsp;oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.

Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/amid-coronavirus-pandemic-us-benchmark-wti-oil-collapses-to-001-a-barrel-293678" hreflang="en">Amid coronavirus pandemic, US benchmark WTI oil collapses to $0.01 a barrel</a>

Here is an explanation of what negative&nbsp;crude&nbsp;prices mean in the real world:

WHAT&nbsp;DOES A NEGATIVE FUTURES PRICE MEAN?

The price of a barrel of&nbsp;crude&nbsp;varies based on factors such as supply, demand and quality. Supply of fuel has been far above demand since the coronavirus forced billions of people to stop traveling.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-prices-tumble-to-11-amid-oversupply-fall-in-demand-due-to-coronavirus-293611" hreflang="en">Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus</a>

Because of oversupply, storage tanks for WTI are becoming so full it is difficult to find space. The US&nbsp;Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the US&nbsp;pipeline network, was about 72 per cent&nbsp;full as of April 10.

"There's no available storage anymore so the price of the commodity is effectively worthless," said Bob Yawger, director of futures at Mizuho in New York. "So when it's minus a dollar, they'll pay you a dollar to get it out of there."

The price plunge was partly due to the way oil is traded. A futures contract is for 1,000 barrels of&nbsp;crude, delivered into Cushing, where energy companies own storage tanks with roughly 76 million barrels of capacity.

Each contract trades for a month, with the May contract due to expire on Tuesday. Investors holding May contracts didn't want to take delivery of the oil and incur storage costs, and in the end had to pay people to take it off their hands.

The June contract, with delivery a month away, is still trading at above $20 a barrel, but the price crash indicates that most storage space has been gobbled up.

WHAT DOES THIS MEAN FOR CONSUMERS?

The crash in&nbsp;crude&nbsp;futures prices at Cushing won't necessarily translate into a crash in prices at the gas pump, said Tom Kloza, a veteran analyst with Oil Price Information Services.

"I think it's more inside baseball," Kloza said. "We'll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn't conclude that we're going to see fuel given away or that we're going to match these incredible, unprecedented drops we saw in&nbsp;crude&nbsp;oil today," Kloza said.

With recent lower oil prices, the typical American family is probably going to save about $150 to $175 this month on their fuel purchases, he said.

WHAT DOES IT MEAN FOR AIRLINES?

For cash-strapped airlines, the decline in&nbsp;crude&nbsp;prices will make it cheaper to operate flights that are already nearly empty as people remain homebound due to the coronavirus.

The plunge in&nbsp;crude&nbsp;futures also indicates that the market does not expect airlines to add back many flights to their slimmed down networks any time soon, said Raymond James analyst Savanthi Syth.

WHAT DOES IT SAY ABOUT THE ECONOMIC REBOUND?

While investors and analysts wade through the technicalities of the oil markets that contributed to the crash, others are trying to glean what it might say about the economy. As much as 30 million barrels per day - what used to be 30 per cent&nbsp;of global demand - has been pumped into storage worldwide in the past two or three months.

Even if demand were to return to pre-virus levels, it would take a long time to burn off all that stored&nbsp;crude.

"What the energy market is telling you is that demand isn't coming back any time soon, and there's a supply glut," says Kevin Flanagan, head of fixed income strategy for Wisdomtree Asset Management, in New York.

The price of June&nbsp;crude&nbsp;contracts also dropped sharply on Monday, falling by 18.4 per cent&nbsp;to $20.43 a barrel. That's a more reliable view of how traders are thinking about consumer demand for energy in the immediate future. It isn't below zero, but it is falling rapidly.

The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.

The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors. Also read: Amid coronavirus pandemic, US benchmark WTI oil collapses to $0.01 a barrel Here is an explanation of what negative crude prices mean in the real world: WHAT DOES A NEGATIVE FUTURES PRICE MEAN? The price of a barrel of crude varies based on factors such as supply, demand and quality. Supply of fuel has been far above demand since the coronavirus forced billions of people to stop traveling. Also read: Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus Because of oversupply, storage tanks for WTI are becoming so full it is difficult to find space. The US Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the US pipeline network, was about 72 per cent full as of April 10. "There's no available storage anymore so the price of the commodity is effectively worthless," said Bob Yawger, director of futures at Mizuho in New York. "So when it's minus a dollar, they'll pay you a dollar to get it out of there." The price plunge was partly due to the way oil is traded. A futures contract is for 1,000 barrels of crude, delivered into Cushing, where energy companies own storage tanks with roughly 76 million barrels of capacity. Each contract trades for a month, with the May contract due to expire on Tuesday. Investors holding May contracts didn't want to take delivery of the oil and incur storage costs, and in the end had to pay people to take it off their hands. The June contract, with delivery a month away, is still trading at above $20 a barrel, but the price crash indicates that most storage space has been gobbled up. WHAT DOES THIS MEAN FOR CONSUMERS? The crash in crude futures prices at Cushing won't necessarily translate into a crash in prices at the gas pump, said Tom Kloza, a veteran analyst with Oil Price Information Services. "I think it's more inside baseball," Kloza said. "We'll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn't conclude that we're going to see fuel given away or that we're going to match these incredible, unprecedented drops we saw in crude oil today," Kloza said. With recent lower oil prices, the typical American family is probably going to save about $150 to $175 this month on their fuel purchases, he said. WHAT DOES IT MEAN FOR AIRLINES? For cash-strapped airlines, the decline in crude prices will make it cheaper to operate flights that are already nearly empty as people remain homebound due to the coronavirus. The plunge in crude futures also indicates that the market does not expect airlines to add back many flights to their slimmed down networks any time soon, said Raymond James analyst Savanthi Syth. WHAT DOES IT SAY ABOUT THE ECONOMIC REBOUND? While investors and analysts wade through the technicalities of the oil markets that contributed to the crash, others are trying to glean what it might say about the economy. As much as 30 million barrels per day - what used to be 30 per cent of global demand - has been pumped into storage worldwide in the past two or three months. Even if demand were to return to pre-virus levels, it would take a long time to burn off all that stored crude. "What the energy market is telling you is that demand isn't coming back any time soon, and there's a supply glut," says Kevin Flanagan, head of fixed income strategy for Wisdomtree Asset Management, in New York. The price of June crude contracts also dropped sharply on Monday, falling by 18.4 per cent to $20.43 a barrel. That's a more reliable view of how traders are thinking about consumer demand for energy in the immediate future. It isn't below zero, but it is falling rapidly.

What is a negative crude future and does it mean anything for consumers?

As US <a href="https://www.wionews.com/business-economy/what-is-a-negative-crude-future-and-does-it-mean-anything-for-consumers-293730">oil </a>prices hit a historic low on Monday plunging to $0.01 per barrel, US President said his administration "will never let the great US oil and&nbsp;gas industry down".

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We will never let the great U.S. Oil &amp; Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1252591306028785667?ref_src=twsrc%5Etfw">April 21, 2020</a></blockquote>
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<a href="https://www.wionews.com/business-economy/oil-price-collapse-in-us-not-to-lead-to-any-big-drop-in-fuel-prices-in-india-293826">Also Read: Oil price collapse in US not to lead to any big drop in fuel prices in India</a>

"I have instructed the secretary of energy and secretary of the treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!, the US president said in a tweet.

The oil prices had plunged to -$37.63 a barrel in New York trading recording the lowest ever in history. The crash came due to steep fall in demand due to the coronavirus pandemic with businesses closed across the world, flights stranded and several hundred countries on lockdown. The relations between OPEC and Russia further heightened the crisis as oil inventories rose.

Although, the oil blocks last week reached an agreement to to cut production by 10 million barrels per day after much wrangling but it was considered "too little, too late" as oil prices plunged to record lows due to fall in demand and rising inventories in the US.

The effect of the fall in demand could be seen in the oil stocks with the Dow Jones Industrial Average trading 1.8 per cent down.

Meanwhile, Saudi Arabia which is the dominat leader of OPEC said &nbsp;was closely monitoring oil markets.

"The kingdom continues to closely monitor the situation in the oil markets and is prepared to take any additional measures in cooperation with OPEC+ and other producers," the Saudi cabinet said.

Oil prices continued to slide on Tuesday with the international benchmark Brent crude dropping below $19 a barrel for the first time in two decades.

As US oil prices hit a historic low on Monday plunging to $0.01 per barrel, US President said his administration "will never let the great US oil and gas industry down".

As US oil prices hit a historic low on Monday plunging to $0.01 per barrel, US President said his administration "will never let the great US oil and gas industry down". We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future! — Donald J. Trump (@realDonaldTrump) April 21, 2020 × Also Read: Oil price collapse in US not to lead to any big drop in fuel prices in India "I have instructed the secretary of energy and secretary of the treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!, the US president said in a tweet. The oil prices had plunged to -$37.63 a barrel in New York trading recording the lowest ever in history. The crash came due to steep fall in demand due to the coronavirus pandemic with businesses closed across the world, flights stranded and several hundred countries on lockdown. The relations between OPEC and Russia further heightened the crisis as oil inventories rose. Although, the oil blocks last week reached an agreement to to cut production by 10 million barrels per day after much wrangling but it was considered "too little, too late" as oil prices plunged to record lows due to fall in demand and rising inventories in the US. The effect of the fall in demand could be seen in the oil stocks with the Dow Jones Industrial Average trading 1.8 per cent down. Meanwhile, Saudi Arabia which is the dominat leader of OPEC said was closely monitoring oil markets. "The kingdom continues to closely monitor the situation in the oil markets and is prepared to take any additional measures in cooperation with OPEC+ and other producers," the Saudi cabinet said. Oil prices continued to slide on Tuesday with the international benchmark Brent crude dropping below $19 a barrel for the first time in two decades.

We will never let the great US oil & gas industry down, says Trump after prices crash

The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage.

"If you look at June futures, it is trading in positive territory... Around USD 20 per barrel," he said.

Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said.

He did not comment on retail fuel prices that have been static since March 16.

Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1.

Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre.

"The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House.

Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude. 
The refineries have already cut operating rate to half because the fuel they produce has not been sold yet.

India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes.

"However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers very low oil prices will hurt this cash stream," Bhandari said. 
&nbsp;

The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet. With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery. Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage. "If you look at June futures, it is trading in positive territory... Around USD 20 per barrel," he said. Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said. He did not comment on retail fuel prices that have been static since March 16. Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1. Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre. "The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House. Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude. The refineries have already cut operating rate to half because the fuel they produce has not been sold yet. India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes. "However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers very low oil prices will hurt this cash stream," Bhandari said.

Oil price collapse in US not to lead to any big drop in fuel prices in India

Winners and losers from oil's historic plunge

If there is one app that has shot to fame during the lockdown period, it’s the video-conferencing app zoom. By now, many of you must be using the app for professional or personal reasons. Not just adults, even school children in various countries are using it for their online classes. While the app is becoming popular, it’s also receiving a lot of flak. There are many questions surrounding the controversial app, and here are the answers:

Why are so many people using Zoom app for video calls? 
&nbsp; 
During the lockdown period, video calls have increased on all messaging platforms including Whatsapp, Facebook Messenger and Google Hangouts, but Zoom has turned out to be a star. The reason behind its growing popularity is simple. It’s easy to use and free for a fair amount of time. Most importantly, it can accommodate a large number of people at a time. It lets as many as 100 people simultaneously attend a video-conference and allows 40 minutes of free time. In fact, Zoom has lifted the 40-minute limit on free accounts for teachers in many countries. The cherry on top is its interesting interface. One of the zoom settings allows users to change the backdrop image, which means user can hide what’s really behind them. 
&nbsp; 
What’s wrong with Zoom app? 
&nbsp; 
Now that the app is being heavily used and offering users a lot of interesting features, what could possibly be wrong with it? Why are users worldwide criticising it? It’s not too tough to guess the reason. The app is being slammed over security and privacy issues.

Firstly, Zoom isn’t fully end-to-end encrypted, which means the shared content is not protected between users. Third parties such as the company itself may have access to it. It’s a little strange to not have a fully encrypted service in times when old products like Whatsapp and Facetime are offering end-to-end encryption.

Secondly, many users have complained of hacking attempts during the ongoing sessions. Miscreants have intruded the livestreams, showed obscene images and made lewd remarks. This act of hijacking meetings on Zoom is also referred to as zoombombing. In other words, “Zoombombing” is when uninvited participants interrupt a video meeting and try to derail it.

The concerns around the app are so severe that Elon Musk’s SpaceX and Google have even banned their employees from using the app. 
 
WATCH: Zoom app: Should you be using it? 
&nbsp;

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Should you use the Zoom app?&nbsp;

Now comes the next important question - if there are security-related issues with the app, should you still be using it? 
&nbsp; 
It’s true that Zoom has addressed vulnerabilities in the app and apologised for its security lapses. The company, in fact, says it will continue to take stringent measures to make the service more secure. Whatever said and done, if you still need to use the app then here are some best practices so that you are not hacked during zoom meetings. 
&nbsp; 
1. Share your meeting IDs carefully. Never post them on social media where everyone can see it. 
&nbsp; 
2. Make your meetings password protected. it will prevent unwanted attendees from breaking into livestreams 
&nbsp; 
3. Hosts can decide that no one joins a meeting before them 
&nbsp; 
4. Lock your meetings once everyone has joined. Once done, no other person can then be part of the meeting. 
&nbsp; 
5. Turn off screen sharing for participants. It will help stop would-be hackers from showing offensive content during meetings. 
&nbsp; 
All in all, follow these best practices and be careful. But if you don’t want to use zoom anymore, note that there are other alternatives too - such as Skype, Microsoft Teams, Facebook &nbsp;Messenger, Google Duo and Facetime for Apple users. You can figure out your needs and accordingly pick one of them.

If there is one app that has shot to fame during the lockdown period, it’s the video-conferencing app zoom. By now, many of you must be using the app for professional or personal reasons.

If there is one app that has shot to fame during the lockdown period, it’s the video-conferencing app zoom. By now, many of you must be using the app for professional or personal reasons. Not just adults, even school children in various countries are using it for their online classes. While the app is becoming popular, it’s also receiving a lot of flak. There are many questions surrounding the controversial app, and here are the answers: Why are so many people using Zoom app for video calls? During the lockdown period, video calls have increased on all messaging platforms including Whatsapp, Facebook Messenger and Google Hangouts, but Zoom has turned out to be a star. The reason behind its growing popularity is simple. It’s easy to use and free for a fair amount of time. Most importantly, it can accommodate a large number of people at a time. It lets as many as 100 people simultaneously attend a video-conference and allows 40 minutes of free time. In fact, Zoom has lifted the 40-minute limit on free accounts for teachers in many countries. The cherry on top is its interesting interface. One of the zoom settings allows users to change the backdrop image, which means user can hide what’s really behind them. What’s wrong with Zoom app? Now that the app is being heavily used and offering users a lot of interesting features, what could possibly be wrong with it? Why are users worldwide criticising it? It’s not too tough to guess the reason. The app is being slammed over security and privacy issues. Firstly, Zoom isn’t fully end-to-end encrypted, which means the shared content is not protected between users. Third parties such as the company itself may have access to it. It’s a little strange to not have a fully encrypted service in times when old products like Whatsapp and Facetime are offering end-to-end encryption. Secondly, many users have complained of hacking attempts during the ongoing sessions. Miscreants have intruded the livestreams, showed obscene images and made lewd remarks. This act of hijacking meetings on Zoom is also referred to as zoombombing. In other words, “Zoombombing” is when uninvited participants interrupt a video meeting and try to derail it. The concerns around the app are so severe that Elon Musk’s SpaceX and Google have even banned their employees from using the app. WATCH: Zoom app: Should you be using it? × Should you use the Zoom app? Now comes the next important question - if there are security-related issues with the app, should you still be using it? It’s true that Zoom has addressed vulnerabilities in the app and apologised for its security lapses. The company, in fact, says it will continue to take stringent measures to make the service more secure. Whatever said and done, if you still need to use the app then here are some best practices so that you are not hacked during zoom meetings. 1. Share your meeting IDs carefully. Never post them on social media where everyone can see it. 2. Make your meetings password protected. it will prevent unwanted attendees from breaking into livestreams 3. Hosts can decide that no one joins a meeting before them 4. Lock your meetings once everyone has joined. Once done, no other person can then be part of the meeting. 5. Turn off screen sharing for participants. It will help stop would-be hackers from showing offensive content during meetings. All in all, follow these best practices and be careful. But if you don’t want to use zoom anymore, note that there are other alternatives too - such as Skype, Microsoft Teams, Facebook Messenger, Google Duo and Facetime for Apple users. You can figure out your needs and accordingly pick one of them.

Should you be using the video-conferencing app Zoom?

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the <a href="https://www.wionews.com/world/singapore-reports-record-jump-in-coronavirus-cases-293562">coronavirus</a> epidemic rattled the oil market.

<a href="https://www.wionews.com/world/protestors-converge-at-washington-state-capitol-to-rally-against-coronavirus-curbs-293477">Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs</a>

Oil prices reached the lowest point since 1998. The fall in oil price has been largely due to a fall in demand as businesses remain shut and several countries remain in&nbsp;lockdown driving down demand.

Earlier, Saudi Arabia had engaged in a price war with Russia as oil inventories grew making markets nervous but as the situation deteriorated Moscow and Riyadh decided to cut production by almost 10 million barrels a day to boost virus-hit markets but it has had little effect with the glut in the market and low demand.

The US Energy Information Administration had said earlier that crude inventories in the US rose by 19.25 million barrels last week challenging the already precarious situation as oversupplied markets continue to witness decline in oil prices.

World markets have also been hit with the epidemic shutting down the US and Europe with large parts of Asia also in lockdown.

Stocks in Tokyo closed lower on Monday as virus cases continued to rise in Japan. Hong Kong also closed with losses with the Hang Seng Index dropping 0.21 per cent, or 49.98 points.

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the coronavirus epidemic rattled the oil market. Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs Oil prices reached the lowest point since 1998.

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the coronavirus epidemic rattled the oil market. Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs Oil prices reached the lowest point since 1998. The fall in oil price has been largely due to a fall in demand as businesses remain shut and several countries remain in lockdown driving down demand. Earlier, Saudi Arabia had engaged in a price war with Russia as oil inventories grew making markets nervous but as the situation deteriorated Moscow and Riyadh decided to cut production by almost 10 million barrels a day to boost virus-hit markets but it has had little effect with the glut in the market and low demand. The US Energy Information Administration had said earlier that crude inventories in the US rose by 19.25 million barrels last week challenging the already precarious situation as oversupplied markets continue to witness decline in oil prices. World markets have also been hit with the epidemic shutting down the US and Europe with large parts of Asia also in lockdown. Stocks in Tokyo closed lower on Monday as virus cases continued to rise in Japan. Hong Kong also closed with losses with the Hang Seng Index dropping 0.21 per cent, or 49.98 points.

Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus

India's new policy for foreign direct investment (FDI) from specific countries was against the consensus arrived at the G20 to realise a free, fair and non-discriminatory environment for investment, a Chinese embassy spokesperson said on Monday.

The policy also violated WTO's principle of non-discrimination and are against the <a href="https://www.wionews.com/business-economy/fdi-policy-revised-to-ward-off-opportunistic-takeover-of-indian-firms-amid-covid-19-pandemic-293311">general trend of free trade</a>, she said and added, the impact of the policy, introducing "additional barriers", was clear on Chinese investors,&nbsp;

Last week, India made it mandatory to have prior clearance by the government for foreign investments from countries that share land border with India to curb "opportunistic takeovers" of domestic firms following the coronavirus pandemic.

A PTI report quoting the Chinese embassy spokesperson Ji Rong said that China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment.

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

"The additional barriers set by Indian side for investors from specific countries violate WTO's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment," Chinese embassy Spokesperson Ji Rong said in a statement.

She said China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment.

"Chinese investment has driven the development of India's industries, such as mobile phone, household electrical appliances, infrastructure and automobile, creating a large number of jobs in India, and promoting mutual beneficial and win-win cooperation," Ji said.

The spokesperson said China's cumulative investment in India has exceeded USD 8 billion, noting it is far more than the total investments by countries sharing border with India.

(With inputs from PTI)

India's new policy for foreign direct investment (FDI) from specific countries was against the consensus arrived at the G20 to realise a free, fair and non-discriminatory environment for investment, a Chinese embassy spokesperson said on Monday.

India's new policy for foreign direct investment (FDI) from specific countries was against the consensus arrived at the G20 to realise a free, fair and non-discriminatory environment for investment, a Chinese embassy spokesperson said on Monday. The policy also violated WTO's principle of non-discrimination and are against the general trend of free trade, she said and added, the impact of the policy, introducing "additional barriers", was clear on Chinese investors, Last week, India made it mandatory to have prior clearance by the government for foreign investments from countries that share land border with India to curb "opportunistic takeovers" of domestic firms following the coronavirus pandemic. A PTI report quoting the Chinese embassy spokesperson Ji Rong said that China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment. With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China. "The additional barriers set by Indian side for investors from specific countries violate WTO's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment," Chinese embassy Spokesperson Ji Rong said in a statement. She said China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment. "Chinese investment has driven the development of India's industries, such as mobile phone, household electrical appliances, infrastructure and automobile, creating a large number of jobs in India, and promoting mutual beneficial and win-win cooperation," Ji said. The spokesperson said China's cumulative investment in India has exceeded USD 8 billion, noting it is far more than the total investments by countries sharing border with India. (With inputs from PTI)

India's new FDI norms against WTO's principle of free trade: China

Domestic stock markets are trading with a positive bias on Monday led by gains primarily in HDFC Bank and Infosys.&nbsp;

At 2:30 PM, BSE Sensex index was up 303.21 points, or 0.96%, at 31,891.93 levels. The Nifty50 index jumped 68.40 points, higher at 9,335.15 levels. Nifty Bank index, up 5.5 per cent, was the top sectoral gainer.&nbsp;

European markets started the week on a flat note. Meanwhile, Asian indices turned red earlier today on weak oil prices that collapsed to more than two-decade lows on low demand data and storage facilities reaching their limits. Upcoming earnings reports and economic data also kept investors cautious.

Domestic stock markets are trading with a positive bias on Monday led by gains primarily in HDFC Bank and Infosys. At 2:30 PM, BSE Sensex index was up 303.21 points, or 0.

Domestic stock markets are trading with a positive bias on Monday led by gains primarily in HDFC Bank and Infosys. At 2:30 PM, BSE Sensex index was up 303.21 points, or 0.96%, at 31,891.93 levels. The Nifty50 index jumped 68.40 points, higher at 9,335.15 levels. Nifty Bank index, up 5.5 per cent, was the top sectoral gainer. European markets started the week on a flat note. Meanwhile, Asian indices turned red earlier today on weak oil prices that collapsed to more than two-decade lows on low demand data and storage facilities reaching their limits. Upcoming earnings reports and economic data also kept investors cautious.

Sensex, Nifty trades flat in a volatile trade

Indian budget airline GoAir has asked as many as 90 per cent of its 5,500 employees to go on indefinite leave without pay as the Indian government's coronavirus flight restrictions dry up cash flow, Bloomberg News reported on Sunday.

The airline will keep paying a small number of employees on payroll to restart operations when the government allows flights, the report said, citing people with knowledge of the matter.

Ministry of Civil Aviation on Saturday clarified that no decision has been taken to open domestic/ international operations.&nbsp;

Airlines are advised to open their bookings only after a decision in this regard has been taken by the government, tweeted Union Minister for Civil Aviation, Hardeep S Puri.

PM Modi announced a 21-day national lockdown in late March to contain the spread of the virus outbreak. The lockdown has been extended until May 3 at least.

GoAir is checking with the government if the airline can continue sale of tickets for travel after the national lockdown ends on May 3, the report added.

(With inputs from Reuters)&nbsp;

Indian budget airline GoAir has asked as many as 90 per cent of its 5,500 employees to go on indefinite leave without pay as the Indian government's coronavirus flight restrictions dry up cash flow, Bloomberg News reported on Sunday.

Indian budget airline GoAir has asked as many as 90 per cent of its 5,500 employees to go on indefinite leave without pay as the Indian government's coronavirus flight restrictions dry up cash flow, Bloomberg News reported on Sunday. The airline will keep paying a small number of employees on payroll to restart operations when the government allows flights, the report said, citing people with knowledge of the matter. Ministry of Civil Aviation on Saturday clarified that no decision has been taken to open domestic/ international operations. Airlines are advised to open their bookings only after a decision in this regard has been taken by the government, tweeted Union Minister for Civil Aviation, Hardeep S Puri. PM Modi announced a 21-day national lockdown in late March to contain the spread of the virus outbreak. The lockdown has been extended until May 3 at least. GoAir is checking with the government if the airline can continue sale of tickets for travel after the national lockdown ends on May 3, the report added. (With inputs from Reuters)

GoAir asks 90% of its 5,500 employees to go on indefinite leave without pay

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc,&nbsp;Union Home Secretary Ajay Kumar Bhalla said on Sunday.&nbsp;

The Union Home Secretary has written a letter to all chief secretaries of the states and UTs in this regard.

"I would like to clarify that while operations of e-commerce companies for non-essential goods stands prohibited, however, they will continue to operate for essential goods as has been allowed earlier and continue to be allowed under clause 13(i) of these guidelines," Bhalla said about the e-commerce companies in the context of the revised lockdown guidelines.

The Union Home Secretary further said that states are requested to clarify this to all the field agencies and also adequately disseminate amongst the general public so as to ensure smooth movement of the entire supply chain of essential goods, including by e-commerce firms.

(With inputs from ANI)&nbsp;

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc, Union Home Secretary Ajay Kumar Bhalla said on Sunday.

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc, Union Home Secretary Ajay Kumar Bhalla said on Sunday. The Union Home Secretary has written a letter to all chief secretaries of the states and UTs in this regard. "I would like to clarify that while operations of e-commerce companies for non-essential goods stands prohibited, however, they will continue to operate for essential goods as has been allowed earlier and continue to be allowed under clause 13(i) of these guidelines," Bhalla said about the e-commerce companies in the context of the revised lockdown guidelines. The Union Home Secretary further said that states are requested to clarify this to all the field agencies and also adequately disseminate amongst the general public so as to ensure smooth movement of the entire supply chain of essential goods, including by e-commerce firms. (With inputs from ANI)

E-commerce companies not permitted to sell non-essential items: Union Home Secretary

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

The new rules mark a major change in the foreign direct policy of the country and they will also apply to transfer of ownership of FDI.

The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic.

Last week concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake.

China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. &nbsp;The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval.

The new rules will also apply to the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly.

This means investments from China would also be evaluated on a case-to-case basis. At a time the entire world is battling coronavirus crisis China is investing in and acquiring companies all over the world.

Chinese investment was so far allowed under the automatic route except for the sensitive areas like telecom, defence and national security etc.

Chinese companies currently own stakes in several Indian start-ups. While Tencent has around 5% stake in Flipkart, Alibaba owns a significant stake in Paytm. Also, Chinese firms who want to exit their existing investments from Indian firms will now have to require the government’s approval.&nbsp;

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China. The new rules mark a major change in the foreign direct policy of the country and they will also apply to transfer of ownership of FDI. The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic. Last week concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake. China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval. The new rules will also apply to the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly. This means investments from China would also be evaluated on a case-to-case basis. At a time the entire world is battling coronavirus crisis China is investing in and acquiring companies all over the world. Chinese investment was so far allowed under the automatic route except for the sensitive areas like telecom, defence and national security etc. Chinese companies currently own stakes in several Indian start-ups. While Tencent has around 5% stake in Flipkart, Alibaba owns a significant stake in Paytm. Also, Chinese firms who want to exit their existing investments from Indian firms will now have to require the government’s approval.

FDI policy revised to ward off Opportunistic takeover of Indian firms amid COVID-19 pandemic

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.&nbsp;

These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/coronavirus-leaders-warn-africa-short-of-funds-to-fight-pandemic-293250">Coronavirus: Leaders warn Africa short of funds to fight pandemic</a>

In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-g20-agrees-to-provide-debt-relief-to-poorest-countries-292917">Coronavirus: G20 agrees to provide debt relief to poorest countries</a>

IMF says that the global economy would contract by 3 per cent this year.&nbsp;

Let's first look at South Asia.

According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008.&nbsp;

Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent.&nbsp;

Now, a glance at Latin America.

The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed.&nbsp;

In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken.&nbsp;

The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year.&nbsp;

The United Kingdom's economy could contract by 35 per cent this quarter.&nbsp;

The total output loss, including that of advanced and emerging economies, could be nine trillion dollars.&nbsp;

Who will bear these expenses?

So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries.&nbsp;

Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia.&nbsp;

The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic.&nbsp;

Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it. These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s. Also read | Coronavirus: Leaders warn Africa short of funds to fight pandemic In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained. Also read | Coronavirus: G20 agrees to provide debt relief to poorest countries IMF says that the global economy would contract by 3 per cent this year. Let's first look at South Asia. According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008. Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent. Now, a glance at Latin America. The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed. In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken. The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year. The United Kingdom's economy could contract by 35 per cent this quarter. The total output loss, including that of advanced and emerging economies, could be nine trillion dollars. Who will bear these expenses? So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries. Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia. The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic. Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

What can happen to various economies due to coronavirus pandemic?

Walmart&nbsp;Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak.

The retailer said it had reached its earlier target of hiring 150,000 workers six weeks ahead of schedule, taking in 5,000 people per day on average at a time when millions of Americans are losing their jobs amid unprecedented "stay-at-home" orders from state and local governments.

The measures to control the spread of the disease have brought economic activity to a virtual standstill, forcing companies to take drastic steps to save cash.

The S&amp;P 500 index has fallen 15% from its February record high, while&nbsp;Walmart's stock has surged more than 10% in the same period.

Walmart&nbsp;said it had worked with more than 70 companies that furloughed workers due to the pandemic to hire its 150,000 new employees, many of whom came from the restaurant and hospitality industries.

The company said 85% of the workers being hired are going into temporary or part-time roles. (https://bit.ly/2RJHbCS)

Skyrocketing demand for food, hand sanitizer, toilet paper and other household products has also prompted retailers Kroger, Target and Amazon.com Inc to hire by the thousands.

Separately,&nbsp;Walmart&nbsp;said it will now require its U.S. staff to wear masks or other face coverings at work, making its face-covering policy mandatory from optional in line with public health guidance.

"This includes our stores, clubs, distribution and fulfillment centers as well as in our corporate offices",&nbsp;Walmart&nbsp;U.S. President John Furner said in a memo.

The company is also extending its emergency leave policy through the end of May, according to the memo.

Walmart Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak.

Walmart Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak. The retailer said it had reached its earlier target of hiring 150,000 workers six weeks ahead of schedule, taking in 5,000 people per day on average at a time when millions of Americans are losing their jobs amid unprecedented "stay-at-home" orders from state and local governments. The measures to control the spread of the disease have brought economic activity to a virtual standstill, forcing companies to take drastic steps to save cash. The S&P 500 index has fallen 15% from its February record high, while Walmart's stock has surged more than 10% in the same period. Walmart said it had worked with more than 70 companies that furloughed workers due to the pandemic to hire its 150,000 new employees, many of whom came from the restaurant and hospitality industries. The company said 85% of the workers being hired are going into temporary or part-time roles. (https://bit.ly/2RJHbCS) Skyrocketing demand for food, hand sanitizer, toilet paper and other household products has also prompted retailers Kroger, Target and Amazon.com Inc to hire by the thousands. Separately, Walmart said it will now require its U.S. staff to wear masks or other face coverings at work, making its face-covering policy mandatory from optional in line with public health guidance. "This includes our stores, clubs, distribution and fulfillment centers as well as in our corporate offices", Walmart U.S. President John Furner said in a memo. The company is also extending its emergency leave policy through the end of May, according to the memo.

Walmart to hire 50,000 more workers in coronavirus-driven hiring spree

Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak.

The company is expected to report results for the first quarter on May 7.

The company withdrew its 2020 forecast for gross bookings, adjusted net revenue and adjusted EBITDA, and said the initiatives taken in response to the outbreak, including financial assistance for drivers and delivery people, would be accounted into its first- and second-quarter revenue. It had, last month, promised 10 million free rides and food deliveries to healthcare workers, seniors, and people in need, during the period of lockdowns put in place to stem the spread of the coronavirus.

Uber expects GAAP revenue to fall by about $17 million to $22 million in the first quarter, and by about $60 million to $80 million in the second quarter.

The investments will be reduced by an estimated range of $1.9 billion to $2.2 billion during the first quarter ended March 31, the company said.

Shares of Uber were up about 6.6 per cent in extended trading.

Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak.

Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak. The company is expected to report results for the first quarter on May 7. The company withdrew its 2020 forecast for gross bookings, adjusted net revenue and adjusted EBITDA, and said the initiatives taken in response to the outbreak, including financial assistance for drivers and delivery people, would be accounted into its first- and second-quarter revenue. It had, last month, promised 10 million free rides and food deliveries to healthcare workers, seniors, and people in need, during the period of lockdowns put in place to stem the spread of the coronavirus. Uber expects GAAP revenue to fall by about $17 million to $22 million in the first quarter, and by about $60 million to $80 million in the second quarter. The investments will be reduced by an estimated range of $1.9 billion to $2.2 billion during the first quarter ended March 31, the company said. Shares of Uber were up about 6.6 per cent in extended trading.

Uber expects drop in quarterly revenue due to coronavirus pandemic

Reserve Bank of India Governor Shaktikanta Das today in a press meet said that India among a handful of countries that are projecting positive growth.

"For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround &amp; resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21," &nbsp;he said in his address to media.

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RBI Governor Shaktikanta Das addresses media <a href="https://t.co/CmP3VMD9Rl">https://t.co/CmP3VMD9Rl</a>
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Shaktikanta Das unveiled measures to ease liquidity and bank credit; and to support the economy and enable normal functioning of markets, as part of the economic relief to mitigate the fallout of coronavirus lockdown.

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"Targeted Long-Term Repo Operation (TLTRO) auction of Rs 25,000 crore to be conducted today."

"RBI has targetted sectors that have face difficulty in accessing the market or don't have adequate liquidity." 
 
Reverse repo rate cut by 25 basis points from 4 per cent to 3.75 per cent. The cut in reverse repo rate is to encourage banks to lend more, said RBI Governor Shaktikanta Das.

Das announced that Rs 6.9 lakh crore absorbed by RBI on April 15 using reverse repo rate.

"Non-banking finance companies can also avail relaxed non-performing assets (NPA) classification to their borrowers," said RBI governor Shaktikanta Das.

"To maintain the bank's health, RBI said that the lenders will have to maintain 10% higher provisions on accounts. Non-performing classification will exclude moratorium period sais RBI Governor.RBI increases WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available until September 30," said RBI governor Shaktikanta Das. 
 
Mentioning the economical difficulties generated by coronavirus crisis RBI Governor Shaktikanta Das said that today humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace. In this kind of environment Reserve Bank of India (RBI) has been very proactive &amp; monitoring the situation closely.

Reserve Bank of India Governor Shaktikanta Das today in a press meet said that India among a handful of countries that are projecting positive growth. "For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP.

Reserve Bank of India Governor Shaktikanta Das today in a press meet said that India among a handful of countries that are projecting positive growth. "For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround & resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21," he said in his address to media. RBI Governor Shaktikanta Das addresses media https://t.co/CmP3VMD9Rl — WION (@WIONews) April 17, 2020 × Shaktikanta Das unveiled measures to ease liquidity and bank credit; and to support the economy and enable normal functioning of markets, as part of the economic relief to mitigate the fallout of coronavirus lockdown. #LIVE | TLTRO auction of Rs 25,000 crore to be conducted today, announces @RBI Governor @DasShaktikanta pic.twitter.com/QOycHHSea3 — WION (@WIONews) April 17, 2020 × "Targeted Long-Term Repo Operation (TLTRO) auction of Rs 25,000 crore to be conducted today." "RBI has targetted sectors that have face difficulty in accessing the market or don't have adequate liquidity." Reverse repo rate cut by 25 basis points from 4 per cent to 3.75 per cent. The cut in reverse repo rate is to encourage banks to lend more, said RBI Governor Shaktikanta Das. Das announced that Rs 6.9 lakh crore absorbed by RBI on April 15 using reverse repo rate. "Non-banking finance companies can also avail relaxed non-performing assets (NPA) classification to their borrowers," said RBI governor Shaktikanta Das. "To maintain the bank's health, RBI said that the lenders will have to maintain 10% higher provisions on accounts. Non-performing classification will exclude moratorium period sais RBI Governor.RBI increases WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available until September 30," said RBI governor Shaktikanta Das. Mentioning the economical difficulties generated by coronavirus crisis RBI Governor Shaktikanta Das said that today humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace. In this kind of environment Reserve Bank of India (RBI) has been very proactive & monitoring the situation closely.

India's growth among best in G20 nations; GDP to grow at 7.4% in 2021-22, says RBI chief

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic.

At 3 pm, Sensex was trading at 31,373.34, higher by 770.73 points or 2.52% from its previous close of 30,602.61 while NSE Nifty50 was trading at 9205.55, higher by 212.75 points or 2.37% from its previous close.

Meanwhile, The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade as positive domestic equities and weakening of the American currency in the overseas also supported the rupee.

At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic.

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic. At 3 pm, Sensex was trading at 31,373.34, higher by 770.73 points or 2.52% from its previous close of 30,602.61 while NSE Nifty50 was trading at 9205.55, higher by 212.75 points or 2.37% from its previous close. Meanwhile, The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade as positive domestic equities and weakening of the American currency in the overseas also supported the rupee. At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.

Sensex soars over 700 points; Nifty above 9200

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country.

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven Greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close.

The rupee had settled at 76.44 against the US dollar on Wednesday.

The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report.

IMF said Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the report noted.

Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy.

The number of cases around the world linked to the new coronavirus has crossed over 20 lakh. In India, nearly 12,000 coronavirus cases have been reported so far.

Brent crude futures, the global oil benchmark, rose 1.44 per cent to USD 28.09 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth Rs 1,358.66 crore on Wednesday, as per provisional data.

Domestic bourses opened on a negative note with benchmark indices Sensex trading 116.89 points lower at 30,262.92 and Nifty down by 36.50 points at 8,888.80.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.46 per cent to 99.91. &nbsp;

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country.

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country. Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven Greenback amid weakening risk appetite in the markets. The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close. The rupee had settled at 76.44 against the US dollar on Wednesday. The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report. IMF said Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the report noted. Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy. The number of cases around the world linked to the new coronavirus has crossed over 20 lakh. In India, nearly 12,000 coronavirus cases have been reported so far. Brent crude futures, the global oil benchmark, rose 1.44 per cent to USD 28.09 per barrel. Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth Rs 1,358.66 crore on Wednesday, as per provisional data. Domestic bourses opened on a negative note with benchmark indices Sensex trading 116.89 points lower at 30,262.92 and Nifty down by 36.50 points at 8,888.80. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.46 per cent to 99.91.

Rupee tanks 36 paise to all-time low of 76.80 against US dollar in early trade

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading.

According to Xinhua news agency, in late New York trading, the euro fell to $1.0921 from $1.0979 in the previous session, and the British pound fell to $1.2550 from $1.2627 in the previous session.

The Australian dollar decreased to $0.6329 from $0.6434.

The US dollar bought 107.45 Japanese yen, higher than 107.16 Japanese yen of the previous session. The US dollar was up to 0.9636 Swiss franc from 0.9602 Swiss franc, and it increased to 1.4083 Canadian dollars from 1.3909 Canadian dollars.

On the data front, US retail and food services sales were $483.1 billion in March, a decline of 8.7 per cent from the previous month, according to a preliminary report from the Commerce Department released on Wednesday.

The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported.

(with inputs)

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading.

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading. According to Xinhua news agency, in late New York trading, the euro fell to $1.0921 from $1.0979 in the previous session, and the British pound fell to $1.2550 from $1.2627 in the previous session. The Australian dollar decreased to $0.6329 from $0.6434. The US dollar bought 107.45 Japanese yen, higher than 107.16 Japanese yen of the previous session. The US dollar was up to 0.9636 Swiss franc from 0.9602 Swiss franc, and it increased to 1.4083 Canadian dollars from 1.3909 Canadian dollars. On the data front, US retail and food services sales were $483.1 billion in March, a decline of 8.7 per cent from the previous month, according to a preliminary report from the Commerce Department released on Wednesday. The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported. (with inputs)

US dollar appreciates in late trading

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.&nbsp;

The G20 also reiterated its commitment to using "all possible tools" to tackle the health and economic crisis caused by COVID-19.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-shares-fall-weighed-down-by-cheap-oil-and-economic-warnings-292692">Global shares fall, weighed down by cheap oil and economic warnings</a>

The G20 finance ministers and central bankers agreed on "a time-bound suspension of debt service payments for the poorest countries," and in the communique after their virtual meeting, said, "All bilateral official creditors will participate in this initiative."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pandemic-causing-deep-recession-and-it-could-get-worse-imf-292545">Pandemic causing deep recession, and it could get worse: IMF</a>

Saudi Finance Minister Mohammed Al-Jadaan, who currently heads the group, said this means "poor countries don't need to worry about repaying over the course of the next 12 months."

The move will "provide north of $20 billion of immediate liquidity" for poor countries to use "for their health system and support their people facing COVID-19," Al-Jadaan said in a press briefing.

He also said that the G20 officials are committed to "further support the world as it faces this pandemic".&nbsp;

The International Monetary Fund and World Bank had been urging the governments to provide debt relief to the countries most in need, and finance ministers from the Group of Seven developed economies agreed to do so on Tuesday.&nbsp;

The IMF and World Bank praised the announcement, describing it "a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people."

Both the international lending organisations have rushed to roll out emergency financing and received air requests from more than 100 countries.&nbsp;

The IMF has called the current economic crisis the "Great Lockdown," warning that it will cut $9 trillion off global growth as the global economy contracts by three per cent this year, the worst since the Great Depression in the 1930s.&nbsp;

It estimates that 20 governments already have committed nearly $8 trillion towards fighting the virus and providing economic relief to households and companies struggling to weather the crisis.

As the "pandemic continues its deadly march around the world," how much more will "depend on how effective measures are, and how quickly the virus retreats," IMF chief Kristalina Georgieva said.

(With AFP inputs)

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak. The G20 also reiterated its commitment to using "all possible tools" to tackle the health and economic crisis caused by COVID-19. Also read | Global shares fall, weighed down by cheap oil and economic warnings The G20 finance ministers and central bankers agreed on "a time-bound suspension of debt service payments for the poorest countries," and in the communique after their virtual meeting, said, "All bilateral official creditors will participate in this initiative." Also read | Pandemic causing deep recession, and it could get worse: IMF Saudi Finance Minister Mohammed Al-Jadaan, who currently heads the group, said this means "poor countries don't need to worry about repaying over the course of the next 12 months." The move will "provide north of $20 billion of immediate liquidity" for poor countries to use "for their health system and support their people facing COVID-19," Al-Jadaan said in a press briefing. He also said that the G20 officials are committed to "further support the world as it faces this pandemic". The International Monetary Fund and World Bank had been urging the governments to provide debt relief to the countries most in need, and finance ministers from the Group of Seven developed economies agreed to do so on Tuesday. The IMF and World Bank praised the announcement, describing it "a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people." Both the international lending organisations have rushed to roll out emergency financing and received air requests from more than 100 countries. The IMF has called the current economic crisis the "Great Lockdown," warning that it will cut $9 trillion off global growth as the global economy contracts by three per cent this year, the worst since the Great Depression in the 1930s. It estimates that 20 governments already have committed nearly $8 trillion towards fighting the virus and providing economic relief to households and companies struggling to weather the crisis. As the "pandemic continues its deadly march around the world," how much more will "depend on how effective measures are, and how quickly the virus retreats," IMF chief Kristalina Georgieva said. (With AFP inputs)

Coronavirus: G20 agrees to provide debt relief to poorest countries