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India's crude oil imports in May fell 22.6% from a year earlier, it's biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus.

India's crude oil imports in May fell 22.6% from a year earlier, it's biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it's lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday. Oil products imports eased 0.8% to 3.57 million tonnes year-on-year, while exports rose by 5.9% to 5.75 million tonnes, gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas. The country has relaxed coronavirus-led restrictions in lower risk areas, which is expected to improve demand and scale up crude processing. The latest data bolstered those expectations with India's fuel demand jumping nearly 50% in May from the previous month, signalling a slow revival of economic activity. However, industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in some parts of the country. Diesel exports, which continued to account for a major share of exports, increased by nearly 33% to 2.79 million tonnes. India revised down its crude oil imports figure for April to 16.55 million tonnes- a decline of 16% year-on-year, from 17.28 million tonnes reported earlier, the data showed.

India's May crude oil imports post biggest decline since at least 2005

Petrol and diesel prices continued to rise through the fortnight with the two auto fuels getting dearer by 51 and 61 paise per litre respectively on Saturday. This is the 14th day of fuel price rise since June 7 when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown.

Petrol and diesel prices continued to rise through the fortnight with the two auto fuels getting dearer by 51 and 61 paise per litre respectively on Saturday. This is the 14th day of fuel price rise since June 7 when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown. With the latest increase, petrol is being retailed at Rs 78.88 per litre and diesel at Rs 77.67 a litre in Delhi. This is an increase of Rs 7.62 per litre in the price of petrol since June 7. Similarly, diesel prices have gone up higher by Rs 8.28 per litre during the 24 day period. Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike later only when the respective state governments hiked VAT or cess. (With inputs from agencies)

Petrol price up by Rs 7.62 and diesel Rs 8.28 in 14 days

Domestic stock market indices advanced by 1.5 per cent on Friday led by gains by big firm which become net debt-free ahead of its March 2021 target.

The S&amp;P BSE Sensex today gained 524 points or 1.53 per cent to settle at 34,732. Of 30 stocks on the index, 18 ended in the green and rest 12 in the red. Besides RIL, ICICI Bank, HDFC Bank, Bajaj Finance, and Bharti Airtel were the major contributors to the index's gains.&nbsp;

NSE's Nifty50 ended at 10,244, up 153 points or 1.5 per cent with 33 constituents advancing, 16 declining and 1 remaining unchanged. Volatility index, India VIX, dipped over 5 per cent to 29.78 levels.&nbsp;

Every week, Sensex gained nearly 3 per cent while Nifty added 2.7 per cent.

Meanwhile, Asian shares wobbled in choppy trade as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. Japan's Nikkei gained by 0.55 per cent and South Korean stocks rose by 0.37 per cent amid concern about diplomatic tension with North Korea. Shares in China rose by 0.96 per cent led by gains in financials and healthcare sector while Hong Kong`s Hang Seng edged up by 0.73 per cent.

(With inputs from agencies)

Domestic stock market indices advanced by 1.5 per cent on Friday led by gains by big firm which become net debt-free ahead of its March 2021 target. The S&P BSE Sensex today gained 524 points or 1.

Domestic stock market indices advanced by 1.5 per cent on Friday led by gains by big firm which become net debt-free ahead of its March 2021 target. The S&P BSE Sensex today gained 524 points or 1.53 per cent to settle at 34,732. Of 30 stocks on the index, 18 ended in the green and rest 12 in the red. Besides RIL, ICICI Bank, HDFC Bank, Bajaj Finance, and Bharti Airtel were the major contributors to the index's gains. NSE's Nifty50 ended at 10,244, up 153 points or 1.5 per cent with 33 constituents advancing, 16 declining and 1 remaining unchanged. Volatility index, India VIX, dipped over 5 per cent to 29.78 levels. Every week, Sensex gained nearly 3 per cent while Nifty added 2.7 per cent. Meanwhile, Asian shares wobbled in choppy trade as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. Japan's Nikkei gained by 0.55 per cent and South Korean stocks rose by 0.37 per cent amid concern about diplomatic tension with North Korea. Shares in China rose by 0.96 per cent led by gains in financials and healthcare sector while Hong Kong`s Hang Seng edged up by 0.73 per cent. (With inputs from agencies)

Sensex, Nifty end with gains for the third week in a row

China's Oppo cancelled the live online launch of its flagship smartphone in India on Wednesday after a border clash between the two countries that has renewed calls from local Indian trader groups to shun Chinese products.

Soldiers from India and China fought each other with nail-studded clubs and stones on a disputed Himalayan mountain frontier this week, leading to the death of 20 Indian soldiers in the worst clash since 1967.

The clashes risk souring sentiment for big Chinese investors who were eyeing the Indian market and already faced pressure as anti-China sentiment festered during the coronavirus outbreak.

Chinese firms such as Great Wall, SAIC and Bytedance have placed major bets on India, where investors like Alibaba also fund many startups. Chinese smartphone brands, including Oppo and Xiaomi, account for eight of every 10 smartphones sold in India.

Oppo, which has a phone-assembly plant in India, had earlier announced a "live unveiling" of its new Find X2 smartphone models would be held on Wednesday, but a YouTube link that had to go live at 4 p.m. local time was not available for viewing.

To launch the phone, the company instead uploaded a 20-minute, pre-recorded video which included a brief highlight of Oppo's efforts to support Indian authorities in preventing the spread of coronavirus.

Oppo did not respond to Reuters' request on why the live launch was cancelled, but a person familiar with the company's thinking said the decision was taken to avoid any possible uproar on social media.

"There is tension in the environment," said the person.

Even before the border clashes, New Delhi in April changed its foreign investment policy for neighbouring countries, a move that upset Chinese investors as the Indian government now screens all incoming investments from there.

"The current government will play hardball... I do not think any new approvals for China proposals will happen in a hurry," said Abhishek Saxena, co-founder of Indian law firm Phoenix Legal that advises Chinese clients.

The Confederation of All India Traders, a group representing roughly 70 million brick-and-mortar retailers, said on Wednesday its members will boycott imported Chinese goods despite the loss their businesses will suffer.

A Twitter user, Uzair Hasan Rizvi, uploaded a video that showed some people throwing a "Chinese TV" from a high-storey building in Gujarat state and then dancing on it before dismantling it. Reuters could not independently confirm when the video was created.

Hindu nationalist group Swadeshi Jagran Manch, which advocates for self reliance, urged Indian authorities to ban Chinese companies from participating in government tenders.

On Wednesday, police arrested some members of the group who protested near the Chinese embassy in New Delhi and chanted slogans such as "Made in China down down".

China's Oppo cancelled the live online launch of its flagship smartphone in India on Wednesday after a border clash between the two countries that has renewed calls from local Indian trader groups to shun Chinese products.

China's Oppo cancelled the live online launch of its flagship smartphone in India on Wednesday after a border clash between the two countries that has renewed calls from local Indian trader groups to shun Chinese products. Soldiers from India and China fought each other with nail-studded clubs and stones on a disputed Himalayan mountain frontier this week, leading to the death of 20 Indian soldiers in the worst clash since 1967. The clashes risk souring sentiment for big Chinese investors who were eyeing the Indian market and already faced pressure as anti-China sentiment festered during the coronavirus outbreak. Chinese firms such as Great Wall, SAIC and Bytedance have placed major bets on India, where investors like Alibaba also fund many startups. Chinese smartphone brands, including Oppo and Xiaomi, account for eight of every 10 smartphones sold in India. Oppo, which has a phone-assembly plant in India, had earlier announced a "live unveiling" of its new Find X2 smartphone models would be held on Wednesday, but a YouTube link that had to go live at 4 p.m. local time was not available for viewing. To launch the phone, the company instead uploaded a 20-minute, pre-recorded video which included a brief highlight of Oppo's efforts to support Indian authorities in preventing the spread of coronavirus. Oppo did not respond to Reuters' request on why the live launch was cancelled, but a person familiar with the company's thinking said the decision was taken to avoid any possible uproar on social media. "There is tension in the environment," said the person. Even before the border clashes, New Delhi in April changed its foreign investment policy for neighbouring countries, a move that upset Chinese investors as the Indian government now screens all incoming investments from there. "The current government will play hardball... I do not think any new approvals for China proposals will happen in a hurry," said Abhishek Saxena, co-founder of Indian law firm Phoenix Legal that advises Chinese clients. The Confederation of All India Traders, a group representing roughly 70 million brick-and-mortar retailers, said on Wednesday its members will boycott imported Chinese goods despite the loss their businesses will suffer. A Twitter user, Uzair Hasan Rizvi, uploaded a video that showed some people throwing a "Chinese TV" from a high-storey building in Gujarat state and then dancing on it before dismantling it. Reuters could not independently confirm when the video was created. Hindu nationalist group Swadeshi Jagran Manch, which advocates for self reliance, urged Indian authorities to ban Chinese companies from participating in government tenders. On Wednesday, police arrested some members of the group who protested near the Chinese embassy in New Delhi and chanted slogans such as "Made in China down down".

Oppo cancels live online phone launch in India amid calls to boycott Chinese goods

Domestic stock market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks.&nbsp;

The S&amp;P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.05 levels while the Nifty50 index reclaimed the psychological level of 10,000 and ended at 10,092, up 210.50 points or over 2 per cent. Volatility index, India VIX, dropped over 5 per cent to 31.58 levels.&nbsp;

Market turns positive for the week, posts biggest one-day gain since June.Financial heavyweights and Reliance Industries major contributors to the market.

Meanwhile, PM Narendra Modi launched the auction process of 41 coal mines for commercial mining. PM Modi said that commercial coal block auction is a win-win situation for industry users as new resources will open up, states will earn more revenue, generating more job opportunities.

Global markets

Global stocks drifted on Thursday as spiking coronavirus cases in some US states and China crushed hopes of a quick global economic comeback from the pandemic. S&amp;P 500 mini futures clawed back losses during Asian trade to end 0.2 per cent lower. China's blue-chip CSI300 shares were a bright spot, adding 0.7 per cent.&nbsp;

In Europe, too, shares retreated. The pan-European STOXX 600 index fell 0.3 per cent after two straight days of gains, driven by optimism over global stimulus helping economies claw back from the coronavirus-led slide.

In commodities, oil prices ticked up after US oil product stocks shrank. Brent crude futures were up 37 cents at $41.08 a barrel at the time of writing of this report. US West Texas Intermediate (WTI) crude futures rose 25 cents to $38.21 a barrel.

Both benchmarks were down about 2 per cent earlier in the session.

(With inputs from agencies)

Domestic stock market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks. The S&P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.

Domestic stock market benchmarks BSE Sensex and Nifty 50 settled with over 2 per cent gains on Thursday led by buying strong buying in financial stocks. The S&P BSE Sensex jumped 700 points or over 2 per cent to settle at 34,208.05 levels while the Nifty50 index reclaimed the psychological level of 10,000 and ended at 10,092, up 210.50 points or over 2 per cent. Volatility index, India VIX, dropped over 5 per cent to 31.58 levels. Market turns positive for the week, posts biggest one-day gain since June.Financial heavyweights and Reliance Industries major contributors to the market. Meanwhile, PM Narendra Modi launched the auction process of 41 coal mines for commercial mining. PM Modi said that commercial coal block auction is a win-win situation for industry users as new resources will open up, states will earn more revenue, generating more job opportunities. Global markets Global stocks drifted on Thursday as spiking coronavirus cases in some US states and China crushed hopes of a quick global economic comeback from the pandemic. S&P 500 mini futures clawed back losses during Asian trade to end 0.2 per cent lower. China's blue-chip CSI300 shares were a bright spot, adding 0.7 per cent. In Europe, too, shares retreated. The pan-European STOXX 600 index fell 0.3 per cent after two straight days of gains, driven by optimism over global stimulus helping economies claw back from the coronavirus-led slide. In commodities, oil prices ticked up after US oil product stocks shrank. Brent crude futures were up 37 cents at $41.08 a barrel at the time of writing of this report. US West Texas Intermediate (WTI) crude futures rose 25 cents to $38.21 a barrel. Both benchmarks were down about 2 per cent earlier in the session. (With inputs from agencies)

Sensex jumps 700 points, Nifty ends at 10,092

Indian Finance Minister Nirmala Sitharaman on Friday announced the third tranche of the Atmanirbhar Bharat Abhiyan economic package of Rs 20 lakh crore.

Highlights from Nirmala Sitharaman's third press briefing on economic package

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday.

<a href="https://www.wionews.com/business-economy/government-hikes-petrol-diesel-prices-again-306177">Also Read:&nbsp;Government hikes petrol, diesel prices again</a>

Petrol will now cost Rs 77.28 a litre in the national capital and diesel will cost Rs 75.79 a litre from today.

On Tuesday, the government had hiked petrol prices by 47 paise and diesel prices by 57 paise a litre. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre.&nbsp;

The government has been increasing prices for the past 10 days especially after the Unlock 1.0 came into effect nationwide with the opening of malls and shopping complexes.

Amid the rise in fuel prices in India, UAE energy minister Suheil al-Mazrouei said that the current low oil and gas prices could lead to energy shocks as the coronavirus pandemic continues to exist with fears of second wave in some parts of the world.

Brent crude had crashed to a low of under $20 a barrel and WTI had sunk into negative territory in April.

Mazrouei said: "Unless we have a second wave of Covid-19, I think we will see a demand recovery at a pace that is adequate to the cut we have done as... OPEC+, provided other producers do not rush and over-produce."

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday. Also Read: Government hikes petrol, diesel prices again Petrol will now cost Rs 77.

Petrol prices were increased by 55 paise a litre and diesel prices were increased by 69 paise on Wednesday. Also Read: Government hikes petrol, diesel prices again Petrol will now cost Rs 77.28 a litre in the national capital and diesel will cost Rs 75.79 a litre from today. On Tuesday, the government had hiked petrol prices by 47 paise and diesel prices by 57 paise a litre. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre. The government has been increasing prices for the past 10 days especially after the Unlock 1.0 came into effect nationwide with the opening of malls and shopping complexes. Amid the rise in fuel prices in India, UAE energy minister Suheil al-Mazrouei said that the current low oil and gas prices could lead to energy shocks as the coronavirus pandemic continues to exist with fears of second wave in some parts of the world. Brent crude had crashed to a low of under $20 a barrel and WTI had sunk into negative territory in April. Mazrouei said: "Unless we have a second wave of Covid-19, I think we will see a demand recovery at a pace that is adequate to the cut we have done as... OPEC+, provided other producers do not rush and over-produce."

Petrol, diesel prices hiked in India for eleventh consecutive day

Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict.

After gyrating 600.70 points during the day, the 30-share index closed 97.30 points, or 0.29 per cent, lower at 33,507.92. It had hit an intra-day high of 33,933.66 and a low of 33,332.96.

Similarly, the NSE Nifty settled 32.85 points, or 0.33 per cent, down at 9,881.15. It touched a high of 10,003.60 and a low of 9,833.80 in the session.

Global markets

Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases.

In Asia, Japan’s Nikkei eased 0.5 per cent, after jumping almost 5 per cent on Tuesday for its biggest daily gain in three months. Chinese blue chips recovered from an early dip to finish steady.&nbsp;

In the overnight trade, the Dow ended Tuesday up 2.04 per cent, while the S&amp;P 500 gained 1.90 per cent and the Nasdaq 1.75 per cent.

In commodities, oil prices declined on Wednesday as data showed an increase in US crude and fuel inventories. Brent crude futures were down 29 cents, or 0.7 per cent, at $40.67 a barrel at the time of writing of this report, and US West Texas Intermediate (WTI) futures fell 43 cents, or 1.1 per cent, to $37.95 a barrel.&nbsp;

(With inputs from Reuters)

Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict.

Indian benchmark equity indices closed in the red in a volatile trading session on Wednesday as investors weighed the consequences of Indo-China border conflict. After gyrating 600.70 points during the day, the 30-share index closed 97.30 points, or 0.29 per cent, lower at 33,507.92. It had hit an intra-day high of 33,933.66 and a low of 33,332.96. Similarly, the NSE Nifty settled 32.85 points, or 0.33 per cent, down at 9,881.15. It touched a high of 10,003.60 and a low of 9,833.80 in the session. Global markets Europe’s shares added to their best gains in almost a month as safety plays lost their lustre on Wednesday, with hopes of a rapid economic recovery standing firm against a resurgence of global coronavirus cases. In Asia, Japan’s Nikkei eased 0.5 per cent, after jumping almost 5 per cent on Tuesday for its biggest daily gain in three months. Chinese blue chips recovered from an early dip to finish steady. In the overnight trade, the Dow ended Tuesday up 2.04 per cent, while the S&P 500 gained 1.90 per cent and the Nasdaq 1.75 per cent. In commodities, oil prices declined on Wednesday as data showed an increase in US crude and fuel inventories. Brent crude futures were down 29 cents, or 0.7 per cent, at $40.67 a barrel at the time of writing of this report, and US West Texas Intermediate (WTI) futures fell 43 cents, or 1.1 per cent, to $37.95 a barrel. (With inputs from Reuters)

Sensex ends 97 points lower amid India-China face-off

Apple Inc on Monday released the results of a study that found its App Store spurred $458 billion (363.52 billion pounds) in sales last year from categories such as retail of physical goods, ride-hailing and advertising from which the iPhone maker takes no commission.

Apple Inc on Monday released the results of a study that found its App Store spurred $458 billion (363.52 billion pounds) in sales last year from categories such as retail of physical goods, ride-hailing and advertising from which the iPhone maker takes no commission. The study, backed by Apple, marks the first time the company has sought to quantify App Store activity that does not produce a commission for Apple. Commissions from the App Store, which is the only way developers can distribute apps to iPhones owned by consumers, have become a key sales driver for Apple as iPhone sales level off. Also read: As Apple eyes shift to India from China, smartphone manufacturing to get major boost But Apple's study suggested the App Store has a broader impact. The App Store generated $519 billion in billings and sales in 2019, according to the study, conducted by economic research consulting firm Analysis Group. Of that amount, $413 billion was from physical goods and services. The study found $45 billion came from in-app advertising. The remaining 15% of overall App Store activity - about $63 billion - came from digital goods and services such as music and video subscriptions or in-app purchases in games. Apple takes a commission of between 15% and 30% for digital goods and services purchased through the App Store. That practice has drawn antitrust scrutiny in the United States and Europe, with rivals such as Spotify Technology Ltd saying the practice hurts their business. Also read: Apple rolls out cheaper iPhone as pandemic curbs spending To avoid paying Apple's commissions, rivals like Spotify must ask their customers to sign up for subscriptions on their own website, which adds multiple extra steps compared with paying inside the App Store. Spotify has alleged that created an uneven playing field. In a conference call with journalists, Apple representatives said the company commissioned the study to gain a better understanding of the physical goods and services activity in its App Store. General retail apps on iPhones and iPads, including Amazon.com, generated an estimated $268 billion in sales and billings, followed by travel apps at $57 billion and ride-hailing apps at $40 billion.

Apple-backed study sheds light on physical sales through App Store

The government on Tuesday once again hiked fuel prices in India increasing petrol prices by 47 paise and diesel prices by 57 paise a litre.

Petrol will now cost Rs 76.73 a litre in the national capital with diesel at Rs75.19 a litre.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-again-in-india-305290">Also Read:&nbsp;Petrol, diesel prices hiked again in India</a>

The price of petrol has now gone up by Rs 5.47 in the last ten days with diesel prices shooting up by Rs 5.80.&nbsp;

On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre.&nbsp;

The government's move comes as international oil prices dipped over spike in coronavirus&nbsp;infections around the world leading to a fall in demand of fuel prices.

Brent crude was down 14 cents at $39.58 a barrel on Tuesday after prices had increased&nbsp;on Monday as&nbsp;United Arab Emirates' energy minister said that OPEC+ hasn't been in full compliance with oil cuts which were agreed upon earlier.

OPEC&nbsp;and Russia had&nbsp;agreed to extend production cuts of 9.7 million barrels per day through July due to fall in demand due to the coronavirus pandemic..

The government on Tuesday once again hiked fuel prices in India increasing petrol prices by 47 paise and diesel prices by 57 paise a litre. Petrol will now cost Rs 76.

The government on Tuesday once again hiked fuel prices in India increasing petrol prices by 47 paise and diesel prices by 57 paise a litre. Petrol will now cost Rs 76.73 a litre in the national capital with diesel at Rs75.19 a litre. Also Read: Petrol, diesel prices hiked again in India The price of petrol has now gone up by Rs 5.47 in the last ten days with diesel prices shooting up by Rs 5.80. On Monday, prices of petrol were increased by 48 paise and diesel prices were hiked by 59 paise a litre. The government's move comes as international oil prices dipped over spike in coronavirus infections around the world leading to a fall in demand of fuel prices. Brent crude was down 14 cents at $39.58 a barrel on Tuesday after prices had increased on Monday as United Arab Emirates' energy minister said that OPEC+ hasn't been in full compliance with oil cuts which were agreed upon earlier. OPEC and Russia had agreed to extend production cuts of 9.7 million barrels per day through July due to fall in demand due to the coronavirus pandemic..

Government hikes petrol, diesel prices again

The domestic stock market benchmark indices witnessed a volatile trade today due to escalating tensions between India and China.&nbsp;

At close, the Sensex ended 376.42 points or 1.13 per cent at 33,605.22, and the Nifty ended 100.30 points or 1.02 per cent at 9,914. Broader markets ended the session on a mixed note as Nifty Midcap100 index closed 0.44 per cent higher while Nifty Smallcap100 index slipped 0.11 per cent.

Nifty Bank moves 384 points higher at 20,297 and Midcap 62 points to 14,231. Financial heavyweights like HDFC twins and ICICI Bank help Nifty close higher.IT stocks gain with rupee weakening to 76.21 against US dollar; TCS and Infosys up 1-2%. Tata Motors slips 6% after reporting a weak Q4.

The HDFC twins (both up 4%) were the top Sensex gainers while Axis Bank and Tech Mahindra (both down 2%) were the main laggards. In the Sensex pack, 15 stocks advanced while as many declined.

(With inputs from agencies)

The domestic stock market benchmark indices witnessed a volatile trade today due to escalating tensions between India and China. At close, the Sensex ended 376.42 points or 1.

The domestic stock market benchmark indices witnessed a volatile trade today due to escalating tensions between India and China. At close, the Sensex ended 376.42 points or 1.13 per cent at 33,605.22, and the Nifty ended 100.30 points or 1.02 per cent at 9,914. Broader markets ended the session on a mixed note as Nifty Midcap100 index closed 0.44 per cent higher while Nifty Smallcap100 index slipped 0.11 per cent. Nifty Bank moves 384 points higher at 20,297 and Midcap 62 points to 14,231. Financial heavyweights like HDFC twins and ICICI Bank help Nifty close higher.IT stocks gain with rupee weakening to 76.21 against US dollar; TCS and Infosys up 1-2%. Tata Motors slips 6% after reporting a weak Q4. The HDFC twins (both up 4%) were the top Sensex gainers while Axis Bank and Tech Mahindra (both down 2%) were the main laggards. In the Sensex pack, 15 stocks advanced while as many declined. (With inputs from agencies)

Sensex ends 376 points higher, Nifty ends higher despite volatility

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases.&nbsp;

The BSE S&amp;P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814. Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent. 
Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent. Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively.&nbsp;

The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation. However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges.

Global markets

Fears that the second wave of COVID-19 infections is underway sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt.

The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia.

(With inputs from agencies)

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. The BSE S&P Sensex closed 552 points or 1.

Domestic stock market indices ended with over 1.5 per cent cut on Monday, on weak global cues and a rapid rise in Covid-19 cases. The BSE S&P Sensex closed 552 points or 1.63 per cent lower at 33,229 while the Nifty 50 edged lower by 159 points or 1.6 per cent at 9,814. Most sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.8 per cent, realty by 3 per cent, financial service by 2.9 per cent and FMCG by 1.5 per cent. Private banks suffered heavy losses with IndusInd Bank down by 7.2 per cent at Rs 490.40 per share while Axis Bank slipped by 4.5 per cent and ICICI Bank by 3.8 per cent. Bajaj Finance and Bajaj Finserv fell by 3.9 per cent and 3.3 per cent respectively. The other prominent losers included Tata Motors, Tata Steel, ITC, NTPC and Bharat Petroleum Corporation. However, Reliance Industries gained by 1.48 per cent to Rs 1,612.30 per share as its partly paid shares which were issued in the recent rights offer, got listed on stock exchanges. Global markets Fears that the second wave of COVID-19 infections is underway sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as German government debt. The pan-European STOXX 600 fell 2.5 per cent with all sectors and regional markets trading deep in the red after losses accelerated in the final hours of trading in Asia. (With inputs from agencies)

Sensex slips 552 points, Nifty ends just above 9,800 on global cues

The government today hiked petrol and diesel prices once again on Monday.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-again-in-india-305290">Also Read:&nbsp;Petrol, diesel prices hiked again in India</a>

Petrol was increased by Rs 0.48 a litre and diesel prices have now gone up Rs 0.59 a litre. Petrol will cost Rs 76.26 a litre in the national capital and diesel is set to cost Rs 74.62 a litre.

Last week the government had hiked prices over six days with petrol prices going up by Rs 3.31 and diesel prices by Rs 3.42.

The government's move comes even as international oil prices dropped more than two per cent over fears of a second wave of coronavirus in the United States.

Brent crude futures fell 66 cents at $38.07 a barrel while US West Texas Intermediate (WTI) crude futures fell 81 cents to $35.45 a barrel.

OPEC had earlier decided to cut supplies by 9.7 million barrels per day nearly about 10 per cent due to falling demand as a result of the coronavirus pandemic sweeping the world with major economies under lockdown.

The government today hiked petrol and diesel prices once again on Monday. Also Read: Petrol, diesel prices hiked again in India Petrol was increased by Rs 0.48 a litre and diesel prices have now gone up Rs 0.

The government today hiked petrol and diesel prices once again on Monday. Also Read: Petrol, diesel prices hiked again in India Petrol was increased by Rs 0.48 a litre and diesel prices have now gone up Rs 0.59 a litre. Petrol will cost Rs 76.26 a litre in the national capital and diesel is set to cost Rs 74.62 a litre. Last week the government had hiked prices over six days with petrol prices going up by Rs 3.31 and diesel prices by Rs 3.42. The government's move comes even as international oil prices dropped more than two per cent over fears of a second wave of coronavirus in the United States. Brent crude futures fell 66 cents at $38.07 a barrel while US West Texas Intermediate (WTI) crude futures fell 81 cents to $35.45 a barrel. OPEC had earlier decided to cut supplies by 9.7 million barrels per day nearly about 10 per cent due to falling demand as a result of the coronavirus pandemic sweeping the world with major economies under lockdown.

Petrol, diesel prices hiked again in India

The world is already experiencing new and interesting trends coming up in what is often-described as COVID-era. And in several countries, especially in the United States, one such trend that is being observed is cycling.&nbsp;

In the US, bicycle stocks in the stores of Walmart and Target are getting emptied, and independent sellers are also seeing a huge spike in sales.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/hybrid-cars-produce-more-co2-than-older-vehicles-in-uk-study-283365">Hybrid cars produce more CO2 than older vehicles in UK: Study</a>

In the last two months, bicycle sales in the US saw its biggest jump since the oil crisis in the 1970s, said Jay Townley, who observes cycling industry trends at Human Powered Solutions, reported AP.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-wants-petrol-diesel-vehicles-out-by-2035-proposes-switching-to-hybrid-vehicles-278805">UK wants petrol &amp; diesel vehicles out by 2035, proposes switching to hybrid vehicles</a> 
&nbsp; 
"People quite frankly have panicked, and they’re buying bikes like toilet paper," he added, referring to the panic buying witnessed during the start of the pandemic.&nbsp;

Countries around the world witnessed this trend as public transport remains a threat, increasing coronavirus transmissions.&nbsp;

In Manila and Rome, several bike lanes were installed to accommodate rising interest in cycling, while in London, authorities are seeking a ban on cars from some central thoroughfares.

Bike shop owners in the Philippine capital say demand is more than it was at Christmas. Bicycle sales are booming in Italy due to government incentives, which includes a 500-euro ($575) "bici bonus", offering rebate for up to 60% of the cost of a bike. &nbsp;

However, Townley added that the surging demand has also caused a shortage in the stock as 90 per cent&nbsp;of its cycles come from China, which witnessed a production hit due to the coronavirus pandemic.&nbsp;

Experts believe a boom in the sale of cycles can be because of multiple reasons, which include restrictions on public transport, a fitness alternative due to the shutdown of gyms, and keeping children due to stay-at-home orders.

Not just traditional cycles, electric cycles are also getting popular in the times of coronavirus.&nbsp;

Taco Carlier, co-founder of VanMoof, a Dutch e-bike manufacturer, said that since the pandemic began, he is seeing an "unlimited demand", leading to a 10-week order backlog for its commuter electric bikes, which generally used to take a day's time for delivery.&nbsp;

VanMoof's sales rose by 138 per cent in the US and 184 per cent in Britain in the February-April period compared to last year, with significant gains in other European countries.&nbsp;

Carlier said that they have increased their production, but adds, that they still would require two-three months to meet the demand.&nbsp;

The world is already experiencing new and interesting trends coming up in what is often-described as COVID-era. And in several countries, especially in the United States, one such trend that is being observed is cycling.

The world is already experiencing new and interesting trends coming up in what is often-described as COVID-era. And in several countries, especially in the United States, one such trend that is being observed is cycling. In the US, bicycle stocks in the stores of Walmart and Target are getting emptied, and independent sellers are also seeing a huge spike in sales. Also read | Hybrid cars produce more CO2 than older vehicles in UK: Study In the last two months, bicycle sales in the US saw its biggest jump since the oil crisis in the 1970s, said Jay Townley, who observes cycling industry trends at Human Powered Solutions, reported AP. Also read | UK wants petrol & diesel vehicles out by 2035, proposes switching to hybrid vehicles "People quite frankly have panicked, and they’re buying bikes like toilet paper," he added, referring to the panic buying witnessed during the start of the pandemic. Countries around the world witnessed this trend as public transport remains a threat, increasing coronavirus transmissions. In Manila and Rome, several bike lanes were installed to accommodate rising interest in cycling, while in London, authorities are seeking a ban on cars from some central thoroughfares. Bike shop owners in the Philippine capital say demand is more than it was at Christmas. Bicycle sales are booming in Italy due to government incentives, which includes a 500-euro ($575) "bici bonus", offering rebate for up to 60% of the cost of a bike. However, Townley added that the surging demand has also caused a shortage in the stock as 90 per cent of its cycles come from China, which witnessed a production hit due to the coronavirus pandemic. Experts believe a boom in the sale of cycles can be because of multiple reasons, which include restrictions on public transport, a fitness alternative due to the shutdown of gyms, and keeping children due to stay-at-home orders. Not just traditional cycles, electric cycles are also getting popular in the times of coronavirus. Taco Carlier, co-founder of VanMoof, a Dutch e-bike manufacturer, said that since the pandemic began, he is seeing an "unlimited demand", leading to a 10-week order backlog for its commuter electric bikes, which generally used to take a day's time for delivery. VanMoof's sales rose by 138 per cent in the US and 184 per cent in Britain in the February-April period compared to last year, with significant gains in other European countries. Carlier said that they have increased their production, but adds, that they still would require two-three months to meet the demand.

'Buying bikes like toilet paper': Coronavirus causes a surge in bicycle sales

Sensex plummeted over 1,000 points in opening trade on Friday with Nifty falling 274 after Wall Street stocks plunged over fears of another wave of coronavirus in the US.

<a href="https://www.wionews.com/world/several-us-states-report-spike-in-coronavirus-cases-as-stocks-plunge-305259">Also Read: Several US states report spike in coronavirus cases as stocks plunge</a>

Sensex fell 1,101.68 points to 32,436.69 and the Nifty fell 274 points to 9,628. The markets recovered to trade at 32,818.74, down 719 points.

Stocks&nbsp;in Asia plunged as well with stocks down in Hong Kong over one percent and Tokyo stocks were down 1.5 per cent and Shanghai shed 0.7 per cent.

In Sydney stocks were down 1.7 per cent, Seoul, Singapore and Jakarta all dropped more than two per cent and Taipei slipped 0.9 percent.

On Thursday, Wall Street street stocks collapsed with&nbsp;the Dow crashing 6.9 per cent and the S&amp;P 500 sliding 5.9 per cent with the Nasdaq going down 5.3 per cent.

Sensex plummeted over 1,000 points in opening trade on Friday with Nifty falling 274 after Wall Street stocks plunged over fears of another wave of coronavirus in the US.

Sensex plummeted over 1,000 points in opening trade on Friday with Nifty falling 274 after Wall Street stocks plunged over fears of another wave of coronavirus in the US. Also Read: Several US states report spike in coronavirus cases as stocks plunge Sensex fell 1,101.68 points to 32,436.69 and the Nifty fell 274 points to 9,628. The markets recovered to trade at 32,818.74, down 719 points. Stocks in Asia plunged as well with stocks down in Hong Kong over one percent and Tokyo stocks were down 1.5 per cent and Shanghai shed 0.7 per cent. In Sydney stocks were down 1.7 per cent, Seoul, Singapore and Jakarta all dropped more than two per cent and Taipei slipped 0.9 percent. On Thursday, Wall Street street stocks collapsed with the Dow crashing 6.9 per cent and the S&P 500 sliding 5.9 per cent with the Nasdaq going down 5.3 per cent.

Global markets plunge over second wave of coronavirus in US; Sensex crashes over 1,000 points

The government today hiked fuel prices in India once again with the cost of petrol rising by Rs 3.31 in six days and diesel prices going up by Rs 3.42.

<a href="https://www.wionews.com/business-economy/amid-unlock-10-government-hikes-petrol-diesel-prices-for-fourth-consecutive-day-304745">Also Read:&nbsp;Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day</a>

Petrol prices were&nbsp;hiked by 57 paise per litre and diesel by 59 paise on Friday. Petrol will now cost Rs 74.57 a litre with diesel at 72.81 a litre in the national capital.

The hike in petrol prices comes as international oil prices climbed and finished with gains for a sixth week in a row.

OPEC and Russia had earlier pledged to cut output by 9.7 million barrels per day from May 1 until the end of June after the coronavirus outbreak led to a dramatic fall in oil prices.

"All participating countries... agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month," it said.

The oil-producing block decided to later extend the output cuts through to July.

The government today hiked fuel prices in India once again with the cost of petrol rising by Rs 3.31 in six days and diesel prices going up by Rs 3.42. Also Read: Amid Unlock 1.

The government today hiked fuel prices in India once again with the cost of petrol rising by Rs 3.31 in six days and diesel prices going up by Rs 3.42. Also Read: Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day Petrol prices were hiked by 57 paise per litre and diesel by 59 paise on Friday. Petrol will now cost Rs 74.57 a litre with diesel at 72.81 a litre in the national capital. The hike in petrol prices comes as international oil prices climbed and finished with gains for a sixth week in a row. OPEC and Russia had earlier pledged to cut output by 9.7 million barrels per day from May 1 until the end of June after the coronavirus outbreak led to a dramatic fall in oil prices. "All participating countries... agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month," it said. The oil-producing block decided to later extend the output cuts through to July.

Facebook's acquisition of popular GIF website Giphy is being scrutinised by Britain's competition watchdog for possibly reducing competition in the United Kingdom.

The parent of messaging app WhatsApp bought Giphy, a popular website for making and sharing animated images, or GIFs, in May to integrate it with its rapidly growing photo-sharing app, Instagram.

While a formal probe is yet to begin, the Competition and Markets Authority (CMA) earlier this week served Facebook with an initial enforcement order and on Friday began the first stage of an investigation, inviting comments on the transaction from any interested party.&nbsp;

Facebook, the world's largest social media network, did not immediately respond to a Reuters request for comment.

Giphy sought to quell some of the concerns in a statement. "Everyone will continue to have the same access to GIPHY. We look forward to demonstrating how this partnership is a win for our users, partners, and content creators," it said.

According to Facebook, 50% of Giphy's traffic comes from Facebook's apps, with half of that coming from Instagram.

The deal, pegged at around $400 million by news website Axios, came through as Facebook was already under scrutiny over antitrust concerns, and the company is now taking fire for its decision to not challenge inflammatory posts by U.S. President Donald Trump.

Some advocacy groups had already raised concerns when the deal was announced and Facebook had then said that Giphy's integrations with other social platforms like Twitter, Snapchat and ByteDance's TikTok would not change.

The American Economic Liberties Project, an antitrust advocacy group, had said that Facebook and Google are monopolizing online communications through such deals, while urging the Federal Trade Commission to probe the deal.

Alphabet Inc's Google had acquired GIF platform Tenor in 2018 and integrated it into its image search function.

 
&nbsp;

Facebook's acquisition of popular GIF website Giphy is being scrutinised by Britain's competition watchdog for possibly reducing competition in the United Kingdom.

Facebook's acquisition of popular GIF website Giphy is being scrutinised by Britain's competition watchdog for possibly reducing competition in the United Kingdom. The parent of messaging app WhatsApp bought Giphy, a popular website for making and sharing animated images, or GIFs, in May to integrate it with its rapidly growing photo-sharing app, Instagram. While a formal probe is yet to begin, the Competition and Markets Authority (CMA) earlier this week served Facebook with an initial enforcement order and on Friday began the first stage of an investigation, inviting comments on the transaction from any interested party. Facebook, the world's largest social media network, did not immediately respond to a Reuters request for comment. Giphy sought to quell some of the concerns in a statement. "Everyone will continue to have the same access to GIPHY. We look forward to demonstrating how this partnership is a win for our users, partners, and content creators," it said. According to Facebook, 50% of Giphy's traffic comes from Facebook's apps, with half of that coming from Instagram. The deal, pegged at around $400 million by news website Axios, came through as Facebook was already under scrutiny over antitrust concerns, and the company is now taking fire for its decision to not challenge inflammatory posts by U.S. President Donald Trump. Some advocacy groups had already raised concerns when the deal was announced and Facebook had then said that Giphy's integrations with other social platforms like Twitter, Snapchat and ByteDance's TikTok would not change. The American Economic Liberties Project, an antitrust advocacy group, had said that Facebook and Google are monopolizing online communications through such deals, while urging the Federal Trade Commission to probe the deal. Alphabet Inc's Google had acquired GIF platform Tenor in 2018 and integrated it into its image search function.

Facebook's Giphy deal draws UK competition watchdog's attention

The state government of Karnataka's has said that parota must be taxed at more than triple the GST tax rate on the roti.&nbsp;

The Karnataka bench of Authority for Advance Rulings (AAR), stated that parotas would be subject to a higher GST rate of 18% unlike roti (5% GST). The institution said that since "roti" was generic, not every flatbread could be considered a part of it.

The higher rate of Goods and Services Tax (GST) on the parota is inspiring memes and jokes on social media.

“With all the other challenges the country is facing, it makes you wonder if we should be worrying about an existential crisis for the ‘Parota.’ In any case, given Indian jugaad skills, I’m pretty sure there will be a new breed of ‘Parotis’ that will challenge any categorisation,” Mahindra &amp; Mahindra group chairman Anand Mahindra tweeted. 
 
<img alt="Anand Mahindra" data-entity-type="file" data-entity-uuid="44d203e7-9dd5-4fa2-b132-22ccdf1cb5ef" src="//cdn.wionews.com/sites/default/files/inline-images/anand-mahindra.JPG" />

Say no to food fascism

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
5% GST for Rotis and 18% GST for Porotta?! 
 
This discrimination should end right now. Say No to Food Fascism! You dont get to decide what we should eat! <a href="https://twitter.com/hashtag/HandsOffPorotta?src=hash&amp;ref_src=twsrc%5Etfw">#HandsOffPorotta</a> <a href="https://t.co/Y59zjkdT6q">pic.twitter.com/Y59zjkdT6q</a>
— The Saudade Guy🌹 (@arunrajpaul) <a href="https://twitter.com/arunrajpaul/status/1271333398888546304?ref_src=twsrc%5Etfw">June 12, 2020</a></blockquote>
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Classic and Whole Wheat Malabar "Parota" under Schedule III of GST Laws is taxable at 18% GST. 
The government gave a very lame explanation that Porotta is taxed simply because it's not Roti. 
 
The flawed logic shows the north south divide in their politics.<a href="https://twitter.com/hashtag/HandsOffPorotta?src=hash&amp;ref_src=twsrc%5Etfw">#HandsOffPorotta</a>
— Arya 🌹 (@RantingDosa) <a href="https://twitter.com/RantingDosa/status/1271313806350680065?ref_src=twsrc%5Etfw">June 12, 2020</a></blockquote>
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The state government of Karnataka's has said that parota must be taxed at more than triple the GST tax rate on the roti. The Karnataka bench of Authority for Advance Rulings (AAR), stated that parotas would be subject to a higher GST rate of 18% unlike roti (5% GST).

The state government of Karnataka's has said that parota must be taxed at more than triple the GST tax rate on the roti. The Karnataka bench of Authority for Advance Rulings (AAR), stated that parotas would be subject to a higher GST rate of 18% unlike roti (5% GST). The institution said that since "roti" was generic, not every flatbread could be considered a part of it. The higher rate of Goods and Services Tax (GST) on the parota is inspiring memes and jokes on social media. “With all the other challenges the country is facing, it makes you wonder if we should be worrying about an existential crisis for the ‘Parota.’ In any case, given Indian jugaad skills, I’m pretty sure there will be a new breed of ‘Parotis’ that will challenge any categorisation,” Mahindra & Mahindra group chairman Anand Mahindra tweeted. Say no to food fascism 5% GST for Rotis and 18% GST for Porotta?! This discrimination should end right now. Say No to Food Fascism! You dont get to decide what we should eat! #HandsOffPorotta pic.twitter.com/Y59zjkdT6q — The Saudade Guy🌹 (@arunrajpaul) June 12, 2020 × Classic and Whole Wheat Malabar "Parota" under Schedule III of GST Laws is taxable at 18% GST. The government gave a very lame explanation that Porotta is taxed simply because it's not Roti. The flawed logic shows the north south divide in their politics.#HandsOffPorotta — Arya 🌹 (@RantingDosa) June 12, 2020 ×

18% GST on Parotas, 5% on roti: Twitter reacts on the bizarre ruling

Britain's economy shrank by more than a fifth in April from March, official data showed Friday, as the first full month of coronavirus lockdown ravaged activity.&nbsp;

Gross domestic product nosedived by a record 20.4 percent from the previous month, after a 5.8-percent contraction in March, the Office for National Statistics said.

The UK government had imposed a lockdown on March 23 in an attempt to halt the spread of COVID-19, and also stepped in to back up employee wages in a costly "furlough" jobs retention scheme.

"GDP fell by 20.4 percent in the month, the largest fall since monthly records began in 1997, reflecting record widespread falls in services, production and construction output," the ONS added.

The dramatic collapse in April was three times greater than the slump experienced during the 2008-2009 global financial crisis, it said.

Britain is now gradually easing stay-at-home restrictions, with widespread concern about the impact of two months of lockdown on the economy.

- 'Unprecendented' - 
Yet the harsh restrictions -- under which shops and factories shut down and workers were sent home -- is widely expected to have sent the nation into recession.

Jonathan Athow, ONS deputy national statistician, described the 20-percent slump as "unprecedented".

"April's fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-COVID-19 fall," said Athow.

"In April, the economy was around 25 percent smaller than in February."

The hardest hit areas were pubs, education, health and car sales.

GDP meanwhile shrank by 10.4 percent in the three months to the end of April.

"The economy has experienced a significant shock since the start of the coronavirus pandemic; GDP has fallen dramatically, with record broad-based falls in output for production, services and construction," the ONS added.

- 'Wide-ranging impact' - 
The COVID-19 pandemic, which has blighted economies worldwide, had a "significant and wide-ranging negative impact" in April on British businesses.

"April 2020 has experienced sharper falls than March as the negative impacts of social distancing and 'lockdown' have led to a significant fall in consumer demand and business and factory closures, as well as supply chain disruptions," the ONS said.

Britain is meanwhile pressing ahead with its lockdown easing plans.

Non-essential shops and services, as well as zoos, wildlife parks and drive-in cinemas can open from next Monday, and individual attendance will be allowed at places of worship.

However, restrictions have not yet been lifted on pubs, bars, restaurants and other leisure facilities.

Britain is widely expected to slump into recession in the second quarter of this year, having contracted by two percent in the first three months of 2020.

The economy could collapse as much as 35 percent in the current quarter that runs to the end of June, according to UK fiscal watchdog the Office for Budget Responsibility.

The Bank of England has already warned that the COVID-19 economic paralysis could lead to Britain's worst recession in centuries.

Britain's economy shrank by more than a fifth in April from March, official data showed Friday, as the first full month of coronavirus lockdown ravaged activity.

Britain's economy shrank by more than a fifth in April from March, official data showed Friday, as the first full month of coronavirus lockdown ravaged activity. Gross domestic product nosedived by a record 20.4 percent from the previous month, after a 5.8-percent contraction in March, the Office for National Statistics said. The UK government had imposed a lockdown on March 23 in an attempt to halt the spread of COVID-19, and also stepped in to back up employee wages in a costly "furlough" jobs retention scheme. "GDP fell by 20.4 percent in the month, the largest fall since monthly records began in 1997, reflecting record widespread falls in services, production and construction output," the ONS added. The dramatic collapse in April was three times greater than the slump experienced during the 2008-2009 global financial crisis, it said. Britain is now gradually easing stay-at-home restrictions, with widespread concern about the impact of two months of lockdown on the economy. - 'Unprecendented' - Yet the harsh restrictions -- under which shops and factories shut down and workers were sent home -- is widely expected to have sent the nation into recession. Jonathan Athow, ONS deputy national statistician, described the 20-percent slump as "unprecedented". "April's fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-COVID-19 fall," said Athow. "In April, the economy was around 25 percent smaller than in February." The hardest hit areas were pubs, education, health and car sales. GDP meanwhile shrank by 10.4 percent in the three months to the end of April. "The economy has experienced a significant shock since the start of the coronavirus pandemic; GDP has fallen dramatically, with record broad-based falls in output for production, services and construction," the ONS added. - 'Wide-ranging impact' - The COVID-19 pandemic, which has blighted economies worldwide, had a "significant and wide-ranging negative impact" in April on British businesses. "April 2020 has experienced sharper falls than March as the negative impacts of social distancing and 'lockdown' have led to a significant fall in consumer demand and business and factory closures, as well as supply chain disruptions," the ONS said. Britain is meanwhile pressing ahead with its lockdown easing plans. Non-essential shops and services, as well as zoos, wildlife parks and drive-in cinemas can open from next Monday, and individual attendance will be allowed at places of worship. However, restrictions have not yet been lifted on pubs, bars, restaurants and other leisure facilities. Britain is widely expected to slump into recession in the second quarter of this year, having contracted by two percent in the first three months of 2020. The economy could collapse as much as 35 percent in the current quarter that runs to the end of June, according to UK fiscal watchdog the Office for Budget Responsibility. The Bank of England has already warned that the COVID-19 economic paralysis could lead to Britain's worst recession in centuries.

Britain's GDP contracts 20.4% over coronavirus lockdown

Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp.

<a href="https://www.wionews.com/business-economy/elon-musk-earns-770-million-performance-based-payday-in-stock-options-after-tesla-hits-targets-301736">Also Read:&nbsp;Musk earns $770 million payday in stock options after Tesla hits targets</a>

The electric car company is now reportedly worth over $187 billion as its stocks rose over six per cent on Wall Street. Tesla's CEO Elon Musk in an email to his staff had said that the company's new Semi truck was ready for "volume production", however, he did not put a deadline or when the production will begin.

Tesla stocks had earlier hit an all-time high in February when it crossed $9,000 a share due to record sales in 2019 and results of factory output in China, however, it fell rapidly as the coronavirus pandemic hit the United States.

Musk on Wednesday had tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.

“Production of the battery and powertrain will take place at Giga Nevada,” Musk said.

Tesla had to close its factories in California, Buffalo and Fremont amid the virus.

The company had previously announced the production of Tesla Semi in 2017 boasting of travelling 500 kms on a single battery, however, the company had later said it was delaying production until 2021.

Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp.

Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp. Also Read: Musk earns $770 million payday in stock options after Tesla hits targets The electric car company is now reportedly worth over $187 billion as its stocks rose over six per cent on Wall Street. Tesla's CEO Elon Musk in an email to his staff had said that the company's new Semi truck was ready for "volume production", however, he did not put a deadline or when the production will begin. Tesla stocks had earlier hit an all-time high in February when it crossed $9,000 a share due to record sales in 2019 and results of factory output in China, however, it fell rapidly as the coronavirus pandemic hit the United States. Musk on Wednesday had tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate. “Production of the battery and powertrain will take place at Giga Nevada,” Musk said. Tesla had to close its factories in California, Buffalo and Fremont amid the virus. The company had previously announced the production of Tesla Semi in 2017 boasting of travelling 500 kms on a single battery, however, the company had later said it was delaying production until 2021.

Musk's Tesla becomes most valuable automaker, beats Toyota

The S&amp;P BSE Sensex tumbled 709 points or over 2 per cent on Thursday, led by losses in Reliance Industries, HDFC Bank and ICICI Bank, as a sell-off in global equities hit investor sentiment.

After touching a low of 33,480.42, the 30-share index settled 708.68 points, or 2.07 per cent, lower at 33,538.37. Similarly, the broader NSE Nifty tanked 214.15 points, or 2.12 per cent, to close at 9,902.&nbsp;

The investor sentiment took a hit post US Federal Reserve's policy meeting outcome. The US central bank projected a 6.5 per cent decline in the US economy's gross domestic product (GDP) this year and a 9.3 per cent unemployment rate at the year's end.

Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh. 
 
(With inputs from agencies)

The S&P BSE Sensex tumbled 709 points or over 2 per cent on Thursday, led by losses in Reliance Industries, HDFC Bank and ICICI Bank, as a sell-off in global equities hit investor sentiment.

The S&P BSE Sensex tumbled 709 points or over 2 per cent on Thursday, led by losses in Reliance Industries, HDFC Bank and ICICI Bank, as a sell-off in global equities hit investor sentiment. After touching a low of 33,480.42, the 30-share index settled 708.68 points, or 2.07 per cent, lower at 33,538.37. Similarly, the broader NSE Nifty tanked 214.15 points, or 2.12 per cent, to close at 9,902. The investor sentiment took a hit post US Federal Reserve's policy meeting outcome. The US central bank projected a 6.5 per cent decline in the US economy's gross domestic product (GDP) this year and a 9.3 per cent unemployment rate at the year's end. Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh. (With inputs from agencies)

Sensex slumps 709 points on global sell-off

Asia-focused banking giant HSBC's vocal support for China's controversial Hong Kong security law has not been well received in Britain, the former ruler of the city.

The London-headquartered lender last week backed Beijing's contentious legal proposal for Hong Kong, which critics fear will be used to stamp out dissent in the city.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-privately-urged-top-hong-kong-officials-to-back-national-security-law-304961">China privately urged top Hong Kong officials to back national security law</a>

HSBC's announcement angered business and political circles in Britain, which returned the former colony to Chinese rule in 1997.

Also read |&nbsp;<a href="https://www.wionews.com/world/hong-kong-marks-one-year-of-pro-democracy-activism-with-fresh-protests-53-arrested-304706">Hong Kong marks one year of pro-democracy activism with fresh protests, 53 arrested</a>

The bank's decision flew in the face of convention because most multinationals attempt to steer clear of political intervention.

However, HSBC's top Asia executive, Peter Wong, has signed a petition in support of the law.

In addition, London-listed bank Standard Chartered -- which also focuses primarily on Asia -- sided with Beijing over the law.

'Cosy up'&nbsp;

"The UK-listed banks have taken China's side as it is clear they want to cosy up to the second largest economy in the world," said CMC Markets analyst David Madden.

HSBC insisted the Chinese measures would help "stabilise" Hong Kong and "revitalise" its economy.

HSBC's move came after Hong Kong's pro-Beijing former leader Leung Chun-ying criticised the bank for not publicly supporting the law -- while profiting from its Chinese business interests.&nbsp;

Asia remains critical for HSBC because the bank generates the majority of its profits in the region.

The lender's chief executive Noel Quinn announced plans this year to axe 35,000 jobs as HSBC strengthens its focus on Asia and trims fat from less profitable activities in Europe and the United States.

'Synonymous with Hong Kong'

HSBC -- or the Hong Kong &amp; Shanghai Banking Corporation -- is closely linked to the history of the former British colony.

The bank was founded in Hong Kong and Shanghai in 1865 -- but has been based in Britain since 1993.

"HSBC is synonymous with Hong Kong – the website and bank cards feature the skyline, the HSBC building in Hong Kong is an iconic one, and the firm employs around 30,000 people in Hong Kong," said Emma Wall, head of investment analysis at broker Hargreaves Lansdown.

"To those outside of the region it may therefore come as a surprise that HSBC, and other firms such as Standard Chartered, have put up no resistance to the recent divisive bill.

"But ultimately, any corporate decision will be made with future revenues in mind -- and for HSBC half of their revenues come from Asia," she added.

But the bank's decision has been met with anger from prominent politicians in Britain.

Former Conservative Party leader Iain Duncan Smith said HSBC's support for China's national security law was a "grave error".

Lisa Nandy and Anneliese Dodds, leading lawmakers in the main opposition Labour party, have meanwhile written to both banks to express concern.

Last week's decision also risks HSBC's reputation on the global stage.

US Secretary of State Mike Pompeo criticised the bank for backing the law, calling it a "cautionary tale" and warning of businesses' overreliance on Beijing.

"That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank's business in China as political leverage against London," Pompeo said in a statement.

Asia-focused banking giant HSBC's vocal support for China's controversial Hong Kong security law has not been well received in Britain, the former ruler of the city.

Asia-focused banking giant HSBC's vocal support for China's controversial Hong Kong security law has not been well received in Britain, the former ruler of the city. The London-headquartered lender last week backed Beijing's contentious legal proposal for Hong Kong, which critics fear will be used to stamp out dissent in the city. Also read | China privately urged top Hong Kong officials to back national security law HSBC's announcement angered business and political circles in Britain, which returned the former colony to Chinese rule in 1997. Also read | Hong Kong marks one year of pro-democracy activism with fresh protests, 53 arrested The bank's decision flew in the face of convention because most multinationals attempt to steer clear of political intervention. However, HSBC's top Asia executive, Peter Wong, has signed a petition in support of the law. In addition, London-listed bank Standard Chartered -- which also focuses primarily on Asia -- sided with Beijing over the law. 'Cosy up' "The UK-listed banks have taken China's side as it is clear they want to cosy up to the second largest economy in the world," said CMC Markets analyst David Madden. HSBC insisted the Chinese measures would help "stabilise" Hong Kong and "revitalise" its economy. HSBC's move came after Hong Kong's pro-Beijing former leader Leung Chun-ying criticised the bank for not publicly supporting the law -- while profiting from its Chinese business interests. Asia remains critical for HSBC because the bank generates the majority of its profits in the region. The lender's chief executive Noel Quinn announced plans this year to axe 35,000 jobs as HSBC strengthens its focus on Asia and trims fat from less profitable activities in Europe and the United States. 'Synonymous with Hong Kong' HSBC -- or the Hong Kong & Shanghai Banking Corporation -- is closely linked to the history of the former British colony. The bank was founded in Hong Kong and Shanghai in 1865 -- but has been based in Britain since 1993. "HSBC is synonymous with Hong Kong – the website and bank cards feature the skyline, the HSBC building in Hong Kong is an iconic one, and the firm employs around 30,000 people in Hong Kong," said Emma Wall, head of investment analysis at broker Hargreaves Lansdown. "To those outside of the region it may therefore come as a surprise that HSBC, and other firms such as Standard Chartered, have put up no resistance to the recent divisive bill. "But ultimately, any corporate decision will be made with future revenues in mind -- and for HSBC half of their revenues come from Asia," she added. But the bank's decision has been met with anger from prominent politicians in Britain. Former Conservative Party leader Iain Duncan Smith said HSBC's support for China's national security law was a "grave error". Lisa Nandy and Anneliese Dodds, leading lawmakers in the main opposition Labour party, have meanwhile written to both banks to express concern. Last week's decision also risks HSBC's reputation on the global stage. US Secretary of State Mike Pompeo criticised the bank for backing the law, calling it a "cautionary tale" and warning of businesses' overreliance on Beijing. "That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank's business in China as political leverage against London," Pompeo said in a statement.

HSBC slammed in UK for backing China's Hong Kong law

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues.

After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63.&nbsp;Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

SIn the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep&nbsp; 
recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade. Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains. International oil benchmark Brent crude futures fell 2.66 per cent to $ 40.62 per barrel.

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues.

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues. After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63. Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25. Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys. On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers. SIn the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15. On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed. According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome. The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022. It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment. Stock exchanges on Wall Street ended on a mixed note in overnight trade. Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains. International oil benchmark Brent crude futures fell 2.66 per cent to $ 40.62 per barrel.

Sensex slides 200 points amid foreign fund outflows, weak global cues

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-for-third-straight-day-304430">Also Read: Petrol, diesel prices hiked for third straight day</a>

Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise&nbsp;as India's PUS's ended&nbsp;82-day freeze in rate revision since March.

Petrol in Delhi will now cost Rs 73.40 per litre and diesel rate will now be 71. 62 per litre. It is the fourth time rates have been revised since Sunday.

On Tuesday, the government had hiked petrol prices by Rs 54 a litre and diesel by 58 paise, the prices petrol has now gone up by Rs 2.14 a litre since Sunday with diesel prices becoming dearer by Rs 2.23 for the consumer.

Global oil prices across the world have rebounded after falling to historic lows due to the coronavirus crisis. However, on Wednesday global prices fell to $40.59 a barrel after a sharp rise in crude and fuel stockpiles in the United States.

According to two intergovernmental agency report, governments subsidised fossil fuels in 2019 up to nearly half a trillion dollars, with the IEA pointing out that subsidies for fossil fuel consumption declined 27 per cent, compared to 2018 due to lower oil and gas prices.

Amid the crisis, the British energy giant BP said it plans to lay off close to 10,000 jobs.

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions. Also Read: Petrol, diesel prices hiked for third straight day Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise as India's PUS's ended 82-day freeze in rate revision since March.

India's government on Wednesday hiked petrol prices for the fourth consecutive day amid easing of lockdown restrictions. Also Read: Petrol, diesel prices hiked for third straight day Petrol prices were hiked by 40 paise a litre and diesel prices by 45 paise as India's PUS's ended 82-day freeze in rate revision since March. Petrol in Delhi will now cost Rs 73.40 per litre and diesel rate will now be 71. 62 per litre. It is the fourth time rates have been revised since Sunday. On Tuesday, the government had hiked petrol prices by Rs 54 a litre and diesel by 58 paise, the prices petrol has now gone up by Rs 2.14 a litre since Sunday with diesel prices becoming dearer by Rs 2.23 for the consumer. Global oil prices across the world have rebounded after falling to historic lows due to the coronavirus crisis. However, on Wednesday global prices fell to $40.59 a barrel after a sharp rise in crude and fuel stockpiles in the United States. According to two intergovernmental agency report, governments subsidised fossil fuels in 2019 up to nearly half a trillion dollars, with the IEA pointing out that subsidies for fossil fuel consumption declined 27 per cent, compared to 2018 due to lower oil and gas prices. Amid the crisis, the British energy giant BP said it plans to lay off close to 10,000 jobs.

Amid Unlock 1.0, government hikes petrol, diesel prices for fourth consecutive day

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following the easing of coronavirus lockdowns.

The company said it would permanently close about 400 stores in the Americas over the next 18 months and cut its planned new store openings by half to about 300 this fiscal year, signifying the lasting impact of the pandemic.

The world's largest coffee chain's shares fell nearly 4%, as it also forecast a bigger-than-expected current-quarter loss and an over $3 billion fall in revenue.

With the COVID-19 pandemic effectively putting a stop to dining out in most of the United States for weeks, Starbucks was forced to convert its cafes to pick-up or drive-through joints only.

The company said it would now speed up the opening of pick-up only stores, especially in urban areas, as health experts advise people to stick with social-distancing norms.

Starbucks projected an adjusted loss of about 55 cents to 70 cents per share for its third-quarter ending in June and said it expects US&nbsp;same-store sales to drop by up to 45%. Analysts were expecting a third-quarter loss of 16 cents per share, according to IBES data from Refinitiv.

However, declines are expected to slow towards the end of the year.

The company expects same-store sales in China to drop by 20% to 25%, slightly more optimistic than an earlier forecast of 25% to 35% fall.

Starbucks said it expects current-quarter operating income decline between $2 billion to $2.2 billion. It reported an operating income of $1.07 billion in the third quarter of last year.

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following the easing of coronavirus lockdowns.

Starbucks Corp said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following the easing of coronavirus lockdowns. The company said it would permanently close about 400 stores in the Americas over the next 18 months and cut its planned new store openings by half to about 300 this fiscal year, signifying the lasting impact of the pandemic. The world's largest coffee chain's shares fell nearly 4%, as it also forecast a bigger-than-expected current-quarter loss and an over $3 billion fall in revenue. With the COVID-19 pandemic effectively putting a stop to dining out in most of the United States for weeks, Starbucks was forced to convert its cafes to pick-up or drive-through joints only. The company said it would now speed up the opening of pick-up only stores, especially in urban areas, as health experts advise people to stick with social-distancing norms. Starbucks projected an adjusted loss of about 55 cents to 70 cents per share for its third-quarter ending in June and said it expects US same-store sales to drop by up to 45%. Analysts were expecting a third-quarter loss of 16 cents per share, according to IBES data from Refinitiv. However, declines are expected to slow towards the end of the year. The company expects same-store sales in China to drop by 20% to 25%, slightly more optimistic than an earlier forecast of 25% to 35% fall. Starbucks said it expects current-quarter operating income decline between $2 billion to $2.2 billion. It reported an operating income of $1.07 billion in the third quarter of last year.

Starbucks expects over $2 billion drop in quarterly income due to covid-19

Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday.

The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people. Boeing told airlines it hopes to conduct the flight in late June, the sources said.

Asking for anonymity because they had not been authorized to speak publicly, they said Boeing had also notified airlines of a fix to address safety concerns about the placement of wiring bundles on the aircraft.

Reuters has previously reported that the Federal Aviation Administration (FAA) does not plan to clear Boeing for a resumption of 737 MAX flights until at least August.

The sources warned the date could slip into July for the certification test flight, as the dates for many milestones for returning the plane to service have been repeatedly pushed back.

The FAA said on Wednesday it was "in regular contact with Boeing as the company continues its work on the 737 MAX ... The aircraft will be cleared for return to passenger service only after the FAA is satisfied that all safety-related issues are addressed."

Boeing declined to comment.

In March, Reuters first reported Boeing would separate 737 MAX wiring bundles, flagged by regulators as potentially dangerous before the jet returns to service.

In early April, Boeing confirmed it would make two new software updates to the 737 MAX's flight control computer. But Boeing said software issues that prompted the updates were unrelated to a key anti-software system known as MCAS faulted in both fatal crashes.

Boeing resumed production of the 737 MAX on May 27 after halting it in January.

Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday. The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people.

Boeing Co is aiming to conduct a key certification test flight on its grounded 737 MAX jet in late June, two people briefed on the matter said on Wednesday. The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people. Boeing told airlines it hopes to conduct the flight in late June, the sources said. Asking for anonymity because they had not been authorized to speak publicly, they said Boeing had also notified airlines of a fix to address safety concerns about the placement of wiring bundles on the aircraft. Reuters has previously reported that the Federal Aviation Administration (FAA) does not plan to clear Boeing for a resumption of 737 MAX flights until at least August. The sources warned the date could slip into July for the certification test flight, as the dates for many milestones for returning the plane to service have been repeatedly pushed back. The FAA said on Wednesday it was "in regular contact with Boeing as the company continues its work on the 737 MAX ... The aircraft will be cleared for return to passenger service only after the FAA is satisfied that all safety-related issues are addressed." Boeing declined to comment. In March, Reuters first reported Boeing would separate 737 MAX wiring bundles, flagged by regulators as potentially dangerous before the jet returns to service. In early April, Boeing confirmed it would make two new software updates to the 737 MAX's flight control computer. But Boeing said software issues that prompted the updates were unrelated to a key anti-software system known as MCAS faulted in both fatal crashes. Boeing resumed production of the 737 MAX on May 27 after halting it in January.

Boeing aims for key 737 Max certification flight in late June: Report 