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Bajaj auto’s Waluj plant employees in Aurangabad will have their salaries reduced by around 50 per cent during the nine-day lockdown duet to coronavirus starting later this week.&nbsp;

Reports said the local authorities have decided to lockdown the city and the industrial area from July 10 to July 18 amid the coronavirus pandemic. The unit, which employs close to 8,000 workers including contract and permanent employees accounts for half the company’s total production in India.&nbsp;

Reports say workers at Bajaj auto's Aurangabad plant are refusing to report to&nbsp;duty as the coronavirus cases have been steadily rising with close to 250 workers having been infected with five dying of the virus.&nbsp;

The district which has several auto and pharma units has been reporting a large number of of cases daily. &nbsp;Earlier reports had said that the management of Bajaj auto and workers had failed to reach any deal on the suspension of operations to control the coronavirus infections as cases continued to rise at the plant. &nbsp;

The company rolls out motorcycles and three-wheelers at its Waluj plant for domestic as well as export markets. However, two hundred coronavirus cases have been identified till June and two workers have died due to the virus.&nbsp;

In April and May, employees at other leading automakers such as Maruti Suzuki India, Hyundai Motor, Toyota Kirloskar Motor had reported coronavirus cases, following which the companies had announced temporary shutdown of the plant.&nbsp;

Bajaj auto is the largest two-wheeler exporter out of India and sells bikes and scooters domestically and to several other countries in the world.

Bajaj auto’s Waluj plant employees in Aurangabad will have their salaries reduced by around 50 per cent during the nine-day lockdown duet to coronavirus starting later this week.

Bajaj auto’s Waluj plant employees in Aurangabad will have their salaries reduced by around 50 per cent during the nine-day lockdown duet to coronavirus starting later this week. Reports said the local authorities have decided to lockdown the city and the industrial area from July 10 to July 18 amid the coronavirus pandemic. The unit, which employs close to 8,000 workers including contract and permanent employees accounts for half the company’s total production in India. Reports say workers at Bajaj auto's Aurangabad plant are refusing to report to duty as the coronavirus cases have been steadily rising with close to 250 workers having been infected with five dying of the virus. The district which has several auto and pharma units has been reporting a large number of of cases daily. Earlier reports had said that the management of Bajaj auto and workers had failed to reach any deal on the suspension of operations to control the coronavirus infections as cases continued to rise at the plant. The company rolls out motorcycles and three-wheelers at its Waluj plant for domestic as well as export markets. However, two hundred coronavirus cases have been identified till June and two workers have died due to the virus. In April and May, employees at other leading automakers such as Maruti Suzuki India, Hyundai Motor, Toyota Kirloskar Motor had reported coronavirus cases, following which the companies had announced temporary shutdown of the plant. Bajaj auto is the largest two-wheeler exporter out of India and sells bikes and scooters domestically and to several other countries in the world.

Bajaj auto’s Waluj plant employees face salary cut amid lockdown

Domestic stock market equity indices, Sensex and Nifty gave up opening gains and was volatile on Tuesday dragged by selling in metals, PSU banks, auto and FMCG stocks.&nbsp;

The S&amp;P BSE Sensex hovered around 36,530 levels, up 30 points and the Nifty50 index was trading around 10,750 levels. Bajaj Finance rose 4 per cent after announcing its June quarter (Q1FY21) business update. The stock was the top Sensex gainer. Among other individual stocks, Bajaj Auto and Infosys also climbed 2 per cent each.

The Indian rupee ended near the day's low level at 74.94 per dollar, amid volatility in the domestic equity market. The rupee had opened flat at 74.70 per dollar against the previous close of 74.67.

Global market

Markets were mostly lower in Asia on Tuesday as expanding coronavirus outbreaks dimmed hopes for a global recovery, despite an overnight rally in tech shares that pushed the Nasdaq composite to another record high. Japan’s benchmark Nikkei 225 dropped 0.6% to 22,577.65 and South Korea’s Kospi lost early gains to fall 0.4% to 2,180.30. 
 
(With inputs from agencies)

Domestic stock market equity indices, Sensex and Nifty gave up opening gains and was volatile on Tuesday dragged by selling in metals, PSU banks, auto and FMCG stocks.

Domestic stock market equity indices, Sensex and Nifty gave up opening gains and was volatile on Tuesday dragged by selling in metals, PSU banks, auto and FMCG stocks. The S&P BSE Sensex hovered around 36,530 levels, up 30 points and the Nifty50 index was trading around 10,750 levels. Bajaj Finance rose 4 per cent after announcing its June quarter (Q1FY21) business update. The stock was the top Sensex gainer. Among other individual stocks, Bajaj Auto and Infosys also climbed 2 per cent each. The Indian rupee ended near the day's low level at 74.94 per dollar, amid volatility in the domestic equity market. The rupee had opened flat at 74.70 per dollar against the previous close of 74.67. Global market Markets were mostly lower in Asia on Tuesday as expanding coronavirus outbreaks dimmed hopes for a global recovery, despite an overnight rally in tech shares that pushed the Nasdaq composite to another record high. Japan’s benchmark Nikkei 225 dropped 0.6% to 22,577.65 and South Korea’s Kospi lost early gains to fall 0.4% to 2,180.30. (With inputs from agencies)

Sensex, Nifty on track to finish higher for 5th day

The domestic benchmark indices rose over one per cent each on Monday, mirroring similar gains in their Asian peers.

S&amp;P BSE Sensex gained 272 points while the 50-stock Nifty was above the 10,700 mark, following global cues. The Nifty futures were trading 110.80 points or 1.05 per cent higher at 10,678.80 on Singaporean Exchange. Among the top gainers on the street were HDFC Bank, up 3.17% while IndusInd Bank gained 2.74%, followed by Baja Finance surging 2.63%.

In broader Asia, shares climbed as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery.

India, the world’s second-most populous country, is slowly limping out of months-long lockdowns triggered by the novel coronavirus. 
 
(With inputs from agencies)

The domestic benchmark indices rose over one per cent each on Monday, mirroring similar gains in their Asian peers. S&P BSE Sensex gained 272 points while the 50-stock Nifty was above the 10,700 mark, following global cues.

The domestic benchmark indices rose over one per cent each on Monday, mirroring similar gains in their Asian peers. S&P BSE Sensex gained 272 points while the 50-stock Nifty was above the 10,700 mark, following global cues. The Nifty futures were trading 110.80 points or 1.05 per cent higher at 10,678.80 on Singaporean Exchange. Among the top gainers on the street were HDFC Bank, up 3.17% while IndusInd Bank gained 2.74%, followed by Baja Finance surging 2.63%. In broader Asia, shares climbed as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery. India, the world’s second-most populous country, is slowly limping out of months-long lockdowns triggered by the novel coronavirus. (With inputs from agencies)

Sensex jumps 350 points, Nifty above 10,700 as financials lead

Tesla on Wednesday became the world's richest car company after its shares witnessed record highs and the market capitalization overtook that of former numero uno Toyota Motors.

In the early morning trade, Tesla's shares gained 5 per cent to a record $1,133, taking the market cap to $209.47 billion, nearly $6 billion more than what Toyota's current value.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-shareholders-urged-to-oust-elon-musk-over-55bn-bonus-deal-309848">Tesla shareholders urged to oust Elon Musk over $55bn bonus deal</a>

With the latest surge, Tesla's worth has tripled the other US automaker giants General Motors (GM) and Ford Motor.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/german-man-erroneously-orders-28-tesla-cars-worth-15-million-309384">German man erroneously orders 28 Tesla cars worth $1.5 million</a>

Led by Elon Musk, Tesla has seen its lows and highs, however, the company's shares are seeing an upward trend since late 2019 after it met important production targets for its Model 3 car.&nbsp;

Since the start of this year, Tesla's shares rose more than 163 per cent, reflecting investors growing confidence in the company's ability to become a leader in electric vehicles.&nbsp;

The sales of US's other auto giants Ford and GM Motors were hit earlier in the quarter largely due to the coronavirus pandemic, which led to a halt in production for nearly two months.&nbsp;

Tesla on Wednesday became the world's richest car company after its shares witnessed record highs and the market capitalization overtook that of former numero uno Toyota Motors.

Tesla on Wednesday became the world's richest car company after its shares witnessed record highs and the market capitalization overtook that of former numero uno Toyota Motors. In the early morning trade, Tesla's shares gained 5 per cent to a record $1,133, taking the market cap to $209.47 billion, nearly $6 billion more than what Toyota's current value. Also read | Tesla shareholders urged to oust Elon Musk over $55bn bonus deal With the latest surge, Tesla's worth has tripled the other US automaker giants General Motors (GM) and Ford Motor. Also read | German man erroneously orders 28 Tesla cars worth $1.5 million Led by Elon Musk, Tesla has seen its lows and highs, however, the company's shares are seeing an upward trend since late 2019 after it met important production targets for its Model 3 car. Since the start of this year, Tesla's shares rose more than 163 per cent, reflecting investors growing confidence in the company's ability to become a leader in electric vehicles. The sales of US's other auto giants Ford and GM Motors were hit earlier in the quarter largely due to the coronavirus pandemic, which led to a halt in production for nearly two months.

Tesla dethrones Toyota to become world's richest automaker

Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data.

On a month-on-month basis, it registered 8.94 per cent growth from 1.23 billion in May.

UPI payments had fallen to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials.

Online payments slowly gathered pace from May&nbsp;with staggered opening of the economy. In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.18 lakh crore, showed the NPCI data.

In June, the volume in terms of transactions touched the highest level so far, as per the data available, with the first set of data dating back to April 2016 -- with nil transaction.

The number of transactions through all the available means on NPCI platform&nbsp;was in upwards of 1 billion since October 2019 before dipping to 999.57 million in April this year. However, it soon regained the 1 billion-plus transaction volume in May.

NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. It has created a robust payment and settlement infrastructure in the country.

It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data.

Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data. On a month-on-month basis, it registered 8.94 per cent growth from 1.23 billion in May. UPI payments had fallen to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials. Online payments slowly gathered pace from May with staggered opening of the economy. In May, the number of UPI transactions stood at 1.23 billion valued at Rs 2.18 lakh crore, showed the NPCI data. In June, the volume in terms of transactions touched the highest level so far, as per the data available, with the first set of data dating back to April 2016 -- with nil transaction. The number of transactions through all the available means on NPCI platform was in upwards of 1 billion since October 2019 before dipping to 999.57 million in April this year. However, it soon regained the 1 billion-plus transaction volume in May. NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. It has created a robust payment and settlement infrastructure in the country. It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.

UPI payments in India hit all-time high of 1.34 billion transactions in June

Chinese state-backed media outlet The Global Times has said that the loss of Chinese internet company ByteDance (mother company of Tik Tok) could be as high as $6 billion after the Indian government banned 59 Chinese apps.

<a href="https://www.wionews.com/technology/tiktok-banned-all-you-need-to-know-about-its-indian-rival-chingari-app-309680">TikTok banned: All you need to know about its Indian rival Chingari app</a> 
 
On it’s official Twitter handle The Global Times posted that "The loss of Chinese internet company ByteDance – the mother company of Tik Tok — could be as high as $6 billion after the Indian government banned 59 Chinese apps including Tik Tok, following deadly border clash between Indian and Chinese troops last month."

<img alt="TikTok" data-entity-type="file" data-entity-uuid="bbbb34dd-a114-4d0d-9a0f-5636a8b71d53" src="//cdn.wionews.com/sites/default/files/inline-images/tiktok.JPG" />

The Indian government had on Monday banned 59 Chinese apps amid the India-China standoff at Galwan Valley.

<a href="https://www.wionews.com/india-news/india-bans-59-chinese-apps-including-tiktok-shareit-uc-browser-citing-national-security-309464">Also read: India bans 59 Chinese apps including TikTok, Shareit, UC Browser citing national security</a>

"This move will safeguard the interests of crores of Indian mobile and internet users. This decision is a targeted move to ensure safety and sovereignty of Indian cyberspace," India's ministry of electronics and IT had said.

The apps which were banned included UC Browser, Tik Tok, SHAREit, Baidu map, Shein, clash of Kings, DU battery saver, Helo, Likee, YouCam makeup, Mi Community, CM Browsers, Virus Cleaner, Apus Browser among others.

Meanwhile, Tik Tok which has a huge following in India said: "TikTok continues to comply with all data privacy and security requirements under Indian law and has not shared any information of our users in India with any foreign government, including the Chinese government."

(With inputs from agencies)

Chinese state-backed media outlet The Global Times has said that the loss of Chinese internet company ByteDance (mother company of Tik Tok) could be as high as $6 billion after the Indian government banned 59 Chinese apps.

Chinese state-backed media outlet The Global Times has said that the loss of Chinese internet company ByteDance (mother company of Tik Tok) could be as high as $6 billion after the Indian government banned 59 Chinese apps. TikTok banned: All you need to know about its Indian rival Chingari app On it’s official Twitter handle The Global Times posted that "The loss of Chinese internet company ByteDance – the mother company of Tik Tok — could be as high as $6 billion after the Indian government banned 59 Chinese apps including Tik Tok, following deadly border clash between Indian and Chinese troops last month." The Indian government had on Monday banned 59 Chinese apps amid the India-China standoff at Galwan Valley. Also read: India bans 59 Chinese apps including TikTok, Shareit, UC Browser citing national security "This move will safeguard the interests of crores of Indian mobile and internet users. This decision is a targeted move to ensure safety and sovereignty of Indian cyberspace," India's ministry of electronics and IT had said. The apps which were banned included UC Browser, Tik Tok, SHAREit, Baidu map, Shein, clash of Kings, DU battery saver, Helo, Likee, YouCam makeup, Mi Community, CM Browsers, Virus Cleaner, Apus Browser among others. Meanwhile, Tik Tok which has a huge following in India said: "TikTok continues to comply with all data privacy and security requirements under Indian law and has not shared any information of our users in India with any foreign government, including the Chinese government." (With inputs from agencies)

With India's TikTok ban, Chinese parent company ByteDance could lose up to $6 billion

It was an unusual June 2020 for the auto market in India. As the unlocking of commercial activities began from the first week of the month, automakers started delivery of vehicles booked earlier and also launched the new ones that were scheduled for April and May debut. The results are visible in June sales numbers where the sales though far below last year numbers are still encouraging when compared to the lockdown period.

India's largest carmaker Maruti Suzuki has sold 57,428 units last month, in comparison to 1, 24,708 units sold in the year-ago month. The fall compared to June 2019 is 53.7% but encouraging for the automaker that witnessed nil sales in April, the first full month of Coronavirus led lockdown. Maruti Suzuki's total sales include domestic and export numbers. The second-largest carmaker Hyundai Motor India sold 26,820 units last month, a 49.2% year-on-year decline in domestic wholesales. However, on a month-on-month basis, Hyundai's sales have also improved from 6,883 units sold in May. Car sales of Toyota at the end of June 2020 stood at 3,866 units, which is a massive 235% growth compared to May but it’s a decline of 63.53% as compared to June 2019 numbers. Mahindra &amp; Mahindra has reported a 53% decline in total domestic sales to 18,505 vehicles last month

“The automotive industry has started to see recovery both in the passenger and small commercial vehicle segments. This has been led primarily by rising rural demand and movement of essential goods across the country", said Veejay Nakra, Chief Executive Officer, Automotive Division, M&amp;M, commenting on June sales.

In the two-wheeler market, the market leader Hero Moto has sold 4.5 lakh motorcycles and scooters in June. Though the number is a fall of 26% compared to June last year, the company claims with nearly four times growth in May 2020 sales numbers, it has reached 90% of pre-Covid sales. The other major two-wheeler player TVS Motor reported a 33.2% decline in total sales in June at 1, 98,387 units.

A large part of June sales was the result of unlocking of commercial activities that began on June 8. Also, a slew of launches kept the excitement alive during the month. From BMW's luxury SUV X6, Mercedes-Benz India's GLS and GLE to Hero Moto's Extreme 160 R, there were half a dozen new launches last month. The launch spree is likely to continue with Honda's new City sedan slated for mid-July debut.

It was an unusual June 2020 for the auto market in India. As the unlocking of commercial activities began from the first week of the month, automakers started delivery of vehicles booked earlier and also launched the new ones that were scheduled for April and May debut.

It was an unusual June 2020 for the auto market in India. As the unlocking of commercial activities began from the first week of the month, automakers started delivery of vehicles booked earlier and also launched the new ones that were scheduled for April and May debut. The results are visible in June sales numbers where the sales though far below last year numbers are still encouraging when compared to the lockdown period. India's largest carmaker Maruti Suzuki has sold 57,428 units last month, in comparison to 1, 24,708 units sold in the year-ago month. The fall compared to June 2019 is 53.7% but encouraging for the automaker that witnessed nil sales in April, the first full month of Coronavirus led lockdown. Maruti Suzuki's total sales include domestic and export numbers. The second-largest carmaker Hyundai Motor India sold 26,820 units last month, a 49.2% year-on-year decline in domestic wholesales. However, on a month-on-month basis, Hyundai's sales have also improved from 6,883 units sold in May. Car sales of Toyota at the end of June 2020 stood at 3,866 units, which is a massive 235% growth compared to May but it’s a decline of 63.53% as compared to June 2019 numbers. Mahindra & Mahindra has reported a 53% decline in total domestic sales to 18,505 vehicles last month “The automotive industry has started to see recovery both in the passenger and small commercial vehicle segments. This has been led primarily by rising rural demand and movement of essential goods across the country", said Veejay Nakra, Chief Executive Officer, Automotive Division, M&M, commenting on June sales. In the two-wheeler market, the market leader Hero Moto has sold 4.5 lakh motorcycles and scooters in June. Though the number is a fall of 26% compared to June last year, the company claims with nearly four times growth in May 2020 sales numbers, it has reached 90% of pre-Covid sales. The other major two-wheeler player TVS Motor reported a 33.2% decline in total sales in June at 1, 98,387 units. A large part of June sales was the result of unlocking of commercial activities that began on June 8. Also, a slew of launches kept the excitement alive during the month. From BMW's luxury SUV X6, Mercedes-Benz India's GLS and GLE to Hero Moto's Extreme 160 R, there were half a dozen new launches last month. The launch spree is likely to continue with Honda's new City sedan slated for mid-July debut.

June auto sales: Slight improvement but far from recovery

Domestic stock market indices ended higher on Wednesday amid buying in financial counters.&nbsp;

The NSE Nifty 50 index closed 1.24% higher at 10,430.05 while the benchmark S&amp;P BSE Sensex ended up about 500 points at 35,414.45, after recording their best quarter in 11 years.&nbsp;

Axis Bank, Bajaj Finserv, ITC, HDFC, and Bajaj Finance were the top gainers. 
 
Global markets

Global stocks struggled for momentum on Wednesday as improving economic data was offset by concern that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins.

MSCI’s world shares index was 0.1 per cent higher after rising 18 per cent for its biggest three-month gain since 2009 in the second quarter, but it still closed the first half around 8 per cent lower from where it started the year.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, led by gains in China. E-Mini futures for the S&amp;P 500 were down 0.2 per cent.

(With inputs from Reuters)

Domestic stock market indices ended higher on Wednesday amid buying in financial counters. The NSE Nifty 50 index closed 1.24% higher at 10,430.05 while the benchmark S&P BSE Sensex ended up about 500 points at 35,414.

Domestic stock market indices ended higher on Wednesday amid buying in financial counters. The NSE Nifty 50 index closed 1.24% higher at 10,430.05 while the benchmark S&P BSE Sensex ended up about 500 points at 35,414.45, after recording their best quarter in 11 years. Axis Bank, Bajaj Finserv, ITC, HDFC, and Bajaj Finance were the top gainers. Global markets Global stocks struggled for momentum on Wednesday as improving economic data was offset by concern that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins. MSCI’s world shares index was 0.1 per cent higher after rising 18 per cent for its biggest three-month gain since 2009 in the second quarter, but it still closed the first half around 8 per cent lower from where it started the year. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, led by gains in China. E-Mini futures for the S&P 500 were down 0.2 per cent. (With inputs from Reuters)

Sensex gains 499 points as financials rally, Nifty ends at 10,430

Tesla investors are being urged to vote to remove Elon Musk, the electric vehicle company’s founder and chief executive, from the board of the firm. The development comes as anger mounts over his bonus deal that could pay him a record $55.

Tesla investors are being urged to vote to remove Elon Musk, the electric vehicle company’s founder and chief executive, from the board of the firm. The development comes as anger mounts over his bonus deal that could pay him a record $55.8bn (£40bn), according to The Guardian. Pirc, an influential adviser to shareholders, on Tuesday, recommended that investors voted against Tesla’s executive pay deal because it “unfairly enriches the chief executive”, the report added. Pirc said the deal had exposed the company to a lawsuit, alleging that: “The board, including CEO Elon Musk, awarded themselves excessive compensation packages over a three-year period that allegedly allowed directors to ‘enrich themselves at the company’s expense’.” He called on investors to vote against re-electing Musk to the board because of the pay deal, and warned he posed “a serious risk of reputational harm to the company and its shareholders”. Pirc said Musk’s frequent controversial outbursts on Twitter had cost Tesla millions of dollars in settlements and also represented an “unnecessary reputational risk to the company”. Last year Musk was sued for $190m in defamation damages over derogatory tweets about the British caver Vernon Unsworth, who was helping to rescue 13 people trapped in a Thai cave. A jury found the tweets did not reach the legal standard for defamation, and Musk was not found liable for damages. In 2018 the US Securities and Exchange (SEC) regulator fined both Musk and Tesla $20m over the chief executive’s tweets that he planned to take the company private at a substantial premium to the share price, causing the stock price to surge. As part of the settlement with the SEC Musk was forced to give up his position as Tesla’s chairman. The SEC ruled: “In truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact.”

Tesla shareholders urged to oust Elon Musk over $55bn bonus deal

At the start of the year, US-China tensions were easing after their Phase I trade deal, while Washington, Brussels and Tokyo agreed on new global trading rules to curb subsidies.

At the start of the year, US-China tensions were easing after their Phase I trade deal, while Washington, Brussels and Tokyo agreed on new global trading rules to curb subsidies. A relative calm had set in. Then the new coronavirus struck. Countries across the world imposed 222 exports curbs on medical supplies and medicines and in some cases food, according to Global Trade Alert, a Swiss monitoring group. For medical products, it was more than 20 times the usual level. Those curbs are now being lifted, but the pandemic has reinforced protectionist arguments by highlighting how global supply chains can deprive people of essential medical protection and disrupt food supplies, as well as threaten jobs. US President Donald Trump has said he wants to cut ties with China, the European Union is planning barriers to state-backed investment from China and elsewhere and China is demanding declarations that food imports are virus-free. Former EU trade chief Cecilia Malmstrom said there was a "worrying" tendency towards protectionism in the world and the re-emergence of trade conflicts briefly paused by the health crisis. "Trade-wise we should be concerned," she told a seminar on Wednesday. The World Trade Organization said on Tuesday that global trade in goods was set for a record fall this year and that wider restrictions could see a 2021 rebound falling short. In the past fortnight, the United States has withdrawn from negotiations with European countries over a tax on digital firms and pledged a "broad reset" of its set of tariffs agreed with World Trade Organization partners. It has also threatened tariffs on a new range of European products, including fresh olives, bakery items and gin, to maintain pressure in a 16-year dispute over aircraft subsidies. Rhetoric Vs Reality To some extent, political rhetoric is running ahead of reality: US-China trade rose in April after COVID-19-related falls and US officials have said China is committed to buying more US goods in line with the Phase 1 deal. Chinese leaders and EU chiefs met virtually last Monday, although Brussels told China to make good on its promise to allow greater access for European companies and criticised its actions on the coronavirus and Hong Kong. China offered deeper cooperation on COVID-19 and urged the EU to relax export controls. On Wednesday, Beijing said it was opening up seven more sectors to foreign investors. Beijing and Brussels are keeping up contacts with Washington and some progress has been made in limited EU-U.S. talks on food standards and technology cooperation. Senior EU and U.S. trade officers are holding talks every three weeks, officials say. China's most senior diplomat Yang Jiechi also met with U.S. Secretary of State Mike Pompeo in Hawaii on Wednesday, although Trump renewed his threat to cut ties with Beijing the next day. Biden Trade is a bellwhether for the cooperation and trust needed to help economies recover, particulary those of smaller countries, said Rohinton Medhora, president of Canada-based think tank the Centre for International Governance Innovation. Both China and Europe are bracing for rocky relations in the leadup to the U.S. presidential election, but see some hope if Trump's Democrat challenger Joe Biden wins. "Biden as president is the only chance for China-U.S. relations to regain rationality," said Zhu Feng, dean of the Institute of International Studies at Shanghai's Fudan University. But he did not expect relations to change dramatically in the short term. There is broad bipartisan support in the U.S. Congress for being tough on China, and European optimism over more cooperation with Washington is also tempered. Reinhard Buetikofer, a trade expert of the Greens in the European Parliament, did not envisage a return to the "golden years" of the Clinton or Obama administrations if Biden won. "I don't expect Biden to be soft on Europe... The mood has changed to a huge degree, not only in Washington, even more so in the U.S. states," he said, although he did envisage an approach more tuned to creating alliances. U.S. figures show a trade deficit with the EU in goods and services of $109 billion in 2018. Rebalancing the relationship with Europe, including on trade, was a core U.S. national interest, according to Hosuk Lee-Makiyama, director of trade think-tank ECIPE. "The difference between the current administration, or the next or previous is really more about table manners," he said.

Coronavirus rekindles global trade disputes

Firms in China brought in half of the equity capital raised globally this year so far, setting a record that highlights the economy's earlier revival from the COVID-19 pandemic, plus the degree to which soured US relations are turning Chinese firms homeward.

Firms in China brought in half of the equity capital raised globally this year so far, setting a record that highlights the economy's earlier revival from the COVID-19 pandemic, plus the degree to which soured US relations are turning Chinese firms homeward. China-based companies sold shares worth $32.1 billion in January-June including multi-billion-dollar secondary listings in Hong Kong, equivalent to 49.8% of worldwide offerings, showed data from Refinitiv. The total for US firms was $15.8 billion. "With massive liquidity injections by various governments (supporting virus-hit economies), I'm not surprised by the size of Chinese capital raised this year - and the trend may continue," Li He, capital markets partner at Davis Polk, said of China firms taking advantage of their early lockdown emergence. Also read: After coronavirus outbreak, Chinese companies eye European businesses China was hit by the novel coronavirus in December and was the first country to impose virus-prevention lockdown measures on individual movement and business activity in late January. Markets began their return to normality in April. Chinese fundraising has been helped by the popularity of Shanghai's year-old growth-focused STAR Market, as well as well-received initial public offerings (IPOs) in Hong Kong and the massive secondary listings - including the $3.9 billion raised by e-tailer JD.com Inc this month and $3.1 billion by games developer NetEase Inc. "For Chinese companies, both the Hong Kong and US markets are getting back to normal," said Houston Huang, head of global investment banking for China at JPMorgan. "Market activity (deal volume) is much better than anybody expected at the beginning of the year." Also read - Explained: Why Chinese firms are exploring investment opportunities in India Escalating Sino-US geopolitical tension over issues such as trade is widely expected to prompt more US-listed Chinese firms to conduct secondary listings closer to home where they can raise funds in markets absent of anti-Chinese sentiment. Companies considering a secondary Hong Kong listing include Yum China Holdings Inc and ZTO Express (Cayman) Inc, said two people with direct knowledge of the matter. Neither Yum nor ZTO responded to requests for comment outside of regular business hours. Secondary deals are also increasing investor interest in Hong Kong, a market with a reputation for hosting stodgy financial and property groups rather than growth-focused tech companies. Li Hang, CLSA head of Greater China equity capital markets, said the JD.com sale, on which his bank worked, was able to win orders not just locally but also from Southeast Asia and Europe. "If a company is looking at a secondary listing in Hong Kong, they need to be looking at gathering investors' interest from not only from Asia, but also Europe and the US," Li said. Auditing Also of concern for Chinese firms are US steps aimed at improving the transparency of financial disclosure but which clash with the Chinese government's reluctance to give foreign entities access to onshore records. In May, just weeks after former market darling Luckin Coffee Inc said its sales had been falsified, the US Senate passed a bill that could force Chinese firms to delist if they do not allow the Public Company Accounting Oversight Board to access their audited accounts for three consecutive years. Will Cai, head of US law firm Cooley's capital markets practice in Asia, said the bill spurred two of his eight Chinese clients with IPO plans to choose Hong Kong over New York. For some Chinese companies, prestige continues to propel them toward the US listing in spite of political wrangling and negative sentiment toward Chinese firms following fallout from Luckin Coffee. Chinese groups still managed to raise $1.7 billion through New York IPOs during 2020's coronavirus-hit first half, versus $3.42 billion in January-June last year. The figure includes the $510 million raised by Kingsoft Cloud Holdings Ltd in early May in the first major U.S. IPO since the coronavirus outbreak - and the first since Luckin's disclosure. Its stock has since risen nearly 60%. "We were under lot of pressure because if this one had failed, basically the U.S. market could have potentially closed the door to all Chinese companies," said Huang at JPMorgan, a lead underwriter for the deal.

Chinese companies take record 50% of global equity raising in first half of 2020

Pilots and test crew members from the US Federal Aviation Administration and Boeing Co aim to kick off a certification test campaign for the 737 MAX on Monday, expected to last at least three days, people familiar with the matter told Reuters.

Pilots and test crew members from the US Federal Aviation Administration and Boeing Co aim to kick off a certification test campaign for the 737 MAX on Monday, expected to last at least three days, people familiar with the matter told Reuters. The flight test is a pivotal moment in Boeing's worst-ever corporate crisis, long since compounded by the COVID-19 pandemic that has slashed air travel and jet demand. The grounding of the fast-selling 737 MAX in March 2019 after crashes killed 346 people in Ethiopia and Indonesia triggered hundreds of lawsuits, investigations by Congress and the Department of Justice and cut off a key source of Boeing's cash. After a preflight briefing over several hours, the crew will board a 737 MAX 7 outfitted with special test equipment at Boeing Field near Seattle, one of the people said. The crew will run methodically scripted mid-air scenarios such as steep-banking turns, progressing to more extreme manoeuvres on a route primarily over Washington state. The flight plan could include touch-and-go landings at the eastern Washington airport in Moses Lake, and a path over the Pacific Ocean coastline, adjusting the course as needed for weather conditions and other factors, one of the people said. Pilots will also intentionally trigger the reprogrammed stall-prevention software known as MCAS faulted in both crashes, and will likely perform a full aerodynamic stall, the people said. The tests are meant to ensure that new protections Boeing added to the MCAS flight control system are robust enough to prevent the scenario pilots encountered in both crash flights when they were unable to counteract the system and grappled with several factors like "stick shaker" column vibrations and other warnings, one of the people said. Boeing and the FAA declined to comment. Boeing has wrestled for months with painstaking software system upgrades, wiring changes, documentation, and dress rehearsals. That includes hundreds of hours inside a 737 MAX flight simulator at Boeing's Longacres facility in Renton, Washington, and hundreds of hours in the air on the same 737 MAX 7 test airplane without FAA officials on board. At least one of those practice flights included the same testing parameters expected on Monday, one of the people said. After the flights, FAA officials in Washington and the Seattle-area will analyze reams of digital and paperwork flight test data to assess the jetliners' airworthiness. Likely weeks later, after the data is analyzed and training protocols are firmed up, FAA Administrator Steve Dickson, a former F-15 fighter pilot who has promised that the 737 MAX will not be approved until he has personally signed off on it, will board the same plane to make his assessments, two of the people said. If all goes well, the FAA would then need to approve new pilot training procedures, among other reviews, and would not likely approve the plane's ungrounding until September, the people said. That means the jet is on a path to resume US commercial service before year-end, though the process has been plagued by delays for more than a year.

Boeing 737 MAX certification flight tests to begin on Monday: Report

The Reserve Bank of India (RBI) has told the Delhi High Court that Google Pay is a third party app provider (TPAP) and does not operate any payment systems.

Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007, RBI has told a bench of Chief Justice D N Patel and Justice Prateek Jalan.

RBI has also told the court that since Google Pay does not operate any payment system, it does not find a place in the list of authorised payment system operators published by the National Payments Corporation of India (NPCI).

The RBI's submissions came in response to a PIL by financial economist Abhijit Mishra who has alleged that Google's mobile payment app, Google Pay or GPay in short, was facilitating financial transactions without the requisite authorisation from RBI.

Mishra has claimed that GPay was acting as a payments system provider in violation of the Payments and Settlements Act as it has no valid authorisation from the central bank of the country to carry out such functions.

He has also contended that GPay does not figure in NPCI's list of authorised 'payment systems operators' released on March 20, 2019.

The bench said the matter requires detailed hearing as it affects other third party apps and listed it on July 22.

The Reserve Bank of India (RBI) has told the Delhi High Court that Google Pay is a third party app provider (TPAP) and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007, RBI has told a bench of Chief Justice D N Patel and Justice Prateek Jalan.

The Reserve Bank of India (RBI) has told the Delhi High Court that Google Pay is a third party app provider (TPAP) and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007, RBI has told a bench of Chief Justice D N Patel and Justice Prateek Jalan. RBI has also told the court that since Google Pay does not operate any payment system, it does not find a place in the list of authorised payment system operators published by the National Payments Corporation of India (NPCI). The RBI's submissions came in response to a PIL by financial economist Abhijit Mishra who has alleged that Google's mobile payment app, Google Pay or GPay in short, was facilitating financial transactions without the requisite authorisation from RBI. Mishra has claimed that GPay was acting as a payments system provider in violation of the Payments and Settlements Act as it has no valid authorisation from the central bank of the country to carry out such functions. He has also contended that GPay does not figure in NPCI's list of authorised 'payment systems operators' released on March 20, 2019. The bench said the matter requires detailed hearing as it affects other third party apps and listed it on July 22.

Google Pay not a payment system operator: RBI to Delhi HC

Diesel price for the first time in living memory crossing the rate of petrol in the national capital on Wednesday. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.76.So far, both the central and state government have made sure diesel costs less than petrol because it has greater commercial use. 
 
However, diesel has become costlier than petrol&nbsp;in the national capital because the state government had raised local sales tax or VAT on the fuel sharply last month.&nbsp;

Fuel rates differ from state to state depending on the incidence of VAT.

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The Delhi government had increased VAT on petrol from 27 per cent to 30 per cent and that on diesel from 16.75 per cent to 30 per cent on May 5.

The lockdown halted commercial activity and the demand for fuel fell. Consequently, the government suffered losses. And hence, the Delhi government hiked the tax on diesel to boost revenue.

Another factor impacting fuel rates is the deregulation of fuel prices in India.&nbsp;

In 2014, domestic diesel prices were linked to international benchmarks and since then fuel prices are updated every single day. However, the pandemic put a pause on that practice.

For 83 days, the daily price revisions were stopped. Over the last 18 days, the price of diesel has gone up by Rs 10.48 rupees per litre.

Global oil prices have slipped from 75 dollars per barrel to 40 dollars per barrel. But the government isn't passing on the benefits of lower global oil prices because the taxes have gone up exponentially. 
 
Governments are in desperate need of funds and raising taxes on fuel is a quick way to plug the hole in public finances.

&nbsp;

Diesel price for the first time in living memory crossing the rate of petrol in the national capital on Wednesday. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.

Diesel price for the first time in living memory crossing the rate of petrol in the national capital on Wednesday. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.76.So far, both the central and state government have made sure diesel costs less than petrol because it has greater commercial use. However, diesel has become costlier than petrol in the national capital because the state government had raised local sales tax or VAT on the fuel sharply last month. Fuel rates differ from state to state depending on the incidence of VAT. × The Delhi government had increased VAT on petrol from 27 per cent to 30 per cent and that on diesel from 16.75 per cent to 30 per cent on May 5. The lockdown halted commercial activity and the demand for fuel fell. Consequently, the government suffered losses. And hence, the Delhi government hiked the tax on diesel to boost revenue. Another factor impacting fuel rates is the deregulation of fuel prices in India. In 2014, domestic diesel prices were linked to international benchmarks and since then fuel prices are updated every single day. However, the pandemic put a pause on that practice. For 83 days, the daily price revisions were stopped. Over the last 18 days, the price of diesel has gone up by Rs 10.48 rupees per litre. Global oil prices have slipped from 75 dollars per barrel to 40 dollars per barrel. But the government isn't passing on the benefits of lower global oil prices because the taxes have gone up exponentially. Governments are in desperate need of funds and raising taxes on fuel is a quick way to plug the hole in public finances.

Diesel becomes costlier than petrol in Delhi

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report.

<a href="https://www.wionews.com/world/alibaba-founder-jack-ma-begins-sending-coronavirus-testing-kits-masks-to-us-286832">Also Read:&nbsp;Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US</a>

Tencent Holdings Ltd shares surged on Wednesday in Hong Kong trading recording a $40 billion surge this week propelling Pony Ma's fortune above Jack Ma, 55, who had founded the biggest e-commerce company in China.

The COVID-19 pandemic played its part in boosting Tencent's fortune as gamers stayed home during the extended lockdown in China.

Alibaba, on the other hand, had reported its net profit had fallen 88 per cent in the first quarter of the year due to disruptions caused by the coronavirus.

"Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said.

The company's net profit fell $447 million in January-March, compared to 25.83 billion yuan over the same period last year. China had reported its first case of the virus on December 31 in Wuhan.

China later imposed quarantines on millions of people starting in Wuhan and extended the shut down throughout the country during the peak of the virus in January and February.

Meanwhile, Tencent reported a sharp rise in first-quarter net profit after a surge in demand for its online games as coronavirus pandemic spread. The company's net profit rose 29 per cent from a year earlier to $3.95 billion.

"During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained," chief executive Ma Huateng said, while adding," So far, our businesses have proved resilient and cashflow-generative."

Online game revenue grew by 31 per cent on year to 37.2 billion yuan, Tencent said with popular games such as &nbsp;"Honour of Kings", "PUBG Mobile" and "Clash of Clans" cashing on the surge in demand of stay-at-home gamers. 
&nbsp;

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report.

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report. Also Read: Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US Tencent Holdings Ltd shares surged on Wednesday in Hong Kong trading recording a $40 billion surge this week propelling Pony Ma's fortune above Jack Ma, 55, who had founded the biggest e-commerce company in China. The COVID-19 pandemic played its part in boosting Tencent's fortune as gamers stayed home during the extended lockdown in China. Alibaba, on the other hand, had reported its net profit had fallen 88 per cent in the first quarter of the year due to disruptions caused by the coronavirus. "Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said. The company's net profit fell $447 million in January-March, compared to 25.83 billion yuan over the same period last year. China had reported its first case of the virus on December 31 in Wuhan. China later imposed quarantines on millions of people starting in Wuhan and extended the shut down throughout the country during the peak of the virus in January and February. Meanwhile, Tencent reported a sharp rise in first-quarter net profit after a surge in demand for its online games as coronavirus pandemic spread. The company's net profit rose 29 per cent from a year earlier to $3.95 billion. "During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained," chief executive Ma Huateng said, while adding," So far, our businesses have proved resilient and cashflow-generative." Online game revenue grew by 31 per cent on year to 37.2 billion yuan, Tencent said with popular games such as "Honour of Kings", "PUBG Mobile" and "Clash of Clans" cashing on the surge in demand of stay-at-home gamers.

COVID-19 fortune: Tencent's Pony Ma dethrones Alibaba's Jack Ma to become richest in China

After the government once again increased diesel prices, the price of diesel today surpassed petrol in the national capital for the first time.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-for-seventeen-consecutive-days-307850">Also Read:&nbsp;Petrol, diesel prices hiked for seventeen consecutive days</a>

The government today did not increase the petrol prices however diesel prices were increased by 48 paise. Petrol now costs 79.76 per litre in India's capital city with diesel at Rs 79.88 per litre.

The government increased prices of fuel for seventeen consecutive days on Tuesday as it began Unlock 1.0 earlier in the month.

The increase in prices comes as international oil futures dropped over reports of US crude inventories&nbsp;adding to worries on oversupply.

Brent crude was down 29 cents at $42.34 a barrel while US West Texas Intermediate (WTI) crude futures fell 35 cents to $40.02 a barrel on Wednesday.

On Tuesday, both Brent and WTI had traded at their highest levels since prices collapsed in early March as countries begin to emerge from coronavirus induced lockdown.&nbsp;

OPEC had earlier announced it would curb fuel output after a massive drop in demand for oil due to the pandemic even as global markets remain concerned about rising cases of coronavirus in the United States and other countries. 
&nbsp;

After the government once again increased diesel prices, the price of diesel today surpassed petrol in the national capital for the first time. Also Read: Petrol, diesel prices hiked for seventeen consecutive days The government today did not increase the petrol prices however diesel prices were increased by 48 paise.

After the government once again increased diesel prices, the price of diesel today surpassed petrol in the national capital for the first time. Also Read: Petrol, diesel prices hiked for seventeen consecutive days The government today did not increase the petrol prices however diesel prices were increased by 48 paise. Petrol now costs 79.76 per litre in India's capital city with diesel at Rs 79.88 per litre. The government increased prices of fuel for seventeen consecutive days on Tuesday as it began Unlock 1.0 earlier in the month. The increase in prices comes as international oil futures dropped over reports of US crude inventories adding to worries on oversupply. Brent crude was down 29 cents at $42.34 a barrel while US West Texas Intermediate (WTI) crude futures fell 35 cents to $40.02 a barrel on Wednesday. On Tuesday, both Brent and WTI had traded at their highest levels since prices collapsed in early March as countries begin to emerge from coronavirus induced lockdown. OPEC had earlier announced it would curb fuel output after a massive drop in demand for oil due to the pandemic even as global markets remain concerned about rising cases of coronavirus in the United States and other countries.

In a first, diesel more costly than petrol in Delhi

The International Monetary Fund has said the global economy will take a $12 trillion&nbsp;hit from the Covid-19 pandemic after slashing its already gloomy growth projections for the UK and other developed countries in 2020.

The IMF said it would take two years for world output to return to levels at the end of 2019 and warned that governments should be cautious about removing financial support to their fragile economies.

Also see:&nbsp;<a href="https://www.wionews.com/photos/impact-of-coronavirus-on-global-economy-278907">How coronavirus is affecting the global economy</a>

In an update to forecasts published in April, the Washington-based IMF said it now expected the global economy to contract by 4.9 per cent&nbsp;this year, compared with a&nbsp;3 per cent&nbsp;drop expected in the spring.

The IMF said the coronavirus pandemic had been more negative for activity in the first half of 2020 than expected, and recovery was also projected to be slower. Global growth is forecast to be 5.4 per cent&nbsp;in 2021, down from 5.8% in April, but would plummet to zero in the event of a second wave of the pandemic early next year.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/un-forecasts-coronavirus-to-shrink-world-economy-by-32-indias-growth-rate-projected-to-slow-to-12-in-2020-298590">UN forecasts coronavirus to shrink world economy by 3.2%; India's growth rate projected to slow to 1.2% in 2020</a>

“The Covid-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives but also triggered the worst recession since the Great Depression,” said the IMF’s economic counsellor, Gita Gopinath. She noted that the fall in output in 2020 would be half as bad as the 10&nbsp;per cent&nbsp;drop in the early 1930s, and said there would be a fall in living standards for 95&nbsp;per cent&nbsp;of countries this year.

The near-5 per cent&nbsp;drop in global output this year would be much deeper than the drop of 0.1 per cent&nbsp;recorded in 2009, after the near meltdown of the global banking system the previous autumn. The IMF had already envisaged 2020 as the worst year for global growth since the Great Depression of the 1930s.

The revised World Economic Outlook said the lockdown had dealt a “catastrophic hit” to the global labour market, adding that rising share prices were out of kilter with the deepest recession of the postwar era.

Every one of the G7 industrial nations and the leading developing nations has had its growth projection revised down, in what the IMF described as a “crisis like no other”.

The International Monetary Fund has said the global economy will take a $12 trillion hit from the Covid-19 pandemic after slashing its already gloomy growth projections for the UK and other developed countries in 2020.

The International Monetary Fund has said the global economy will take a $12 trillion hit from the Covid-19 pandemic after slashing its already gloomy growth projections for the UK and other developed countries in 2020. The IMF said it would take two years for world output to return to levels at the end of 2019 and warned that governments should be cautious about removing financial support to their fragile economies. Also see: How coronavirus is affecting the global economy In an update to forecasts published in April, the Washington-based IMF said it now expected the global economy to contract by 4.9 per cent this year, compared with a 3 per cent drop expected in the spring. The IMF said the coronavirus pandemic had been more negative for activity in the first half of 2020 than expected, and recovery was also projected to be slower. Global growth is forecast to be 5.4 per cent in 2021, down from 5.8% in April, but would plummet to zero in the event of a second wave of the pandemic early next year. Also read: UN forecasts coronavirus to shrink world economy by 3.2%; India's growth rate projected to slow to 1.2% in 2020 “The Covid-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives but also triggered the worst recession since the Great Depression,” said the IMF’s economic counsellor, Gita Gopinath. She noted that the fall in output in 2020 would be half as bad as the 10 per cent drop in the early 1930s, and said there would be a fall in living standards for 95 per cent of countries this year. The near-5 per cent drop in global output this year would be much deeper than the drop of 0.1 per cent recorded in 2009, after the near meltdown of the global banking system the previous autumn. The IMF had already envisaged 2020 as the worst year for global growth since the Great Depression of the 1930s. The revised World Economic Outlook said the lockdown had dealt a “catastrophic hit” to the global labour market, adding that rising share prices were out of kilter with the deepest recession of the postwar era. Every one of the G7 industrial nations and the leading developing nations has had its growth projection revised down, in what the IMF described as a “crisis like no other”.

Global economy will take $12 trillion hit from COVID-19: International Monetary Fund

A US court has upheld a verdict that talcum powder sold by Johnson & Johnson caused ovarian cancer and ordered the pharmaceutical giant to pay $2.1 billion in damages.

A US court has upheld a verdict that talcum powder sold by Johnson & Johnson caused ovarian cancer and ordered the pharmaceutical giant to pay $2.1 billion in damages. The decision by the Missouri Court of Appeals cut by more than half the $4.4 billion a jury had awarded 22 people in 2018. The court agreed that some of the plaintiffs should not have been included in the case as they were from outside the state. But the Tuesday decision upheld the awarding of damages for the company "knowingly selling products that contained asbestos to consumers." "Because defendants are large, multi-billion-dollar corporations, we believe a large amount of punitive damages is necessary to have an effect in this case," the judgement said. "It is impossible to place monetary value on the physical, mental and emotional anguish plaintiffs suffered because of their injury caused by defendants." A spokeswoman for Johnson & Johnson said the company would appeal the decision in the Supreme Court of Missouri, according to the Wall Street Journal. Johnson & Johnson has faced thousands of lawsuits across the United States alleging it failed to warn consumers of the risk of cancer from asbestos in its talc-based products. In 2019 a California jury became the latest to award millions in damages to a plaintiff who said the company's baby powder had given her terminal cancer. Last month the firm announced it was discontinuing production of its talc-based baby powder in the US and Canada, in part due to the "constant barrage of litigation advertising" over the product. It will continue to sell the product in the rest of the world, it added.

Johnson & Johnson told to pay $2.1 billion over cancer-causing talc powder

Credit rating agency Moody's has said India's economy will shrink 3.1 per cent this year.

The agency had pegged India's growth at 0.2 per cent in April amid the pandemic. Moody's said it expects India's economy to register 6.9 per cent growth next year.

As the coronavirus pandemic continues to hit major economies, Moody's also downgraded G20 advanced economies projecting a contraction of 6.4 per cent in 2020, but said that they will grow at 4.8 per cent next year.

Moody's had earlier cut India's credit rating to investment grade 'Baa3' due to lack of implementing policies to boost growth.

"April-June quarter of 2020 will go down in history as the worst quarter for the global economy since at least World War II. We continue to expect a gradual recovery beginning in the second half of the year, but that outcome will depend on whether governments can reopen their economies while also safeguarding public health," it said.

The agency said that COVID-19 pandemic will push debt levels in the world's richest nations up by almost 20 percentage points on average this year.

"We estimate that on average in this group, government debt/GDP ratios will rise by around 19 percentage points, nearly twice as much as in 2009 during the great financial crisis," it stated.

"Compared with the GFC, the rise in debt burdens will be more immediate and pervasive, reflecting the acuteness and breadth of the shock posed by the coronavirus".

Moody's had singled out China as the only country in G20 to grow during the pandemic forecasting a 1 per cent growth with 7.1 in 2021.

However, it cautioned, saying: "Asian countries are particularly vulnerable to changes in geopolitical dynamics. The rise in tensions between China and countries bordering the South China Sea and clashes on the border with India suggest that geopolitical risks are rising for the entire region." 
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Credit rating agency Moody's has said India's economy will shrink 3.1 per cent this year. The agency had pegged India's growth at 0.2 per cent in April amid the pandemic.

Credit rating agency Moody's has said India's economy will shrink 3.1 per cent this year. The agency had pegged India's growth at 0.2 per cent in April amid the pandemic. Moody's said it expects India's economy to register 6.9 per cent growth next year. As the coronavirus pandemic continues to hit major economies, Moody's also downgraded G20 advanced economies projecting a contraction of 6.4 per cent in 2020, but said that they will grow at 4.8 per cent next year. Moody's had earlier cut India's credit rating to investment grade 'Baa3' due to lack of implementing policies to boost growth. "April-June quarter of 2020 will go down in history as the worst quarter for the global economy since at least World War II. We continue to expect a gradual recovery beginning in the second half of the year, but that outcome will depend on whether governments can reopen their economies while also safeguarding public health," it said. The agency said that COVID-19 pandemic will push debt levels in the world's richest nations up by almost 20 percentage points on average this year. "We estimate that on average in this group, government debt/GDP ratios will rise by around 19 percentage points, nearly twice as much as in 2009 during the great financial crisis," it stated. "Compared with the GFC, the rise in debt burdens will be more immediate and pervasive, reflecting the acuteness and breadth of the shock posed by the coronavirus". Moody's had singled out China as the only country in G20 to grow during the pandemic forecasting a 1 per cent growth with 7.1 in 2021. However, it cautioned, saying: "Asian countries are particularly vulnerable to changes in geopolitical dynamics. The rise in tensions between China and countries bordering the South China Sea and clashes on the border with India suggest that geopolitical risks are rising for the entire region."

'Geopolitical risks': India's economy to contract 3.1% in 2020, says Moody's

Taiwan's Foxconn chairman Liu Young-way has announced that the company is planning "further investments" in India even though there was "certain impact" at present due to the coronavirus.

<a href="https://www.wionews.com/india-news/border-vs-business-india-tells-two-state-firms-to-not-use-china-telecoms-gear-306911">Also Read:&nbsp;Border vs business: India tells two state firms to not use China telecoms gear</a>

Foxconn makes smartphones in India for Apple Inc and Xiaomi Corp, however, operations were suspended due to the COVID-19 pandemic as India went into a lockdown.

Chairman Liu Young-way declared India was a "bright&nbsp;spot for development". The company had to suspend its operations in China amid the coronavirus outbreak. Liu declared that since there were no infections at its China plants, it was able to resume operations.

Liu speaking at the annual general meeting, however, cautioned against the second wave of infections stating that it would be a risk to business.

The Taiwanese tech giant first-quarter profit had slumped by nearly 90 per cent on year due to the coronavirus pandemic. The company's net income for January-March had plunged 89 per cent to $70 million, while revenue fell 12 per cent on-year. Liu had pointed out that remote working, online entertainment and new lifestyles had generated "new drive for growth".

However, for the second quarter, Foxconn said it expects revenue to show double-digit percentage growth.

Foxconn is the world's biggest contract electronics manufacturer and makes Apple's iPhones as well as gadgets for many other international brands.&nbsp; 
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Taiwan's Foxconn chairman Liu Young-way has announced that the company is planning "further investments" in India even though there was "certain impact" at present due to the coronavirus.

Taiwan's Foxconn chairman Liu Young-way has announced that the company is planning "further investments" in India even though there was "certain impact" at present due to the coronavirus. Also Read: Border vs business: India tells two state firms to not use China telecoms gear Foxconn makes smartphones in India for Apple Inc and Xiaomi Corp, however, operations were suspended due to the COVID-19 pandemic as India went into a lockdown. Chairman Liu Young-way declared India was a "bright spot for development". The company had to suspend its operations in China amid the coronavirus outbreak. Liu declared that since there were no infections at its China plants, it was able to resume operations. Liu speaking at the annual general meeting, however, cautioned against the second wave of infections stating that it would be a risk to business. The Taiwanese tech giant first-quarter profit had slumped by nearly 90 per cent on year due to the coronavirus pandemic. The company's net income for January-March had plunged 89 per cent to $70 million, while revenue fell 12 per cent on-year. Liu had pointed out that remote working, online entertainment and new lifestyles had generated "new drive for growth". However, for the second quarter, Foxconn said it expects revenue to show double-digit percentage growth. Foxconn is the world's biggest contract electronics manufacturer and makes Apple's iPhones as well as gadgets for many other international brands.

'Bright spot for development': Taiwan's Foxconn eyes further investments in India

Government on Tuesday once again increased petrol and diesel prices in the country.

The price of petrol was increased by Rs 20 paise per litre and diesel was increased by 55 paisa.

<a href="https://www.wionews.com/business-economy/petrol-price-up-by-rs-762-and-diesel-rs-828-in-14-days-307262">Also Read:&nbsp;Petrol price up by Rs 7.62 and diesel Rs 8.28 in 14 days</a>

Petrol will now cost 79.76 a litre in the national capital and diesel will cost 79.40 a litre from today.

Fuel prices in India have now been increased for seventeen consecutive days. The government has been increasing fuel prices ever since Unlock 1.0 was unveiled in early June as malls and offices were allowed to reopen.

Petrol prices have now gone up by Rs 8.50 in the last 17 days and diesel prices have been hiked by nearly Rs 10.

On Monday, petrol prices were hiked by 33 paise per litre and diesel by 58 paise. The hike in fuel prices come as oil producers sharply cut back output in May. OPEC had earlier declared in April that it would cut oil output by 9.7 million bpd from May 1 until the end of June due to falling demand.

International oil prices had edged higher on Monday amid rising coronavirus cases worldwide with fears of stalling fuel demand. Brent crude was up 48 cents at $42.67 a barrel with West Texas Intermediate (WTI) crude rising by 50 cents to $40.33.

Government on Tuesday once again increased petrol and diesel prices in the country. The price of petrol was increased by Rs 20 paise per litre and diesel was increased by 55 paisa.

Government on Tuesday once again increased petrol and diesel prices in the country. The price of petrol was increased by Rs 20 paise per litre and diesel was increased by 55 paisa. Also Read: Petrol price up by Rs 7.62 and diesel Rs 8.28 in 14 days Petrol will now cost 79.76 a litre in the national capital and diesel will cost 79.40 a litre from today. Fuel prices in India have now been increased for seventeen consecutive days. The government has been increasing fuel prices ever since Unlock 1.0 was unveiled in early June as malls and offices were allowed to reopen. Petrol prices have now gone up by Rs 8.50 in the last 17 days and diesel prices have been hiked by nearly Rs 10. On Monday, petrol prices were hiked by 33 paise per litre and diesel by 58 paise. The hike in fuel prices come as oil producers sharply cut back output in May. OPEC had earlier declared in April that it would cut oil output by 9.7 million bpd from May 1 until the end of June due to falling demand. International oil prices had edged higher on Monday amid rising coronavirus cases worldwide with fears of stalling fuel demand. Brent crude was up 48 cents at $42.67 a barrel with West Texas Intermediate (WTI) crude rising by 50 cents to $40.33.

Petrol, diesel prices hiked for seventeen consecutive days

Domestic stock market benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying.

The S&amp;P BSE Sensex rallied 519 points or 1.49 per cent to settle at 35,430 levels, while the Nifty50 index ended at 10,471, up 160 points or 1.55 per cent.

The Indian rupee settled stronger against the US dollar today, ending at 75.65 per dollar

Meanwhile, Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics.

(With inputs from agencies)

Domestic stock market benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying. The S&P BSE Sensex rallied 519 points or 1.

Domestic stock market benchmark indices ended around 1.5 per cent higher on Tuesday, owing to across-the-board buying. The S&P BSE Sensex rallied 519 points or 1.49 per cent to settle at 35,430 levels, while the Nifty50 index ended at 10,471, up 160 points or 1.55 per cent. The Indian rupee settled stronger against the US dollar today, ending at 75.65 per dollar Meanwhile, Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics. (With inputs from agencies)

Sensex ends 519 points higher, Nifty at 10,471

US President Donald Trump's move&nbsp;to stop issuing of H-1B visa and other work visas for the rest of the year may hurt the Indian IT industry's margins.

The proclamation that comes into effect on June 24, is expected to impact Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

A Goldman Sachs Equity Research report said that Indian IT outsourcing companies have been consistently working towards reducing their reliance on H-1B/L1 visas since 2017, and focusing on the locally hired workforce to create more jobs in the US economy.

The Goldman Sachs report said local hires account for as much as 45-70 per cent of the employees in the US for the top 5 Indian IT service firms, reducing the dependence on H1-B visas. 
 
<a href="https://www.wionews.com/world/president-donald-trump-signs-executive-order-to-suspend-h-1b-visas-307833">Also Read: President Donald Trump signs executive order to suspend H-1B visas</a>

Meanwhile, industry body Nasscom has termed the proclamation as "misguided" and "harmful to the US economy" and said this could possibly force more work to be performed offshore since the local talent is not available in the country.&nbsp;

H-1B visas are designed for certain skilled workers such as those employed in science, engineering, and information technology fields, while H-2B visas are given to seasonal workers such as hotel and construction staff.

L-1 visas are meant for executives who work for large corporations and J-1 visas are issued to research scholars, professors and other cultural and work-exchange programs. 
 
<a href="https://www.wionews.com/world/reform-h-1b-visa-system-move-towards-merit-based-immigration-trump-to-officials-307865">Also Read: Reform H-1B visa system; move towards merit-based immigration: Trump to officials</a>

Sundar Pichai, Indian-American CEO of Google, expressed disappointment over the proclamation, saying that immigration has contributed immensely to America''s economic success, making it a global leader in tech, and also Google, the company it is today.

Meanwhile, Indian-American Congressman Raja Krishnamoorthi said the H-1B programme, in particular, plays a crucial role in addressing the dangerous shortage of health care professionals while also providing other key sectors of our economy with talent from around the world to not only fill jobs, but create new ones.

Trump said that the step was essential to help millions of Americans who have lost their jobs due to the economic crisis amidst the COVID-19 pandemic. 
 
(With inputs from PTI) 
&nbsp;

US President Donald Trump's move to stop issuing of H-1B visa and other work visas for the rest of the year may hurt the Indian IT industry's margins. The proclamation that comes into effect on June 24, is expected to impact Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

US President Donald Trump's move to stop issuing of H-1B visa and other work visas for the rest of the year may hurt the Indian IT industry's margins. The proclamation that comes into effect on June 24, is expected to impact Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1. A Goldman Sachs Equity Research report said that Indian IT outsourcing companies have been consistently working towards reducing their reliance on H-1B/L1 visas since 2017, and focusing on the locally hired workforce to create more jobs in the US economy. The Goldman Sachs report said local hires account for as much as 45-70 per cent of the employees in the US for the top 5 Indian IT service firms, reducing the dependence on H1-B visas. Also Read: President Donald Trump signs executive order to suspend H-1B visas Meanwhile, industry body Nasscom has termed the proclamation as "misguided" and "harmful to the US economy" and said this could possibly force more work to be performed offshore since the local talent is not available in the country. H-1B visas are designed for certain skilled workers such as those employed in science, engineering, and information technology fields, while H-2B visas are given to seasonal workers such as hotel and construction staff. L-1 visas are meant for executives who work for large corporations and J-1 visas are issued to research scholars, professors and other cultural and work-exchange programs. Also Read: Reform H-1B visa system; move towards merit-based immigration: Trump to officials Sundar Pichai, Indian-American CEO of Google, expressed disappointment over the proclamation, saying that immigration has contributed immensely to America''s economic success, making it a global leader in tech, and also Google, the company it is today. Meanwhile, Indian-American Congressman Raja Krishnamoorthi said the H-1B programme, in particular, plays a crucial role in addressing the dangerous shortage of health care professionals while also providing other key sectors of our economy with talent from around the world to not only fill jobs, but create new ones. Trump said that the step was essential to help millions of Americans who have lost their jobs due to the economic crisis amidst the COVID-19 pandemic. (With inputs from PTI)

How will H1-B visa suspension impact Indian companies?

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE.&nbsp;

The company claims that FabiFlu is the first oral Favipiravir-approved medication in India to treat COVID-19.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-19-human-trials-for-potential-vaccine-begins-initial-results-expected-in-august-307069">COVID 19: Human trials for potential vaccine begins; initial results expected in August</a>

Favipiravir is undergoing trials in other countries too over its efficacy.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/first-results-of-german-companys-coronavirus-vaccine-trial-expected-in-two-months-307063">First results of German company's coronavirus vaccine trial expected in two months</a>

"This approval comes at a time when cases in India are spiralling like never before, putting tremendous pressure on our healthcare system," Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals said.

The prescription-based drug will be available at an MRP of Rs 3,500 for a strip of 34 tablets.&nbsp;

The pharma company's medication got approval from India's Drug Controller General of India (DCGI) on Friday.&nbsp;

Glenmark is also separately testing a combination of favipiravir and umifenovir, another anti-viral medicine, for its potential to treat coronavirus.&nbsp;

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE.

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE. The company claims that FabiFlu is the first oral Favipiravir-approved medication in India to treat COVID-19. Also read | COVID 19: Human trials for potential vaccine begins; initial results expected in August Favipiravir is undergoing trials in other countries too over its efficacy. Also read | First results of German company's coronavirus vaccine trial expected in two months "This approval comes at a time when cases in India are spiralling like never before, putting tremendous pressure on our healthcare system," Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals said. The prescription-based drug will be available at an MRP of Rs 3,500 for a strip of 34 tablets. The pharma company's medication got approval from India's Drug Controller General of India (DCGI) on Friday. Glenmark is also separately testing a combination of favipiravir and umifenovir, another anti-viral medicine, for its potential to treat coronavirus.

Glenmark's shares rise up to 40% following launch of potential coronavirus drug

German payment group Wirecard recently admitted that 1.9 billion Euros ($2.13 billion) earlier counted in foreign accounts is now unaccounted for, implying that “it was never there”. The auditor had refused to sign off 2019 accounts because of the missing amount.

After this, the group’s earlier financial statements were withdrawn.

Responding to this mishap, a German financial watchdog Bafin called the incident a “total disaster”.

"It is a scandal that something like this could happen", said Bafin president Felix Hufeld at a conference in Frankfurt.

The company Wirecard AG on Friday claimed to have a victim of "fraud of considerable proportions”.

On Thursday, the company shares had dropped by over 60 per cent. The company fears it will require loans to compensate for the mishap.

There was evidence of "spurious balance confirmations", said auditor EY, which was also unable to find the missing amount in trust accounts.

"At present it cannot be ruled out that Wirecard AG has become the aggrieved party in a case of fraud of considerable proportions," Wirecard Chief Executive Markus Braun said in a statement on Friday.

"It is currently unclear why the two banks have stated to the auditor that the confirmations are spurious. The trustee has announced to Wirecard AG that he will clarify the facts of the matter with the two banks managing the trust accounts at short notice," Braun said.

German payment group Wirecard recently admitted that 1.9 billion Euros ($2.13 billion) earlier counted in foreign accounts is now unaccounted for, implying that “it was never there”.

German payment group Wirecard recently admitted that 1.9 billion Euros ($2.13 billion) earlier counted in foreign accounts is now unaccounted for, implying that “it was never there”. The auditor had refused to sign off 2019 accounts because of the missing amount. After this, the group’s earlier financial statements were withdrawn. Responding to this mishap, a German financial watchdog Bafin called the incident a “total disaster”. "It is a scandal that something like this could happen", said Bafin president Felix Hufeld at a conference in Frankfurt. The company Wirecard AG on Friday claimed to have a victim of "fraud of considerable proportions”. On Thursday, the company shares had dropped by over 60 per cent. The company fears it will require loans to compensate for the mishap. There was evidence of "spurious balance confirmations", said auditor EY, which was also unable to find the missing amount in trust accounts. "At present it cannot be ruled out that Wirecard AG has become the aggrieved party in a case of fraud of considerable proportions," Wirecard Chief Executive Markus Braun said in a statement on Friday. "It is currently unclear why the two banks have stated to the auditor that the confirmations are spurious. The trustee has announced to Wirecard AG that he will clarify the facts of the matter with the two banks managing the trust accounts at short notice," Braun said.

'Total disaster' after Germany's Wirecard claims $2.1b was 'never there'

At a time when China is facing a threat to its exports worldwide, the country is looking at the domestic market to give a boost to its economy. The recovery in China has come earlier than many other big global economies, and hence, the best market for Chinese goods now is China itself.&nbsp;

Yiwu is the world's largest small commodity wholesale market in east China's Zhejiang province. The trade city has now rolled out various schemes to meet the demands of domestic traders as Asia's largest economy is looking inwards for economic growth.&nbsp;

The Chinese government, foreign trade companies, and e-commerce platforms have taken a series of measures to divert marketable export-oriented products to the domestic market to relieve the impact of COVID-19 on foreign trade companies.&nbsp;

"We have a huge domestic market with a population of 1.4 billion, so there is enough market room for our exports to turn to the domestic market," said Gu Xueming, President, Chinese Academy of International Trade.

Chinese authorities are giving importance both to foreign trade and domestic sales for economic growth. The businessmen are trying to increase market shares in domestic supermarkets and department stores.&nbsp;

In the Chenghai district, Shantou city of south China's Guangdong province, toy export businesses are also turning to the domestic market. The local government has organised several leading e-commerce platforms to pull factories, foreign trade companies, and domestic consumers together, with the innovation of new sales modes based on live streaming and short videos.

Experts expect the Chinese economy to come back on the growth path before rebounding in the second half of the year.

The strict lockdowns imposed in China are steadily being relaxed in recent months and demand is coming back as a result of this. But coronavirus is a threat that still has not waned away and the recent spur in coronavirus cases in Beijing has forced authorities to go for mass checking. Logistics and delivery service sectors in Beijing have ramped up testing for all staff members over the weekend to contain the spread of the novel coronavirus. Beijing reported nine new confirmed COVID-19 cases on Sunday. The capital has recorded over 230 new infections since June 11.&nbsp;

But the coronavirus cases are much less as compared to many big markets globally. So the best markets for Chinese products are now being explored in China itself. &nbsp;

At a time when China is facing a threat to its exports worldwide, the country is looking at the domestic market to give a boost to its economy. The recovery in China has come earlier than many other big global economies, and hence, the best market for Chinese goods now is China itself.

At a time when China is facing a threat to its exports worldwide, the country is looking at the domestic market to give a boost to its economy. The recovery in China has come earlier than many other big global economies, and hence, the best market for Chinese goods now is China itself. Yiwu is the world's largest small commodity wholesale market in east China's Zhejiang province. The trade city has now rolled out various schemes to meet the demands of domestic traders as Asia's largest economy is looking inwards for economic growth. The Chinese government, foreign trade companies, and e-commerce platforms have taken a series of measures to divert marketable export-oriented products to the domestic market to relieve the impact of COVID-19 on foreign trade companies. "We have a huge domestic market with a population of 1.4 billion, so there is enough market room for our exports to turn to the domestic market," said Gu Xueming, President, Chinese Academy of International Trade. Chinese authorities are giving importance both to foreign trade and domestic sales for economic growth. The businessmen are trying to increase market shares in domestic supermarkets and department stores. In the Chenghai district, Shantou city of south China's Guangdong province, toy export businesses are also turning to the domestic market. The local government has organised several leading e-commerce platforms to pull factories, foreign trade companies, and domestic consumers together, with the innovation of new sales modes based on live streaming and short videos. Experts expect the Chinese economy to come back on the growth path before rebounding in the second half of the year. The strict lockdowns imposed in China are steadily being relaxed in recent months and demand is coming back as a result of this. But coronavirus is a threat that still has not waned away and the recent spur in coronavirus cases in Beijing has forced authorities to go for mass checking. Logistics and delivery service sectors in Beijing have ramped up testing for all staff members over the weekend to contain the spread of the novel coronavirus. Beijing reported nine new confirmed COVID-19 cases on Sunday. The capital has recorded over 230 new infections since June 11. But the coronavirus cases are much less as compared to many big markets globally. So the best markets for Chinese products are now being explored in China itself.

China focuses on the domestic market for economic recovery