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Yes Bank has been placed under "moratorium" with the Reserve Bank of India(RBI) capping depositor withdrawals at Rs 50,000 per account for a month.

<a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Also Read: Board member at Yes Bank quits, cites governance concerns</a>

"The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949," the RBI said in a statement.

RBI said <a href="https://www.wionews.com/business-economy/yes-bank-seeks-up-to-2-billion-in-preferential-new-share-issue-265494">Yes Bank</a> was in talks with investors including private equity firms to infuse capital.&nbsp;

"These investors did hold discussions with senior officials of the Reserve Bank but for various reasons eventually did not infuse any capital," RBI said, adding,"since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank's management to draw up a credible revival plan, which did not materialise," the statement said.

<a href="https://www.wionews.com/business-economy/yes-bank-gets-12-billion-offer-from-global-investor-259044">Also Read: Yes Bank gets $1.2 billion offer from global investor</a>

In the statement, India's central bank said the move was necessary to restore depositors' confidence after the bank's inability to address potential loan losses and downgrades.

"The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank," the Reserve Bank of India informed.

In January, Uttam Prakash Agarwal, an independent board member with Yes Bank had resigned from the lender's board and stepped down as head of its audit committee citing major corporate governance concerns.

Yes Bank has been placed under "moratorium" with the Reserve Bank of India(RBI) capping depositor withdrawals at Rs 50,000 per account for a month. Also Read: Board member at Yes Bank quits, cites governance concerns "The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949," the RBI said in a statement.

Yes Bank has been placed under "moratorium" with the Reserve Bank of India(RBI) capping depositor withdrawals at Rs 50,000 per account for a month. Also Read: Board member at Yes Bank quits, cites governance concerns "The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949," the RBI said in a statement. RBI said Yes Bank was in talks with investors including private equity firms to infuse capital. "These investors did hold discussions with senior officials of the Reserve Bank but for various reasons eventually did not infuse any capital," RBI said, adding,"since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank's management to draw up a credible revival plan, which did not materialise," the statement said. Also Read: Yes Bank gets $1.2 billion offer from global investor In the statement, India's central bank said the move was necessary to restore depositors' confidence after the bank's inability to address potential loan losses and downgrades. "The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank," the Reserve Bank of India informed. In January, Uttam Prakash Agarwal, an independent board member with Yes Bank had resigned from the lender's board and stepped down as head of its audit committee citing major corporate governance concerns.

RBI imposes 'moratorium' on Yes Bank; withdrawals capped to Rs 50,000

British regional airline Flybe crashed into bankruptcy Thursday after the deadly coronavirus proved to be the final nail in its coffin.

Also read: <a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

The biggest operator of UK domestic flights said it has sunk into administration -- a last-ditch process aimed at salvaging at least some of the company.

Also read: <a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

And with the carrier long blighted by fierce competition, volatile fuels costs and a weak pound linked to the uncertainty over Brexit, Flybe's announcement to ground all flights now place some 2,000 jobs at risk.

Also read: <a href="https://www.wionews.com/business-economy/coronavirus-drags-hong-kong-business-outlook-to-record-low-data-284240" hreflang="en">Coronavirus drags Hong Kong business outlook to record low: data</a>

An airline source told Britain's domestic Press Association news agency that sliding demand owing to COVID-19 had "made a difficult situation worse".

A slew of airlines -- including British Airways and Ryanair -- announced Monday the cancellation of several hundred flight, in particular to Italy, as the novel coronavirus spreads throughout the globe.

Flybe narrowly avoided going bust in January when the UK government agreed to review air passenger duty paid by its customers -- and shareholders pledged extra investment.

But in the early hours of Thursday, the carrier appointed administrators after the government reportedly refused a rescue loan for £100 million ($128 million, 115 million euros)

"Flybe entered administration on 5 March," the carrier said in a brief statement.

"All flights have been grounded and the UK business has ceased trading with immediate effect."

The Exeter-based carrier failed to turn around its fortunes since it was purchased just over a year ago by a consortium led by Virgin.

"Flybe's financial difficulties were long-standing and well documented and pre-date the outbreak of COVID-19," said a government statement.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/coronavirus-outbreak-biggest-economic-slowdown-since-2008-financial-crisis-284270/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Flybe, which flies about eight million passengers annually, is owned also by investment firm Cyrus and infrastructure specialist Stobart.

Flybe operates from 43 airports across Europe and 28 in Britain, and its collapse left potentially thousands of people stranded far from home.

The British government said it had asked bus and train operators to accept Flybe tickets and other airlines to offer reductions to help passengers reach their destination.

Flybe's owner, the Connect Airways consortium, said "every possible attempt" had been made to avoid the collapse, but that the airline had been "unable to overcome significant funding challenges".

At the start of the year, Flybe agreed a payment plan with authorities to defer tax payments of less than £10 million.

That announcement came just days after the airline was saved from collapse in a last-minute financial rescue, with Prime Minister Boris Johnson's Conservative government agreeing to review air passenger duty (APD) paid by Flybe's customers.

Following the tax deferral, rival companies, including British Airways-parent IAG, complained to the European Union that it was receiving unfair state aid.

The government said its assistance did not breach EU rules and that help was based on the importance of the company's domestic services.

- Timely warning - 
Flybe's demise follows a timely coronavirus warning from Dublin-based low-cost airline Ryanair at the start of this week.

The Irish carrier forecast that the fatal outbreak -- which has killed 3,200 and infected 95,000 worldwide so far -- would spark more European airline failures.

"We expect that this COVID-19 virus will result in further EU airline failures over the coming weeks," Ryanair said Monday.

Recent high-profile casualties in Europe's battered aviation sector include French carriers Aigle Azur and XL Airways, as well as Slovenia's Adria Airways and Britain's Thomas Cook, which was both a tour operator and an airline.

In contrast to Flybe, Thomas Cook collapsed without any government assistance in September, causing the loss of 22,000 jobs worldwide and stranding 600,000 holidaymakers abroad.

British regional airline Flybe crashed into bankruptcy Thursday after the deadly coronavirus proved to be the final nail in its coffin. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report The biggest operator of UK domestic flights said it has sunk into administration -- a last-ditch process aimed at salvaging at least some of the company.

British regional airline Flybe crashed into bankruptcy Thursday after the deadly coronavirus proved to be the final nail in its coffin. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report The biggest operator of UK domestic flights said it has sunk into administration -- a last-ditch process aimed at salvaging at least some of the company. Also read: Global growth to fall below last year's level due to coronavirus: IMF And with the carrier long blighted by fierce competition, volatile fuels costs and a weak pound linked to the uncertainty over Brexit, Flybe's announcement to ground all flights now place some 2,000 jobs at risk. Also read: Coronavirus drags Hong Kong business outlook to record low: data An airline source told Britain's domestic Press Association news agency that sliding demand owing to COVID-19 had "made a difficult situation worse". A slew of airlines -- including British Airways and Ryanair -- announced Monday the cancellation of several hundred flight, in particular to Italy, as the novel coronavirus spreads throughout the globe. Flybe narrowly avoided going bust in January when the UK government agreed to review air passenger duty paid by its customers -- and shareholders pledged extra investment. But in the early hours of Thursday, the carrier appointed administrators after the government reportedly refused a rescue loan for £100 million ($128 million, 115 million euros) "Flybe entered administration on 5 March," the carrier said in a brief statement. "All flights have been grounded and the UK business has ceased trading with immediate effect." The Exeter-based carrier failed to turn around its fortunes since it was purchased just over a year ago by a consortium led by Virgin. "Flybe's financial difficulties were long-standing and well documented and pre-date the outbreak of COVID-19," said a government statement. Flybe, which flies about eight million passengers annually, is owned also by investment firm Cyrus and infrastructure specialist Stobart. Flybe operates from 43 airports across Europe and 28 in Britain, and its collapse left potentially thousands of people stranded far from home. The British government said it had asked bus and train operators to accept Flybe tickets and other airlines to offer reductions to help passengers reach their destination. Flybe's owner, the Connect Airways consortium, said "every possible attempt" had been made to avoid the collapse, but that the airline had been "unable to overcome significant funding challenges". At the start of the year, Flybe agreed a payment plan with authorities to defer tax payments of less than £10 million. That announcement came just days after the airline was saved from collapse in a last-minute financial rescue, with Prime Minister Boris Johnson's Conservative government agreeing to review air passenger duty (APD) paid by Flybe's customers. Following the tax deferral, rival companies, including British Airways-parent IAG, complained to the European Union that it was receiving unfair state aid. The government said its assistance did not breach EU rules and that help was based on the importance of the company's domestic services. - Timely warning - Flybe's demise follows a timely coronavirus warning from Dublin-based low-cost airline Ryanair at the start of this week. The Irish carrier forecast that the fatal outbreak -- which has killed 3,200 and infected 95,000 worldwide so far -- would spark more European airline failures. "We expect that this COVID-19 virus will result in further EU airline failures over the coming weeks," Ryanair said Monday. Recent high-profile casualties in Europe's battered aviation sector include French carriers Aigle Azur and XL Airways, as well as Slovenia's Adria Airways and Britain's Thomas Cook, which was both a tour operator and an airline. In contrast to Flybe, Thomas Cook collapsed without any government assistance in September, causing the loss of 22,000 jobs worldwide and stranding 600,000 holidaymakers abroad.

UK airline Flybe dealt final blow by coronavirus

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI.

Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Modi, who has been lodged in a prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail based on a change in circumstances.

However, he had already appealed to the High Court last year and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, said it will be arguing that the latest application should be heard at Westminster Magistrates' Court level.

"We think it should be heard at Westminster Magistrates' Court and will be making that point," a CPS spokesperson said.

"The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said.

Last week, Modi appeared via videolink from his prison before Judge David Robinson at the Westminster Magistrates' Court for his routine 28-day call-over remand hearing and was remanded in custody to appear again via videolink on March 24.

He has made three previous attempts for bail at the magistrates' court offering 2 million pounds and then doubling that to 4 million pounds as security, rejected each time over fears that he would flee the country and fail to surrender before the court.

Meanwhile, the Royal Courts of Justice in London will hear his latest bail application and consider if there has been a substantial change in circumstances since the previous appeal before the same court in June last year.

(With inputs from PTI)&nbsp;

 
&nbsp;

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI. Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI. Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case. Modi, who has been lodged in a prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail based on a change in circumstances. However, he had already appealed to the High Court last year and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, said it will be arguing that the latest application should be heard at Westminster Magistrates' Court level. "We think it should be heard at Westminster Magistrates' Court and will be making that point," a CPS spokesperson said. "The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said. Last week, Modi appeared via videolink from his prison before Judge David Robinson at the Westminster Magistrates' Court for his routine 28-day call-over remand hearing and was remanded in custody to appear again via videolink on March 24. He has made three previous attempts for bail at the magistrates' court offering 2 million pounds and then doubling that to 4 million pounds as security, rejected each time over fears that he would flee the country and fail to surrender before the court. Meanwhile, the Royal Courts of Justice in London will hear his latest bail application and consider if there has been a substantial change in circumstances since the previous appeal before the same court in June last year. (With inputs from PTI)

UK court to hear Nirav Modi's fifth bail application

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier.

"Today's decision on Air India is one milestone decision where NRIs... Will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters briefing about the cabinet decision.

Non-resident Indians (NRIs), who are Indian nationals, will get permission to participate in Air India's strategic sale. Earlier, they were allowed to own up to 49 per cent stake, the minister said.

"Now they can take 100 per cent," he added. 
&nbsp;

(With inputs from PTI)&nbsp;

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier.

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier. "Today's decision on Air India is one milestone decision where NRIs... Will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters briefing about the cabinet decision. Non-resident Indians (NRIs), who are Indian nationals, will get permission to participate in Air India's strategic sale. Earlier, they were allowed to own up to 49 per cent stake, the minister said. "Now they can take 100 per cent," he added. (With inputs from PTI)

Govt allows NRIs to own up to 100% stake in Air India

Shares edged lower on Wednesday as an emergency 50 basis point rate cut by the US&nbsp;Federal Reserve failed to calm investor nerves about the debilitating impact of the coronavirus outbreak.

The surprise rate cut on Tuesday was accompanied by Fed Chairman Jerome Powell's acknowledgement of an uncertain outlook and his view that rate cuts will not restore supply chains, sending US&nbsp;stocks sharply lower overnight and gold higher.

Also read:&nbsp;<a href="https://www.wionews.com/world/federal-reserve-must-further-ease-rates-we-are-not-playing-on-a-level-field-284049">Federal Reserve must further ease rates, we are not playing on a level field</a>

Indian equities, which had rallied on Tuesday on hopes of a coordinated effort by major central banks to combat the economic fallout of the virus, were kept in check on Wednesday by losses in heavyweight financials.

"Markets are uneasy as the Fed's action has shown the gravity of the situation and Powell's comments have indicated that the cut alone will not solve the problem," said Saurabh Jain, assistant vice president research, SMC Global Securities.

The NSE Nifty 50 index fell 0.25&nbsp;per cent&nbsp;to 11,276 by 0358 GMT, while the benchmark S&amp;P BSE Sensex was down 0.26 per cent&nbsp;at 38,523.66.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/world-bank-announces-up-to-12-billion-in-immediate-funds-for-coronavirus-284072">World Bank announces up to $12 billion in immediate funds for coronavirus</a>

"From the monetary policy angle, ensuring adequate availability of liquidity for stressed sectors is more important than rate cuts. And of course, fiscal measures too could be useful at this juncture," said Kunal Kundu, India economist with Societe Generale.

However, analysts said investors were still expecting the Reserve Bank of India (RBI) to reduce rates as well, in line with global counterparts.

The RBI said on Tuesday it stood ready to take appropriate actions to ensure the functioning of financial markets and preserve financial stability. 
Top private-sector lender HDFC Bank Ltd was the biggest drag on the indexes, falling as much as 1.1 per cent.

Vedanta Ltd dropped 3.7&nbsp;per cent&nbsp;and was the biggest loser on the blue-chip Nifty index. The Nifty Metal Index slipped 2 per cent.

Defence firm Hindustan Aeronautics Ltd fell as much as 5.1 per cent&nbsp;to its lowest since Sept. 4 after the company said it got a notice from the International Court of Arbitration related to an alleged breach of agreement with RUAG Aerospace Services GMBH.

Shares edged lower on Wednesday as an emergency 50 basis point rate cut by the US Federal Reserve failed to calm investor nerves about the debilitating impact of the coronavirus outbreak.

Shares edged lower on Wednesday as an emergency 50 basis point rate cut by the US Federal Reserve failed to calm investor nerves about the debilitating impact of the coronavirus outbreak. The surprise rate cut on Tuesday was accompanied by Fed Chairman Jerome Powell's acknowledgement of an uncertain outlook and his view that rate cuts will not restore supply chains, sending US stocks sharply lower overnight and gold higher. Also read: Federal Reserve must further ease rates, we are not playing on a level field Indian equities, which had rallied on Tuesday on hopes of a coordinated effort by major central banks to combat the economic fallout of the virus, were kept in check on Wednesday by losses in heavyweight financials. "Markets are uneasy as the Fed's action has shown the gravity of the situation and Powell's comments have indicated that the cut alone will not solve the problem," said Saurabh Jain, assistant vice president research, SMC Global Securities. The NSE Nifty 50 index fell 0.25 per cent to 11,276 by 0358 GMT, while the benchmark S&P BSE Sensex was down 0.26 per cent at 38,523.66. Also read: World Bank announces up to $12 billion in immediate funds for coronavirus "From the monetary policy angle, ensuring adequate availability of liquidity for stressed sectors is more important than rate cuts. And of course, fiscal measures too could be useful at this juncture," said Kunal Kundu, India economist with Societe Generale. However, analysts said investors were still expecting the Reserve Bank of India (RBI) to reduce rates as well, in line with global counterparts. The RBI said on Tuesday it stood ready to take appropriate actions to ensure the functioning of financial markets and preserve financial stability. Top private-sector lender HDFC Bank Ltd was the biggest drag on the indexes, falling as much as 1.1 per cent. Vedanta Ltd dropped 3.7 per cent and was the biggest loser on the blue-chip Nifty index. The Nifty Metal Index slipped 2 per cent. Defence firm Hindustan Aeronautics Ltd fell as much as 5.1 per cent to its lowest since Sept. 4 after the company said it got a notice from the International Court of Arbitration related to an alleged breach of agreement with RUAG Aerospace Services GMBH.

Nifty, Sensex slip as Fed rate cut fails to boost confidence

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.

World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate.

The announcement underscored escalating concern about the economic and human impact of the virus.

Also read: <a href="https://www.wionews.com/world/who-warns-of-global-shortage-of-medical-equipment-to-fight-coronavirus-284068">WHO warns of global shortage of medical equipment to fight coronavirus</a>

The World Health Organization (WHO) on Tuesday warned of a global shortage of protective equipment to fight the disease as well as price gouging as the death toll from the respiratory illness mounted.

Also on Tuesday, the US&nbsp;Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate.

Malpass called on countries to coordinate their actions on a regional and international level, saying the speed and breadth of the response would be critical to saving lives.

"We're announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said.

Also read: <a href="https://www.wionews.com/business-economy/worlds-richest-including-jeff-bezos-and-bill-gates-lose-444-billion-in-a-week-after-global-markets-bleed-283517">World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed</a>

"The point is to move fast; speed is needed to save lives," Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed."

The Bank's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, which has not occurred yet, Malpass said.

That would not require global health officials to declare the outbreak a pandemic, he added.

Poor countries with weak health systems were the most vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the right measures quickly could lessen the transmission of the disease and save lives.

He also cautioned countries against taking measures that would further limit trade.

Some countries had already requested aid, Malpass said but declined to name them.

The World Bank said the $12 billion in fast-track grants, loans and low-interest loans would help developing countries provide better access to health services, strengthen disease surveillance and bolster public health interventions, as well as work with the private sector to reduce the impact on economies.

About $4 billion of the funding will be reprogrammed from other Bank instruments, officials said.

The Bank said its International Finance Corporation (IFC) will work with commercial bank clients to expand&nbsp;trade finance and working capital lines as countries scramble to get needed supplies to contain the virus.

The IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to sustain supply chains and limit downside risks.

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries. World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate. The announcement underscored escalating concern about the economic and human impact of the virus. Also read: WHO warns of global shortage of medical equipment to fight coronavirus The World Health Organization (WHO) on Tuesday warned of a global shortage of protective equipment to fight the disease as well as price gouging as the death toll from the respiratory illness mounted. Also on Tuesday, the US Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate. Malpass called on countries to coordinate their actions on a regional and international level, saying the speed and breadth of the response would be critical to saving lives. "We're announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said. Also read: World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed "The point is to move fast; speed is needed to save lives," Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed." The Bank's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, which has not occurred yet, Malpass said. That would not require global health officials to declare the outbreak a pandemic, he added. Poor countries with weak health systems were the most vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the right measures quickly could lessen the transmission of the disease and save lives. He also cautioned countries against taking measures that would further limit trade. Some countries had already requested aid, Malpass said but declined to name them. The World Bank said the $12 billion in fast-track grants, loans and low-interest loans would help developing countries provide better access to health services, strengthen disease surveillance and bolster public health interventions, as well as work with the private sector to reduce the impact on economies. About $4 billion of the funding will be reprogrammed from other Bank instruments, officials said. The Bank said its International Finance Corporation (IFC) will work with commercial bank clients to expand trade finance and working capital lines as countries scramble to get needed supplies to contain the virus. The IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to sustain supply chains and limit downside risks.

World Bank announces up to $12 billion in immediate funds for coronavirus

Indian shares closed lower on Wednesday after the country`s health minister confirmed the number of coronavirus cases had risen sharply to 28, fuelling worries that economic activity may be affected further.

Indian shares closed lower on Wednesday after the country`s health minister confirmed the number of coronavirus cases had risen sharply to 28, fuelling worries that economic activity may be affected further. More than 93,000 cases have been reported worldwide, and several thousand have died from the flu-like coronavirus, which emerged in the central Chinese city of Wuhan late last year and has since spread to more than 80 countries. The NSE Nifty 50 index ended 0.46% lower at 11,251, while the benchmark S&P BSE Sensex closed down 0.55% at 38,409.48. The indexes dropped up to 2% in afternoon trade. India said on Wednesday 16 Italian nationals in the country had tested positive for the virus. "The biggest challenge that we are likely to witness in this situation is that overall economic activity will clamp down significantly - it`s a contagion effect we are looking at," said Naveen Kulkarni, chief investment officer, Axis Securities. The world`s second-most populous country after China is a particular concern due to the available countermeasures and population density, United States intelligence sources told Reuters last week. Global stock markets were mixed as investors digested an emergency rate cut on Tuesday from the US Federal Reserve aimed at combating the virus` fallout, and a strong performance by Joe Biden in the Democratic Party primaries in the United States. Indian equities, which had rallied in the previous session on hopes of a coordinated effort by major central banks to combat the economic fallout of the virus, were pressured on Wednesday by heavyweight financial stocks. Top private-sector lender HDFC Bank Ltd was the biggest drag in the indexes, falling 2.8% to its weakest close since mid-September and pulling the Nifty Private Bank Index 1.8% down. Conglomerate ITC Ltd dived 3.3% to its worst closing low since Jan. 2013. Gains in IT stocks, helped by a weak Indian rupee , cushioned losses in the indexes, with Tata Consultancy Services Ltd up 2.3% and Infosys Ltd rising 1.6%. Pharmaceutical stocks also marked some gains on Wednesday, with Sun Pharmaceutical Ltd , Dr.Reddy`s Laboratories Ltd and Cipla Ltd climbing as much as between 3% and 5.3%.

Nifty, Sensex end lower as coronavirus cases jump to 28

Hong Kong's business outlook hit a record low in February, according to data released on Wednesday, as the coronavirus outbreak added to the financial hub's troubles following months of political turmoil.

Also read: <a href="https://www.wionews.com/world/coronavirus-hong-kong-schools-to-remain-shut-until-easter-holidays-282768">Coronavirus: Hong Kong schools to remain shut until Easter holidays</a>&nbsp;

The Purchasing Managers' Index (PMI) for the city's economy plunged to its lowest mark since the gauge began, worse than the SARS outbreak in 2003 and the global financial crisis in 2007-2008.

Hong Kong's economy is reeling from the US-China trade war, pro-democracy protests last year and now the coronavirus -- a triple whammy that has created a situation Financial Secretary Paul Chan described as "exceptionally austere" as he delivered his annual budget last week.

Also read:<a href="https://www.wionews.com/world/hong-kong-university-study-says-china-fudged-coronavirus-numbers-278115"> Hong Kong University study says China fudged coronavirus numbers&nbsp;</a>

Chan said the economy is facing "enormous challenges this year", and predicted a range of 0.5 percent growth to a 1.5 percent contraction this year.

The PMI index fell to 33.1, dropping below the previous low in April 2003, according to IHS Markit, whose report added the PMI averaged 39.9 so far for the first quarter.

Also read:<a href="https://www.wionews.com/world/top-10-world-news-today-coronavirus-outbreak-hong-kong-declares-emergency-iraq-protests-and-more-276536"> Top 10 world news today: Coronavirus outbreak, Hong Kong declares emergency, Iraq protests and more</a>

The gauge has been below the 50 level that divides expansion and contraction since April 2018, though it had risen in December and January.

&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/coronavirus-outbreak-hong-kong-satisfied-with-chinas-efforts-to-contain-outbreak-281988/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Market surveys around 400 private-sector companies in Hong Kong across manufacturing, construction, wholesale, retail and services to generate the index. The survey responses are collected in the second half of each month.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/hong-kong-cops-infected-with-coronavirus-ground-report-from-hong-kong-282135/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"The latest PMI flashed red warning lights on the dire private-sector conditions across Hong Kong in February amid the coronavirus outbreak, with the headline index plunging to an unprecedented level since the survey started in July 1998," Bernard Aw, principal economist with IHS Markit, said in the report.

"The average PMI so far for the first quarter of 2020 points to a deepening recession, raising the urgency for policy support."

The figures come just days after China's PMI was at 35.7 points in February, well below the 50-point mark that separates growth and contraction every month.

This was down from 50 points in January and the worst level since China began recording the figure in 2005.

It was also nowhere near expectations of a smaller contraction, at 45.0, according to a Bloomberg poll of analysts.

Hong Kong's business outlook hit a record low in February, according to data released on Wednesday, as the coronavirus outbreak added to the financial hub's troubles following months of political turmoil.

Hong Kong's business outlook hit a record low in February, according to data released on Wednesday, as the coronavirus outbreak added to the financial hub's troubles following months of political turmoil. Also read: Coronavirus: Hong Kong schools to remain shut until Easter holidays The Purchasing Managers' Index (PMI) for the city's economy plunged to its lowest mark since the gauge began, worse than the SARS outbreak in 2003 and the global financial crisis in 2007-2008. Hong Kong's economy is reeling from the US-China trade war, pro-democracy protests last year and now the coronavirus -- a triple whammy that has created a situation Financial Secretary Paul Chan described as "exceptionally austere" as he delivered his annual budget last week. Also read: Hong Kong University study says China fudged coronavirus numbers Chan said the economy is facing "enormous challenges this year", and predicted a range of 0.5 percent growth to a 1.5 percent contraction this year. The PMI index fell to 33.1, dropping below the previous low in April 2003, according to IHS Markit, whose report added the PMI averaged 39.9 so far for the first quarter. Also read: Top 10 world news today: Coronavirus outbreak, Hong Kong declares emergency, Iraq protests and more The gauge has been below the 50 level that divides expansion and contraction since April 2018, though it had risen in December and January. Market surveys around 400 private-sector companies in Hong Kong across manufacturing, construction, wholesale, retail and services to generate the index. The survey responses are collected in the second half of each month. "The latest PMI flashed red warning lights on the dire private-sector conditions across Hong Kong in February amid the coronavirus outbreak, with the headline index plunging to an unprecedented level since the survey started in July 1998," Bernard Aw, principal economist with IHS Markit, said in the report. "The average PMI so far for the first quarter of 2020 points to a deepening recession, raising the urgency for policy support." The figures come just days after China's PMI was at 35.7 points in February, well below the 50-point mark that separates growth and contraction every month. This was down from 50 points in January and the worst level since China began recording the figure in 2005. It was also nowhere near expectations of a smaller contraction, at 45.0, according to a Bloomberg poll of analysts.

Coronavirus drags Hong Kong business outlook to record low: data

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout.

Also read: <a href="https://www.wionews.com/business-economy/nifty-sensex-slip-as-fed-rate-cut-fails-to-boost-confidence-284125">Nifty, Sensex slip as Fed rate cut fails to boost confidence</a>

The surprise 50 basis point cut, the Fed's first off-schedule move since the depths of the financial crisis more than a decade ago, came with comments highlighting both the scale of the challenge and the limits of monetary policy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, though most of the gains were confined to South Korea where the government announced a big stimulus package.

Also read: <a href="https://www.wionews.com/business-economy/world-bank-announces-up-to-12-billion-in-immediate-funds-for-coronavirus-284072">World Bank announces up to $12 billion in immediate funds for coronavirus</a>

European futures pointed to a steady open, with FTSE futures flat and EuroSTOXX 50 futures up 0.3%.

After Wall Street tumbled overnight, futures for the S&amp;P 500 rose 1.4% on the resurgent performance of Joe Biden in Democratic Party primaries. A moderate, Biden is now set up as the main challenger to self-described democratic socialist Bernie Sanders.

Currencies and bonds showed little such exuberance. The dollar remained on the back foot and the yield on benchmark 10-year U.S. Treasuries, which falls when prices rise, held at 0.9748% - not far over the once-unimaginable low of 0.9060% hit overnight.

"U.S. Treasuries are moving even lower and credit spreads are widening in Asia today. That is not the usual effect that you would see from a movie like this," said Rishi Jalan, Citigroup co-head of debt capital markets syndication.

"This decision shows the coronavirus impact is real and could have a material impact on growth. For market participants, it shows thinking of 'The Fed is expecting something that we have not yet priced in.'"

Japan's Nikkei closed flat, while Australia's S&amp;P/ASX 200 fell 1.7%. Stocks in Hong Kong and China traded either side of flat.

Korean stocks bucked broader weakness, rising 2% after the government announced a $9.8 billion stimulus package to mitigate the impact of the virus outbreak.

The dollar touched a five-month low against the safe-haven Japanese yen and slipped against most other Asian currencies.

"Given the way that the market's reacted, it's telling you that there's a little bit of panic," said Andrew Gillan, head of Asia ex-Japan equities at Janus Henderson in Singapore.

"They're a bit worried that interest rate cuts are not going to make a massive difference...and what's going to be required is probably going to be more fiscal stimulus," he said, his fund having invested, for example, in Chinese cement and construction stocks in anticipation of more government support measures.

The Fed's surprise move followed a massive shift in money market pricing late last week.

Futures swung rapidly to expect such a cut at the Fed's March meeting.

Now they imply another 50 basis points of easing by July, even as the investors and the Fed itself raise questions about the efficacy of easing to deal with a public health crisis.

"We do recognize that a rate cut will not reduce the rate of infection, it won't fix a broken supply chain; we get that," Fed Chairman Jerome Powell told reporters at a press conference.

More than 3,000 people have been killed by the coronavirus, about 3.4% of those infected - far above the seasonal flu's fatality rate of under 1%.

It continues to spread quickly beyond the epicenter in China, with Italy overnight reporting a jump in deaths to 79 and South Korea reporting more than 500 new cases on Wednesday.

"The question here is whether a conventional interest rate response is sufficient," said Sameer Goel, chief strategist, Asia macro, at Deutsche Bank in Singapore.

"It's still not clear how big the problem ultimately is, or could be, and until you know that, it's hard to know how much medicine to apply to it."

In currencies, the U.S. dollar clawed back some of its losses on the euro and yen but was broadly on the back foot.

It last traded at $0.6596 per Australian dollar and $1.1160 per euro. After falling to as low as 106.84 yen, the dollar pared losses to buy 107.42 yen by midafternoon.

Oil prices firmed on expectations of production cuts, with Brent rising 90 cents to $52.79 per barrel and U.S. crude up 1.9% at $48.06 a barrel.

Gold rose 0.2% to $1642.21 an ounce.

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout.

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout. Also read: Nifty, Sensex slip as Fed rate cut fails to boost confidence The surprise 50 basis point cut, the Fed's first off-schedule move since the depths of the financial crisis more than a decade ago, came with comments highlighting both the scale of the challenge and the limits of monetary policy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, though most of the gains were confined to South Korea where the government announced a big stimulus package. Also read: World Bank announces up to $12 billion in immediate funds for coronavirus European futures pointed to a steady open, with FTSE futures flat and EuroSTOXX 50 futures up 0.3%. After Wall Street tumbled overnight, futures for the S&P 500 rose 1.4% on the resurgent performance of Joe Biden in Democratic Party primaries. A moderate, Biden is now set up as the main challenger to self-described democratic socialist Bernie Sanders. Currencies and bonds showed little such exuberance. The dollar remained on the back foot and the yield on benchmark 10-year U.S. Treasuries, which falls when prices rise, held at 0.9748% - not far over the once-unimaginable low of 0.9060% hit overnight. "U.S. Treasuries are moving even lower and credit spreads are widening in Asia today. That is not the usual effect that you would see from a movie like this," said Rishi Jalan, Citigroup co-head of debt capital markets syndication. "This decision shows the coronavirus impact is real and could have a material impact on growth. For market participants, it shows thinking of 'The Fed is expecting something that we have not yet priced in.'" Japan's Nikkei closed flat, while Australia's S&P/ASX 200 fell 1.7%. Stocks in Hong Kong and China traded either side of flat. Korean stocks bucked broader weakness, rising 2% after the government announced a $9.8 billion stimulus package to mitigate the impact of the virus outbreak. The dollar touched a five-month low against the safe-haven Japanese yen and slipped against most other Asian currencies. "Given the way that the market's reacted, it's telling you that there's a little bit of panic," said Andrew Gillan, head of Asia ex-Japan equities at Janus Henderson in Singapore. "They're a bit worried that interest rate cuts are not going to make a massive difference...and what's going to be required is probably going to be more fiscal stimulus," he said, his fund having invested, for example, in Chinese cement and construction stocks in anticipation of more government support measures. The Fed's surprise move followed a massive shift in money market pricing late last week. Futures swung rapidly to expect such a cut at the Fed's March meeting. Now they imply another 50 basis points of easing by July, even as the investors and the Fed itself raise questions about the efficacy of easing to deal with a public health crisis. "We do recognize that a rate cut will not reduce the rate of infection, it won't fix a broken supply chain; we get that," Fed Chairman Jerome Powell told reporters at a press conference. More than 3,000 people have been killed by the coronavirus, about 3.4% of those infected - far above the seasonal flu's fatality rate of under 1%. It continues to spread quickly beyond the epicenter in China, with Italy overnight reporting a jump in deaths to 79 and South Korea reporting more than 500 new cases on Wednesday. "The question here is whether a conventional interest rate response is sufficient," said Sameer Goel, chief strategist, Asia macro, at Deutsche Bank in Singapore. "It's still not clear how big the problem ultimately is, or could be, and until you know that, it's hard to know how much medicine to apply to it." In currencies, the U.S. dollar clawed back some of its losses on the euro and yen but was broadly on the back foot. It last traded at $0.6596 per Australian dollar and $1.1160 per euro. After falling to as low as 106.84 yen, the dollar pared losses to buy 107.42 yen by midafternoon. Oil prices firmed on expectations of production cuts, with Brent rising 90 cents to $52.79 per barrel and U.S. crude up 1.9% at $48.06 a barrel. Gold rose 0.2% to $1642.21 an ounce.

Asian shares struggle despite Fed cut; resurgent Biden boosts US futures

Growth in India’s dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday.

Also read: <a href="https://www.wionews.com/india-news/india-services-activity-returns-to-growth-in-sept-on-stronger-demand-pmi-21028">India services activity returned to growth in September: Study</a>

The Nikkei/IHS Markit Services Purchasing Managers’ Index climbed to 57.5 in February from January’s 55.5. It was the highest reading since January 2013 and comfortably above the 50-mark separating growth from contraction for a fourth month.

“Behind the resilience in the trend for business activity stands healthy demand for services from both the domestic and international markets,” Pollyanna De Lima, principal economist at IHS Markit, said in a release.

Also read:<a href="https://www.wionews.com/business-economy/indias-overall-export-shows-151-growth-during-april-october-262444"> India's overall export shows 1.51% growth during April-October</a>

“Positive gains in new work across the manufacturing and service sectors suggest that private-sector output will likely increase markedly again in March, boding well for final quarter GDP following expectations of a flat growth rate in Q3 FY 2019/20.”

The pace of expansion in a sub-index tracking new business slowed slightly from January’s seven-year high but remained above the long-term average since the index was first published in December 2005.

Also read:<a href="https://www.wionews.com/south-asia/indian-services-activity-plunges-into-contraction-in-november-on-cash-crackdown-9749"> Indian services activity plunges into contraction in November on cash crackdown</a>

New export business - a proxy of foreign demand - returned to expansion territory last month after contracting for the first time in 11 months in January. However, firms failed to significantly increase the pace of hiring.

“Service providers experienced a marked improvement in workforce productivity, with the sharp rise in business activity happening despite a softer and only modest increase in employment,” De Lima said.

A sister survey on Monday showed factory activity growth slowed in February from January’s eight-year high due to a modest weakening in demand and output.

&nbsp;

However, the composite PMI, which includes both manufacturing and services, rose to 57.6 in February from January’s 56.3, its highest in eight years.

Service providers remained optimistic about growth in the year ahead and the expectations index strengthened to a six month high.

On the price front, growth in both input cost and prices charged weakened only modestly in February, suggesting retail inflation is unlikely to slow significantly anytime soon.

Growth in India’s dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday.

Growth in India’s dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday. Also read: India services activity returned to growth in September: Study The Nikkei/IHS Markit Services Purchasing Managers’ Index climbed to 57.5 in February from January’s 55.5. It was the highest reading since January 2013 and comfortably above the 50-mark separating growth from contraction for a fourth month. “Behind the resilience in the trend for business activity stands healthy demand for services from both the domestic and international markets,” Pollyanna De Lima, principal economist at IHS Markit, said in a release. Also read: India's overall export shows 1.51% growth during April-October “Positive gains in new work across the manufacturing and service sectors suggest that private-sector output will likely increase markedly again in March, boding well for final quarter GDP following expectations of a flat growth rate in Q3 FY 2019/20.” The pace of expansion in a sub-index tracking new business slowed slightly from January’s seven-year high but remained above the long-term average since the index was first published in December 2005. Also read: Indian services activity plunges into contraction in November on cash crackdown New export business - a proxy of foreign demand - returned to expansion territory last month after contracting for the first time in 11 months in January. However, firms failed to significantly increase the pace of hiring. “Service providers experienced a marked improvement in workforce productivity, with the sharp rise in business activity happening despite a softer and only modest increase in employment,” De Lima said. A sister survey on Monday showed factory activity growth slowed in February from January’s eight-year high due to a modest weakening in demand and output. However, the composite PMI, which includes both manufacturing and services, rose to 57.6 in February from January’s 56.3, its highest in eight years. Service providers remained optimistic about growth in the year ahead and the expectations index strengthened to a six month high. On the price front, growth in both input cost and prices charged weakened only modestly in February, suggesting retail inflation is unlikely to slow significantly anytime soon.

India services growth at over seven-year high on strong export demand

Growth in India’s dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday.

The Nikkei/IHS Markit Services Purchasing Managers’ Index climbed to 57.5 in February from January’s 55.5. It was the highest reading since January 2013 and comfortably above the 50-mark separating growth from contraction for a fourth month.

“Behind the resilience in the trend for business activity stands healthy demand for services from both the domestic and international markets,” Pollyanna De Lima, principal economist at IHS Markit, said in a release.

“Positive gains in new work across the manufacturing and service sectors suggest that private-sector output will likely increase markedly again in March, boding well for final quarter GDP following expectations of a flat growth rate in Q3 FY 2019/20.”

The pace of expansion in a sub-index tracking new business slowed slightly from January’s seven-year high but remained above the long-term average since the index was first published in December 2005.

New export business - a proxy of foreign demand - returned to expansion territory last month after contracting for the first time in 11 months in January. However, firms failed to significantly increase the pace of hiring.

“Service providers experienced a marked improvement in workforce productivity, with the sharp rise in business activity happening despite a softer and only modest increase in employment,” de Lima said.

A sister survey on Monday showed factory activity growth slowed in February from January’s eight-year high due to a modest weakening in demand and output.

However, the composite PMI, which includes both manufacturing and services, rose to 57.6 in February from January’s 56.3, its highest in eight years.

Service providers remained optimistic about growth in the year ahead and the expectations index strengthened to a six month high.

On the price front, growth in both input cost and prices charged weakened only modestly in February, suggesting retail inflation is unlikely to slow significantly anytime soon. 
&nbsp;

Growth in India’s dominant service sector accelerated at a pace not seen in over seven years last month, boosted by a recovery in foreign demand and solid business confidence, a private survey showed on Wednesday. The Nikkei/IHS Markit Services Purchasing Managers’ Index climbed to 57.5 in February from January’s 55.5. It was the highest reading since January 2013 and comfortably above the 50-mark separating growth from contraction for a fourth month. “Behind the resilience in the trend for business activity stands healthy demand for services from both the domestic and international markets,” Pollyanna De Lima, principal economist at IHS Markit, said in a release. “Positive gains in new work across the manufacturing and service sectors suggest that private-sector output will likely increase markedly again in March, boding well for final quarter GDP following expectations of a flat growth rate in Q3 FY 2019/20.” The pace of expansion in a sub-index tracking new business slowed slightly from January’s seven-year high but remained above the long-term average since the index was first published in December 2005. New export business - a proxy of foreign demand - returned to expansion territory last month after contracting for the first time in 11 months in January. However, firms failed to significantly increase the pace of hiring. “Service providers experienced a marked improvement in workforce productivity, with the sharp rise in business activity happening despite a softer and only modest increase in employment,” de Lima said. A sister survey on Monday showed factory activity growth slowed in February from January’s eight-year high due to a modest weakening in demand and output. However, the composite PMI, which includes both manufacturing and services, rose to 57.6 in February from January’s 56.3, its highest in eight years. Service providers remained optimistic about growth in the year ahead and the expectations index strengthened to a six month high. On the price front, growth in both input cost and prices charged weakened only modestly in February, suggesting retail inflation is unlikely to slow significantly anytime soon.

Tech giants Google and Twitter have asked their employees to work from home to prevent the spread of the coronavirus.

Most of the employees of Goggle's European headquarters in Dublin have been asked to work from home on Tuesday after one of its staff members reported flu-like symptoms.

Also read: <a href="https://www.wionews.com/world/handshake-no-thanks-coronavirus-changes-global-habits-283893">Handshake? No thanks: coronavirus changes global habits</a>

A Google employee had tested positive for the virus in Zurich last week.

Other tech companies such as Twitter and Coinbase followed suit.

In a blog post, Twitter said it was mandatory for staff in Hong Kong, Japan and South Korea to work remotely.

Also read: <a href="https://www.wionews.com/world/1500-new-cases-of-coronavirus-outside-of-china-who-283848">1,500 new cases of coronavirus outside of China: WHO</a>

The social media giant said it was "strongly encouraging" all of its 5,000 employees around the world to not come into work.

It had prohibited all non-essential business travel and events for its workers.

Cryptocurrency exchange Coinbase has also asked its employees to work from home who consider themselves susceptible to the flu.

Coronavirus has killed more than 3,000 &nbsp;and infected more than 89,000 globally.

Tech giants Google and Twitter have asked their employees to work from home to prevent the spread of the coronavirus. Most of the employees of Goggle's European headquarters in Dublin have been asked to work from home on Tuesday after one of its staff members reported flu-like symptoms.

Tech giants Google and Twitter have asked their employees to work from home to prevent the spread of the coronavirus. Most of the employees of Goggle's European headquarters in Dublin have been asked to work from home on Tuesday after one of its staff members reported flu-like symptoms. Also read: Handshake? No thanks: coronavirus changes global habits A Google employee had tested positive for the virus in Zurich last week. Other tech companies such as Twitter and Coinbase followed suit. In a blog post, Twitter said it was mandatory for staff in Hong Kong, Japan and South Korea to work remotely. Also read: 1,500 new cases of coronavirus outside of China: WHO The social media giant said it was "strongly encouraging" all of its 5,000 employees around the world to not come into work. It had prohibited all non-essential business travel and events for its workers. Cryptocurrency exchange Coinbase has also asked its employees to work from home who consider themselves susceptible to the flu. Coronavirus has killed more than 3,000 and infected more than 89,000 globally.

'Work from home': Google and Twitter order their staff amid coronavirus concerns

Nokia's chief executive officer Rajeev Suri will leave the telecom equipment provider in September and be replaced by the current head of Finnish energy group Fortum, Nokia announced on Monday.

Pekka Lundmark will take over on September 1, Nokia said.

Suri, who has been Nokia's president and CEO since April 2014, had "indicated earlier to the board that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place," the company said.

Also read: <a href="https://www.wionews.com/india-news/5g-wireless-network-should-not-be-conduit-of-suppression-censorship-says-trump-taking-a-dig-at-china-282662">5G wireless network should not be conduit of suppression &amp; censorship, says Trump taking a dig at China</a>

"After 25 years at Nokia, I have wanted to do something different," Suri said.

Lundmark has also served as CEO of Konecranes, a global material-handling technology leader. Prior to that, from 1990-2000, he held various executive positions at Nokia, including the vice president of strategy and business development at Nokia Networks.

Lundmark also has "extensive experience in China," he told a press conference on Monday a market which Nokia last year announced it was backing away from in the light of growing support there for local vendors.

Also see: <a href="https://www.wionews.com/world/us-urges-eu-to-use-5g-by-ericsson-nokia-samsung-seen-on-par-with-huawei-281634">US urges EU to use 5G by Ericsson, Nokia, Samsung, seen on par with Huawei</a>

Nokia's share price rose by four per cent on the Helsinki stock exchange to 3.6 euros shortly after opening at 0800 GMT, before falling back somewhat.

The group has remade itself as a 5G network systems company since its mobile phone business was wiped out by Apple and Samsung.

Suri is behind Nokia's recent transformation, including its acquisition of Alcatel-Lucent and the creation of a standalone software business, and the return of the Nokia brand to mobile phones.

Also read: <a href="https://www.wionews.com/business-economy/apple-appeals-rejected-by-us-supreme-court-in-legal-battle-with-virnetx-282583">Apple appeals rejected by US Supreme Court in legal battle with VirnetX</a>

He also oversaw the launch of 'internet of things' products designed to revolutionize specific sectors, such as soil sensors for agriculture or tracking systems for logistics firms.

However, Nokia's attempts to break into the 5G equipment market have faltered in the face of fierce competition from Huawei and Ericsson.

Last year&nbsp;Nokia&nbsp;downgraded its 2020 earnings forecast, while chief executive Suri played down the firm's delays in delivering some equipment orders.&nbsp;

Nokia went on to beat expectations in a "challenging" 2019 and last month posted its first full-year net profit since 2015 of 7.0&nbsp;million euros and an operating profit of 2.0 billion euros.

At Monday's press conference, Suri defended his record, saying that when he took over as CEO of Nokia Siemens Networks in 2009, the year's operating profit was 28 million euros.

"I'm not entirely satisfied with last year but we still had 2 billion compared to that 28 million," he said.

Nokia's chief executive officer Rajeev Suri will leave the telecom equipment provider in September and be replaced by the current head of Finnish energy group Fortum, Nokia announced on Monday.

Nokia's chief executive officer Rajeev Suri will leave the telecom equipment provider in September and be replaced by the current head of Finnish energy group Fortum, Nokia announced on Monday. Pekka Lundmark will take over on September 1, Nokia said. Suri, who has been Nokia's president and CEO since April 2014, had "indicated earlier to the board that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place," the company said. Also read: 5G wireless network should not be conduit of suppression & censorship, says Trump taking a dig at China "After 25 years at Nokia, I have wanted to do something different," Suri said. Lundmark has also served as CEO of Konecranes, a global material-handling technology leader. Prior to that, from 1990-2000, he held various executive positions at Nokia, including the vice president of strategy and business development at Nokia Networks. Lundmark also has "extensive experience in China," he told a press conference on Monday a market which Nokia last year announced it was backing away from in the light of growing support there for local vendors. Also see: US urges EU to use 5G by Ericsson, Nokia, Samsung, seen on par with Huawei Nokia's share price rose by four per cent on the Helsinki stock exchange to 3.6 euros shortly after opening at 0800 GMT, before falling back somewhat. The group has remade itself as a 5G network systems company since its mobile phone business was wiped out by Apple and Samsung. Suri is behind Nokia's recent transformation, including its acquisition of Alcatel-Lucent and the creation of a standalone software business, and the return of the Nokia brand to mobile phones. Also read: Apple appeals rejected by US Supreme Court in legal battle with VirnetX He also oversaw the launch of 'internet of things' products designed to revolutionize specific sectors, such as soil sensors for agriculture or tracking systems for logistics firms. However, Nokia's attempts to break into the 5G equipment market have faltered in the face of fierce competition from Huawei and Ericsson. Last year Nokia downgraded its 2020 earnings forecast, while chief executive Suri played down the firm's delays in delivering some equipment orders. Nokia went on to beat expectations in a "challenging" 2019 and last month posted its first full-year net profit since 2015 of 7.0 million euros and an operating profit of 2.0 billion euros. At Monday's press conference, Suri defended his record, saying that when he took over as CEO of Nokia Siemens Networks in 2009, the year's operating profit was 28 million euros. "I'm not entirely satisfied with last year but we still had 2 billion compared to that 28 million," he said.

Nokia CEO to step down, replaced by Fortum chief

After rebounding in early trade, the Sensex crashed 939 points down on Monday as two fresh cases of <a href="https://www.wionews.com/india-news/coronavirus-passengers-undergoing-screening-at-21-airports-12-seaports-says-harsh-vardhan-283747">coronavirus </a>were reported in Delhi and Telangana.

Also Read: <a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314">Sensex, Nifty crash as global markets dive over spread of coronavirus</a> 
 
The markets ended lower for the seventh consecutive session as the coronavirus cases dragged down the Sensex. 
 
The BSE Sensex closed&nbsp;153.27 points lower to close at&nbsp;&nbsp;38,144.02 with the Nifty falling&nbsp;69 points or 0.62 per cent down to end at 11,132.75. 
 
Hindalco, GAIL, SBI, Tata Steel and Yes Bank recorded major loses with just the IT sector being spared. 
 
The Sensex lost 700 points as soon as the government declared two new cases of the virus. The Sensex dived rapidly thereafter by over 200 points after touching an inter-day high of 39,083.17 earlier.

After rebounding in early trade, the Sensex crashed 939 points down on Monday as two fresh cases of coronavirus were reported in Delhi and Telangana. Also Read: Sensex, Nifty crash as global markets dive over spread of coronavirus The markets ended lower for the seventh consecutive session as the coronavirus cases dragged down the Sensex.

After rebounding in early trade, the Sensex crashed 939 points down on Monday as two fresh cases of coronavirus were reported in Delhi and Telangana. Also Read: Sensex, Nifty crash as global markets dive over spread of coronavirus The markets ended lower for the seventh consecutive session as the coronavirus cases dragged down the Sensex. The BSE Sensex closed 153.27 points lower to close at 38,144.02 with the Nifty falling 69 points or 0.62 per cent down to end at 11,132.75. Hindalco, GAIL, SBI, Tata Steel and Yes Bank recorded major loses with just the IT sector being spared. The Sensex lost 700 points as soon as the government declared two new cases of the virus. The Sensex dived rapidly thereafter by over 200 points after touching an inter-day high of 39,083.17 earlier.

Sensex crashes 939 points over coronavirus fears

The central government on Monday lifted restrictions on in-flight <a href="https://www.wionews.com/india-news/trai-recommends-in-flight-internet-connectivity-30092">Wi-Fi services</a> paving the way for airlines operating in India to provide in-flight Wi-Fi services to passengers, according to official notification.

"The Pilot-in-Command may permit the access of Internet services by passengers on board an aircraft in flight, through Wi-Fi on board, when a laptop, smartphone, tablet, smartwatch, e-reader or a point of sale device is used in flight mode or aeroplane mode," the notification stated.

While taking the delivery of its first Boeing 787-9 aircraft at Everett on last Friday, Vistara CEO Leslie Thng had told reporters that it would be the first plane in India to provide in-flight Wi-Fi services.&nbsp;

In September 2018, Telecom Secretary Aruna Sundararajan had said that access to <a href="https://www.wionews.com/india-news/foreign-airlines-could-benefit-from-governments-nod-to-in-flight-internet-134953">in-flight Wi-Fi </a>on domestic and international flights in India would be given soon once the guidelines had been finalised for the same.

Globally, many airlines are already offering wi-fi for passengers, but they currently have to switch off the facility when they enter the Indian airspace. AirAsia, Air France, British Airways, Egypt Air, Emirates, Air New Zealand, Malaysia Airlines, Qatar Airways and Virgin Atlantic are among 30 airlines that already allow mobile phone use on aircraft.

In-Flight Connectivity (IFC) aims to enable making calls and internet services during flights in the Indian airspace and availability of Wi-Fi is also expected to provide local airlines with an additional source of income.&nbsp;

The central government on Monday lifted restrictions on in-flight Wi-Fi services paving the way for airlines operating in India to provide in-flight Wi-Fi services to passengers, according to official notification.

The central government on Monday lifted restrictions on in-flight Wi-Fi services paving the way for airlines operating in India to provide in-flight Wi-Fi services to passengers, according to official notification. "The Pilot-in-Command may permit the access of Internet services by passengers on board an aircraft in flight, through Wi-Fi on board, when a laptop, smartphone, tablet, smartwatch, e-reader or a point of sale device is used in flight mode or aeroplane mode," the notification stated. While taking the delivery of its first Boeing 787-9 aircraft at Everett on last Friday, Vistara CEO Leslie Thng had told reporters that it would be the first plane in India to provide in-flight Wi-Fi services. In September 2018, Telecom Secretary Aruna Sundararajan had said that access to in-flight Wi-Fi on domestic and international flights in India would be given soon once the guidelines had been finalised for the same. Globally, many airlines are already offering wi-fi for passengers, but they currently have to switch off the facility when they enter the Indian airspace. AirAsia, Air France, British Airways, Egypt Air, Emirates, Air New Zealand, Malaysia Airlines, Qatar Airways and Virgin Atlantic are among 30 airlines that already allow mobile phone use on aircraft. In-Flight Connectivity (IFC) aims to enable making calls and internet services during flights in the Indian airspace and availability of Wi-Fi is also expected to provide local airlines with an additional source of income.

Soon, make calls, browse internet on domestic flights as govt gives go-ahead for in-flight Wi-Fi services

India's factory activity growth slowed in February from the previous month's eight-year high due to a modest weakening in demand and output, although overall conditions remained firm, a private survey showed on Monday.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 54.5 last month from January's 55.3, above a Reuters poll forecast of 52.8.

It has stayed above the 50-point threshold mark, which separates growth from contraction, for over two years.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/indian-automakers-say-china-coronavirus-outbreak-hitting-parts-supply-283591">Indian automakers say China coronavirus outbreak hitting parts supply</a>

"Factories in India continued to benefit from strong order flows in February, from both the domestic and international markets," Pollyanna De Lima, principal economist at IHS Markit, wrote in a release.

"The pick-up in demand meant that companies were able to further lift production and input buying at historically-elevated rates."

While the latest survey showed the new orders sub-index, a proxy for domestic demand, slipped to 57.5 in February, it remained above the long-term average since the index was introduced in March 2005.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-gdp-growth-slips-to-47-in-december-quarter-283347">India's GDP growth slips to 4.7% in December quarter</a>

That encouraged firms to maintain solid output.

However, foreign demand and optimism were weaker in February than in January on rising concerns the spread of coronavirus outside China would affect major Asian economies significantly.

That subdued mood pushed the hiring activity to its lowest in three months

Watch: India bags US$ 40 million defence deal to supply 4 radar systems to Armenia

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-bags-us-40-million-defence-deal-to-supply-4-radar-systems-to-armenia-283579/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Alarm bells are ringing for Indian goods producers as the COVID-19 outbreak poses threats to exports and supply chains. Businesses became less confident about the year-ahead outlook for output, in turn restricting hiring activity," De Lima said.

On the price front, both input cost and output charge growth slowed last month, suggesting retail inflation may cool.

That would give policymakers some headroom to address key issues after the recent high inflation-low growth conundrum.

"Price data continued to highlight a lack of inflationary pressure in the sector. Only modest increases in input costs and output charges were recorded in February, a trend that has been a key theme of the manufacturing PMI survey for over a year," added de Lima.

&nbsp;

India's factory activity growth slowed in February from the previous month's eight-year high due to a modest weakening in demand and output, although overall conditions remained firm, a private survey showed on Monday.

India's factory activity growth slowed in February from the previous month's eight-year high due to a modest weakening in demand and output, although overall conditions remained firm, a private survey showed on Monday. The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 54.5 last month from January's 55.3, above a Reuters poll forecast of 52.8. It has stayed above the 50-point threshold mark, which separates growth from contraction, for over two years. Also read: Indian automakers say China coronavirus outbreak hitting parts supply "Factories in India continued to benefit from strong order flows in February, from both the domestic and international markets," Pollyanna De Lima, principal economist at IHS Markit, wrote in a release. "The pick-up in demand meant that companies were able to further lift production and input buying at historically-elevated rates." While the latest survey showed the new orders sub-index, a proxy for domestic demand, slipped to 57.5 in February, it remained above the long-term average since the index was introduced in March 2005. Also read: India's GDP growth slips to 4.7% in December quarter That encouraged firms to maintain solid output. However, foreign demand and optimism were weaker in February than in January on rising concerns the spread of coronavirus outside China would affect major Asian economies significantly. That subdued mood pushed the hiring activity to its lowest in three months Watch: India bags US$ 40 million defence deal to supply 4 radar systems to Armenia "Alarm bells are ringing for Indian goods producers as the COVID-19 outbreak poses threats to exports and supply chains. Businesses became less confident about the year-ahead outlook for output, in turn restricting hiring activity," De Lima said. On the price front, both input cost and output charge growth slowed last month, suggesting retail inflation may cool. That would give policymakers some headroom to address key issues after the recent high inflation-low growth conundrum. "Price data continued to highlight a lack of inflationary pressure in the sector. Only modest increases in input costs and output charges were recorded in February, a trend that has been a key theme of the manufacturing PMI survey for over a year," added de Lima.

India's factory activity growth slows in February on weak demand: Purchasing Managers' Index

South Korean exports snapped a 14-month losing streak in February thanks to more working days this year compared to last, although evidence of disruptions from the coronavirus were reflected outside the headline figures.

South Korea's monthly trade data, the first to be released among major exporting economies, provides an early guide to the health of global trade already taking a hit from the epidemic.

Overall shipments in February rose 4.5% year-on-year, trade ministry data showed on Sunday, beating a median forecast of a 3.4% rise, given 3.5 more working days from a year earlier. This compares with a 6.3% decline in January due to the Lunar New Year, a holiday which fell in February last year.

Average exports per working day, however, tumbled 11.7%, the steepest decline in three months, and a big swing from a 4.6% increase in January.

Exports to China dropped 6.6% from a year earlier, after falling 3.7% for the Feb. 1-20 period, but average exports to China per working day plunged 21.1%, the ministry said.

This follows data on Saturday that showed factory activity in China contracted at its fastest ever in February, even worse than during the global financial crisis of 2008.

"Per-day exports were seen subdued especially in the second half of February," said Lee Sang-jae, chief economist at Eugene Investment &amp; Securities, noting that it's not over.

"If the decline in February was mainly driven by sapping Chinese demand, exports would fall even worse in March and April as negative perceptions over Made-in-Korea products spread," he said.

But a rise in chip demand and prices, and increased sales to other countries including the United States, were expected to partially negate impact from the coronavirus.

A breakdown of the South Korea trade data showed February's overseas sales of memory chips and car components rose 9.4% and 10.0%, respectively, from a year earlier.

Worse to come

South Korea on Sunday reported 376 new infections, raising its tally to more than 3,500, the highest outside China. On Saturday, South Korea recorded its biggest daily jump in cases so far.

"Economic impact from the spread of the coronavirus is expected to be greater than in SARS," said Sung Yoon-mo, the South Korean industry minister, adding that he expects further economic consequence in March.

Economists are also concerned over whether temporary factory shutdowns at major companies will further weigh on Asia's fourth-largest economy.

"Worse is yet to come if major exporting companies start shutting down their factories temporarily in the wake of the spike in domestic infections," Meritz Securities' chief economist, Lee Seung-hoon, said.

Hyundai Motor Co suspended operations at one of its factories after a worker tested positive for the virus, and LG Display has shut a display module plant for disinfection work until Tuesday.

A survey from the central bank showed business sentiment suffered its worst fall in nearly 17 years, even before the spike in national infections.

Global investment banks now see South Korea's economy grew at a slower pace than last year's 2.0%.

Last week, the Bank of Korea kept interest rates unchanged, while raising the ceiling for its special loans programme to 30 trillion won ($25 billion) to extend support for sectors hit by the virus.

The finance ministry said on Friday a supplementary budget due next week to cushion the economic hit of the coronavirus will be larger than the 11.6 trillion won package spent during the 2015 MERS outbreak.

South Korean exports snapped a 14-month losing streak in February thanks to more working days this year compared to last, although evidence of disruptions from the coronavirus were reflected outside the headline figures.

South Korean exports snapped a 14-month losing streak in February thanks to more working days this year compared to last, although evidence of disruptions from the coronavirus were reflected outside the headline figures. South Korea's monthly trade data, the first to be released among major exporting economies, provides an early guide to the health of global trade already taking a hit from the epidemic. Overall shipments in February rose 4.5% year-on-year, trade ministry data showed on Sunday, beating a median forecast of a 3.4% rise, given 3.5 more working days from a year earlier. This compares with a 6.3% decline in January due to the Lunar New Year, a holiday which fell in February last year. Average exports per working day, however, tumbled 11.7%, the steepest decline in three months, and a big swing from a 4.6% increase in January. Exports to China dropped 6.6% from a year earlier, after falling 3.7% for the Feb. 1-20 period, but average exports to China per working day plunged 21.1%, the ministry said. This follows data on Saturday that showed factory activity in China contracted at its fastest ever in February, even worse than during the global financial crisis of 2008. "Per-day exports were seen subdued especially in the second half of February," said Lee Sang-jae, chief economist at Eugene Investment & Securities, noting that it's not over. "If the decline in February was mainly driven by sapping Chinese demand, exports would fall even worse in March and April as negative perceptions over Made-in-Korea products spread," he said. But a rise in chip demand and prices, and increased sales to other countries including the United States, were expected to partially negate impact from the coronavirus. A breakdown of the South Korea trade data showed February's overseas sales of memory chips and car components rose 9.4% and 10.0%, respectively, from a year earlier. Worse to come South Korea on Sunday reported 376 new infections, raising its tally to more than 3,500, the highest outside China. On Saturday, South Korea recorded its biggest daily jump in cases so far. "Economic impact from the spread of the coronavirus is expected to be greater than in SARS," said Sung Yoon-mo, the South Korean industry minister, adding that he expects further economic consequence in March. Economists are also concerned over whether temporary factory shutdowns at major companies will further weigh on Asia's fourth-largest economy. "Worse is yet to come if major exporting companies start shutting down their factories temporarily in the wake of the spike in domestic infections," Meritz Securities' chief economist, Lee Seung-hoon, said. Hyundai Motor Co suspended operations at one of its factories after a worker tested positive for the virus, and LG Display has shut a display module plant for disinfection work until Tuesday. A survey from the central bank showed business sentiment suffered its worst fall in nearly 17 years, even before the spike in national infections. Global investment banks now see South Korea's economy grew at a slower pace than last year's 2.0%. Last week, the Bank of Korea kept interest rates unchanged, while raising the ceiling for its special loans programme to 30 trillion won ($25 billion) to extend support for sectors hit by the virus. The finance ministry said on Friday a supplementary budget due next week to cushion the economic hit of the coronavirus will be larger than the 11.6 trillion won package spent during the 2015 MERS outbreak.

Coronavirus weighs on South Korea February trade; ministry says worse to come

Indian automakers Mahindra and Mahindra Ltd (M&amp;M) and Tata Motors said on Sunday their supply of parts from China had been hit, as fallout from the coronavirus outbreak mounts.

"Going into March, we anticipate the challenge on parts-supply to continue for another few weeks, before we get back to normalcy," Veejay Ram Nakra, Chief of Sales and Marketing at M&amp;M's automotive division said in a press release.

Tata Motors said in a press release that it, too, had been hit by supply disruptions due to the coronavirus outbreak in China, and was working to mitigate the situation.

Along with Maruti Suzuki - India's biggest carmaker - both companies on Sunday reported a decline in sales in February, compared with a year ago.

M&amp;M said its domestic sales had fallen by 42%, while Tata Motors reported a drop of 34%. Maruti Suzuki said its total domestic sales were down by 1.6% in February from a year ago.

Indian automakers Mahindra and Mahindra Ltd (M&M) and Tata Motors said on Sunday their supply of parts from China had been hit, as fallout from the coronavirus outbreak mounts.

Indian automakers Mahindra and Mahindra Ltd (M&M) and Tata Motors said on Sunday their supply of parts from China had been hit, as fallout from the coronavirus outbreak mounts. "Going into March, we anticipate the challenge on parts-supply to continue for another few weeks, before we get back to normalcy," Veejay Ram Nakra, Chief of Sales and Marketing at M&M's automotive division said in a press release. Tata Motors said in a press release that it, too, had been hit by supply disruptions due to the coronavirus outbreak in China, and was working to mitigate the situation. Along with Maruti Suzuki - India's biggest carmaker - both companies on Sunday reported a decline in sales in February, compared with a year ago. M&M said its domestic sales had fallen by 42%, while Tata Motors reported a drop of 34%. Maruti Suzuki said its total domestic sales were down by 1.6% in February from a year ago.

Indian automakers say China coronavirus outbreak hitting parts supply

North Korean leader Kim Jong Un oversaw military drills on Friday, state media KCNA said, a rare public outing amid efforts to prevent an outbreak of the coronavirus in the isolated country.

North Korea has not confirmed any cases of the virus, but state media said a month-long quarantine period had been imposed for people showing symptoms and “high-intensity” measures were taken including reinforcing checks in border regions and at airports and sea ports.

On Feb. 16, Kim made his first public appearance in 22 days to visit a mausoleum marking the anniversary of the birth of his father and late leader Kim Jong Il.

The military drill was to “judge the mobility and the fire power strike ability” on the frontline and eastern units and ended to the “great satisfaction” of Kim, KCNA said on Saturday.

Also read: <a href="https://www.wionews.com/world/north-koreas-kim-makes-first-public-appearance-in-22-days-amid-virus-outbreak-280995">North Korea's Kim makes first public appearance in 22 days amid virus outbreak</a>

<div>“Soldiers, who have firmly armed themselves with a-match-for-a-hundred idea of the Party and trained under the simulated conditions of actual battles, reduced a target islet to a sea of flames,” KCNA said.</div>

In a separate dispatch, KCNA said Kim has also convened a meeting of the ruling Workers’ Party’s powerful politburo where a stricter enforcement of “top-class anti-epidemic steps” was discussed to prevent the spread of the virus.

“In case the infectious disease spreading beyond control finds its way into our country, it will entail serious consequences,” Kim was quoted as telling the meeting. “No special cases must be allowed within the state anti-epidemic system.”

He instructed the officials to “seal off all the channels and space through which the infectious disease may find its way, and strengthen check-up, test and quarantine,” KCNA added.

Also watch:<a href="https://www.wionews.com/videos/south-korea-reports-2022-positive-cases-of-coronavirus-283277"> South Korea reports 2,022 positive cases of Coronavirus</a>

A plan is under way to evacuate some 60 quarantined foreign diplomats from North Korea, including from Germany, French and Switzerland, CNN reported on Friday, citing an unnamed source inside the country. The report also said other countries with diplomatic missions were seeking to scale down their operations.

KCNA released photographs of Kim presiding over the meeting as well as overseeing the drills without wearing a surgical mask. All of the aides who accompanied Kim on the military inspection had identical black masks, whereas none of the participants at the meeting did.

“Kim’s activities appear to be intended to highlight to his people that his campaign to build a self-reliant economy is business as usual while boosting military morale and also showing they were not affected by the virus,” said Kim Dong-yup, a professor at Kyungnam University in Seoul.

Also see: <a href="https://www.wionews.com/videos/south-korea-worst-hit-after-mainland-china-school-exams-postponed-283267">South Korea worst-hit after Mainland China, School exams postponed</a>

North Korean leader Kim Jong Un oversaw military drills on Friday, state media KCNA said, a rare public outing amid efforts to prevent an outbreak of the coronavirus in the isolated country.

North Korean leader Kim Jong Un oversaw military drills on Friday, state media KCNA said, a rare public outing amid efforts to prevent an outbreak of the coronavirus in the isolated country. North Korea has not confirmed any cases of the virus, but state media said a month-long quarantine period had been imposed for people showing symptoms and “high-intensity” measures were taken including reinforcing checks in border regions and at airports and sea ports. On Feb. 16, Kim made his first public appearance in 22 days to visit a mausoleum marking the anniversary of the birth of his father and late leader Kim Jong Il. The military drill was to “judge the mobility and the fire power strike ability” on the frontline and eastern units and ended to the “great satisfaction” of Kim, KCNA said on Saturday. Also read: North Korea's Kim makes first public appearance in 22 days amid virus outbreak “Soldiers, who have firmly armed themselves with a-match-for-a-hundred idea of the Party and trained under the simulated conditions of actual battles, reduced a target islet to a sea of flames,” KCNA said. In a separate dispatch, KCNA said Kim has also convened a meeting of the ruling Workers’ Party’s powerful politburo where a stricter enforcement of “top-class anti-epidemic steps” was discussed to prevent the spread of the virus. “In case the infectious disease spreading beyond control finds its way into our country, it will entail serious consequences,” Kim was quoted as telling the meeting. “No special cases must be allowed within the state anti-epidemic system.” He instructed the officials to “seal off all the channels and space through which the infectious disease may find its way, and strengthen check-up, test and quarantine,” KCNA added. Also watch: South Korea reports 2,022 positive cases of Coronavirus A plan is under way to evacuate some 60 quarantined foreign diplomats from North Korea, including from Germany, French and Switzerland, CNN reported on Friday, citing an unnamed source inside the country. The report also said other countries with diplomatic missions were seeking to scale down their operations. KCNA released photographs of Kim presiding over the meeting as well as overseeing the drills without wearing a surgical mask. All of the aides who accompanied Kim on the military inspection had identical black masks, whereas none of the participants at the meeting did. “Kim’s activities appear to be intended to highlight to his people that his campaign to build a self-reliant economy is business as usual while boosting military morale and also showing they were not affected by the virus,” said Kim Dong-yup, a professor at Kyungnam University in Seoul. Also see: South Korea worst-hit after Mainland China, School exams postponed

North Korea's Kim guides military drills, warns 'serious consequences' if virus breaks out: Report

In the aftermath of the global stock markets bloodbath, world's 500 richest people lost $444 billion in total this week, Bloomberg Billionaires Index said on Saturday.

The US stock market suffered a historic pullback after the Dow Jones Industrial Average and S&amp;P 500 each tumbled over 12 per cent and 11% this week over the coronavirus pandemic and wiped out more than $6 trillion from global stocks. It was the biggest five-day slide since the depths of the 2008 financial crisis.

Also read:<a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314"> Sensex, Nifty crash as global markets dive over spread of coronavirus</a>

According to the report, the world’s three richest people, Amazon founder Jeff Bezos, Microsoft Corporation's Bill Gates and LVMH Chairman Bernard Arnault suffered the biggest losses, as their combined wealth dropped about $30 billion.

Founder of SpaceX and CEO of Tesla, Elon Musk, lost $9 billion as shares of Tesla recorded a major dip. &nbsp;

Also Read:<a href="https://www.wionews.com/business-economy/carnage-on-dalal-street-stock-market-crash-wipes-off-rs-5-lakh-cr-investor-wealth-283262"> Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth</a>

The virus which originated from Wuhan in Hubei province in China has already claimed 2,856 people and infected more than 83,000 worldwide and spread to at least 45 countries.&nbsp;

However, Iran has emerged as a new hotspot for the virus, with at least 43 deaths and more than 245 infections so far.

Meanwhile, oil prices sank to a new low of $50.05 per barrel as the virus sparked panic over crude demand.

European stock markets bled with Frankfurt's DAX 30 index diving 5.2 per cent. 
&nbsp;

In the aftermath of the global stock markets bloodbath, world's 500 richest people lost $444 billion in total this week, Bloomberg Billionaires Index said on Saturday.

In the aftermath of the global stock markets bloodbath, world's 500 richest people lost $444 billion in total this week, Bloomberg Billionaires Index said on Saturday. The US stock market suffered a historic pullback after the Dow Jones Industrial Average and S&P 500 each tumbled over 12 per cent and 11% this week over the coronavirus pandemic and wiped out more than $6 trillion from global stocks. It was the biggest five-day slide since the depths of the 2008 financial crisis. Also read: Sensex, Nifty crash as global markets dive over spread of coronavirus According to the report, the world’s three richest people, Amazon founder Jeff Bezos, Microsoft Corporation's Bill Gates and LVMH Chairman Bernard Arnault suffered the biggest losses, as their combined wealth dropped about $30 billion. Founder of SpaceX and CEO of Tesla, Elon Musk, lost $9 billion as shares of Tesla recorded a major dip. Also Read: Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth The virus which originated from Wuhan in Hubei province in China has already claimed 2,856 people and infected more than 83,000 worldwide and spread to at least 45 countries. However, Iran has emerged as a new hotspot for the virus, with at least 43 deaths and more than 245 infections so far. Meanwhile, oil prices sank to a new low of $50.05 per barrel as the virus sparked panic over crude demand. European stock markets bled with Frankfurt's DAX 30 index diving 5.2 per cent.

World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed

Telecom major Bharti Airtel on Saturday said that it has deposited an additional Rs 8,004 crore towards adjusted gross revenue (AGR) dues to the Department of Telecommunication (DoT), aggregating to a total payment of Rs 18,004 crore, and therefore complying with the Supreme Court judgment in the matter.

"The company has paid an additional amount of Rs 3,004 crore towards the full and final amounts due over and above the ad-hoc amount of Rs 10,000 crore paid on Feb 17, 2020, on behalf of the Bharti Group of Companies," said an official statement on Saturday.

Also read:<a href="https://www.wionews.com/business-economy/bharti-airtel-can-pay-5-billion-agr-wont-affect-credit-quality-says-moodys-282927"> Bharti Airtel can pay $5 billion AGR, won't affect credit quality, says Moody's</a>

"In addition to the aforesaid amounts paid on the basis our self-assessment, we have also deposited an additional amount of Rs 5,000 crore as an ad-hoc payment (subject to subsequent refund/adjustment) to cover differences, if any, arising from the reconciliation exercise with the DoT," it added.

The telco said that in line with the AGR judgment and various directions issued by the DoT with respect to Spectrum Usage Charges, the company carried out self-assessment from FY 2006-07 onwards up to December 31, 2019, and interest thereon up to February 29, 2020.Airtel said that the company has now complied with the Supreme Court judgement dated October 24, 2019, which directed telecommunication companies to deposit the AGR dues summing up to Rs 1.47 lakh crore to the government within a period of three months.

Also see: <a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Airtel pays statutory dues worth ₹10,000 crore after Supreme Court's stern orders</a>

Telecom major Bharti Airtel on Saturday said that it has deposited an additional Rs 8,004 crore towards adjusted gross revenue (AGR) dues to the Department of Telecommunication (DoT), aggregating to a total payment of Rs 18,004 crore, and therefore complying with the Supreme Court judgment in the matter.

Telecom major Bharti Airtel on Saturday said that it has deposited an additional Rs 8,004 crore towards adjusted gross revenue (AGR) dues to the Department of Telecommunication (DoT), aggregating to a total payment of Rs 18,004 crore, and therefore complying with the Supreme Court judgment in the matter. "The company has paid an additional amount of Rs 3,004 crore towards the full and final amounts due over and above the ad-hoc amount of Rs 10,000 crore paid on Feb 17, 2020, on behalf of the Bharti Group of Companies," said an official statement on Saturday. Also read: Bharti Airtel can pay $5 billion AGR, won't affect credit quality, says Moody's "In addition to the aforesaid amounts paid on the basis our self-assessment, we have also deposited an additional amount of Rs 5,000 crore as an ad-hoc payment (subject to subsequent refund/adjustment) to cover differences, if any, arising from the reconciliation exercise with the DoT," it added. The telco said that in line with the AGR judgment and various directions issued by the DoT with respect to Spectrum Usage Charges, the company carried out self-assessment from FY 2006-07 onwards up to December 31, 2019, and interest thereon up to February 29, 2020.Airtel said that the company has now complied with the Supreme Court judgement dated October 24, 2019, which directed telecommunication companies to deposit the AGR dues summing up to Rs 1.47 lakh crore to the government within a period of three months. Also see: Airtel pays statutory dues worth ₹10,000 crore after Supreme Court's stern orders

Airtel deposits another Rs 8,000 crore towards AGR dues in compliance with SC order

The wealth of Domestic investors plummeted by nearly Rs 5 lakh crore on Friday as Indian stock market indices were hammered and opened in red today.

Due to high level of uncertainty over the economic impact of coronavirus outbreak the equity markets crashed tracking global equity selloff.

<a href="https://www.wionews.com/business-economy/sensex-plunges-1000-points-nifty-opens-below-11400-283235">Also read:&nbsp;Sensex plunges 1000 points, Nifty opens below 11,400</a>

The bloodbath in the equity market wiped out investor wealth worth Rs 4,65,915.58 crore, taking the total market capitalisation to Rs 1,47,74,108.50 crore on the BSE.

The m-cap of BSE-listed companies stood at Rs 1,52,40,024.08 crore at the end of trading on Thursday.

Earlier in the opening session, stocks market crashed with the Sensex falling 1,100 points in Morning.

At 12:05 pm, the Sensex was trading at 38,478.44, lower by 1,267.22 points or 3.19% from the previous close of 39,746 points while the Nifty 50 was down by 375 points to 11,257.

Meanwhile, Indian Rupee tumbled to 71.93 vs 71.55 previous close, against the US dollar. The fall was in line with Asian peers.

In the previous session, the Sensex settled lower by 143.30 points or 0.36 per cent to 39,745.66.Similarly, the NSE Nifty50 settled at 11,633.30, lower by 45.20 points or 0.39 per cent.&nbsp;

According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty.

(With inputs from agencies)

The wealth of Domestic investors plummeted by nearly Rs 5 lakh crore on Friday as Indian stock market indices were hammered and opened in red today. Due to high level of uncertainty over the economic impact of coronavirus outbreak the equity markets crashed tracking global equity selloff.

The wealth of Domestic investors plummeted by nearly Rs 5 lakh crore on Friday as Indian stock market indices were hammered and opened in red today. Due to high level of uncertainty over the economic impact of coronavirus outbreak the equity markets crashed tracking global equity selloff. Also read: Sensex plunges 1000 points, Nifty opens below 11,400 The bloodbath in the equity market wiped out investor wealth worth Rs 4,65,915.58 crore, taking the total market capitalisation to Rs 1,47,74,108.50 crore on the BSE. The m-cap of BSE-listed companies stood at Rs 1,52,40,024.08 crore at the end of trading on Thursday. Earlier in the opening session, stocks market crashed with the Sensex falling 1,100 points in Morning. At 12:05 pm, the Sensex was trading at 38,478.44, lower by 1,267.22 points or 3.19% from the previous close of 39,746 points while the Nifty 50 was down by 375 points to 11,257. Meanwhile, Indian Rupee tumbled to 71.93 vs 71.55 previous close, against the US dollar. The fall was in line with Asian peers. In the previous session, the Sensex settled lower by 143.30 points or 0.36 per cent to 39,745.66.Similarly, the NSE Nifty50 settled at 11,633.30, lower by 45.20 points or 0.39 per cent. According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty. (With inputs from agencies)

Carnage on Dalal Street: Stock market crash wipes off Rs 5 lakh cr investor wealth

The rupee on Friday plunged by 63 paise to settle at nearly six-month low of 72.24 against the US dollar, tracking heavy sell-offs in equities and sustained foreign fund outflows on fears that coronavirus can wreak havoc on the global economy.

At the interbank foreign exchange market, the local currency opened lower at 71.90 to the US dollar and hit a low of 72.29 in day trade.

The domestic currency finally settled at 72.24, showing a loss of 63 paise -- the biggest single-day loss since September 13, 2019. The closing level is the lowest since September 3.

"This week was all about coronavirus. The focus was on contagion to new regions outside China. The outbreak of virus rattled the risk appetite, giving rise to risks of sharp global economic slowdown," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

The virus has now spread around the globe prompting many governments issue advisories against travelling or gathering in crowded places.

An analyst observed that the coronavirus has definitely hit businesses and could have longer than anticipated effect on global growth and earnings.

China reported 44 more deaths from the novel coronavirus epidemic on Friday and 327 fresh cases. The death toll now stands at 2,788 in mainland China, according to the National Health Commission.

"The panic selling of foreign investors in Indian equities has led to rupee depreciation. Now that the big hurdle of 72 is crossed in USDINR pair it can take 72.50 as next level on upside," Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities.

Continuing its downward spiral for the sixth straight session, the 30-share BSE Sensex ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29.

This was the benchmark's second-worst drop in absolute terms after August 24, 2015, when it had plunged 1,624.51 points.

Similarly, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.

Market participants were also cautious ahead of the release of third-quarter GDP number, traders said.

On a weekly basis the domestic currency has lost 56 paise.

The global crude oil benchmark Brent futures fell 1.97 per cent to trade at $51.15 per barrel.

Meanwhile, easing crude oil prices and weakening of the American currency in the overseas market supported the rupee, traders said.

Meanwhile, foreign institutional investors remained net sellers in the Indian capital markets, offloading equities worth a net Rs 1,428.74 crore on Friday, according to provisional exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.18 per cent to 98.33.

The 10-year Indian government bond yield was at 6.37 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6124 and for rupee/euro at 78.1692. The reference rate for rupee/British pound was fixed at 92.6273 and for rupee/100 Japanese yen at 65.06. PTI DRR 
&nbsp;

The rupee on Friday plunged by 63 paise to settle at nearly six-month low of 72.24 against the US dollar, tracking heavy sell-offs in equities and sustained foreign fund outflows on fears that coronavirus can wreak havoc on the global economy.

The rupee on Friday plunged by 63 paise to settle at nearly six-month low of 72.24 against the US dollar, tracking heavy sell-offs in equities and sustained foreign fund outflows on fears that coronavirus can wreak havoc on the global economy. At the interbank foreign exchange market, the local currency opened lower at 71.90 to the US dollar and hit a low of 72.29 in day trade. The domestic currency finally settled at 72.24, showing a loss of 63 paise -- the biggest single-day loss since September 13, 2019. The closing level is the lowest since September 3. "This week was all about coronavirus. The focus was on contagion to new regions outside China. The outbreak of virus rattled the risk appetite, giving rise to risks of sharp global economic slowdown," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services. The virus has now spread around the globe prompting many governments issue advisories against travelling or gathering in crowded places. An analyst observed that the coronavirus has definitely hit businesses and could have longer than anticipated effect on global growth and earnings. China reported 44 more deaths from the novel coronavirus epidemic on Friday and 327 fresh cases. The death toll now stands at 2,788 in mainland China, according to the National Health Commission. "The panic selling of foreign investors in Indian equities has led to rupee depreciation. Now that the big hurdle of 72 is crossed in USDINR pair it can take 72.50 as next level on upside," Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities. Continuing its downward spiral for the sixth straight session, the 30-share BSE Sensex ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29. This was the benchmark's second-worst drop in absolute terms after August 24, 2015, when it had plunged 1,624.51 points. Similarly, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75. Market participants were also cautious ahead of the release of third-quarter GDP number, traders said. On a weekly basis the domestic currency has lost 56 paise. The global crude oil benchmark Brent futures fell 1.97 per cent to trade at $51.15 per barrel. Meanwhile, easing crude oil prices and weakening of the American currency in the overseas market supported the rupee, traders said. Meanwhile, foreign institutional investors remained net sellers in the Indian capital markets, offloading equities worth a net Rs 1,428.74 crore on Friday, according to provisional exchange data. The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.18 per cent to 98.33. The 10-year Indian government bond yield was at 6.37 per cent. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6124 and for rupee/euro at 78.1692. The reference rate for rupee/British pound was fixed at 92.6273 and for rupee/100 Japanese yen at 65.06. PTI DRR

Rupee plunges 63 paise to nearly 6-month low as COVID-19 spreads around globe 

Facebook's Chief Operating Officer expressed worries about the threat posed by TikTok, the short-form video app which is very popular among the younger generation. Sandberg said that <a href="https://www.wionews.com/world/tiktok-accused-in-california-lawsuit-of-sending-user-data-to-china-265867">TikTok is growing</a> "very fast" and it has received more numbers than the social media giant Facebook ever did.

During an interview with an American news channel, Sandberg talked about intense competition for user engagement among social media companies.&nbsp;

"In the world of tech, we compete for every minute of your attention. Every day you pick up your phone, I mean my kids pick up the phone and they're on TikTok," Sanberg said in the podcast form of the interview.

The interviewer then asked Sandberg if she worries about TikTok to which she responded saying, &nbsp;"Sure.. they're huge, they're growing really quickly, they've gotten to bigger numbers faster than we ever did."&nbsp;

"Of course we worry about it, we have to be worried about all the innovation," Sandberg also said.

In November last year, TikTok hit 1.5 billion downloads and became the third most-downloaded non-gaming app of 2019, outperforming both Facebook and the photo-sharing platform Instagram. Instagram is also owned by Facebook.

Meanwhile, owned by China-based ByteDance Technology Co, TikTok is facing a probe launched by US government national security over concerns about data storage and possible censorship of politically sensitive content.

Facebook's Chief Operating Officer expressed worries about the threat posed by TikTok, the short-form video app which is very popular among the younger generation.

Facebook's Chief Operating Officer expressed worries about the threat posed by TikTok, the short-form video app which is very popular among the younger generation. Sandberg said that TikTok is growing "very fast" and it has received more numbers than the social media giant Facebook ever did. During an interview with an American news channel, Sandberg talked about intense competition for user engagement among social media companies. "In the world of tech, we compete for every minute of your attention. Every day you pick up your phone, I mean my kids pick up the phone and they're on TikTok," Sanberg said in the podcast form of the interview. The interviewer then asked Sandberg if she worries about TikTok to which she responded saying, "Sure.. they're huge, they're growing really quickly, they've gotten to bigger numbers faster than we ever did." "Of course we worry about it, we have to be worried about all the innovation," Sandberg also said. In November last year, TikTok hit 1.5 billion downloads and became the third most-downloaded non-gaming app of 2019, outperforming both Facebook and the photo-sharing platform Instagram. Instagram is also owned by Facebook. Meanwhile, owned by China-based ByteDance Technology Co, TikTok is facing a probe launched by US government national security over concerns about data storage and possible censorship of politically sensitive content.

TikTok received more numbers than Facebook ever did: Sheryl Sandberg

The Dow Jones Industrials slumped more than 1,000 points in intraday trading for the third time this week on Friday, as the <a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314">rapidly spreading coronavirus outbreak raised fears of global recession</a>.

Over the week, virus fears have wiped nearly $3 trillion off the combined market value of S&amp;P 500 companies, putting the three main indexes on track their worst week since the 2008 global financial crisis.

As the world prepares for a likely pandemic, investors rushed to safe assets, deepening an inversion of the U.S. Treasury yield curve, a classic recession signal.

<a href="https://www.wionews.com/business-economy/carnage-on-dalal-street-stock-market-crash-wipes-off-rs-5-lakh-cr-investor-wealth-283262">Also Read: Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth</a>

The benchmark S&amp;P 500 fell about 12% from its record closing high hit last week, confirming its fastest correction in history on Thursday.

At 10:03 a.m. ET, the Dow Jones Industrial Average was down 1,058.08 points, or 4.11%, at 24,708.56, the S&amp;P 500 was down 118.91 points, or 3.99%, at 2,859.85. The Nasdaq Composite was down 293.97 points, or 3.43%, at 8,272.51.

All the 11 S&amp;P sectors shed at least 2% and the defensive utilities, consumer staples and real estate sectors dropped more than 3%. The three sectors have outperformed the benchmark index this month.

"This selling is a bit extreme for something that we don't know enough about," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.

"What I do know is that the coronavirus is not going to lead us into a financial crisis that is long-lasting. It could put us in a technical recession, but the real concern is does that recession cause the US&nbsp;consumer to pare back on spending?"

While the magnitude of the economic damage from the containment measures, which have crippled supply chains and hit business investment, remained unclear, analysts have sharply downgraded their outlook for growth and corporate earnings.

Adding to worries, the Commerce Department's data on Friday showed US&nbsp;consumer spending rose less than expected in January, a loss of momentum that could be exacerbated by the virus outbreak.

Traders are now pricing in an interest rate cut by the Federal Reserve as soon as next month, but many have expressed doubts about how this would mitigate the impact of the outbreak.

Among individual stocks, Mylan NV dropped 6% after the drugmaker cautioned a financial hit from the coronavirus outbreak and warned of drug shortages in case of continued spread of the virus.

Declining issues outnumbered advancers for a 9.24-to-1 ratio on the NYSE and a 4.63-to-1 ratio on the Nasdaq.

The S&amp;P index recorded no new 52-week highs and 108 new lows, while the Nasdaq recorded 11 new highs and 386 new lows. 
&nbsp;

The Dow Jones Industrials slumped more than 1,000 points in intraday trading for the third time this week on Friday, as the rapidly spreading coronavirus outbreak raised fears of global recession.

The Dow Jones Industrials slumped more than 1,000 points in intraday trading for the third time this week on Friday, as the rapidly spreading coronavirus outbreak raised fears of global recession. Over the week, virus fears have wiped nearly $3 trillion off the combined market value of S&P 500 companies, putting the three main indexes on track their worst week since the 2008 global financial crisis. As the world prepares for a likely pandemic, investors rushed to safe assets, deepening an inversion of the U.S. Treasury yield curve, a classic recession signal. Also Read: Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth The benchmark S&P 500 fell about 12% from its record closing high hit last week, confirming its fastest correction in history on Thursday. At 10:03 a.m. ET, the Dow Jones Industrial Average was down 1,058.08 points, or 4.11%, at 24,708.56, the S&P 500 was down 118.91 points, or 3.99%, at 2,859.85. The Nasdaq Composite was down 293.97 points, or 3.43%, at 8,272.51. All the 11 S&P sectors shed at least 2% and the defensive utilities, consumer staples and real estate sectors dropped more than 3%. The three sectors have outperformed the benchmark index this month. "This selling is a bit extreme for something that we don't know enough about," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York. "What I do know is that the coronavirus is not going to lead us into a financial crisis that is long-lasting. It could put us in a technical recession, but the real concern is does that recession cause the US consumer to pare back on spending?" While the magnitude of the economic damage from the containment measures, which have crippled supply chains and hit business investment, remained unclear, analysts have sharply downgraded their outlook for growth and corporate earnings. Adding to worries, the Commerce Department's data on Friday showed US consumer spending rose less than expected in January, a loss of momentum that could be exacerbated by the virus outbreak. Traders are now pricing in an interest rate cut by the Federal Reserve as soon as next month, but many have expressed doubts about how this would mitigate the impact of the outbreak. Among individual stocks, Mylan NV dropped 6% after the drugmaker cautioned a financial hit from the coronavirus outbreak and warned of drug shortages in case of continued spread of the virus. Declining issues outnumbered advancers for a 9.24-to-1 ratio on the NYSE and a 4.63-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 108 new lows, while the Nasdaq recorded 11 new highs and 386 new lows.

Dow drops 1,000 points as pandemic fears heighten in early trade