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Dealing with economic fallout of COVID19, India has announced a sharp 54% increase in its FY21 gross borrowing target to Rs 12 lakh crore from Rs 7.8 lakh crore.

India raises FY21 gross borrowing target to Rs 12 lakh crore

US&nbsp;President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.

In an overnight phone call, US&nbsp;Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He set aside rapidly deteriorating US-China relations and discussed progress since the deal took effect in mid-February.

<img alt="Liu He" data-entity-type="file" data-entity-uuid="2149e888-6a14-4643-b4e6-e0e7ef111ab5" src="//cdn.wionews.com/sites/default/files/inline-images/RTS2V0GD.jpg" /> 
China's Vice Premier Liu He gestures to the media between US&nbsp;Trade Representative Robert Lighthizer (L) and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington

The two Trump cabinet officials said in a joint statement that both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.”

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China’s Commerce Ministry said the two sides agreed to improve the atmosphere for implementation of the Phase 1 deal, which calls for Beijing to boost its purchases of American farm and manufactured goods, energy and services by $200 billion over two years compared to a 2017 baseline.

The deal brought a partial truce to an 18-month trade war between the world’s two largest economies that heaped US&nbsp;tariffs on some $370 billion worth of Chinese imports.

Trump, who has blamed China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the United States, has threatened to terminate the trade deal if China fails to meet its purchase commitments. He said on Wednesday that he will assess that effort within the next week.

China has rejected the Trump administration’s assertions that there was evidence the new coronavirus came from a Wuhan laboratory and scientists have said it appears to have developed in nature.

Early on Friday, just before the US. Labor Department announced that a staggering 20.5 million US&nbsp;jobs were lost in April, Trump told a news channel that he was “having a very hard time with China.”

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While he was initially “very excited” about the trade deal’s signing in January, the pandemic since then had changed his views about it.

“Look, I feel differently than I did. I was the most - I was very tough with China,” Trump said.

Asked if he was “breaking up” the Phase 1 trade deal, Trump said: “I’m very - I’m very torn as to - I have not decided yet, if you want to know the truth.”

Trump and some members of his administration have threatened punitive action against Beijing, including possible tariffs and shifting supply chains away from China.

While China has made some purchases of US&nbsp;farm goods, some observers say these are running far behind the pace needed to meet the first-year goal of a $77 billion increase as China’s economy is just now beginning to recover from shutdowns imposed during the pandemic.

Beijing’s new plans to implement tougher protections for intellectual property as part of the trade deal have met with mixed reviews.

US President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.

US President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 US-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage. In an overnight phone call, US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He set aside rapidly deteriorating US-China relations and discussed progress since the deal took effect in mid-February. China's Vice Premier Liu He gestures to the media between US Trade Representative Robert Lighthizer (L) and Treasury Secretary Steve Mnuchin before the two countries' trade negotiations in Washington The two Trump cabinet officials said in a joint statement that both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.” Also read: US accuses China and Russia of coordinating to spread virus conspiracies China’s Commerce Ministry said the two sides agreed to improve the atmosphere for implementation of the Phase 1 deal, which calls for Beijing to boost its purchases of American farm and manufactured goods, energy and services by $200 billion over two years compared to a 2017 baseline. The deal brought a partial truce to an 18-month trade war between the world’s two largest economies that heaped US tariffs on some $370 billion worth of Chinese imports. Trump, who has blamed China’s early handling of the coronavirus outbreak in Wuhan in late 2019 for causing thousands of deaths and millions of job losses in the United States, has threatened to terminate the trade deal if China fails to meet its purchase commitments. He said on Wednesday that he will assess that effort within the next week. China has rejected the Trump administration’s assertions that there was evidence the new coronavirus came from a Wuhan laboratory and scientists have said it appears to have developed in nature. Early on Friday, just before the US. Labor Department announced that a staggering 20.5 million US jobs were lost in April, Trump told a news channel that he was “having a very hard time with China.” Also read: Coronavirus fuels historic US job losses, EU wants borders kept shut While he was initially “very excited” about the trade deal’s signing in January, the pandemic since then had changed his views about it. “Look, I feel differently than I did. I was the most - I was very tough with China,” Trump said. Asked if he was “breaking up” the Phase 1 trade deal, Trump said: “I’m very - I’m very torn as to - I have not decided yet, if you want to know the truth.” Trump and some members of his administration have threatened punitive action against Beijing, including possible tariffs and shifting supply chains away from China. While China has made some purchases of US farm goods, some observers say these are running far behind the pace needed to meet the first-year goal of a $77 billion increase as China’s economy is just now beginning to recover from shutdowns imposed during the pandemic. Beijing’s new plans to implement tougher protections for intellectual property as part of the trade deal have met with mixed reviews.

Trump 'torn' over US-China trade deal as officials push to fulfill its terms

India's fuel demand dipped 45.8% in April from a year earlier, as economic activity came to a halt due to nationwide lockdown and travel curbs to combat the spread of novel coronavirus.

India's fuel demand dipped 45.8% in April from a year earlier, as economic activity came to a halt due to nationwide lockdown and travel curbs to combat the spread of novel coronavirus. Consumption of fuel totalled 9.93 million tonnes - its lowest since 2007, government data showed on Saturday. State fuel retailers in India sold 50% less refined fuel in the first two weeks of April than the same time a year earlier as the country came to a standstill due to the lockdown that was put in place on March 24. The government last week extended the lockdown until May 17, with some relaxations in lower-risk areas, although travel by air, rail and metro and inter-state movement of people by road was still banned. The International Energy Agency (IEA) in its latest report said India's annual fuel consumption will decline by 5.6% in 2020 compared with growth of 2.4% forecast in its March report. Consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, was down about 55.6% year-over-year at 3.25 million tonnes. (With inputs from Reuters)

India's fuel demand falls sharply in April amid lockdown to curb spread of coronavirus

Indian retail inflation fell to a five month low in April amid the nationwide lockdown imposed to quell the spread of the coronavirus.

According to a Reuters poll, the economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food.

The May 5-7 poll median of more than 40 economists predicted India's annual consumer price inflation fell to 5.68 per cent in April from March's 5.91 per cent, still above the Reserve Bank of India`s (RBI) medium-term target of 4.00 per cent.

Forecasts in the Reuters poll ranged between 4.50 per cent and 7.00 per cent and about 80 per cent of participants expected inflation to be below the upper band of the RBI`s inflation target range of 2.00-6.00 per cent.

While the lockdown was extended to May 17, the government has allowed considerable relaxations in lower-risk districts, which might help lift the economic slowdown experienced since March.

That inflation rate, if realised, would allow the central bank to keep policy loose to combat the unprecedented impact of the pandemic which has battered the economy.

(with inputs from Reuters)

Indian retail inflation fell to a five month low in April amid the nationwide lockdown imposed to quell the spread of the coronavirus. According to a Reuters poll, the economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food.

Indian retail inflation fell to a five month low in April amid the nationwide lockdown imposed to quell the spread of the coronavirus. According to a Reuters poll, the economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food. The May 5-7 poll median of more than 40 economists predicted India's annual consumer price inflation fell to 5.68 per cent in April from March's 5.91 per cent, still above the Reserve Bank of India`s (RBI) medium-term target of 4.00 per cent. Forecasts in the Reuters poll ranged between 4.50 per cent and 7.00 per cent and about 80 per cent of participants expected inflation to be below the upper band of the RBI`s inflation target range of 2.00-6.00 per cent. While the lockdown was extended to May 17, the government has allowed considerable relaxations in lower-risk districts, which might help lift the economic slowdown experienced since March. That inflation rate, if realised, would allow the central bank to keep policy loose to combat the unprecedented impact of the pandemic which has battered the economy. (with inputs from Reuters)

India inflation likely eased to a five-month low in April amid coronavirus-enforced lockdown

Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore in to Jio Platforms.

This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

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Vista's investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. 
 
Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.

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Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world.

Commenting on the investment, Robert F. Smith, Founder, Chairman and CEO of Vista, said, "We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world`s fastest growing digital economies."

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio's digital apps, digital ecosystems and high speed connectivity platform under one umbrella.

Commenting on the transaction, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, "Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.''

Previously, Mark Zuckerberg's Facebook bought 9.99 per cent&nbsp;equity stake in Jio.

Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore in to Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.

Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore in to Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Also read: Facebook buys 9.99% equity stake in India's Reliance Jio Vista's investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook. Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks. Also read: Here's what Facebook CEO Mark Zuckerberg said after teaming up with Mukesh Ambani's Jio Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world. Commenting on the investment, Robert F. Smith, Founder, Chairman and CEO of Vista, said, "We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world`s fastest growing digital economies." Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio's digital apps, digital ecosystems and high speed connectivity platform under one umbrella. Commenting on the transaction, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, "Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.'' Previously, Mark Zuckerberg's Facebook bought 9.99 per cent equity stake in Jio.

US-based Vista Equity Partners to invest Rs 11,367 crore in Reliance Jio

US labour Department said today that the <a href="https://www.wionews.com/world/75000-americans-at-risk-of-dying-from-coronavirus-despair-says-study-297460">coronavirus</a> pandemic led to wiping out of 20.5 million jobs last month.

<a href="https://www.wionews.com/world/whistleblower-complaint-draws-attention-to-trump-administrations-flawed-covid-19-response-297366">Also Read:&nbsp;Whistleblower complaint draws attention to Trump administration's flawed COVID-19 response</a>

The unemployment rate crashed 14.7 per cent amid COVID-19 outbreak in April compared to 4.4 per cent in March. The unemployment rate is well beyond the peak of the 2008 financial crisis.&nbsp;

Job losses in the US in March was 870,000 even as the country was closing down due to the virus in the second half of the month.&nbsp;During the economic collapse 12 years ago, the US lost 8.6 million jobs in a two year period.

President Trump while talking to a US television channel said "It's fully expected, there's no surprise", adding,"I'll bring it back".&nbsp;

The virus has already claimed over 75,000 lives leading to large scale closure of business&nbsp;and lockdowns which has hampered economic activity with some categorising it as the "largest collapse in history."

Amid the breakdown in economic activity, US and China decided to create favourable conditions for the phase one trade deal which has been in the works despite tensions between the two countries over the coronavirus outbreak.

"Both sides said they should strengthen macroeconomic and public health cooperation, strive to create a favourable atmosphere and conditions for the implementation of the phase one US-China economic and trade agreement, promoting positive results," a notice from China's Ministry of Commerce said.

US trade representative said: "They also agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner."

&nbsp;

US labour Department said today that the coronavirus pandemic led to wiping out of 20.5 million jobs last month. Also Read: Whistleblower complaint draws attention to Trump administration's flawed COVID-19 response The unemployment rate crashed 14.

US labour Department said today that the coronavirus pandemic led to wiping out of 20.5 million jobs last month. Also Read: Whistleblower complaint draws attention to Trump administration's flawed COVID-19 response The unemployment rate crashed 14.7 per cent amid COVID-19 outbreak in April compared to 4.4 per cent in March. The unemployment rate is well beyond the peak of the 2008 financial crisis. Job losses in the US in March was 870,000 even as the country was closing down due to the virus in the second half of the month. During the economic collapse 12 years ago, the US lost 8.6 million jobs in a two year period. President Trump while talking to a US television channel said "It's fully expected, there's no surprise", adding,"I'll bring it back". The virus has already claimed over 75,000 lives leading to large scale closure of business and lockdowns which has hampered economic activity with some categorising it as the "largest collapse in history." Amid the breakdown in economic activity, US and China decided to create favourable conditions for the phase one trade deal which has been in the works despite tensions between the two countries over the coronavirus outbreak. "Both sides said they should strengthen macroeconomic and public health cooperation, strive to create a favourable atmosphere and conditions for the implementation of the phase one US-China economic and trade agreement, promoting positive results," a notice from China's Ministry of Commerce said. US trade representative said: "They also agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner."

US records 20.5 million job losses in April; no surprise, will bring it back, says Trump

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday.

Moody's report: India may see 0% GDP growth this fiscal year

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday.

The ratings agency said it expected India to see no growth in financial year 2021 and bounce back to a 6.6% GDP growth in FY22, while the fiscal deficit is seen rising to 5.5% of GDP in FY21 versus the budgeted estimate of 3.5%.

The COVID-19 spread in the country has also "significantly reduced the prospects of a durable fiscal consolidation," it said in a report.

In November, Moody's cut the outlook on India's sovereign rating of Baa2 to "negative" from "stable" due to a slowdown in growth and had said it will monitor the country's debt levels closely.

Baa2 is the second-lowest investment grade score.

"Prolonged financial stress among rural households, weak job creation and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched weakening," the agency noted.

If nominal GDP growth does not return to high rates the government will face very significant constraints in narrowing the budget deficit and preventing a rise in the debt burden, Moody's said.

India has so far outlined a 1.7 trillion rupee ($22.53 billion) stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor and a second package focussing on help for small and medium businesses is expected soon.

Moody's reiterated that the negative outlook indicates an upgrade is unlikely in the near term.

"We would be likely to change the rating outlook to stable if we saw a significant increase in the probability of fiscal metrics stabilizing and strengthening over time," it said.

It added that a downgrade of India's rating would likely occur "if we expected its fiscal metrics to weaken materially".

India's eight-week long lockdown, one of the world's most stringent, has helped contain the spread of the coronavirus, officials say, with the country having reported only 56,342 cases and 1,886 deaths, compared to the 3.86 million global infections.

"Lower growth and government revenue generation, coupled with coronavirus-related fiscal stimulus measures, will lead to higher government debt ratios, which we project to rise to around 81% of GDP over the next few years," Moody's said.

While the government remains committed to medium-term fiscal consolidation, material strengthening in India's public finances is likely to be limited near term and the debt burden will remain sensitive to changes in nominal GDP growth, it added.

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday. The ratings agency said it expected India to see no growth in financial year 2021 and bounce back to a 6.6% GDP growth in FY22, while the fiscal deficit is seen rising to 5.5% of GDP in FY21 versus the budgeted estimate of 3.5%. The COVID-19 spread in the country has also "significantly reduced the prospects of a durable fiscal consolidation," it said in a report. In November, Moody's cut the outlook on India's sovereign rating of Baa2 to "negative" from "stable" due to a slowdown in growth and had said it will monitor the country's debt levels closely. Baa2 is the second-lowest investment grade score. "Prolonged financial stress among rural households, weak job creation and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched weakening," the agency noted. If nominal GDP growth does not return to high rates the government will face very significant constraints in narrowing the budget deficit and preventing a rise in the debt burden, Moody's said. India has so far outlined a 1.7 trillion rupee ($22.53 billion) stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor and a second package focussing on help for small and medium businesses is expected soon. Moody's reiterated that the negative outlook indicates an upgrade is unlikely in the near term. "We would be likely to change the rating outlook to stable if we saw a significant increase in the probability of fiscal metrics stabilizing and strengthening over time," it said. It added that a downgrade of India's rating would likely occur "if we expected its fiscal metrics to weaken materially". India's eight-week long lockdown, one of the world's most stringent, has helped contain the spread of the coronavirus, officials say, with the country having reported only 56,342 cases and 1,886 deaths, compared to the 3.86 million global infections. "Lower growth and government revenue generation, coupled with coronavirus-related fiscal stimulus measures, will lead to higher government debt ratios, which we project to rise to around 81% of GDP over the next few years," Moody's said. While the government remains committed to medium-term fiscal consolidation, material strengthening in India's public finances is likely to be limited near term and the debt burden will remain sensitive to changes in nominal GDP growth, it added.

India may see 0% GDP growth this fiscal year, says Moody's report

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make decisions on what kind of content should be allowed and not allowed on the social media and Instagram, reported news agency AFP.

The oversight board is to make final decisions regarding the kinds of posts that would land social media in trouble&nbsp;about censorship, misinformation or free speech, AFP report said.

Facebook public policy director Brent Harris described the creation of the board as the "beginning of a fundamental change in the way some of the most difficult content decisions on Facebook will be made."

The 20 members of the panel announced Wednesday come from various countries and include jurists, human rights activists, journalists, a Nobel peace laureate and a former Danish prime minister, the report added.

"This is a group that has a diverse set of insights, backgrounds, and beliefs but share a deep commitment to advancing human rights and freedom of expression," board director Thomas Hughes said during a phone briefing.

The board is to be expanded to 40 members. It remained unclear when the board would start hearing cases due to restrictions on gathering or traveling caused by the deadly coronavirus pandemic.

Board members have met virtually and training has started, according to Hughes.

The board was first proposed by Facebook co-founder and chief Mark Zuckerberg in 2018.

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make decisions on what kind of content should be allowed and not allowed on the social media and Instagram, reported news agency AFP.

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make decisions on what kind of content should be allowed and not allowed on the social media and Instagram, reported news agency AFP. The oversight board is to make final decisions regarding the kinds of posts that would land social media in trouble about censorship, misinformation or free speech, AFP report said. Facebook public policy director Brent Harris described the creation of the board as the "beginning of a fundamental change in the way some of the most difficult content decisions on Facebook will be made." The 20 members of the panel announced Wednesday come from various countries and include jurists, human rights activists, journalists, a Nobel peace laureate and a former Danish prime minister, the report added. "This is a group that has a diverse set of insights, backgrounds, and beliefs but share a deep commitment to advancing human rights and freedom of expression," board director Thomas Hughes said during a phone briefing. The board is to be expanded to 40 members. It remained unclear when the board would start hearing cases due to restrictions on gathering or traveling caused by the deadly coronavirus pandemic. Board members have met virtually and training has started, according to Hughes. The board was first proposed by Facebook co-founder and chief Mark Zuckerberg in 2018.

Facebook announces members of its 'supreme court' for content

India on Tuesday increased taxes and duties on petrol and diesel, as the government moves to raise revenues in an economy that has ground to a halt in the coronavirus crisis.

Taxes and duties on petrol and diesel were increased by 10 Rs/litre and 13 Rs/litre, respectively.

The government, however, said in a statement that local pump prices would not be affected.

In the international markets, prices of fuel have declined substantially amid the slump in global crude oil demand.

Some state governments earlier on Tuesday sharply raised taxes on alcohol, which reopened to sales for the first time after March 25 when India entered a nationwide lockdown owing to the coronavirus pandemic. 
&nbsp; 
India has so far reported 49,391 coronavirus cases, and the death toll stands at 1,694.

India on Tuesday increased taxes and duties on petrol and diesel, as the government moves to raise revenues in an economy that has ground to a halt in the coronavirus crisis.

India on Tuesday increased taxes and duties on petrol and diesel, as the government moves to raise revenues in an economy that has ground to a halt in the coronavirus crisis. Taxes and duties on petrol and diesel were increased by 10 Rs/litre and 13 Rs/litre, respectively. The government, however, said in a statement that local pump prices would not be affected. In the international markets, prices of fuel have declined substantially amid the slump in global crude oil demand. Some state governments earlier on Tuesday sharply raised taxes on alcohol, which reopened to sales for the first time after March 25 when India entered a nationwide lockdown owing to the coronavirus pandemic. India has so far reported 49,391 coronavirus cases, and the death toll stands at 1,694.

India hikes taxes on petrol, diesel amid coronavirus crisis

Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry.

The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500.

"We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill," Airbnb CEO and cofounder Brian Chesky said in a letter to employees.

"I am truly sorry. Please know this is not your fault. The world will never stop seeking the qualities and talents that you brought to Airbnb," he further wrote.

He added that Airbnb's business has been "hit hard" and revenue this year is expected to be less than half of what the company earned in 2019.

Airbnb has also reportedly delayed plans for a Wall Street debut this year.

In the US, Airbnb said it will cover 12 months of health insurance for its employees through COBRA. In all other countries, it will cover health insurance costs through the end of this year.

It's said many of Airbnb hosts are struggling to make mortgage payments and pay bills due to coronavirus-related cancellations.

Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry. The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500.

Airbnb is set to lay off about 25 per cent of its workforce as the coronavirus pandemic ravages the travel industry. The rental startup on Tuesday said nearly 1,900 employees will be let go worldwide, out of 7,500. "We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill," Airbnb CEO and cofounder Brian Chesky said in a letter to employees. "I am truly sorry. Please know this is not your fault. The world will never stop seeking the qualities and talents that you brought to Airbnb," he further wrote. He added that Airbnb's business has been "hit hard" and revenue this year is expected to be less than half of what the company earned in 2019. Airbnb has also reportedly delayed plans for a Wall Street debut this year. In the US, Airbnb said it will cover 12 months of health insurance for its employees through COBRA. In all other countries, it will cover health insurance costs through the end of this year. It's said many of Airbnb hosts are struggling to make mortgage payments and pay bills due to coronavirus-related cancellations.

Airbnb to lay off 25% of its employees

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the<a href="https://www.wionews.com/world/global-coronavirus-cases-surge-to-36-million-death-toll-at-257337-296973"> coronavirus</a> outbreak.

<a href="https://www.wionews.com/world/italy-claims-worlds-first-coronavirus-vaccine-human-trials-soon-296954">Also Read:&nbsp;Italy claims world's first coronavirus vaccine; human trials soon</a>

The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.3 per cent growth rate next year.

While announcing the scale of the challenge, EU said Italy, Spain and France who have been the worst-affected countries due to the virus have seen their deficit sour to around ten per cent.

Meanwhile, German automaker BMW reported that its net profit was down in the first quarter due to the effect of the virus with most countries in Europe on lockdown.

The German company said it sold 21 per cent lesser cars as compared to last year with the company's chief executive adding that we are gradually ramping up our production again according to demand in each market."

"In view of the current situation, we will either put certain projects on hold or subject them to further review," the BMW chief said even as Germany sought a return to business with the opening up of the economy.

In a development that depressed sentiments further, German manufacturers reported new orders had gone down in March as the COVID-19 shut economic activity.

However, several European countries are now looking to resume economic activity after economic lockdown which has led to recession and loss of jobs as people were not allowed to go out of the house but most governments have been cautious over the opening preferring to open gradually amid fears of a second wave of the virus.

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the coronavirus outbreak. Also Read: Italy claims world's first coronavirus vaccine; human trials soon The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the coronavirus outbreak. Also Read: Italy claims world's first coronavirus vaccine; human trials soon The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.3 per cent growth rate next year. While announcing the scale of the challenge, EU said Italy, Spain and France who have been the worst-affected countries due to the virus have seen their deficit sour to around ten per cent. Meanwhile, German automaker BMW reported that its net profit was down in the first quarter due to the effect of the virus with most countries in Europe on lockdown. The German company said it sold 21 per cent lesser cars as compared to last year with the company's chief executive adding that we are gradually ramping up our production again according to demand in each market." "In view of the current situation, we will either put certain projects on hold or subject them to further review," the BMW chief said even as Germany sought a return to business with the opening up of the economy. In a development that depressed sentiments further, German manufacturers reported new orders had gone down in March as the COVID-19 shut economic activity. However, several European countries are now looking to resume economic activity after economic lockdown which has led to recession and loss of jobs as people were not allowed to go out of the house but most governments have been cautious over the opening preferring to open gradually amid fears of a second wave of the virus.

'Recession of historic proportions': Eurozone economy predicted to contract 7.7%

As the <a href="https://www.wionews.com/world/amid-coronavirus-pandemic-china-eyes-moon-trip-with-successful-rocket-launch-296819">coronavirus </a>pandemic continues&nbsp;to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.4 billion in March on falling exports.

<a href="https://www.wionews.com/world/covid-19-russia-records-over-10000-infection-cases-for-second-consecutive-day-296791">Also Read:&nbsp;Russia records over 10,000 infection cases for second consecutive day</a>

In Britain, car sales crashed 97 per cent, the lowest since 1946 which was just after World War-II even as the country recorded 28,734 deaths in the country which is now among the worst-hit COVID-19 nations in Europe along with Italy and Spain.

The Society of Motor Manufacturers and Traders(SMMT) said new registrations for cars sold in Britain collapsed by a "precipitous" 97 per cent last month on a yearly basis to just 4,321 vehicles.

"The decline was the steepest of modern times, and is in line with similar falls across Europe, with France 88.8 percent down and the Italian market falling 97.5 percent in April," it said while informing that it was mainly due to the fact that car show showrooms remained shut in Britain as the coronavirus took a firm grip in the country.

SMMT chief executive Mike Hawes said: "A strong new car market supports a healthy economy and as Britain starts to plan for recovery, we need car retail to be in the vanguard."

Meanwhile, the Spanish government said that jobless figure rose by more than 282,000 in April as the country continued to grapple with the virus even though it has now begun reopening party of the economy.

The number of unemployed in Spain has now risen to 3.8 million even as the nation continues to be hit hard with the virus.

The government said the effect of the loss was particularly strong in the services sector and among workers with temporary contracts.

According to the country's &nbsp;National Statistics Institute (INE), the country's first quarter results showed the unemployment rate had jumped to 14.4 per cent.

As the coronavirus pandemic continues to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.

As the coronavirus pandemic continues to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.4 billion in March on falling exports. Also Read: Russia records over 10,000 infection cases for second consecutive day In Britain, car sales crashed 97 per cent, the lowest since 1946 which was just after World War-II even as the country recorded 28,734 deaths in the country which is now among the worst-hit COVID-19 nations in Europe along with Italy and Spain. The Society of Motor Manufacturers and Traders(SMMT) said new registrations for cars sold in Britain collapsed by a "precipitous" 97 per cent last month on a yearly basis to just 4,321 vehicles. "The decline was the steepest of modern times, and is in line with similar falls across Europe, with France 88.8 percent down and the Italian market falling 97.5 percent in April," it said while informing that it was mainly due to the fact that car show showrooms remained shut in Britain as the coronavirus took a firm grip in the country. SMMT chief executive Mike Hawes said: "A strong new car market supports a healthy economy and as Britain starts to plan for recovery, we need car retail to be in the vanguard." Meanwhile, the Spanish government said that jobless figure rose by more than 282,000 in April as the country continued to grapple with the virus even though it has now begun reopening party of the economy. The number of unemployed in Spain has now risen to 3.8 million even as the nation continues to be hit hard with the virus. The government said the effect of the loss was particularly strong in the services sector and among workers with temporary contracts. According to the country's National Statistics Institute (INE), the country's first quarter results showed the unemployment rate had jumped to 14.4 per cent.

COVID-19 effect: US trade deficit widens to $44.4 billion; UK car sales crashes to 1946 level

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets.

<a href="https://www.wionews.com/business-economy/global-markets-stocks-fall-as-us-china-tensions-threaten-rebound-296550">Global Markets: Stocks fall as US-China tensions threaten rebound</a> 
 
The S&amp;P BSE Sensex tumbled 2,002 points or 5.94 per cent to 31,715 levels and the Nifty50 index ended at 9,293.50, down 566.40 points or 5.74 per cent.&nbsp;

It had opened at 32,748.14 and has so far touched a high of 32,748.14.

The rupee ended weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar.

On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%.

Auto stocks also plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time in April after the nationwide lockdown halted output and shut sales network.

Global markets

European stock markets and oil prices fell on Monday as a spat between top US officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5 per cent with US stock futures trading close to 1 per cent in the red.

(With inputs from agencies)

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets. Global Markets: Stocks fall as US-China tensions threaten rebound The S&P BSE Sensex tumbled 2,002 points or 5.

The domestic stock market plunged on Monday with the BSE Sensex falling over 2,000 points, tracking a similar trend in the Asian markets. Global Markets: Stocks fall as US-China tensions threaten rebound The S&P BSE Sensex tumbled 2,002 points or 5.94 per cent to 31,715 levels and the Nifty50 index ended at 9,293.50, down 566.40 points or 5.74 per cent. It had opened at 32,748.14 and has so far touched a high of 32,748.14. The rupee ended weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar. On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake. Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. Auto stocks also plunged nearly 12 per cent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time in April after the nationwide lockdown halted output and shut sales network. Global markets European stock markets and oil prices fell on Monday as a spat between top US officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5 per cent with US stock futures trading close to 1 per cent in the red. (With inputs from agencies)

Sensex tumbles 2,002 points, Nifty ends at 9,293; financials, auto stocks worst-hit

European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets.

European shares &lt;.STOXX&gt; opened down 2.5% with U.S. stock futures trading close to 1% in the red.

Earlier, MSCI`s broadest index of Asia-Pacific shares outside Japan &lt;.MIAPJ0000PUS&gt; fell 2.5%, pulled down by Hong Kong where the Hang Seng &lt;.HSI&gt; returned from a two-session holiday with its biggest drop in six weeks.

U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the virus emerged from a laboratory in the central Chinese city of Wuhan.

Pompeo did not provide evidence or dispute an earlier U.S. intelligence conclusion that the virus was not man-made.

An editorial in China`s Global Times said he was "bluffing" and called on the United States to present its evidence.

"Concern on the potential for another flare up between the US and China is dominating price action", commented RBC strategist Adam Cole in a morning note.

Simon Black, head of investment management at wealth management firm Dolfin said investors were also adjusting their forecasts over the depth of the economic damage inflicted by the pandemic.

"It`s also the economic reality sinking in", he said, adding that the rebound of over 20% from lows hit in March by global equities was likely not sustainable.

Companies listed on the pan-European STOXX 600 &lt;.STOXX&gt; are currently expected to report a 40% decline in earnings in the second quarter.

Manufacturing activity in the euro zone collapsed last month as government-imposed lockdowns to stop the spread of the new coronavirus forced factories to close and consumers to stay indoors, a survey showed on Monday.

"We`ve just come off a rally of hopes, not a rally on fundamentals", Black said, pointing to the massive monetary and fiscal stimulus pledged by governments and central banks around the world.

Recent economic data paints a dire picture of the global economy after weeks of lockdowns.

In the United States, manufacturing plunged to an 11-year low last month, consumer spending collapsed, and some 30.3 million Americans have filed claims for unemployment.

Oil prices fell again, paring last week`s gains, on worries a global oil glut may persist even as coronavirus pandemic lockdowns start to ease.

U.S. West Texas Intermediate (WTI) crude futures fell to $18.66 a barrel while Brent crude futures were down 1.7% at $26, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses.

In currency markets, the dollar rose 0.1% to 99.38 against a basket of currencies while the euro was down 0.48% at $1.0930.

The safe-haven yen fell 0.2% to 106.72 per dollar.

Global coronavirus cases have surpassed 3.5 million and deaths have neared a quarter of a million, according to a Reuters tally.

European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets.

European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares <.STOXX> opened down 2.5% with U.S. stock futures trading close to 1% in the red. Earlier, MSCI`s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> fell 2.5%, pulled down by Hong Kong where the Hang Seng <.HSI> returned from a two-session holiday with its biggest drop in six weeks. U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the virus emerged from a laboratory in the central Chinese city of Wuhan. Pompeo did not provide evidence or dispute an earlier U.S. intelligence conclusion that the virus was not man-made. An editorial in China`s Global Times said he was "bluffing" and called on the United States to present its evidence. "Concern on the potential for another flare up between the US and China is dominating price action", commented RBC strategist Adam Cole in a morning note. Simon Black, head of investment management at wealth management firm Dolfin said investors were also adjusting their forecasts over the depth of the economic damage inflicted by the pandemic. "It`s also the economic reality sinking in", he said, adding that the rebound of over 20% from lows hit in March by global equities was likely not sustainable. Companies listed on the pan-European STOXX 600 <.STOXX> are currently expected to report a 40% decline in earnings in the second quarter. Manufacturing activity in the euro zone collapsed last month as government-imposed lockdowns to stop the spread of the new coronavirus forced factories to close and consumers to stay indoors, a survey showed on Monday. "We`ve just come off a rally of hopes, not a rally on fundamentals", Black said, pointing to the massive monetary and fiscal stimulus pledged by governments and central banks around the world. Recent economic data paints a dire picture of the global economy after weeks of lockdowns. In the United States, manufacturing plunged to an 11-year low last month, consumer spending collapsed, and some 30.3 million Americans have filed claims for unemployment. Oil prices fell again, paring last week`s gains, on worries a global oil glut may persist even as coronavirus pandemic lockdowns start to ease. U.S. West Texas Intermediate (WTI) crude futures fell to $18.66 a barrel while Brent crude futures were down 1.7% at $26, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses. In currency markets, the dollar rose 0.1% to 99.38 against a basket of currencies while the euro was down 0.48% at $1.0930. The safe-haven yen fell 0.2% to 106.72 per dollar. Global coronavirus cases have surpassed 3.5 million and deaths have neared a quarter of a million, according to a Reuters tally.

Global Markets: Stocks fall as US-China tensions threaten rebound

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets.

At 2:21 pm, the Sensex was at 31,796.08, lower by 1,921.54 points or 5.70 per cent from the previous close of 33,717.62.

It had opened at 32,748.14 and has so far touched a high of 32,748.14 and a low of 31,796.08.

The Nifty50 on the National Stock Exchange was at 9,319.20, lower by 540.70 points from the previous close.

Rupee ends weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar.

On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake.

Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. 
 
(With inputs from agencies)

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets. At 2:21 pm, the Sensex was at 31,796.

The domestic stock market plunged on Monday with the BSE Sensex falling over 1,900 points, tracking a similar trend in the Asian markets. At 2:21 pm, the Sensex was at 31,796.08, lower by 1,921.54 points or 5.70 per cent from the previous close of 33,717.62. It had opened at 32,748.14 and has so far touched a high of 32,748.14 and a low of 31,796.08. The Nifty50 on the National Stock Exchange was at 9,319.20, lower by 540.70 points from the previous close. Rupee ends weaker at 75.71 per US dollar vs Thursday's closing of 75.10 against the US dollar. On Monday, the oil-to-telecoms conglomerate announced a nearly $750 million investment from US private equity firm Silver Lake. Shares in Indian lenders HDFC Bank Ltd, Housing Development Finance Corp and ICICI Bank were the top three drags on the Nifty, as the lockdown strains the nation's financial system. HDFC Bank, the country`s largest private sector lender, fell 6.7%. (With inputs from agencies)

Sensex nosedives 1,900 points, Nifty below 9,350; financials, auto stocks worst-hit

India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the RBI and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters.

India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers told Reuters. Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019. "There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said. A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic. "These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters. The official and bankers declined to be named as they were not officially authorized to discuss the matter with media. India's finance ministry declined to comment, while the RBI and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment. The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases. The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus. India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

Indian bank bad debt could double after coronavirus crisis: Report

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Twitter swings to loss as pandemic hits advertising

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

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

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

US weekly jobless claims remain elevated as millions more seek benefits

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

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

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

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

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

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

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

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

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

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

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

Carmakers go online to boost falling sales amid virus pandemic

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

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

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

Sensex ends 605 points higher, Nifty at 9,553