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India's mobile phone users have been putting up with poor connectivity for a while now. Telecom companies have not been investing in mobile infrastructure.

They don't have the money to do it anymore. That's because they are faced with a huge financial crisis themselves.

They owe thousands of crores in dues and the Supreme Court of India breathing down their neck.

Last year, the court had ordered them to pay the dues in 3 months. But to date, an overwhelming majority of this money has not been recovered.

The government suggested self-assessment by telecom companies. It filed a petition saying that this is in the interest of crores of consumers in India.

In response, the Supreme Court has lashed out at Telecom firms. Today it said that re-evaluation of dues will not be allowed. The court was furious and it was visible in the scathing remarks.

“We won't tolerate this, every company is violating orders. They want to hoodwink us. If required, we will summon MDs of all the telecom companies. We will send then to jail from here. We will recuse ourselves if this is the government's attitude,” said Justice Arun Mishra.

The central conflict between the government and telecom firms is the assessment of dues.

Telecom operators must pay the licence fee and spectrum charges. In October last year, the Supreme Court ordered telcos to pay over Rs 90,000 crores.&nbsp;

That verdict dealt a crippling blow to an already bruised industry. After the order, Vodafone idea and Bharti airtel posted their highest-ever losses.

Those two companies along with Tata Teleservices Limited (TTSL) and Reliance Jio calculated a combined liability of about Rs 37000 crores based on self-assessment.

The department of telecommunications has pegged its dues at over Rs 1 lakh crores. The companies say, as per their own assessment, they've already paid the dues. But according to the govt's calculations, they've only paid about 35% of the dues.

The latest Supreme Court order means they will have to pay the full amount. All they can bargain for is time. 
 
Who owns how much

Company &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Self-assessment &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Govt calculation

 
Bharti Airtel &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 13,004 cr&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 43, 980 cr

Vodafone Idea &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 21,533 cr&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Rs 58, 254 cr

Tata Tele &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Rs 2197 cr&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 16, 798 cr 
&nbsp; 
TOTAL &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Rs 37000 cr (approx)&nbsp; &nbsp; &nbsp; Rs 1.19 lakh cr (approx)

India's mobile phone users have been putting up with poor connectivity for a while now. Telecom companies have not been investing in mobile infrastructure. They don't have the money to do it anymore.

India's mobile phone users have been putting up with poor connectivity for a while now. Telecom companies have not been investing in mobile infrastructure. They don't have the money to do it anymore. That's because they are faced with a huge financial crisis themselves. They owe thousands of crores in dues and the Supreme Court of India breathing down their neck. Last year, the court had ordered them to pay the dues in 3 months. But to date, an overwhelming majority of this money has not been recovered. The government suggested self-assessment by telecom companies. It filed a petition saying that this is in the interest of crores of consumers in India. In response, the Supreme Court has lashed out at Telecom firms. Today it said that re-evaluation of dues will not be allowed. The court was furious and it was visible in the scathing remarks. “We won't tolerate this, every company is violating orders. They want to hoodwink us. If required, we will summon MDs of all the telecom companies. We will send then to jail from here. We will recuse ourselves if this is the government's attitude,” said Justice Arun Mishra. The central conflict between the government and telecom firms is the assessment of dues. Telecom operators must pay the licence fee and spectrum charges. In October last year, the Supreme Court ordered telcos to pay over Rs 90,000 crores. That verdict dealt a crippling blow to an already bruised industry. After the order, Vodafone idea and Bharti airtel posted their highest-ever losses. Those two companies along with Tata Teleservices Limited (TTSL) and Reliance Jio calculated a combined liability of about Rs 37000 crores based on self-assessment. The department of telecommunications has pegged its dues at over Rs 1 lakh crores. The companies say, as per their own assessment, they've already paid the dues. But according to the govt's calculations, they've only paid about 35% of the dues. The latest Supreme Court order means they will have to pay the full amount. All they can bargain for is time. Who owns how much Company Self-assessment Govt calculation Bharti Airtel Rs 13,004 cr Rs 43, 980 cr Vodafone Idea Rs 21,533 cr Rs 58, 254 cr Tata Tele Rs 2197 cr Rs 16, 798 cr TOTAL Rs 37000 cr (approx) Rs 1.19 lakh cr (approx)

India's telecom crisis: Who owes how much

Yes Bank administrator Prashant Kumar on Tuesday said that customers of the bank can enjoy normal operations from March 18. Addressing the media persons in Mumbai, he said that the bank will resume normal operations from 6 PM on March 18.

Yes Bank administrator Prashant Kumar on Tuesday said that customers of the bank can enjoy normal operations from March 18. Addressing the media persons in Mumbai, he said that the bank will resume normal operations from 6 PM on March 18. All Yes Bank ATMs has sufficient cash and all the branches have adequate cash supply, he added. Yes Bank also tweeted on March 16 that the bank would resume full banking services from Wednesday. We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms@RBI @FinMinIndia — YES BANK (@YESBANK) March 16, 2020 × Shares of Yes Bank have surged more than 11-fold from their lifetime low during the last seven sessions, after State Bank of India (SBI), along with eight lenders, agreed to a bailout package for the private lender. On Tuesday, the stock closed at ₹59.10 on NSE, up 59.3% from its previous close. The stock had hit a lifetime low of ₹5.50 a share on 6 March.

Yes Bank to resume full banking services from today

The Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Ltd to set up, own and operate white label automated teller machines (ATMs) in India.

The validity has been extended until March 31, 2021. White label ATMs are operated by non-bank entities.

RBI has assigned a target of minimum 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years.

The ATMs deployed will be in the ratio of 1:2:3 and applicable for metro and urban, semi-urban and rural regions respectively.

"ATM is one of the key services offered in our next-gen Vakrangee Kendra business model and it gives confidence to our customers, especially in rural and semi-urban centres," said Managing Director and Group CEO Dinesh Nandwana.

According to a recent report by Grant Thornton, Vakrangee is the fastest growing white label ATM player as well as the third-largest ATM operator in rural India.

Vakrangee currently has over 23,000 outlets (10,000 operational and 13,000 under on-boarding process) which are spread across 30 states and union territories, 500 districts and 6,150 postal codes. More than 70 per cent of them are in tier 5 and 6 towns.

Vakrangee's planned target is to reach at least 25,000 next-gen kendras by 2020 and further enhance it to reach three lakh outlets by 2024-25.

Incorporated in 1990, Vakrangee is a technology-driven company focused on building India's largest network of last-mile retail outlets to deliver real-time BFSI, ATM, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.

The Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Ltd to set up, own and operate white label automated teller machines (ATMs) in India.

The Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Ltd to set up, own and operate white label automated teller machines (ATMs) in India. The validity has been extended until March 31, 2021. White label ATMs are operated by non-bank entities. RBI has assigned a target of minimum 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. The ATMs deployed will be in the ratio of 1:2:3 and applicable for metro and urban, semi-urban and rural regions respectively. "ATM is one of the key services offered in our next-gen Vakrangee Kendra business model and it gives confidence to our customers, especially in rural and semi-urban centres," said Managing Director and Group CEO Dinesh Nandwana. According to a recent report by Grant Thornton, Vakrangee is the fastest growing white label ATM player as well as the third-largest ATM operator in rural India. Vakrangee currently has over 23,000 outlets (10,000 operational and 13,000 under on-boarding process) which are spread across 30 states and union territories, 500 districts and 6,150 postal codes. More than 70 per cent of them are in tier 5 and 6 towns. Vakrangee's planned target is to reach at least 25,000 next-gen kendras by 2020 and further enhance it to reach three lakh outlets by 2024-25. Incorporated in 1990, Vakrangee is a technology-driven company focused on building India's largest network of last-mile retail outlets to deliver real-time BFSI, ATM, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.

RBI renews authorisation to Vakrangee for white label ATMs

Domestic stock market skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world.

The BSE S&amp;P Sensex closed 1,710 points or 5.59 per cent lower at 28,870 while the Nifty 50 fell by 498 points or 5.56 per cent to 8,469.

The sell-off on Dalal Street continued during the trading sessions as traders worried over rising coronavirus cases and tough stance by the Supreme Court on AGR dues of telecom operators.

Banking stocks were the most hit as they have huge exposure to telecom firms. Worries of greater disruptions in businesses rose due to a rising number of new coronavirus cases within and outside India.

Meanwhile, Yes Bank to resume operations from 19 March; customers will be able to access all digital services, platforms. Yes Bank will resume operations from Friday, according to news reports. 
 
Rupee reverses early gains to settle marginally down at 74.26 (provisional) against US dollar.

(With inputs from agencies)

Domestic stock market skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world.

Domestic stock market skidded over 6% in the waning moments of trading on Wednesday, with financial stocks suffering the most, as fears of the economic damage from the coronavirus pandemic eclipsed sweeping stimulus moves from policymakers around the world. The BSE S&P Sensex closed 1,710 points or 5.59 per cent lower at 28,870 while the Nifty 50 fell by 498 points or 5.56 per cent to 8,469. The sell-off on Dalal Street continued during the trading sessions as traders worried over rising coronavirus cases and tough stance by the Supreme Court on AGR dues of telecom operators. Banking stocks were the most hit as they have huge exposure to telecom firms. Worries of greater disruptions in businesses rose due to a rising number of new coronavirus cases within and outside India. Meanwhile, Yes Bank to resume operations from 19 March; customers will be able to access all digital services, platforms. Yes Bank will resume operations from Friday, according to news reports. Rupee reverses early gains to settle marginally down at 74.26 (provisional) against US dollar. (With inputs from agencies)

Sensex closes below 29000 level, crashes 1710 points

As expected coronavirus has taken a serious toll on airlines and US industries are coming up ways to tackle it. US airlines are reducing their workforce through early retirement packages.

WION Wallet: US Airlines reducing workforce amid coronavirus outbreak

European plane maker airbus now stopping to production and assembling activities in France and Spain for the next four days. This is to fight coronavirus outbreak in the region.

WION Wallet: Airbus production hit by coronavirus outbreak

Just like aviation industry automotive industry has also been severely hit by coronavirus and various big European players are cutting production at European plants.

WION Wallet: FIAT, PSA, RENAULT to close plants in Europe

The BSE Sensex fell 1,189 going down over three per cent giving up early gains over coronavirus fears.

<a href="https://www.wionews.com/india-news/covid-19-positive-cases-in-india-jumps-to-147-287102">Also Read: COVID-19 positive cases in India jumps to 147</a> 
&nbsp;&nbsp; &nbsp; 
The Nifty was also down 318 points to 8,648.15 slipping over three and half per cent.

Sensex was trading at 29,187&nbsp;down over 1, 390 points.

Banking and financial stocks took a bit hit with IndusInd Bank, Axis Bank, and Kotak Mahindra Bank tanking as the markets dived due to the rising cases of coronavirus in the country.

The Nifty bank index fell over 5 per cent with shares of Federal Bank nearly 10 per cent lower.

<a href="https://www.wionews.com/business-economy/no-respite-sensex-collapses-in-fag-end-selloff-nifty-ends-below-9000-287022">Also Read: Sensex collapses in fag-end selloff, Nifty ends below 9,000</a>

The Nifty PSU index slipped over 3 per cent with shares of State Bank of India(SBI) leading the losses. The SBI stocks had fallen 6.30 per cent as the markets continued to bleed.&nbsp;

Auto stocks also slipped with the Nifty auto index slipping nearly 3 per cent.

On Wednesday, Tokyo stocks opened lower as Wall Street responded to economic stimulus announced by US President Trump.

Hong Kong stocks opened lower on Wednesday morning despite the stimulus announced by the US president.

The BSE Sensex fell 1,189 going down over three per cent giving up early gains over coronavirus fears. Also Read: COVID-19 positive cases in India jumps to 147 The Nifty was also down 318 points to 8,648.

The BSE Sensex fell 1,189 going down over three per cent giving up early gains over coronavirus fears. Also Read: COVID-19 positive cases in India jumps to 147 The Nifty was also down 318 points to 8,648.15 slipping over three and half per cent. Sensex was trading at 29,187 down over 1, 390 points. Banking and financial stocks took a bit hit with IndusInd Bank, Axis Bank, and Kotak Mahindra Bank tanking as the markets dived due to the rising cases of coronavirus in the country. The Nifty bank index fell over 5 per cent with shares of Federal Bank nearly 10 per cent lower. Also Read: Sensex collapses in fag-end selloff, Nifty ends below 9,000 The Nifty PSU index slipped over 3 per cent with shares of State Bank of India(SBI) leading the losses. The SBI stocks had fallen 6.30 per cent as the markets continued to bleed. Auto stocks also slipped with the Nifty auto index slipping nearly 3 per cent. On Wednesday, Tokyo stocks opened lower as Wall Street responded to economic stimulus announced by US President Trump. Hong Kong stocks opened lower on Wednesday morning despite the stimulus announced by the US president.

Sensex crashes over 1,000 points over coronavirus fears

Amazon.com Inc&nbsp;on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak.

With shoppers clearing out shelves in fear of quarantines or product shortages, retailers are racing to keep food and hygienic items in stock and have employees on hand for in-store work or delivery.

<img alt="Amazon" data-entity-type="file" data-entity-uuid="54dbce14-e80e-4ce9-ba52-f3e48ecc1d6c" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%2865%29.jpg" />

Like Amazon, US supermarket chains Albertsons, Kroger&nbsp;and Raley's have sought new hires to staff busy sections and fulfil online orders. They are turning to people in the restaurant, travel and entertainment businesses who are suddenly looking for work because of the coronavirus.

Also read: <a href="https://www.wionews.com/world/amazon-bans-sale-of-most-nazi-propaganda-books-citing-anti-semitism-286879">Amazon bans sale of most Nazi propaganda books citing anti-semitism</a>

"We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back," Amazon said in a blog post.

Major shipper United Parcel Service Inc&nbsp;said it's a trucking and air deliveries were still on despite growing government restrictions on commercial activities. It said Monday it was meeting demand with its existing workforce.

The coronavirus, which has led to more than 7,100 deaths globally and prompted mass lockdowns of people, has also led to items being out of stock on Amazon and some deliveries taking longer than usual.

Also see: <a href="https://www.wionews.com/world/googles-coronavirus-testing-website-hits-upper-ceiling-after-going-live-286875">Google's coronavirus testing website hits upper ceiling after going live</a>

Amazon's headcount fluctuates seasonally, recently peaking for the holiday quarter at 798,000 full and part-time workers. It was not immediately clear how many people Amazon would employ after it hires 100,000 more.

<img alt="Amazon" data-entity-type="file" data-entity-uuid="cce4419f-e6ff-41d8-ab17-15d0d15b7762" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%2866%29.jpg" />

To draw new employees, Amazon said it would add $2 to its minimum $15 per hour to US&nbsp;workers' wages through April. The extra pay for hourly employees in North America and Europe is expected to cost more than $350 million, Amazon said.

Meanwhile, other retailers facing long queues are making pitches for talent, too.

Watch: Tech giants makes 'work from home' mandatory for their employees amid COVID-19 outbreak

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tech-giants-makes-work-from-home-mandatory-for-their-employees-amid-covid-19-outbreak-286624/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It was not clear if there would be any impact on delivery operations from new government restrictions. In the San Francisco Bay Area on Monday, officials said people must stay at home except for some essential purposes, such as work for "businesses that ship or deliver groceries, food, goods or services directly to residences."

An Amazon spokeswoman did not immediately return a request for comment on the San Francisco order.

Amazon.com Inc on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak.

Amazon.com Inc on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak. With shoppers clearing out shelves in fear of quarantines or product shortages, retailers are racing to keep food and hygienic items in stock and have employees on hand for in-store work or delivery. Like Amazon, US supermarket chains Albertsons, Kroger and Raley's have sought new hires to staff busy sections and fulfil online orders. They are turning to people in the restaurant, travel and entertainment businesses who are suddenly looking for work because of the coronavirus. Also read: Amazon bans sale of most Nazi propaganda books citing anti-semitism "We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back," Amazon said in a blog post. Major shipper United Parcel Service Inc said it's a trucking and air deliveries were still on despite growing government restrictions on commercial activities. It said Monday it was meeting demand with its existing workforce. The coronavirus, which has led to more than 7,100 deaths globally and prompted mass lockdowns of people, has also led to items being out of stock on Amazon and some deliveries taking longer than usual. Also see: Google's coronavirus testing website hits upper ceiling after going live Amazon's headcount fluctuates seasonally, recently peaking for the holiday quarter at 798,000 full and part-time workers. It was not immediately clear how many people Amazon would employ after it hires 100,000 more. To draw new employees, Amazon said it would add $2 to its minimum $15 per hour to US workers' wages through April. The extra pay for hourly employees in North America and Europe is expected to cost more than $350 million, Amazon said. Meanwhile, other retailers facing long queues are making pitches for talent, too. Watch: Tech giants makes 'work from home' mandatory for their employees amid COVID-19 outbreak It was not clear if there would be any impact on delivery operations from new government restrictions. In the San Francisco Bay Area on Monday, officials said people must stay at home except for some essential purposes, such as work for "businesses that ship or deliver groceries, food, goods or services directly to residences." An Amazon spokeswoman did not immediately return a request for comment on the San Francisco order.

Amazon to hire 100,000 workers as online orders surge on coronavirus worries

German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting.

Production will be halted in Spain, Portugal and Slovakia and Italy before the end of this week," CEO Herbert Diess said in a speech.

"Most of the other German and European plants will begin preparing to suspend production, probably for two to three weeks," he added.

Also read: <a href="https://www.wionews.com/world/detained-uighurs-forced-to-work-in-factories-for-foreign-brands-283708">Detained Uighurs forced to work in factories for foreign brands</a>

The move comes as European governments take ever more drastic measures to keep people at home, and factory closures around the world interrupt deliveries of parts needed to keep car production going.

Volkswagen's powerful works council, which represents employees at the group, said separately that VW's closures would broadly take effect from Friday and slammed bosses for not taking more urgent action.

"We believe this is too late! We expect an orderly exit from production now," Germany's works council chiefs said in an open letter.

Also see: <a href="https://www.wionews.com/world/mitsubishi-suspected-of-diesel-fraud-german-prosecutors-raid-business-premises-275859">Mitsubishi suspected of diesel-fraud; German prosecutors raid business premises</a>

VW staffers who have to work closely together on assembly lines don't understand why they should "risk infection" for "a few hundred more cars" when executives were already working from home, they wrote.

Car manufacturing factories are being idled across Europe.

Italian-American automaker Fiat Chrysler has halted production at six plants in Italy and one each in Serbia and Poland until March 27.

Also read: <a href="https://www.wionews.com/business-economy/toyota-keeps-china-plant-output-stopped-through-february-16-amid-coronavirus-outbreak-279291">Toyota keeps China plant output stopped through February 16 amid coronavirus outbreak</a>

France's PSA Group, whose brands include Peugeot, Citroen and Opel, has said it too will shutter its European production sites starting this week.

It's French rival Renault said it was suspending production at its four factories in Spain.

Very difficult

Diess said the VW group faced a "very difficult" year as the coronavirus epidemic wreaks havoc with the global economy.

In a press release announcing the company's 2019 results, he said the coronavirus outbreak posed "unknown operational and financial challenges".

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The group, whose stable of 12 brands includes Porsche, Audi, Seat and Skoda, declined to unveil an outlook for 2020.

Volkswagen said the volatile situation and the unprecedented shocks to supply and demand made it "almost impossible" to make a reliable forecast.

Volkswagen's finance chief Frank Witter said it was "uncertain how severely or for how long" the pandemic upheaval will affect the company.

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But he said the group would make "full use of all measures" available "to support our employees and their families and to stabilise our business."

In a rare spot of bright news, VW said it had resumed operations in China, with the exception of its factories in Changsha and Urumqi, as the country appears to have turned a corner in the virus fightback.

Looking at its 2019 results, the group said it saw revenues climb 7.1 per cent to 252.6 billion euros.

It achieved a net profit attributable to shareholders of 13.3 billion euros, up 12.8 per cent in 2018, driven by strong sales of more expensive models.

German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting.

German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting. Production will be halted in Spain, Portugal and Slovakia and Italy before the end of this week," CEO Herbert Diess said in a speech. "Most of the other German and European plants will begin preparing to suspend production, probably for two to three weeks," he added. Also read: Detained Uighurs forced to work in factories for foreign brands The move comes as European governments take ever more drastic measures to keep people at home, and factory closures around the world interrupt deliveries of parts needed to keep car production going. Volkswagen's powerful works council, which represents employees at the group, said separately that VW's closures would broadly take effect from Friday and slammed bosses for not taking more urgent action. "We believe this is too late! We expect an orderly exit from production now," Germany's works council chiefs said in an open letter. Also see: Mitsubishi suspected of diesel-fraud; German prosecutors raid business premises VW staffers who have to work closely together on assembly lines don't understand why they should "risk infection" for "a few hundred more cars" when executives were already working from home, they wrote. Car manufacturing factories are being idled across Europe. Italian-American automaker Fiat Chrysler has halted production at six plants in Italy and one each in Serbia and Poland until March 27. Also read: Toyota keeps China plant output stopped through February 16 amid coronavirus outbreak France's PSA Group, whose brands include Peugeot, Citroen and Opel, has said it too will shutter its European production sites starting this week. It's French rival Renault said it was suspending production at its four factories in Spain. Very difficult Diess said the VW group faced a "very difficult" year as the coronavirus epidemic wreaks havoc with the global economy. In a press release announcing the company's 2019 results, he said the coronavirus outbreak posed "unknown operational and financial challenges". Also see: Netherlands Utrecht city builds car-free district for 12,000 people The group, whose stable of 12 brands includes Porsche, Audi, Seat and Skoda, declined to unveil an outlook for 2020. Volkswagen said the volatile situation and the unprecedented shocks to supply and demand made it "almost impossible" to make a reliable forecast. Volkswagen's finance chief Frank Witter said it was "uncertain how severely or for how long" the pandemic upheaval will affect the company. Also read: Hybrid cars produce more CO2 than older vehicles in UK: Study But he said the group would make "full use of all measures" available "to support our employees and their families and to stabilise our business." In a rare spot of bright news, VW said it had resumed operations in China, with the exception of its factories in Changsha and Urumqi, as the country appears to have turned a corner in the virus fightback. Looking at its 2019 results, the group said it saw revenues climb 7.1 per cent to 252.6 billion euros. It achieved a net profit attributable to shareholders of 13.3 billion euros, up 12.8 per cent in 2018, driven by strong sales of more expensive models.

Volkswagen to close most European plants 'for two to three weeks'

Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears.

After opening on a positive note, the 30-share BSE Sensex traded modestly higher for a majority of the session but succumbed to a sudden sell-off in the last hour of trade.

It finally closed 810.98 points or 2.58 per cent lower at 30,579.09, after gyrating 1,653 points during the day.

Likewise, the broader NSE Nifty slumped 230.35 points or 2.50 per cent to finish at 8,967.05. Nifty has ended below the key 9,000-level after March 2017.

Global markets reeled after the Wall Street suffered its worst crash since the 'Black Monday' in October 1987, with the US Fed's emergency rate cut failing to lift investor sentiment amid the drumbeat of negative news surrounding the Covid-19 pandemic.

Unabated foreign fund outflows and a weak rupee further weighed on domestic bourses, traders said. 
&nbsp; 
ICICI Bank was the top loser in the Sensex pack, tumbling 8.95 per cent, followed by IndusInd Bank (8.89 per cent), Bajaj Finance (6.26 per cent), HDFC (4.74 per cent), Infosys (4.68 per cent) and Kotak Bank (4.53 per cent).

On the other hand, HUL spurted 3.49 per cent, Hero MotoCorp 3.09 per cent, Asian Paints 3.05 per cent, PowerGrid 2.53 per cent and Maruti 2.12 per cent.

According to traders, value-buying lifted benchmarks during the first half of the session, but the gains could not be sustained as markets succumbed to coronavirus-led fears of an impending recession.

"After trading in the positive for the majority of the day, the indices turned red during the last hour of trading, with selling mainly seen in financials. European markets and Dow futures added to the negativity.

"Covid-19 showed no signs of abatement and with central banks' monetary policy actions having limited impact, calls were out for more actions to contain the spread of the virus," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE bankex, finance, telecom, teck, IT and realty indices gained up to 4.46 per cent, while FMCG ended in the green.

Broader BSE midcap and smallcap indices ended up to 2.27 per cent lower.Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo turned positive.

Markets in Europe cracked up to 3 per cent in early trade.Meanwhile, the rupee was flat at 74.20 per US dollar (intra-day).

Brent crude oil futures fell 1.06 per cent to USD 29.73 per barrel.The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far.

In India, the number of infected cases stood at 126, as per the union health ministry.&nbsp;

Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears. After opening on a positive note, the 30-share BSE Sensex traded modestly higher for a majority of the session but succumbed to a sudden sell-off in the last hour of trade.

Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears. After opening on a positive note, the 30-share BSE Sensex traded modestly higher for a majority of the session but succumbed to a sudden sell-off in the last hour of trade. It finally closed 810.98 points or 2.58 per cent lower at 30,579.09, after gyrating 1,653 points during the day. Likewise, the broader NSE Nifty slumped 230.35 points or 2.50 per cent to finish at 8,967.05. Nifty has ended below the key 9,000-level after March 2017. Global markets reeled after the Wall Street suffered its worst crash since the 'Black Monday' in October 1987, with the US Fed's emergency rate cut failing to lift investor sentiment amid the drumbeat of negative news surrounding the Covid-19 pandemic. Unabated foreign fund outflows and a weak rupee further weighed on domestic bourses, traders said. ICICI Bank was the top loser in the Sensex pack, tumbling 8.95 per cent, followed by IndusInd Bank (8.89 per cent), Bajaj Finance (6.26 per cent), HDFC (4.74 per cent), Infosys (4.68 per cent) and Kotak Bank (4.53 per cent). On the other hand, HUL spurted 3.49 per cent, Hero MotoCorp 3.09 per cent, Asian Paints 3.05 per cent, PowerGrid 2.53 per cent and Maruti 2.12 per cent. According to traders, value-buying lifted benchmarks during the first half of the session, but the gains could not be sustained as markets succumbed to coronavirus-led fears of an impending recession. "After trading in the positive for the majority of the day, the indices turned red during the last hour of trading, with selling mainly seen in financials. European markets and Dow futures added to the negativity. "Covid-19 showed no signs of abatement and with central banks' monetary policy actions having limited impact, calls were out for more actions to contain the spread of the virus," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, finance, telecom, teck, IT and realty indices gained up to 4.46 per cent, while FMCG ended in the green. Broader BSE midcap and smallcap indices ended up to 2.27 per cent lower.Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo turned positive. Markets in Europe cracked up to 3 per cent in early trade.Meanwhile, the rupee was flat at 74.20 per US dollar (intra-day). Brent crude oil futures fell 1.06 per cent to USD 29.73 per barrel.The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far. In India, the number of infected cases stood at 126, as per the union health ministry.

No respite: Sensex collapses in fag-end selloff, Nifty ends below 9,000

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI.

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI. Ambani has been asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank, the report added. It is understood that Ambani has sought exemption on health grounds from the agency and he may be issued a new date. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA. Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said. Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month. The ED has accused Rana, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA. (With inputs from PTI)

Yes Bank crisis: Anil Ambani asked to appear before Enforcement Directorate today 

Rbi holds a press conference on Yes Bank crisis. Rbi Governor Shaktikanta Das says, Depositors money is safe, Customers need not to worry.

Yes Bank Crisis: Rbi says, Depositor's money is safe

The Indian stock market crashed over 2,000&nbsp;points in the opening minutes on Monday as Asian stocks started on a backfoot.

<a href="https://www.wionews.com/business-economy/sensex-nifty-rebound-from-record-lows-log-biggest-intraday-recovery-286113">Also Read:&nbsp;Sensex, Nifty rebound from record lows, log biggest intraday recovery</a>

Nifty fell below the 9,400 level in opening session on Monday over the impact of Covid-19 on the world economy.&nbsp;The Rupee plunged 42 paise to 74.17 against US dollar in early trade.&nbsp;

On Friday, the Dow Jones Industrial Average "mini" index had lost 1,000 points or 4.5 per cent in futures trading.

In the US, the Federal Reserve had made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25 per cent.

The Indian stock market crashed over 2,000 points in the opening minutes on Monday as Asian stocks started on a backfoot. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Nifty fell below the 9,400 level in opening session on Monday over the impact of Covid-19 on the world economy.

The Indian stock market crashed over 2,000 points in the opening minutes on Monday as Asian stocks started on a backfoot. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Nifty fell below the 9,400 level in opening session on Monday over the impact of Covid-19 on the world economy. The Rupee plunged 42 paise to 74.17 against US dollar in early trade. On Friday, the Dow Jones Industrial Average "mini" index had lost 1,000 points or 4.5 per cent in futures trading. In the US, the Federal Reserve had made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25 per cent.

Sensex crashes over 2,000 points on coronavirus fears

Markets took investors on a gut-churning ride on Monday, with closing nearly 8% lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy.

The BSE S&amp;P Sensex closed 2,713.41 points or 7.96 per cent lower at 31,390.07 while the NSE Nifty crashed by 757.80 points or 7.61 per cent to close at 9,197.40.

Within India, the number of virus-positive cases climbed to 110 with fresh reports coming from Maharashtra and Odisha.

All sectoral indices at the National Stock Exchange were in the red with Nifty private bank and realty down by 7.9 per cent each, metal by 7.8 per cent, and IT by 6.8 per cent.

Shares of SBI Cards and Payments Services made a weak debut on the stock exchanges as it opened at Rs 658, nearly 13 per cent lower than its issue price of Rs 755.

Markets took investors on a gut-churning ride on Monday, with closing nearly 8% lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy.

Markets took investors on a gut-churning ride on Monday, with closing nearly 8% lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy. The BSE S&P Sensex closed 2,713.41 points or 7.96 per cent lower at 31,390.07 while the NSE Nifty crashed by 757.80 points or 7.61 per cent to close at 9,197.40. Within India, the number of virus-positive cases climbed to 110 with fresh reports coming from Maharashtra and Odisha. All sectoral indices at the National Stock Exchange were in the red with Nifty private bank and realty down by 7.9 per cent each, metal by 7.8 per cent, and IT by 6.8 per cent. Shares of SBI Cards and Payments Services made a weak debut on the stock exchanges as it opened at Rs 658, nearly 13 per cent lower than its issue price of Rs 755.

Sensex sinks 2,713 points, to end at 31,390; Nifty crumbles 758 points

Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.

Brent crude fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63.

US crude was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite US President Donald Trump's pledge to fill strategic oil reserves in the world's largest oil consumer "to the top".

Also Read: <a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices jump to $61 over OPEC+ supply cut reports</a>

The US Fed slashed interest rates on Sunday in its second emergency cut this month and said it would expand its balance sheet by at least $700 billion in coming weeks in a bid to ease tension in financial markets.

Oil prices have come under intense pressure on both demand and supply sides. Worries about the pandemic slashing oil buying persist, while oversupply fears have grown after top exporter Saudi Arabia ramped up output and slashed prices to increase sales to consumers in Asia and Europe.

Earlier this month, the Organization of the Petroleum Countries and Russia failed to extend a production cut agreement which has been supporting prices since 2016.

"Fear remains the crux of the problem here as market players remain unconvinced that monetary policy easing and liquidity injections will solve an essential healthcare crisis," OCBC Bank's economist Selena Ling said.

Also Read: <a href="https://www.wionews.com/business-economy/oil-prices-rise-10-after-russia-indicates-open-to-cooperation-with-opec-285465">Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC'</a>

"The end-game to me remains not about more policy bazookas, but a peak in global COVID-19 infections and fatalities, and, or a COVID-19 vaccine cure in the horizon."

Despite the massive drop in both oil and natural gas prices last week, the US oil drilling rig count rose for a second week in a row to its highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Still, the number of rigs is expected to fall as producers deepen spending cuts on new drilling.

More pain will be felt by US producers as Brent's premium to WTI is close to its narrowest since 2016, making US crude oil uncompetitive in international markets. Exports are set to fall by 1 million barrels per day each in April and May, sources have said.

"The big loser will be US shale, where the Republican government will possibly face a bailout decision on a heavily indebted industry sooner rather than later," said Jeffrey Halley, a senior market analyst at Oanda in Singapore.

&nbsp;

Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.

Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers. Brent crude fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63. US crude was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite US President Donald Trump's pledge to fill strategic oil reserves in the world's largest oil consumer "to the top". Also Read: Oil prices jump to $61 over OPEC+ supply cut reports The US Fed slashed interest rates on Sunday in its second emergency cut this month and said it would expand its balance sheet by at least $700 billion in coming weeks in a bid to ease tension in financial markets. Oil prices have come under intense pressure on both demand and supply sides. Worries about the pandemic slashing oil buying persist, while oversupply fears have grown after top exporter Saudi Arabia ramped up output and slashed prices to increase sales to consumers in Asia and Europe. Earlier this month, the Organization of the Petroleum Countries and Russia failed to extend a production cut agreement which has been supporting prices since 2016. "Fear remains the crux of the problem here as market players remain unconvinced that monetary policy easing and liquidity injections will solve an essential healthcare crisis," OCBC Bank's economist Selena Ling said. Also Read: Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC' "The end-game to me remains not about more policy bazookas, but a peak in global COVID-19 infections and fatalities, and, or a COVID-19 vaccine cure in the horizon." Despite the massive drop in both oil and natural gas prices last week, the US oil drilling rig count rose for a second week in a row to its highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday. Still, the number of rigs is expected to fall as producers deepen spending cuts on new drilling. More pain will be felt by US producers as Brent's premium to WTI is close to its narrowest since 2016, making US crude oil uncompetitive in international markets. Exports are set to fall by 1 million barrels per day each in April and May, sources have said. "The big loser will be US shale, where the Republican government will possibly face a bailout decision on a heavily indebted industry sooner rather than later," said Jeffrey Halley, a senior market analyst at Oanda in Singapore.

Oil prices slide again on coronavirus fears, price war

Saudi Arabia's state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes, reported news agency Reuters.

Saudi Arabia's state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes, reported news agency Reuters. Aramco posted a net profit of 330.69 billion Saudi riyal ($88.11 billion) after zakat and tax in the period ended Dec. 31, down from 416.52 billion riyals a year earlier, the report added. Analysts expected Aramco to post a net profit of 346.6 billion riyals ($92.35 billion) in 2019, according to an estimate of 15 analysts polled by Refinitiv. Aramco, the world's top oil-producing company, raised $29.4 billion in a record initial public offering in December last year. (With inputs from Reuters)

Saudi Aramco reports 21 per cent drop in 2019 profits

Microsoft Corp co-founder Bill Gates on Friday stepped down from the board to focus on philanthropic works related to global health, education and climate change, reported news agency Reuters.

Microsoft Corp co-founder Bill Gates on Friday stepped down from the board to focus on philanthropic works related to global health, education and climate change, reported news agency Reuters. Gates made the company one of the world's most valuable technology firms. Gates Foundation, which has billions in assets and funds global health programmes to combat disease and poverty, is run by the billionaire and his wife Melinda. Gates Foundation is one of the world's largest charities. Gates quit his full-time executive role at Microsoft in 2008 and remained as chairman of the board till 2014. Since then he has been a board member. "It's been a tremendous honour and privilege to have worked with and learned from Bill over the years," Chief Executive Officer Satya Nadella said. With the departure of Gates from Microsoft Board, it will now consist of 12 members, the company said. Gates also stepped down from the board of Warren Buffett's Berkshire Hathaway Inc, where he has served since 2004. (With inputs from Reuters)

Bill Gates steps down from Microsoft board to focus on philanthropic works

Several companies in the UK have cut travel insurance due to the coronavirus even as travellers have been seeking cover during their stay away from home.

<a href="https://www.wionews.com/world/us-capitol-closed-to-public-after-staffer-tests-positive-for-coronavirus-285967">Also Read: US Capitol closed to public after staffer tests positive for coronavirus</a>

The move comes even as India's insurance regulator&nbsp;IRDAI instructed all insurers to include medical cover for <a href="https://www.wionews.com/india-news/say-no-to-panic-yes-to-precautions-pm-modi-on-coronavirus-outbreak-285873">COVID-19</a>, the insurance authority's notification says that medical expenses during the quarantine period will also be reimbursable.

In order to prevent high-handedness by insurers, all claims will go through a review committee before they can be rejected. IRDAI has also asked insurers to design policies that cover coronavirus cases in the future.

Patients across <a href="https://www.wionews.com/india-news/coronavirus-india-urges-citizens-not-to-panic-as-infected-toll-stands-at-73-285932">India</a> have been troubled by the fact that their policies do not cover the virus with reports of hospitals refusing to recognise claims of policyholders.

However, it is quite a different scenario in the UK with&nbsp;British insurer LV saying: "In light of the significant impact that coronavirus is having globally, LV=... has taken the difficult decision to pause the sale of travel insurance to new customers," while adding that it was "temporary move".

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/trump-suspends-all-travel-from-europe-to-us-to-fight-covid-19-285728/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to reports, several companies saw a surge in travel insurance including Post Office, CoverForYou and TravelSupermarket as the coronavirus spread last month and people continued to travel. However, as the virus took a dangerous turn with the WHO declaring it a "pandemic", British insurers have begun to relook the cover.

Reports say leading UK insurers including Post Office, InsureandGo &amp; Aviva have withdrawn their cover amid a huge spike in coronavirus cases in the country.

<a href="https://www.wionews.com/photos/soaps-or-sanitisers-which-is-best-to-fight-coronavirus-285925">In Pics:&nbsp;Soaps or sanitisers - Which is best to fight coronavirus?</a>

Aviva said it has&nbsp;decided to do away with add-on cover for “travel disruption” or “airspace closure” while maintaining that it has&nbsp;paused single-trip direct travel insurance for new customers travelling to Italy due to coronavirus.

“Insurance is designed to provide cover for unforeseen and unexpected events and is priced on this basis. The outbreak of the coronavirus means there is an increased likelihood of disruption to people’s travel plans. We envisage that these decisions, affecting only Aviva’s travel insurance new business, will be temporary actions,” the company said in a statement.

"In light of the impact that Coronavirus (COVID-19) is having globally, we’ve made the difficult decision to pause the sale of travel insurance to new customers," LV said on its website, adding, "We considered a number of different options, such as excluding cover or significantly increasing prices for new customers. We strongly believe this temporary measure of pausing the sale of new policies and focusing on our existing customers is the right decision."

Several companies in the UK have cut travel insurance due to the coronavirus even as travellers have been seeking cover during their stay away from home. Also Read: US Capitol closed to public after staffer tests positive for coronavirus The move comes even as India's insurance regulator IRDAI instructed all insurers to include medical cover for COVID-19, the insurance authority's notification says that medical expenses during the quarantine period will also be reimbursable.

Several companies in the UK have cut travel insurance due to the coronavirus even as travellers have been seeking cover during their stay away from home. Also Read: US Capitol closed to public after staffer tests positive for coronavirus The move comes even as India's insurance regulator IRDAI instructed all insurers to include medical cover for COVID-19, the insurance authority's notification says that medical expenses during the quarantine period will also be reimbursable. In order to prevent high-handedness by insurers, all claims will go through a review committee before they can be rejected. IRDAI has also asked insurers to design policies that cover coronavirus cases in the future. Patients across India have been troubled by the fact that their policies do not cover the virus with reports of hospitals refusing to recognise claims of policyholders. However, it is quite a different scenario in the UK with British insurer LV saying: "In light of the significant impact that coronavirus is having globally, LV=... has taken the difficult decision to pause the sale of travel insurance to new customers," while adding that it was "temporary move". Watch Video: According to reports, several companies saw a surge in travel insurance including Post Office, CoverForYou and TravelSupermarket as the coronavirus spread last month and people continued to travel. However, as the virus took a dangerous turn with the WHO declaring it a "pandemic", British insurers have begun to relook the cover. Reports say leading UK insurers including Post Office, InsureandGo & Aviva have withdrawn their cover amid a huge spike in coronavirus cases in the country. In Pics: Soaps or sanitisers - Which is best to fight coronavirus? Aviva said it has decided to do away with add-on cover for “travel disruption” or “airspace closure” while maintaining that it has paused single-trip direct travel insurance for new customers travelling to Italy due to coronavirus. “Insurance is designed to provide cover for unforeseen and unexpected events and is priced on this basis. The outbreak of the coronavirus means there is an increased likelihood of disruption to people’s travel plans. We envisage that these decisions, affecting only Aviva’s travel insurance new business, will be temporary actions,” the company said in a statement. "In light of the impact that Coronavirus (COVID-19) is having globally, we’ve made the difficult decision to pause the sale of travel insurance to new customers," LV said on its website, adding, "We considered a number of different options, such as excluding cover or significantly increasing prices for new customers. We strongly believe this temporary measure of pausing the sale of new policies and focusing on our existing customers is the right decision."

Coronavirus insurance: India moves to protect patients as UK companies limit cover

India's trade deficit sharply narrowed in February to $9.85 billion from $15.17 billion in the previous month, the trade ministry said in a statement on Friday, helped by a rise exports.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/pandemic-on-dalal-street-as-sensex-crashes-by-3090-points-trading-halted-for-45-minutes-286006">Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes</a>

Trade deficit stood at $9.72 billion in February 2019.

Also see:&nbsp;<a href="https://www.wionews.com/opinions-blogs/how-this-economic-slowdown-is-different-from-the-previous-ones-283955">How this economic slowdown is different from the previous ones</a>

Merchandise exports rose 2.91% to $27.65 billion in February compared with a year earlier, while imports rose 2.48% to $37.50 billion, the data showed.

India's trade deficit sharply narrowed in February to $9.85 billion from $15.17 billion in the previous month, the trade ministry said in a statement on Friday, helped by a rise exports.

India's trade deficit sharply narrowed in February to $9.85 billion from $15.17 billion in the previous month, the trade ministry said in a statement on Friday, helped by a rise exports. Also read: Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes Trade deficit stood at $9.72 billion in February 2019. Also see: How this economic slowdown is different from the previous ones Merchandise exports rose 2.91% to $27.65 billion in February compared with a year earlier, while imports rose 2.48% to $37.50 billion, the data showed.

India's February trade deficit at $9.85 billion: Government

British Airways will cut jobs after the coronavirus pandemic devastated demand for global air travel, its chief executive Alex Cruz said Friday.

"To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost perhaps for a short period, perhaps longer term," Cruz said in an internal memo confirmed by the group.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airline-crisis-worsens-as-us-puts-europeans-in-coronavirus-quarantine-285968">Airline crisis worsens as US puts Europeans in coronavirus quarantine</a>

Global airlines have cancelled thousands of flights worldwide, as COVID-19 decimates demand for passenger travel, with destinations to China and Italy in particularly hit hard.

The aviation industry is struggling with the severe impact of the pandemic, which has so far infected more than 134,300 people globally and killed over 5,000, according to a source's&nbsp;tally.

Also see:&nbsp;<a href="https://www.wionews.com/world/amid-coronavirus-outbreak-airlines-run-ghost-flights-to-save-their-airport-slots-285262">Amid coronavirus outbreak, airlines run 'ghost flights' to save their airport slots</a>

In a further blow this week, US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over coronavirus.

The global aviation association on Thursday warned that the US-imposed trans-Atlantic travel ban would further hurt an industry already hard-hit by the crisis, insisting airlines needed "emergency measures" to get through.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/uk-airline-flybe-dealt-final-blow-by-coronavirus-284507">UK airline Flybe dealt final blow by coronavirus</a>

The move "will create enormous cash-flow pressures for airlines," Alexandre de Juniac, head of the International Air Transport Association (IATA), warned in a statement.&nbsp;

British Airways will cut jobs after the coronavirus pandemic devastated demand for global air travel, its chief executive Alex Cruz said Friday. "To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost perhaps for a short period, perhaps longer term," Cruz said in an internal memo confirmed by the group.

British Airways will cut jobs after the coronavirus pandemic devastated demand for global air travel, its chief executive Alex Cruz said Friday. "To be frank, given the changing circumstances, we can no longer sustain our current level of employment and jobs will be lost perhaps for a short period, perhaps longer term," Cruz said in an internal memo confirmed by the group. Also read: Airline crisis worsens as US puts Europeans in coronavirus quarantine Global airlines have cancelled thousands of flights worldwide, as COVID-19 decimates demand for passenger travel, with destinations to China and Italy in particularly hit hard. The aviation industry is struggling with the severe impact of the pandemic, which has so far infected more than 134,300 people globally and killed over 5,000, according to a source's tally. Also see: Amid coronavirus outbreak, airlines run 'ghost flights' to save their airport slots In a further blow this week, US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over coronavirus. The global aviation association on Thursday warned that the US-imposed trans-Atlantic travel ban would further hurt an industry already hard-hit by the crisis, insisting airlines needed "emergency measures" to get through. Also read: UK airline Flybe dealt final blow by coronavirus The move "will create enormous cash-flow pressures for airlines," Alexandre de Juniac, head of the International Air Transport Association (IATA), warned in a statement.

British Airways to cut jobs over coronavirus: CEO

Indian equity market trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level.

<a href="https://www.wionews.com/business-economy/pandemic-on-dalal-street-as-sensex-crashes-by-3090-points-trading-halted-for-45-minutes-286006">Also read: Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes</a> 
 
Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session.

Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after the resumption of trade.

Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.

Indian equity market trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level.

Indian equity market trading on Friday resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level. Also read: Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session. Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points. Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after the resumption of trade. Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS.

Trading resumes on stock exchanges; Sensex tanks over 3,300 points

The domestic stock market continued to be in the bear phase with the BSE Sensex opening 2,400&nbsp;points lower after the World Health Organization (WHO) declared coronavirus as a global pandemic. Broader Nifty opened 755.45 points lower on Friday.&nbsp;

At 9:30&nbsp;am, the S&amp;P BSE Sensex was down over 3,090.62 points, or 9.43%, at 29,687.52&nbsp;levels. The NSE Nifty too cracked 966.10 points, or 10.07%, to 8,624.05.

The stock market trading has been halted for 45 minutes&nbsp;for the first time since May 2008.

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Global stocks, past 24 hours. 
 
Italy: -16.6% 
Brazil: -14.7% 
Spain: -14.6% 
Canada: -12% 
France: -12% 
Germany: -12% 
UK: -10.9% 
US (Dow): -10% 
Russia: -8.2% 
India: -8.2% 
Australia: -7.3% 
Turkey: -7.2% 
Indonesia: -5% 
Japan: -4.4% 
S Korea: -3.8% 
HK: -3.6% 
Saudi: -3% 
China: -1.5%
— The Spectator Index (@spectatorindex) <a href="https://twitter.com/spectatorindex/status/1238208741771599872?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote>
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Yesterday, the Indian equity markets witnessed their steepest one-day fall in absolute terms as risk-sentiment took a hit after the WHO declared the COVID-19 outbreak a global pandemic.

Meanwhile, the rupee&nbsp;hit a fresh record low of 74.48 against the US dollar following sharp sell-off in domestic equities and strength in the greenback against its major crosses.

The domestic stock market continued to be in the bear phase with the BSE Sensex opening 2,400 points lower after the World Health Organization (WHO) declared coronavirus as a global pandemic.

The domestic stock market continued to be in the bear phase with the BSE Sensex opening 2,400 points lower after the World Health Organization (WHO) declared coronavirus as a global pandemic. Broader Nifty opened 755.45 points lower on Friday. At 9:30 am, the S&P BSE Sensex was down over 3,090.62 points, or 9.43%, at 29,687.52 levels. The NSE Nifty too cracked 966.10 points, or 10.07%, to 8,624.05. The stock market trading has been halted for 45 minutes for the first time since May 2008. Global stocks, past 24 hours. Italy: -16.6% Brazil: -14.7% Spain: -14.6% Canada: -12% France: -12% Germany: -12% UK: -10.9% US (Dow): -10% Russia: -8.2% India: -8.2% Australia: -7.3% Turkey: -7.2% Indonesia: -5% Japan: -4.4% S Korea: -3.8% HK: -3.6% Saudi: -3% China: -1.5% — The Spectator Index (@spectatorindex) March 12, 2020 × Yesterday, the Indian equity markets witnessed their steepest one-day fall in absolute terms as risk-sentiment took a hit after the WHO declared the COVID-19 outbreak a global pandemic. Meanwhile, the rupee hit a fresh record low of 74.48 against the US dollar following sharp sell-off in domestic equities and strength in the greenback against its major crosses.

Pandemic on Dalal street as Sensex crashes by 3,090 points, trading halted for 45 minutes

A sharp recovery witnessed in the Indian markets. Sensex climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at the end at 9,955.2, however, the indexes closed down over 9 per cent each for the week.

Your Story: Sharp recovery in Indian markets | Coronavirus Outbreak

Markets closed on a high on Friday after plunging four per cent during the day as coronavirus fears gripped Dalal Street.

<a href="https://www.wionews.com/business-economy/sensex-nifty-rebound-from-record-lows-log-biggest-intraday-recovery-286113">Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery</a>

<a href="https://www.wionews.com/business-economy/trading-resumes-on-stock-exchanges-sensex-tanks-over-3300-points-286029">Sensex</a> climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at end at 9,955.2, however, the indexes closed down over 9 per cent each for the week.&nbsp;

The rupee to recovered lost ground after falling to a record low of 74.5075 earlier in the session to climb up to 73.84 against the US dollar.

HDFC, State Bank of India, Tata Steel were the big gainers.

Despite the gains, the NSE Nifty 50 index and the benchmark S&amp;P BSE Sensex logged their worst week since 2009.

The indexes had nosedived over 10 per cent earlier in the session, triggering a trading halt for the first time since 2009 amid coronavirus fears as the number of confirmed cases continued to rise in India.

Markets closed on a high on Friday after plunging four per cent during the day as coronavirus fears gripped Dalal Street. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Sensex climbed 4.

Markets closed on a high on Friday after plunging four per cent during the day as coronavirus fears gripped Dalal Street. Also Read: Sensex, Nifty rebound from record lows, log biggest intraday recovery Sensex climbed 4.04 per cent to close at 34,103.48 while the Nifty closed 3.81 per cent higher at end at 9,955.2, however, the indexes closed down over 9 per cent each for the week. The rupee to recovered lost ground after falling to a record low of 74.5075 earlier in the session to climb up to 73.84 against the US dollar. HDFC, State Bank of India, Tata Steel were the big gainers. Despite the gains, the NSE Nifty 50 index and the benchmark S&P BSE Sensex logged their worst week since 2009. The indexes had nosedived over 10 per cent earlier in the session, triggering a trading halt for the first time since 2009 amid coronavirus fears as the number of confirmed cases continued to rise in India.

Markets recover but suffer worst week since 2009 amid coronavirus fears

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session.

At 1:30 PM, the BSE-share index was trading 1,817.13 points or 5.54% higher at 34,595.27. Similarly, the NSE Nifty was trading 525.60 points, or 5.48%, up at 10,115.75.

This was the biggest-ever intra-day recovery of markets after hitting 10 per cent lower circuit. The S&amp;P BSE Sensex was trading around the 34,480 levels, up 1,802 points, or 4.9 per cent. Earlier, the index hit the intra-day low of 29,388.&nbsp;

Earlier in the day, taking cues from global markets, the virus panic hit Indian markets hard in today's session.

Benchmark indices -Sensex and Nifty 50 witnessed major cuts in the first 15 minutes of trading. The Sensex slipped below the 30,000 marks while Nifty hit a three-year low level.

The Indian rupee also cracked to record lows against US dollar. And this led to a trading halt of 45-minutes across all equity and derivatives markets nationwide.

The trading resumed at 10:20 am today and Indian market staged a mild recovery. Sensex saw a pullback of 1800 points. Taking it above the 30,000 marks.

Nifty which tanked to nearly 8400 levels. Recovered in the reopening. Trading above 9,500 levels for now. Rupee also has now recovered from lows. Currently trading at 73.97 against US dollar.

The panic in emerging markets has trickled from global markets. The Thursday trading on wall street saw the worst session since the year 'Black Monday crash in 1987'. And dow jones closed with 10% losses. Along with Nasdaq and S&amp;P 500 losing over 9%.

Shares in Asian markets apart from India also remain under pressure. Tokyo's nikkei sank 3%, while Hong Kong's Hang Seng and South Korea's Kospi are also down over 3% in trade.

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session.

Domestic stock market indices rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in the afternoon trade after Nifty and Sensex crashed 10% in big sell-off in the morning session. At 1:30 PM, the BSE-share index was trading 1,817.13 points or 5.54% higher at 34,595.27. Similarly, the NSE Nifty was trading 525.60 points, or 5.48%, up at 10,115.75. This was the biggest-ever intra-day recovery of markets after hitting 10 per cent lower circuit. The S&P BSE Sensex was trading around the 34,480 levels, up 1,802 points, or 4.9 per cent. Earlier, the index hit the intra-day low of 29,388. Earlier in the day, taking cues from global markets, the virus panic hit Indian markets hard in today's session. Benchmark indices -Sensex and Nifty 50 witnessed major cuts in the first 15 minutes of trading. The Sensex slipped below the 30,000 marks while Nifty hit a three-year low level. The Indian rupee also cracked to record lows against US dollar. And this led to a trading halt of 45-minutes across all equity and derivatives markets nationwide. The trading resumed at 10:20 am today and Indian market staged a mild recovery. Sensex saw a pullback of 1800 points. Taking it above the 30,000 marks. Nifty which tanked to nearly 8400 levels. Recovered in the reopening. Trading above 9,500 levels for now. Rupee also has now recovered from lows. Currently trading at 73.97 against US dollar. The panic in emerging markets has trickled from global markets. The Thursday trading on wall street saw the worst session since the year 'Black Monday crash in 1987'. And dow jones closed with 10% losses. Along with Nasdaq and S&P 500 losing over 9%. Shares in Asian markets apart from India also remain under pressure. Tokyo's nikkei sank 3%, while Hong Kong's Hang Seng and South Korea's Kospi are also down over 3% in trade.

Sensex, Nifty rebound from record lows, log biggest intraday recovery