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Boeing Co said it would need to borrow more money over the next six months and that it did not expect to pay dividends again for years, as it wrestles with the coronavirus lockdown-induced economic fallout.

Boeing is trying to bring its 737 MAX jet back into service after two fatal crashes, even as the aviation industry slumps because of the coronavirus, which has dried up demand for passenger air travel.

The grounding of its 737 MAX jet has caused the US planemaker major losses.

Boeing would continue ordering parts and services from its suppliers to ensure the smaller companies have enough business to keep them afloat during the downturn.

Boeing expects it will take two to three years for travel to return to 2019 levels and an additional few years more for the industry's long-term trend growth to return. It, however, will resume paying dividends in the medium-term.

The largest US planemaker, which reports first-quarter earnings Wednesday, last month drew down its entire $13.8 billion credit line and suspended its dividend. Boeing's first- quarter deliveries were a third of the 149 seen a year earlier and the lowest since 1984 for the first quarter.

<a href="https://www.wionews.com/business-economy/coronavirus-impact-airbus-warns-staff-of-deeper-job-cuts-survival-being-at-stake-294985">Also read | Coronavirus impact: Airbus warns staff of deeper job cuts, survival being 'at stake'</a>

Boeing shares closed down 0.3 per cent to $128.68.

Boeing also said on Monday it would resume 787 production in South Carolina next week after it resumed commercial airplane production last week in Washington state. Each of the company’s 12 board nominees received a majority of votes from shareholders, though five directors got a significant number of no votes.

Two proxy advisors, Glass Lewis and Institutional Shareholder Services (ISS), had recommended that Boeing shareholders vote against key board members to show objections to the company’s handling of the 737 MAX crisis.

Boeing Co said it would need to borrow more money over the next six months and that it did not expect to pay dividends again for years, as it wrestles with the coronavirus lockdown-induced economic fallout.

Boeing Co said it would need to borrow more money over the next six months and that it did not expect to pay dividends again for years, as it wrestles with the coronavirus lockdown-induced economic fallout. Boeing is trying to bring its 737 MAX jet back into service after two fatal crashes, even as the aviation industry slumps because of the coronavirus, which has dried up demand for passenger air travel. The grounding of its 737 MAX jet has caused the US planemaker major losses. Boeing would continue ordering parts and services from its suppliers to ensure the smaller companies have enough business to keep them afloat during the downturn. Boeing expects it will take two to three years for travel to return to 2019 levels and an additional few years more for the industry's long-term trend growth to return. It, however, will resume paying dividends in the medium-term. The largest US planemaker, which reports first-quarter earnings Wednesday, last month drew down its entire $13.8 billion credit line and suspended its dividend. Boeing's first- quarter deliveries were a third of the 149 seen a year earlier and the lowest since 1984 for the first quarter. Also read | Coronavirus impact: Airbus warns staff of deeper job cuts, survival being 'at stake' Boeing shares closed down 0.3 per cent to $128.68. Boeing also said on Monday it would resume 787 production in South Carolina next week after it resumed commercial airplane production last week in Washington state. Each of the company’s 12 board nominees received a majority of votes from shareholders, though five directors got a significant number of no votes. Two proxy advisors, Glass Lewis and Institutional Shareholder Services (ISS), had recommended that Boeing shareholders vote against key board members to show objections to the company’s handling of the 737 MAX crisis.

Boeing wrestles with coronavirus fallout, says will need to borrow more money

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter.

The company, which has $1.47 billion in cash, said it was in talks with big U.S. banks to get an additional $1.30 billion in loan to ride out the crisis.

The cash preservation plan lifted Harley shares, which have lost nearly half of its value so far this year, up 9% in premarket trading.

Earlier this month, the motorcycle maker pulled its 2020 profit forecast and decided to temporarily lay off most of its global production employees as well as cut salaries of its leadership team in a bid to lower costs.

On Tuesday, Harley said it would cut cost to match the lower demand and focus more on sales efforts in the United States, its biggest market.

The company has been struggling with falling U.S. sales as its baby-boomer fan base ages. To counter that, it has been trying to woo the next generation of younger riders with electric and more nimbler bikes.

But that has done little to boost sales. To make matters worse, the pandemic has further hit demand as Americans are forced to stay at home to curb the spread of COVID-19.

Retail sales fell 15.5% in the United States in the quarter and 20.7% internationally. "Global retail motorcycle sales in the first quarter were significantly impacted by COVID-19," the company said in statement.

Total motorcycle shipments to dealers fell 10% to 52,973 units in the first-quarter ended March 29, while retail sales at its dealers declined nearly 18% to 40,439 units.

Harley said it would expand its lineup of profitable "iconic" motorcycles, while also targeting to boost sales of some of its new products such as adventure touring, sport bike Streetfighter and electric motorcycles.

"These efforts will pave the way for...improved profitability and long-term growth," said acting Chief Executive Officer Jochen Zeitz, who took helm in February.

Zeitz, who was a board member at Harley and best known for turning around the Puma brand's near-bankrupt business, replaced CEO Matt Levatich.

Harley's net income fell to $69.7 million, or 45 cents per share in the quarter, from $127.9 million, or 80 cents per share, a year earlier.

Motorcycles and related products revenue fell 8% to $1.10 billion. On an adjusted basis, it earned 51 cents, beating analysts' average estimate of 41 cents, according to IBES data from Refinitiv.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter. The company, which has $1.47 billion in cash, said it was in talks with big U.S. banks to get an additional $1.30 billion in loan to ride out the crisis. The cash preservation plan lifted Harley shares, which have lost nearly half of its value so far this year, up 9% in premarket trading. Earlier this month, the motorcycle maker pulled its 2020 profit forecast and decided to temporarily lay off most of its global production employees as well as cut salaries of its leadership team in a bid to lower costs. On Tuesday, Harley said it would cut cost to match the lower demand and focus more on sales efforts in the United States, its biggest market. The company has been struggling with falling U.S. sales as its baby-boomer fan base ages. To counter that, it has been trying to woo the next generation of younger riders with electric and more nimbler bikes. But that has done little to boost sales. To make matters worse, the pandemic has further hit demand as Americans are forced to stay at home to curb the spread of COVID-19. Retail sales fell 15.5% in the United States in the quarter and 20.7% internationally. "Global retail motorcycle sales in the first quarter were significantly impacted by COVID-19," the company said in statement. Total motorcycle shipments to dealers fell 10% to 52,973 units in the first-quarter ended March 29, while retail sales at its dealers declined nearly 18% to 40,439 units. Harley said it would expand its lineup of profitable "iconic" motorcycles, while also targeting to boost sales of some of its new products such as adventure touring, sport bike Streetfighter and electric motorcycles. "These efforts will pave the way for...improved profitability and long-term growth," said acting Chief Executive Officer Jochen Zeitz, who took helm in February. Zeitz, who was a board member at Harley and best known for turning around the Puma brand's near-bankrupt business, replaced CEO Matt Levatich. Harley's net income fell to $69.7 million, or 45 cents per share in the quarter, from $127.9 million, or 80 cents per share, a year earlier. Motorcycles and related products revenue fell 8% to $1.10 billion. On an adjusted basis, it earned 51 cents, beating analysts' average estimate of 41 cents, according to IBES data from Refinitiv.

Harley-Davidson cuts dividend, halts buybacks to preserve cash

Oil prices fell significantly on Monday with the US benchmark down nearly 25 per cent amid fears over a growing scarcity of oil storage space.

The West Texas Intermediate for June delivery shed 4.16 U.S. dollars, or 24.56 per cent, to settle at 12.78 dollars a barrel on the New York Mercantile Exchange. The prices traded as low as 11.88 dollars earlier in the session.

Brent crude for June delivery dropped 1.45 dollars, or 6.76 per cent, to close at 19.99 dollars a barrel on the London ICE Futures Exchange.

Risks on the demand side amid the COVID-19 pandemic fallout have reignited fears over availability of storage capacities, experts noted.

Monday's heavy losses followed extreme volatility on the oil markets in the prior week.

Despite a period of stabilization they have been enjoying since mid-last week, US oil prices posted a record weekly loss of 32.3 per cent based on the June contract. It is the biggest weekly percentage loss on record, according to Dow Jones Market Data. June Brent declined 23.6 per cent for the week ending Friday.

Oil prices fell significantly on Monday with the US benchmark down nearly 25 per cent amid fears over a growing scarcity of oil storage space. The West Texas Intermediate for June delivery shed 4.

Oil prices fell significantly on Monday with the US benchmark down nearly 25 per cent amid fears over a growing scarcity of oil storage space. The West Texas Intermediate for June delivery shed 4.16 U.S. dollars, or 24.56 per cent, to settle at 12.78 dollars a barrel on the New York Mercantile Exchange. The prices traded as low as 11.88 dollars earlier in the session. Brent crude for June delivery dropped 1.45 dollars, or 6.76 per cent, to close at 19.99 dollars a barrel on the London ICE Futures Exchange. Risks on the demand side amid the COVID-19 pandemic fallout have reignited fears over availability of storage capacities, experts noted. Monday's heavy losses followed extreme volatility on the oil markets in the prior week. Despite a period of stabilization they have been enjoying since mid-last week, US oil prices posted a record weekly loss of 32.3 per cent based on the June contract. It is the biggest weekly percentage loss on record, according to Dow Jones Market Data. June Brent declined 23.6 per cent for the week ending Friday.

US oil futures plunge nearly 25% amid fears of filled storage

The Reserve Bank of India (RBI) is set to open a special liquidity facility of upto Rs 50,000 &nbsp;crores ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures.

The prominent Franklin Templeton Mutual Fund said on Thursday it would wind up six credit funds for lack of liquidity following which fund houses in India have struggled to allay investors' fears of a flood of redemption requests.

"The stress is, however, confined to the high-risk debt mutual fund segment at this stage; the larger industry remains liquid," the RBI said, in a statement.

The RBI will now conduct repo operations for 90 days' tenor at the fixed repo rate and the funds will be available on-tap and open-ended.

Banks will need to access the funds from the RBI at the repo window and extend loans to mutual funds, buy outright corporate bonds or commercial papers from them or extend the funds against collateral through a repo.

Exposures under this facility will not be reckoned under the large exposures framework and stand to be classified as "held-to-maturity", even in excess of the permissible 25% of total investments, the central bank added.

India has reported 27,892&nbsp;coronavirus infections and 872&nbsp;deaths as of Monday morning.

The Reserve Bank of India (RBI) is set to open a special liquidity facility of upto Rs 50,000 crores ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures.

The Reserve Bank of India (RBI) is set to open a special liquidity facility of upto Rs 50,000 crores ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures. The prominent Franklin Templeton Mutual Fund said on Thursday it would wind up six credit funds for lack of liquidity following which fund houses in India have struggled to allay investors' fears of a flood of redemption requests. "The stress is, however, confined to the high-risk debt mutual fund segment at this stage; the larger industry remains liquid," the RBI said, in a statement. The RBI will now conduct repo operations for 90 days' tenor at the fixed repo rate and the funds will be available on-tap and open-ended. Banks will need to access the funds from the RBI at the repo window and extend loans to mutual funds, buy outright corporate bonds or commercial papers from them or extend the funds against collateral through a repo. Exposures under this facility will not be reckoned under the large exposures framework and stand to be classified as "held-to-maturity", even in excess of the permissible 25% of total investments, the central bank added. India has reported 27,892 coronavirus infections and 872 deaths as of Monday morning.

Coronavirus: RBI to open special liquidity window for mutual funds

Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand, the Wall Street Journal reported citing people familiar with the matter.

The pandemic has disrupted manufacturing across Asia.

However, Apple is forging ahead with plans to release four new iPhone models later this year, the report added citing sources.

The new models will be enabled with 5G connectivity that promises low response times and faster internet.

The Nikkei had reported in late March that Apple was preparing to possibly delay the launch of its first 5G iPhones.

The WSJ report on Monday added that Apple was slashing the number of handsets that it plans to make in the second half of this year by as much as 20%.

The company, which traditionally unveils new iPhones in September, released a smaller iPhone priced at $399 earlier this month.

Apple did not immediately respond to Reuters' request for comment

(With inputs from Reuters)&nbsp; 
&nbsp;

Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand, the Wall Street Journal reported citing people familiar with the matter.

Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand, the Wall Street Journal reported citing people familiar with the matter. The pandemic has disrupted manufacturing across Asia. However, Apple is forging ahead with plans to release four new iPhone models later this year, the report added citing sources. The new models will be enabled with 5G connectivity that promises low response times and faster internet. The Nikkei had reported in late March that Apple was preparing to possibly delay the launch of its first 5G iPhones. The WSJ report on Monday added that Apple was slashing the number of handsets that it plans to make in the second half of this year by as much as 20%. The company, which traditionally unveils new iPhones in September, released a smaller iPhone priced at $399 earlier this month. Apple did not immediately respond to Reuters' request for comment (With inputs from Reuters)

Apple to delay mass production of 2020 flagship iPhones: Report

Volkswagen, the world's largest carmaker by sales, resumed work at its biggest factory in Wolfsburg, Germany, on Monday. Volkswagen Group, which owns the Skoda, Audi, Bentley, Porsche and Seat brands, is also re-starting production in Portugal, Spain, Russia, South Africa, the Czech Republic and South America this week.

Volkswagen, the world's largest carmaker by sales, resumed work at its biggest factory in Wolfsburg, Germany, on Monday. Volkswagen Group, which owns the Skoda, Audi, Bentley, Porsche and Seat brands, is also re-starting production in Portugal, Spain, Russia, South Africa, the Czech Republic and South America this week. In Wolfsburg, around 8,000 workers started building cars again on Monday, including the Volkswagen Golf. This week 1,400 cars will be built, followed by 6,000 cars in a fortnight, Volkswagen said. Production capacity in the Wolfsburg plant will be at around 10%-15% to begin with, and reach around 40% of pre-crisis levels in the week after, Andreas Tostmann, Volkswagen brand's board member responsible for production, told. "The restart of Europe's biggest car factory after weeks of standstill is an important symbol for our employees, our dealers, suppliers, the German economy and for Europe," Tostmann said. Volkswagen has overhauled its procedures to include extra hygiene measures. Workers are told to measure their temperature and to get changed into their overalls at home, to prevent crowding in factory changing rooms. Extra markings have been put on the factory floor so that workers are better able to adhere to a 1.5 metre social distancing rule, and extra time is provided so that employees can disinfect their tools and surfaces, Volkswagen said. (With inputs from Reuters)

Volkswagen re-starts Europe's largest car factory after coronavirus shutdown

The domestic stock markets surged on Monday, with a major contribution from financial stocks after the Reserve Bank of India announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore.&nbsp;

The S&amp;P BSE Sensex jumped 515 points, or over 1.6 per cent, to 31,840 levels and the Nifty50 index surpassed 9,300 levels. All the Nifty sectoral indices were in the green, led by Nifty Bank index, up 3 per cent.

Asian stock markets gained after Japan's central bank promised more asset purchases to shore up financial markets and more governments prepared to revive struggling economies by reopening businesses. Tokyo's benchmark surged 2.8 per cent and Shanghai, Hong Kong and Sydney also gained.

Meanwhile, The Reserve Bank of India on Monday announced a special liquidity facility of Rs 50,000 crores for mutual funds in the wake of the winding up of six debt funds by Franklin Templeton.

(With inputs from agencies)

The domestic stock markets surged on Monday, with a major contribution from financial stocks after the Reserve Bank of India announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore.

The domestic stock markets surged on Monday, with a major contribution from financial stocks after the Reserve Bank of India announced a Special Liquidity Facility (SLF) for Mutual Funds worth Rs 50,000 crore. The S&P BSE Sensex jumped 515 points, or over 1.6 per cent, to 31,840 levels and the Nifty50 index surpassed 9,300 levels. All the Nifty sectoral indices were in the green, led by Nifty Bank index, up 3 per cent. Asian stock markets gained after Japan's central bank promised more asset purchases to shore up financial markets and more governments prepared to revive struggling economies by reopening businesses. Tokyo's benchmark surged 2.8 per cent and Shanghai, Hong Kong and Sydney also gained. Meanwhile, The Reserve Bank of India on Monday announced a special liquidity facility of Rs 50,000 crores for mutual funds in the wake of the winding up of six debt funds by Franklin Templeton. (With inputs from agencies)

Sensex ends 415 points higher after RBI announces liquidity facility for mutual funds

European planemaker Airbus has issued an assessment of the impact of the coronavirus crisis, telling the company's employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.&nbsp;

A letter was sent to its 1,35,000 employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since mid-March.

Chief Executive Guillaume Faury, in the letter, said Airbus was "bleeding cash at an unprecedented speed". He also said that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.

"The survival of Airbus is in question if we don`t act now," he added.

People familiar with the matter say Airbus is also in active discussions with European governments about tapping schemes to assist struggling industries, including state-guaranteed loans.

<a href="https://www.wionews.com/world/covid-19-positive-cases-near-3-million-mark-globally-death-toll-passes-2-lacs-294998">Also read | COVID-19 positive cases near 3-million mark globally; death toll passes 2 lakhs</a>

Industry sources have said a new restructuring plan similar to its 2007 Power8 which saw 10,000 job cuts could be launched in the summer.

To stem the outflow of cash, Airbus this month said it would slash benchmark narrow-body jet production by a third to 40 jets a month. It also issued targets for wide-body jets implying cuts up to 42% compared with previously published rates.

It was earlier reported that Airbus was looking at scenarios involving output cuts of up to a half, and analysts say Boeing is expected to unveil comparable cuts along with lay-offs this week, lowering monthly 787 output to as low as 6 jets.

Airbus's new production plan would remain for as long as it took to make a more thorough assessment of demand. Analysts and airlines have so far mostly spoken of a downturn lasting no more than 3-4 years.

<a href="https://www.wionews.com/videos/european-plane-maker-airbus-warn-its-employees-on-job-cut-as-it-faces-financial-impact-295012">WATCH |&nbsp;European plane maker Airbus warn its employees on job cut as it faces financial impact</a>

Rival Boeing, with even weaker finances due to the year-old grounding of its 737 MAX, scrapped a $4.2 billion tie-up with Brazil`s Embraer on Saturday in a move widely seen as triggered by the crisis, though it cited contractual reasons.

(with inputs from Reuters)

European planemaker Airbus has issued an assessment of the impact of the coronavirus crisis, telling the company's employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.

European planemaker Airbus has issued an assessment of the impact of the coronavirus crisis, telling the company's employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action. A letter was sent to its 1,35,000 employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since mid-March. Chief Executive Guillaume Faury, in the letter, said Airbus was "bleeding cash at an unprecedented speed". He also said that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review. "The survival of Airbus is in question if we don`t act now," he added. People familiar with the matter say Airbus is also in active discussions with European governments about tapping schemes to assist struggling industries, including state-guaranteed loans. Also read | COVID-19 positive cases near 3-million mark globally; death toll passes 2 lakhs Industry sources have said a new restructuring plan similar to its 2007 Power8 which saw 10,000 job cuts could be launched in the summer. To stem the outflow of cash, Airbus this month said it would slash benchmark narrow-body jet production by a third to 40 jets a month. It also issued targets for wide-body jets implying cuts up to 42% compared with previously published rates. It was earlier reported that Airbus was looking at scenarios involving output cuts of up to a half, and analysts say Boeing is expected to unveil comparable cuts along with lay-offs this week, lowering monthly 787 output to as low as 6 jets. Airbus's new production plan would remain for as long as it took to make a more thorough assessment of demand. Analysts and airlines have so far mostly spoken of a downturn lasting no more than 3-4 years. WATCH | European plane maker Airbus warn its employees on job cut as it faces financial impact Rival Boeing, with even weaker finances due to the year-old grounding of its 737 MAX, scrapped a $4.2 billion tie-up with Brazil`s Embraer on Saturday in a move widely seen as triggered by the crisis, though it cited contractual reasons. (with inputs from Reuters)

Coronavirus impact: Airbus warns staff of deeper job cuts, survival being 'at stake'

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective April 23, citing severe market dislocation and illiquidity caused by the coronavirus.

"The decision has been taken to protect value for investors via a managed sale of the portfolio," the Fund said in a statement.

The decision was limited to funds which have "material direct exposure to the higher-yielding, lower-rated credit securities in India that have been most impacted by the ongoing liquidity crisis in the market," the statement said.

The funds included Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund, it said.

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective April 23, citing severe market dislocation and illiquidity caused by the coronavirus.

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective April 23, citing severe market dislocation and illiquidity caused by the coronavirus. "The decision has been taken to protect value for investors via a managed sale of the portfolio," the Fund said in a statement. The decision was limited to funds which have "material direct exposure to the higher-yielding, lower-rated credit securities in India that have been most impacted by the ongoing liquidity crisis in the market," the statement said. The funds included Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund, it said.

Franklin Templeton to close six India funds hit by coronavirus

Despite the growing criticism over privacy issues, Zoom video conferencing app's user base grew by another 50% bring the number to 300 million in the last three weeks. While the shares of the US-based company rose 12% to a record high of $168.24 today.

The numbers were released on late Wednesday by Chief Executive Eric Yuan.

Also read: <a href="https://www.wionews.com/world/online-holocaust-event-on-zoom-disrupted-by-anti-semitic-protesters-in-germany-293875">Online holocaust event on Zoom disrupted by anti-Semitic protesters in Germany</a>

The coronavirus-driven lockdown of millions of people globally has driven huge growth in the use of platforms like Zoom, Skype or Microsoft's Teams application.

Over the last few months, Zoom has faced a barrage of criticism from cybersecurity experts over bugs in its codes and the lack of end-to-end encryption of its chat sessions.&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/should-you-be-using-the-video-conferencing-app-zoom-293629">Should you be using the video-conferencing app Zoom?</a>

After several incidents of "zoombombing", the video conferencing app is banned has been banned by authorities around the world including Elon Musk’s venture SpaceX, Asia-focused bank Standard Chartered as well as governments in Germany, Taiwan and Singapore.

Also read:<a href="https://www.wionews.com/india-news/dont-use-zoom-app-for-work-mha-directs-government-officials-292969"> Don't use Zoom app for work: MHA directs government officials</a>

Researchers say "Zoombombing" incidents, where uninvited guests crash meetings, were caused by simple choices made by some of the millions of new users of the app and that the company has taken sensible steps including giving hosts the ability to lock meetings and restrict what attendees can do.

It has appointed former Facebook security chief Alex Stamos and a number of other experts to attack these concerns and security researchers say it has responded robustly to the issues.

(With inputs from agencies)

Despite the growing criticism over privacy issues, Zoom video conferencing app's user base grew by another 50% bring the number to 300 million in the last three weeks.

Despite the growing criticism over privacy issues, Zoom video conferencing app's user base grew by another 50% bring the number to 300 million in the last three weeks. While the shares of the US-based company rose 12% to a record high of $168.24 today. The numbers were released on late Wednesday by Chief Executive Eric Yuan. Also read: Online holocaust event on Zoom disrupted by anti-Semitic protesters in Germany The coronavirus-driven lockdown of millions of people globally has driven huge growth in the use of platforms like Zoom, Skype or Microsoft's Teams application. Over the last few months, Zoom has faced a barrage of criticism from cybersecurity experts over bugs in its codes and the lack of end-to-end encryption of its chat sessions. Also read: Should you be using the video-conferencing app Zoom? After several incidents of "zoombombing", the video conferencing app is banned has been banned by authorities around the world including Elon Musk’s venture SpaceX, Asia-focused bank Standard Chartered as well as governments in Germany, Taiwan and Singapore. Also read: Don't use Zoom app for work: MHA directs government officials Researchers say "Zoombombing" incidents, where uninvited guests crash meetings, were caused by simple choices made by some of the millions of new users of the app and that the company has taken sensible steps including giving hosts the ability to lock meetings and restrict what attendees can do. It has appointed former Facebook security chief Alex Stamos and a number of other experts to attack these concerns and security researchers say it has responded robustly to the issues. (With inputs from agencies)

Despite security concerns, Zoom users top 300 million, shares hit record

While the world economies are struggling and world bodies like the International Monetary Fund and World Bank are issuing warnings of great recession every other day, the wealth of America's billionaires continues to be on the rise.

According to the latest report by the Institue of Policy Studies, the combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10% during the ongoing COVID-19 pandemic.

As per the report, during the period between January 1 to April 10 this year, 34 of the nation's wealthiest billionaires have seen their net worth increase by tens of millions of dollars.

Since the coronavirus pandemic began in December, over a billion people are confined in their homes due to the lockdown and self-distancing rules.

During the lockdown, tech companies like Zoom have seen a surge in their userbase thus boosting the net worth of billionaire founders with holdings in those companies.

According to the IPS report, eight of these billionaires including Bezos, Zoom Video Communications Inc founder Eric Yuan and Musk saw a $1-billion jump in their total net worth.

Musk holds an 18.5% stake in Tesla shares, which has soared over 73% since the beginning of the year as traders looked beyond the short-term impact of the coronavirus pandemic.

Bezos owns about 15.1% in Amazon stock, which has gained nearly 31% this year as online orders on its platform have surged due to people staying indoors.

Meanwhile, IMF on Tuesday said that the coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse.

The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook.

If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 per cent, according to the IMF.

(With inputs from agencies)

While the world economies are struggling and world bodies like the International Monetary Fund and World Bank are issuing warnings of great recession every other day, the wealth of America's billionaires continues to be on the rise.

While the world economies are struggling and world bodies like the International Monetary Fund and World Bank are issuing warnings of great recession every other day, the wealth of America's billionaires continues to be on the rise. According to the latest report by the Institue of Policy Studies, the combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Tesla Inc chief Elon Musk, increased nearly 10% during the ongoing COVID-19 pandemic. As per the report, during the period between January 1 to April 10 this year, 34 of the nation's wealthiest billionaires have seen their net worth increase by tens of millions of dollars. Since the coronavirus pandemic began in December, over a billion people are confined in their homes due to the lockdown and self-distancing rules. During the lockdown, tech companies like Zoom have seen a surge in their userbase thus boosting the net worth of billionaire founders with holdings in those companies. According to the IPS report, eight of these billionaires including Bezos, Zoom Video Communications Inc founder Eric Yuan and Musk saw a $1-billion jump in their total net worth. Musk holds an 18.5% stake in Tesla shares, which has soared over 73% since the beginning of the year as traders looked beyond the short-term impact of the coronavirus pandemic. Bezos owns about 15.1% in Amazon stock, which has gained nearly 31% this year as online orders on its platform have surged due to people staying indoors. Meanwhile, IMF on Tuesday said that the coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse. The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook. If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 per cent, according to the IMF. (With inputs from agencies)

While world economies struggle, American billionaires get 10% richer during coronavirus pandemic

Brent crude oil plunged more than 12 per cent to below USD 17 a barrel on Wednesday even as the United States erased early gains and fell.

In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course.

Consequently, Brent dropped 12.31 per cent to $16.98 a barrel, extending heavy losses from a day earlier. WTI for June delivery, which had rebounded about 20 per cent at the open, was down around 5 per cent at $11 a barrel in the afternoon.

Prices have plunged as lockdowns and travel restrictions introduced worldwide to stem the spread of the virus hammer demand.

On Monday, WTI for May delivery collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up.

Analysts said the morning bounce was driven by news that members of exporting group OPEC, as well as some allies in the OPEC+ grouping, held a teleconference Tuesday -- but grim reality soon returned to the markets.

US crude has been particularly hard-hit because of storage problems, as WTI is delivered at a single, inland point, although the sell-off has now spread to Brent.

The crisis was worsened by a price war between Saudi Arabia and Russia.

<a href="https://www.wionews.com/business-economy/us-oil-prices-surge-after-massive-fall-293935">Also read | US oil prices surge after massive fall</a>

Brent crude oil plunged more than 12 per cent to below USD 17 a barrel on Wednesday even as the United States erased early gains and fell. In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course.

Brent crude oil plunged more than 12 per cent to below USD 17 a barrel on Wednesday even as the United States erased early gains and fell. In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course. Consequently, Brent dropped 12.31 per cent to $16.98 a barrel, extending heavy losses from a day earlier. WTI for June delivery, which had rebounded about 20 per cent at the open, was down around 5 per cent at $11 a barrel in the afternoon. Prices have plunged as lockdowns and travel restrictions introduced worldwide to stem the spread of the virus hammer demand. On Monday, WTI for May delivery collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up. Analysts said the morning bounce was driven by news that members of exporting group OPEC, as well as some allies in the OPEC+ grouping, held a teleconference Tuesday -- but grim reality soon returned to the markets. US crude has been particularly hard-hit because of storage problems, as WTI is delivered at a single, inland point, although the sell-off has now spread to Brent. The crisis was worsened by a price war between Saudi Arabia and Russia. Also read | US oil prices surge after massive fall

Oil plunges again as US erases early gains

People in the United States are buying more alcohol&nbsp;than ever before, especially online amid the&nbsp;"shelter-in-place" order due to Covid-19.

According to statistics released by&nbsp;American information, data and measurement firm,&nbsp;Nielsen, online alcoholic beverage sales&nbsp;increased 441 per cent and 387 per cent&nbsp;during the first two weeks of April itself.

Also read:&nbsp;<a href="https://www.wionews.com/world/no-benefit-higher-death-rate-for-malaria-drug-in-coronavirus-study-293900" hreflang="en">No benefit, higher death rate for malaria drug in coronavirus study</a>

Since customers are staying at home due to the fear of getting infected by the virus, they are gravitating towards delivery.

Startup company Drizly which delivers alcohol from stores to customers in nearly 200 US cities, said that&nbsp;''sales have been so strong that its growth keeps breaking the previous week's record''.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-state-sues-chinas-leaders-over-coronavirus-293897" hreflang="en">US state sues China's leaders over coronavirus</a>

New customers have doubled and are currently making up 33 per cent&nbsp;of the company's total sales.

"Consumer awareness of the alcohol ecommerce category has exploded over the last six weeks, as more people turn to delivery services as a safer alternative," said Drizly's CEO Cory Rellas.

In the first week of April, online wine sales represented the industry's fastest-growing product, according to Nielsen, because of the Easter holiday.

Meanwhile, wine grew 36.5 per cent in&nbsp;comparison&nbsp;to the previous&nbsp;year and up 5.2 per cent&nbsp;from the previous week.

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</ul>

&nbsp;

People in the United States are buying more alcohol than ever before, especially online amid the "shelter-in-place" order due to Covid-19. According to statistics released by American information, data and measurement firm, Nielsen, online alcoholic beverage sales increased 441 per cent and 387 per cent during the first two weeks of April itself.

People in the United States are buying more alcohol than ever before, especially online amid the "shelter-in-place" order due to Covid-19. According to statistics released by American information, data and measurement firm, Nielsen, online alcoholic beverage sales increased 441 per cent and 387 per cent during the first two weeks of April itself. Also read: No benefit, higher death rate for malaria drug in coronavirus study Since customers are staying at home due to the fear of getting infected by the virus, they are gravitating towards delivery. Startup company Drizly which delivers alcohol from stores to customers in nearly 200 US cities, said that ''sales have been so strong that its growth keeps breaking the previous week's record''. Also read: US state sues China's leaders over coronavirus New customers have doubled and are currently making up 33 per cent of the company's total sales. "Consumer awareness of the alcohol ecommerce category has exploded over the last six weeks, as more people turn to delivery services as a safer alternative," said Drizly's CEO Cory Rellas. In the first week of April, online wine sales represented the industry's fastest-growing product, according to Nielsen, because of the Easter holiday. Meanwhile, wine grew 36.5 per cent in comparison to the previous year and up 5.2 per cent from the previous week.

Alcohol sales soar online in US amid coronavirus

There is more bad news for the Indian economy. Earlier, economists had predicted that India might register some growth. Most projections say less than two per cent.&nbsp; But, the International Monetary Fund (IMF) chief economist&nbsp;Gita Gopinath in an exclusive interview to WION&nbsp;said that India's growth will drop to 0.5 per cent this year.

India's projected GDP growth is at 1.9 per cent while China's 1.2 per cent. The IMF has already said that this phase will be worst than the great depression. The great depression was the worst worldwide economic downturn. It lasted for 10 years, starting in 1929. Now the world stares at something worst.

Meanwhile, the Indian government is mulling a second economic stimulus.

Government think tank Niti Aayong says a package equal to five per cent of India's GDP, which&nbsp;is around 9.5 lakh crore, is needed.

RBI recently announced multiple relief measures and banks are also being pushed to lend more.

According to Gopinath moves by the RBI will help the economy.

Now all eyes are on New Delhi as reports hint at second stimulus package.&nbsp;

There is more bad news for the Indian economy. Earlier, economists had predicted that India might register some growth. Most projections say less than two per cent.

There is more bad news for the Indian economy. Earlier, economists had predicted that India might register some growth. Most projections say less than two per cent. But, the International Monetary Fund (IMF) chief economist Gita Gopinath in an exclusive interview to WION said that India's growth will drop to 0.5 per cent this year. India's projected GDP growth is at 1.9 per cent while China's 1.2 per cent. The IMF has already said that this phase will be worst than the great depression. The great depression was the worst worldwide economic downturn. It lasted for 10 years, starting in 1929. Now the world stares at something worst. Meanwhile, the Indian government is mulling a second economic stimulus. Government think tank Niti Aayong says a package equal to five per cent of India's GDP, which is around 9.5 lakh crore, is needed. RBI recently announced multiple relief measures and banks are also being pushed to lend more. According to Gopinath moves by the RBI will help the economy. Now all eyes are on New Delhi as reports hint at second stimulus package.

India's growth will drop to 0.5 per cent this year, says IMF chief economist Gita Gopinath

Apple Inc is planning to fix a flaw that a security firm said may have left more than half a billion iPhones vulnerable to hackers.

The bug, which also exists on iPads, was discovered by Zuk Avraham, chief executive of San Francisco-based mobile security forensics company ZecOps, while investigating a sophisticated cyberattack against a client in late 2019. Avraham said he found evidence the vulnerability was exploited in at least six cybersecurity break-ins.

An Apple spokesman acknowledged that a vulnerability exists in Apple’s software for email on iPhones and iPads, known as the Mail app, and that the company had developed a fix, which will be rolled out in a forthcoming update on millions of devices it has sold globally.

Apple declined to comment on Avraham’s research, which was published on Wednesday, that suggests the flaw could be triggered from afar and that it had already been exploited by hackers against high-profile users.

Avraham said he found evidence that a malicious program was taking advantage of the vulnerability in Apple’s iOS mobile operating system as far back as January 2018. He could not determine who the hackers were and Reuters was unable to independently verify his claim.

To execute the hack, Avraham said victims would be sent an apparently blank email message through the Mail app forcing a crash and reset. The crash opened the door for hackers to steal other data on the device, such as photos and contact details.

ZecOps claims the vulnerability allowed hackers to remotely steal data off iPhones even if they were running recent versions of iOS. By itself, the flaw would given access to whatever the Mail app had access to, including confidential messages.

Avraham, a former Israeli Defense Force security researcher, said he suspected that the hacking technique was part of a chain of malicious programs, the rest undiscovered, which could have given an attacker full remote access. Apple declined to comment on that prospect.

Avraham based most of his conclusions on data from “crash reports,” which are generated when programs fail in mid-task on a device. He was then able to recreate a technique that caused controlled crashes.

Two independent security researchers who reviewed ZecOps’ discovery found the evidence credible but said they had not yet fully recreated its findings due to time constraints.

Patrick Wardle, an Apple security expert and former researcher for the U.S. National Security Agency, said the discovery “confirms what has always been somewhat of a rather badly kept secret: that well-resourced adversaries can remotely and silently infect fully patched iOS devices.”

Because Apple was not aware of the software bug until recently, it could have been very valuable to governments and contractors offering hacking services. Exploit programs that work without warning against an up-to-date phone can be worth more than $1 million.

While Apple is largely viewed within the cybersecurity industry as having a high standard for digital security, any successful hacking technique against the iPhone could affect millions due to the device’s global popularity. In 2019, Apple said there were about 900 million iPhones in active use.

Bill Marczak, a security researcher with Citizen Lab, a Canada-based academic security research group, called the vulnerability discovery “scary.”

“A lot of times, you can take comfort from the fact that hacking is preventable,” said Marczak. “With this bug, it doesn’t matter if you’ve got a PhD in cybersecurity, this will eat your lunch.”

Apple Inc is planning to fix a flaw that a security firm said may have left more than half a billion iPhones vulnerable to hackers. The bug, which also exists on iPads, was discovered by Zuk Avraham, chief executive of San Francisco-based mobile security forensics company ZecOps, while investigating a sophisticated cyberattack against a client in late 2019.

Apple Inc is planning to fix a flaw that a security firm said may have left more than half a billion iPhones vulnerable to hackers. The bug, which also exists on iPads, was discovered by Zuk Avraham, chief executive of San Francisco-based mobile security forensics company ZecOps, while investigating a sophisticated cyberattack against a client in late 2019. Avraham said he found evidence the vulnerability was exploited in at least six cybersecurity break-ins. An Apple spokesman acknowledged that a vulnerability exists in Apple’s software for email on iPhones and iPads, known as the Mail app, and that the company had developed a fix, which will be rolled out in a forthcoming update on millions of devices it has sold globally. Apple declined to comment on Avraham’s research, which was published on Wednesday, that suggests the flaw could be triggered from afar and that it had already been exploited by hackers against high-profile users. Avraham said he found evidence that a malicious program was taking advantage of the vulnerability in Apple’s iOS mobile operating system as far back as January 2018. He could not determine who the hackers were and Reuters was unable to independently verify his claim. To execute the hack, Avraham said victims would be sent an apparently blank email message through the Mail app forcing a crash and reset. The crash opened the door for hackers to steal other data on the device, such as photos and contact details. ZecOps claims the vulnerability allowed hackers to remotely steal data off iPhones even if they were running recent versions of iOS. By itself, the flaw would given access to whatever the Mail app had access to, including confidential messages. Avraham, a former Israeli Defense Force security researcher, said he suspected that the hacking technique was part of a chain of malicious programs, the rest undiscovered, which could have given an attacker full remote access. Apple declined to comment on that prospect. Avraham based most of his conclusions on data from “crash reports,” which are generated when programs fail in mid-task on a device. He was then able to recreate a technique that caused controlled crashes. Two independent security researchers who reviewed ZecOps’ discovery found the evidence credible but said they had not yet fully recreated its findings due to time constraints. Patrick Wardle, an Apple security expert and former researcher for the U.S. National Security Agency, said the discovery “confirms what has always been somewhat of a rather badly kept secret: that well-resourced adversaries can remotely and silently infect fully patched iOS devices.” Because Apple was not aware of the software bug until recently, it could have been very valuable to governments and contractors offering hacking services. Exploit programs that work without warning against an up-to-date phone can be worth more than $1 million. While Apple is largely viewed within the cybersecurity industry as having a high standard for digital security, any successful hacking technique against the iPhone could affect millions due to the device’s global popularity. In 2019, Apple said there were about 900 million iPhones in active use. Bill Marczak, a security researcher with Citizen Lab, a Canada-based academic security research group, called the vulnerability discovery “scary.” “A lot of times, you can take comfort from the fact that hacking is preventable,” said Marczak. “With this bug, it doesn’t matter if you’ve got a PhD in cybersecurity, this will eat your lunch.”

Flaw in iPhone, iPads may have allowed hackers to steal data for years

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil.

Shares of heavyweight Reliance Industries climbed to a near seven-week high after Facebook bought a 10 per cent stake in the company's digital business for $5.7 billion.

The NSE Nifty 50 index inched up 0.5 per cent to 9,028.2 by 0349 GMT, while the benchmark S&amp;P BSE Sensex rose 0.5 per cent to 30,813.29.

Gains in Reliance helped eclipse losses in nearly a third of the Nifty 50 components, driven by weak risk appetite as crude prices remained under pressure.

In Mumbai, energy giant Oil and Natural Gas Corporation Ltd fell as much as 6.9 per cent to a three-week low.

Meanwhile, Asian share markets slipped to two-week lows as the plunge in oil prices exposed the deep economic damage wrought by the global coronavirus health crisis.

 
&nbsp;

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil.

Indian stocks rose on Wednesday, courtesy an 8 per cent jump in Reliance Industries Ltd after Facebook invested in its digital business. The broader sentiment, however, remained weak following another meltdown in oil. Shares of heavyweight Reliance Industries climbed to a near seven-week high after Facebook bought a 10 per cent stake in the company's digital business for $5.7 billion. The NSE Nifty 50 index inched up 0.5 per cent to 9,028.2 by 0349 GMT, while the benchmark S&P BSE Sensex rose 0.5 per cent to 30,813.29. Gains in Reliance helped eclipse losses in nearly a third of the Nifty 50 components, driven by weak risk appetite as crude prices remained under pressure. In Mumbai, energy giant Oil and Natural Gas Corporation Ltd fell as much as 6.9 per cent to a three-week low. Meanwhile, Asian share markets slipped to two-week lows as the plunge in oil prices exposed the deep economic damage wrought by the global coronavirus health crisis.

Nifty, Sensex edge high as Reliance jumps on Facebook deal

US oil prices jumped on Wednesday after falling below zero for the first time at the start of the week due to a coronavirus-triggered collapse in demand.

US benchmark West Texas Intermediate for June delivery was up almost 10 per cent at $12.68 a barrel, paring gains of around 20 per cent at the open in Asia.

The market has been under heavy pressure due to massive oversupply as lockdowns and travel restrictions introduced worldwide to stem the spread of the coronavirus hammer demand. US crude has been particularly hard-hit due to storage problems, as WTI is delivered at a single, inland point.

<a href="https://www.wionews.com/world/crude-oil-demand-falls-but-memes-hit-a-high-293750">Also read |&nbsp;Crude oil demand falls. But memes hit a high!</a>

WTI for May delivery on Monday collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up.

European benchmark Brent crude for June delivery bounced more than 2 per cent at the open, but then reversed gains and was trading around 3 per cent lower, with a barrel changing hands for $18.73.

It had tumbled to an 18-year low the previous day.&nbsp;

The oil crisis was worsened by a price war between Saudi Arabia and Russia. They drew a line under the dispute earlier this month and, along with other top producers, agreed to slash output by almost 10 million barrels a day to shore up coronavirus-hit markets.

<a href="https://www.wionews.com/business-economy/stock-markets-tumble-on-oil-market-crash-sensex-down-1000-points-293755">Also read |&nbsp;Stock markets tumble on oil market crash, Sensex down 1000 points</a>

US oil prices jumped on Wednesday after falling below zero for the first time at the start of the week due to a coronavirus-triggered collapse in demand. US benchmark West Texas Intermediate for June delivery was up almost 10 per cent at $12.

US oil prices jumped on Wednesday after falling below zero for the first time at the start of the week due to a coronavirus-triggered collapse in demand. US benchmark West Texas Intermediate for June delivery was up almost 10 per cent at $12.68 a barrel, paring gains of around 20 per cent at the open in Asia. The market has been under heavy pressure due to massive oversupply as lockdowns and travel restrictions introduced worldwide to stem the spread of the coronavirus hammer demand. US crude has been particularly hard-hit due to storage problems, as WTI is delivered at a single, inland point. Also read | Crude oil demand falls. But memes hit a high! WTI for May delivery on Monday collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up. European benchmark Brent crude for June delivery bounced more than 2 per cent at the open, but then reversed gains and was trading around 3 per cent lower, with a barrel changing hands for $18.73. It had tumbled to an 18-year low the previous day. The oil crisis was worsened by a price war between Saudi Arabia and Russia. They drew a line under the dispute earlier this month and, along with other top producers, agreed to slash output by almost 10 million barrels a day to shore up coronavirus-hit markets. Also read | Stock markets tumble on oil market crash, Sensex down 1000 points

US oil prices surge after massive fall

Facebook Inc has announced a $5.7 billion investment in India's Reliance Industries Ltd's telecom unit. The social media giant's&nbsp;investment will translate to a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, Jio said in a statement.

Facebook on Wednesday said it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart. The intention is to enable people to connect with businesses, shops and purchase products, it said in a statement.

The deal comes at a time when Facebook-owned WhatsApp has secured approval to roll out its digital payment service in India, according to media reports, to compete with the likes of Google Pay and Paytm.

"This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore&nbsp;pre-money enterprise value, agreed at a conversion rate of Rs 70 to a US Dollar. Facebook's investment will translate into a 9.99 per cent&nbsp;equity stake in Jio Platforms on a fully diluted basis," RIL said.

Facebook, in a statement posted on its website, said the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country."

RIL chairman and managing director Mukesh Ambani said "the synergy between Jio and Facebook will help realise Prime Minister Narendra Modi's 'Digital India' Mission with its two ambitious goals - 'Ease of Living' and 'Ease of Doing Business' - for every single category of Indian people without exception."

RIL hopes to leverage the power of complementary platforms across Jio and Facebook "especially" to modernise India`s small businesses.

"Our focus will be India's 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector," RIL said.

The deal will allow Facebook to wade deeper into the Indian market where its WhatsApp messaging platform alone has 400 million users. India is home to some of Facebook's most thriving communities on WhatsApp, Facebook and Instagram.

Last month, it was reported that social media giant was in talks for a 10 per cent stake in Jio but the talks were halted due to global travel bans amid the coronavirus outbreak.

<a href="https://www.wionews.com/world/hug-it-out-facebook-brings-new-emojis-in-the-wake-of-coronavirus-pandemic-293280">Also read |&nbsp;'Hug it out': Facebook brings new emojis in the wake of coronavirus pandemic</a>

Facebook Inc has announced a $5.7 billion investment in India's Reliance Industries Ltd's telecom unit. The social media giant's investment will translate to a 9.

Facebook Inc has announced a $5.7 billion investment in India's Reliance Industries Ltd's telecom unit. The social media giant's investment will translate to a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, Jio said in a statement. Facebook on Wednesday said it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart. The intention is to enable people to connect with businesses, shops and purchase products, it said in a statement. The deal comes at a time when Facebook-owned WhatsApp has secured approval to roll out its digital payment service in India, according to media reports, to compete with the likes of Google Pay and Paytm. "This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value, agreed at a conversion rate of Rs 70 to a US Dollar. Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," RIL said. Facebook, in a statement posted on its website, said the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country." RIL chairman and managing director Mukesh Ambani said "the synergy between Jio and Facebook will help realise Prime Minister Narendra Modi's 'Digital India' Mission with its two ambitious goals - 'Ease of Living' and 'Ease of Doing Business' - for every single category of Indian people without exception." RIL hopes to leverage the power of complementary platforms across Jio and Facebook "especially" to modernise India`s small businesses. "Our focus will be India's 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector," RIL said. The deal will allow Facebook to wade deeper into the Indian market where its WhatsApp messaging platform alone has 400 million users. India is home to some of Facebook's most thriving communities on WhatsApp, Facebook and Instagram. Last month, it was reported that social media giant was in talks for a 10 per cent stake in Jio but the talks were halted due to global travel bans amid the coronavirus outbreak. Also read | 'Hug it out': Facebook brings new emojis in the wake of coronavirus pandemic

Facebook buys 9.99% equity stake in India's Reliance Jio

Indian Banks' Association (IBA) has submitted a list of recommendations to both the government and the Reserve Bank of India (RBI) to ease the financial burden faced by various sectors due to the outbreak of coronavirus pandemic.

Some of the key recommendations included blanket credit guarantee for MSME loans, one-time loan restructuring for sectors hit hard by COVID-19 and raising of moratorium and relief for the NBFC sector, sources said.

As per the RBI's norms, restructuring of loans is prohibited and resolution of default cases are dealt as per the Insolvency and Bankruptcy Code (IBC).

Based on the representation made by various industry associations, a detailed and comprehensive list of suggestions have been submitted to the government and the RBI for addressing problems faced by various sectors including MSME in general and banking sector in particular, sources said.

It is for the regulator and the government to take an informed decision on those suggestions depending on their assessment and keeping in mind prudential norms, sources added.

However, the IBA in its meeting last week was of the view that this is an extraordinary situation and response to this should be extraordinary.

Bankers believed that some safety net has to be created for both industry and banks for survival first, sources said, adding, revival would follow.

Various estimates indicate a drastic reduction in GDP growth forecast for the current fiscal due to the impact of COVID-19 and consequent lockdown.

As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent. Similarly, the IMF projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s.

Earlier this month, SBI Chairman Rajnish Kumar had said that the IBA will request for raising the loan moratorium period from the existing three months to 5-6 months depending on the evolving situation.

Kumar, who is also the chairman of the IBA, had said that there was also demand government guarantees against loans to certain risk-prone sectors to revive credit flow in the economy post lockdown.&nbsp;

Indian Banks' Association (IBA) has submitted a list of recommendations to both the government and the Reserve Bank of India (RBI) to ease the financial burden faced by various sectors due to the outbreak of coronavirus pandemic.

Indian Banks' Association (IBA) has submitted a list of recommendations to both the government and the Reserve Bank of India (RBI) to ease the financial burden faced by various sectors due to the outbreak of coronavirus pandemic. Some of the key recommendations included blanket credit guarantee for MSME loans, one-time loan restructuring for sectors hit hard by COVID-19 and raising of moratorium and relief for the NBFC sector, sources said. As per the RBI's norms, restructuring of loans is prohibited and resolution of default cases are dealt as per the Insolvency and Bankruptcy Code (IBC). Based on the representation made by various industry associations, a detailed and comprehensive list of suggestions have been submitted to the government and the RBI for addressing problems faced by various sectors including MSME in general and banking sector in particular, sources said. It is for the regulator and the government to take an informed decision on those suggestions depending on their assessment and keeping in mind prudential norms, sources added. However, the IBA in its meeting last week was of the view that this is an extraordinary situation and response to this should be extraordinary. Bankers believed that some safety net has to be created for both industry and banks for survival first, sources said, adding, revival would follow. Various estimates indicate a drastic reduction in GDP growth forecast for the current fiscal due to the impact of COVID-19 and consequent lockdown. As per the World Bank's latest assessment, India is expected to grow 1.5 per cent to 2.8 per cent. Similarly, the IMF projected a GDP growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s. Earlier this month, SBI Chairman Rajnish Kumar had said that the IBA will request for raising the loan moratorium period from the existing three months to 5-6 months depending on the evolving situation. Kumar, who is also the chairman of the IBA, had said that there was also demand government guarantees against loans to certain risk-prone sectors to revive credit flow in the economy post lockdown.

Double moratorium period to 6 months, provide credit guarantee for MSME loans: IBA to RBI

The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.

The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day.

Later, the domestic unit recovered the lost ground in line with surging stock markets and finally settled at 76.68, higher by 15 paise over its last close of 76.83 against the US dollar.

Indian stocks were trading higher with the benchmark index Sensex rising by 2.5 per cent or 768 points in the closing session.

The US dollar also lost some ground against the euro and the pound in European trade, which strengthened the rupee.

Brent crude dropped 8 per cent to USD 17.78 per barrel while oil for Indian basket also eased by 0.68 per cent to USD 20.42 per barrel which supported the local currency.

"USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly USD 5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month," Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said.

Gupta, however, noted that global market is still risk averse amid the coronavirus pandemic.

"This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels," Gupta said.

The number of cases around the world linked to the new coronavirus has crossed over 25.51 lakh. In India, nearly 20,000 coronavirus cases have been reported so far.

"If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level," Gupta said.&nbsp;

The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.

The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies. The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day. Later, the domestic unit recovered the lost ground in line with surging stock markets and finally settled at 76.68, higher by 15 paise over its last close of 76.83 against the US dollar. Indian stocks were trading higher with the benchmark index Sensex rising by 2.5 per cent or 768 points in the closing session. The US dollar also lost some ground against the euro and the pound in European trade, which strengthened the rupee. Brent crude dropped 8 per cent to USD 17.78 per barrel while oil for Indian basket also eased by 0.68 per cent to USD 20.42 per barrel which supported the local currency. "USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly USD 5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month," Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said. Gupta, however, noted that global market is still risk averse amid the coronavirus pandemic. "This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels," Gupta said. The number of cases around the world linked to the new coronavirus has crossed over 25.51 lakh. In India, nearly 20,000 coronavirus cases have been reported so far. "If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level," Gupta said.

Rupee recovers from all-time low to settle at 76.68 against US dollar

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently. Global crude prices are likely to remain subdued for some time, as predicted by the International Monetary Fund. The global crude prices recently witnessed a historic fall with crude futures trading in negative for the first time.&nbsp;

"We can say for sure that this uncertainty and volatility around oil prices will continue for the next several months. IMF's forecast for oil prices is around $35 per barrel for 2020-2021 but just as a pandemic is so uncertain, the recovery will also depend on a lot of factors. Even if the prices recover, no one is expecting crude prices which were there before the virus", said IMF's chief economist Gita Gopinath in an exclusive interaction with WION. 
 
<img alt="Gita Gopinath" data-entity-type="file" data-entity-uuid="5bf71705-93d7-4639-8975-62e40c1a69a5" src="//cdn.wionews.com/sites/default/files/inline-images/Gita-Gopinath.jpeg" />

Gita Gopinath speaks during a news conference in Washington. (Reuters Photo) 
 
Historically low oil prices also translate into an existential crisis for the countries depending on crude export as the main source of revenue. "For countries that depend on oil export, it is a double whammy. They are dealing with both the health crisis and the financial crisis. Low crude prices are what we would call a permanent shock and the countries will have to learn to adjust to this permanent shock. This will have implications for their fiscal situation, but this is also the time for countries to diversify from oil dependence, " Gita Gopinath added.

As physical US crude grades fell into negative territory for the first time in history, Mexican, Ecuadorean and Venezuelan grades indexed to them also traded negative for the first time. &nbsp;Latin America exports some 5 million barrels per day (BPD) of mostly heavy crude.&nbsp;

The International Monetary Fund earlier said the economic fallout of the coronavirus pandemic, combined with other problems in recent years, meant Latin America and the Caribbean would likely see “no growth” in the decade from 2015 to 2025.

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently.

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently. Global crude prices are likely to remain subdued for some time, as predicted by the International Monetary Fund. The global crude prices recently witnessed a historic fall with crude futures trading in negative for the first time. "We can say for sure that this uncertainty and volatility around oil prices will continue for the next several months. IMF's forecast for oil prices is around $35 per barrel for 2020-2021 but just as a pandemic is so uncertain, the recovery will also depend on a lot of factors. Even if the prices recover, no one is expecting crude prices which were there before the virus", said IMF's chief economist Gita Gopinath in an exclusive interaction with WION. Gita Gopinath speaks during a news conference in Washington. (Reuters Photo) Historically low oil prices also translate into an existential crisis for the countries depending on crude export as the main source of revenue. "For countries that depend on oil export, it is a double whammy. They are dealing with both the health crisis and the financial crisis. Low crude prices are what we would call a permanent shock and the countries will have to learn to adjust to this permanent shock. This will have implications for their fiscal situation, but this is also the time for countries to diversify from oil dependence, " Gita Gopinath added. As physical US crude grades fell into negative territory for the first time in history, Mexican, Ecuadorean and Venezuelan grades indexed to them also traded negative for the first time. Latin America exports some 5 million barrels per day (BPD) of mostly heavy crude. The International Monetary Fund earlier said the economic fallout of the coronavirus pandemic, combined with other problems in recent years, meant Latin America and the Caribbean would likely see “no growth” in the decade from 2015 to 2025.

Cheap crude to be a new normal, oil income-dependent economies will have to diversify: IMF's chief economist Gita Gopinath

The domestic stock market indices plunged nearly 3% on Tuesday tracking weakness in global markets.

At 12:30 pm, BSE Sensex index was down 1,088.21 points, or 3.44%, at 30,559.79 levels. The Nifty50 index was down by 298.85 points at 8,963.00 levels.&nbsp;

In Mumbai trading, oil-to-retail conglomerate Reliance Industries Ltd was the biggest drag on the indexes, falling as much as 4.3%.

Infosys Ltd slid 3.9% after the No. 2 software exporter suspended its revenue guidance for full-year 2021 as the pandemic froze client activity in the United States and Europe.

The Nifty Bank Index plunged 4.6%, its most since April 3, with private-sector lender ICICI Bank Ltd down for a second straight day, tumbling 6.7%.

Aluminium producer Hindalco Industries Ltd was the top loser on the Nifty 50, falling as much as 9.2%.

Drugmaker Morepen Laboratories Ltd surged 10% after the company got a license to manufacture malaria drug hydroxychloroquine, seen as a treatment for COVID-19, the illness caused by the coronavirus.

The Nifty Pharma Index was up 3.1%.

(With inputs from Reuters)

The domestic stock market indices plunged nearly 3% on Tuesday tracking weakness in global markets. At 12:30 pm, BSE Sensex index was down 1,088.21 points, or 3.

The domestic stock market indices plunged nearly 3% on Tuesday tracking weakness in global markets. At 12:30 pm, BSE Sensex index was down 1,088.21 points, or 3.44%, at 30,559.79 levels. The Nifty50 index was down by 298.85 points at 8,963.00 levels. In Mumbai trading, oil-to-retail conglomerate Reliance Industries Ltd was the biggest drag on the indexes, falling as much as 4.3%. Infosys Ltd slid 3.9% after the No. 2 software exporter suspended its revenue guidance for full-year 2021 as the pandemic froze client activity in the United States and Europe. The Nifty Bank Index plunged 4.6%, its most since April 3, with private-sector lender ICICI Bank Ltd down for a second straight day, tumbling 6.7%. Aluminium producer Hindalco Industries Ltd was the top loser on the Nifty 50, falling as much as 9.2%. Drugmaker Morepen Laboratories Ltd surged 10% after the company got a license to manufacture malaria drug hydroxychloroquine, seen as a treatment for COVID-19, the illness caused by the coronavirus. The Nifty Pharma Index was up 3.1%. (With inputs from Reuters)

Stock markets tumble on oil market crash, Sensex down 1000 points

US benchmark WTI oil collapsed to $0.01 a barrel in New York as the coronavirus epidemic ravaged the oil market.

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-to-11-amid-oversupply-fall-in-demand-due-to-coronavirus-293611">Also Read:&nbsp;Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus</a>

A major supply glut and the coronavirus epidemic which has led to a fall in demand led to a crash in prices never seen before in the international oil prices.

West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27.

The crash came even as OPEC and Russia had last week reached a deal to cut output by nearly 10 million barrels per day starting May to boost prices.

With the global economy coming to a virtual standstill with several countries across the world including the US on a lockdown, the demand for oil has plunged to a historic low.

The crash in oil prices hit the US stock exchange with Dow down 1.3 per cent to 23,930.97 with S&amp;P 500 losing 0.8 per cent to 2,851.58, while the Nasdaq dipping 0.1 per cent to 8,641.94.

US benchmark WTI oil collapsed to $0.01 a barrel in New York as the coronavirus epidemic ravaged the oil market. Also Read: Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus A major supply glut and the coronavirus epidemic which has led to a fall in demand led to a crash in prices never seen before in the international oil prices.

US benchmark WTI oil collapsed to $0.01 a barrel in New York as the coronavirus epidemic ravaged the oil market. Also Read: Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus A major supply glut and the coronavirus epidemic which has led to a fall in demand led to a crash in prices never seen before in the international oil prices. West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27. The crash came even as OPEC and Russia had last week reached a deal to cut output by nearly 10 million barrels per day starting May to boost prices. With the global economy coming to a virtual standstill with several countries across the world including the US on a lockdown, the demand for oil has plunged to a historic low. The crash in oil prices hit the US stock exchange with Dow down 1.3 per cent to 23,930.97 with S&P 500 losing 0.8 per cent to 2,851.58, while the Nasdaq dipping 0.1 per cent to 8,641.94.

Amid coronavirus pandemic, US benchmark WTI oil collapses to $0.01 a barrel

The coronavirus has brought a lot of firsts but none as stark and shocking as oil trading in the negative zone. Also read: We will never let the great US oil & gas industry down, says Trump after prices crash What does that even mean?

The coronavirus has brought a lot of firsts but none as stark and shocking as oil trading in the negative zone. Also read: We will never let the great US oil & gas industry down, says Trump after prices crash What does that even mean? Traders paying buyers to take the oil off their hands. So the consumers get both the oil and the cash. Also read: China eases entry, sets up 'fast-track channels' for business personnel to visit This should sound good but it isn't. This has happened for the first time in history. This story is about the US oil benchmark. This is a bit technical but let's simplify it and break it down to four questions and answers. Why did the oil prices crash? Monday, was a really bad day for the oil markets. The price of one barrel of oil hit about 20 dollars. That's about 1,600 rupees. One barrel has 159 litres. So it can be said oil prices fell to 10 rupees a litre. But, the benchmark for US oil witnessed something unheard of. The benchmark is called West Texas intermediate. Here the oil prices fell into the negative and that's where it stayed. Oil ended the day around $30 below zero. Now, this benchmark-- is a point of reference for American traders. An indicator for oil prices in America. On Monday, traders looked at it with horror. The graph fell below zero. Traders were stuck with barrels of oil. And nobody to buy it. Oil used to be considered gold right now it is worthless. Why is this happening? Why are global oil prices falling? There are a couple of reasons. One: The demand has dropped. The world is in lockdown mode. People are at home. Not driving, not flying. Factories are shut. So there's no demand. Two: The battle between Saudi Arabia and Russia over oil prices. They reached a truce. But it came too late. They agreed to cut production a few days back. But before their agreement, companies kept pumping the market with oil. Now, there is a demand-supply mismatch. Oil kept coming, but it wasn't being used. The result is this-- the world has more oil than it needs. So, the prices have collapsed. So the oil prices are falling. US Traders are paying people to buy oil. Does this mean you get paid to fill up your tank? The answer is no. That's not how it works. The price of crude oil has dropped. That does not mean a fall in retail prices. The crude fall The fall was in something called the futures contract. It is an agreement to buy or sell something at a future date. And, the drop in America does not affect prices in India. India imports the Brent crude. Its price is low but stable. But, that does not mean the prices in India can't drop. What does the price drop mean for India? Its good news. But not necessarily for you and me. India can import oil for cheap. The government can consider stocking up the reserves. But, the retail prices may not see a major drop. Two factors decide the prices of oil in India. The price of the rupee against the dollar and the 15-day average prices. The rupee has fallen to record lows against the dollar. One dollar costs around 77 rupees. So, importing the oil will cost more. Here is how the world should look at the situation for oil. For importers, more oil is available for cheap. They can buy more at throwaway prices. But this price fall is bad for business. Exporters will struggle. In America, if the prices fall more --- businesses could shut, people could lose jobs. Major exporters like Saudi Arabia might be able to manage the shock. Russia is feeling the pinch of this drop already. The rubble is losing its value and the situation might not improve anytime soon.

Oil trades in negative zone, how does it impact prices across the globe?

The price of a barrel of benchmark US&nbsp;oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.

Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/amid-coronavirus-pandemic-us-benchmark-wti-oil-collapses-to-001-a-barrel-293678" hreflang="en">Amid coronavirus pandemic, US benchmark WTI oil collapses to $0.01 a barrel</a>

Here is an explanation of what negative&nbsp;crude&nbsp;prices mean in the real world:

WHAT&nbsp;DOES A NEGATIVE FUTURES PRICE MEAN?

The price of a barrel of&nbsp;crude&nbsp;varies based on factors such as supply, demand and quality. Supply of fuel has been far above demand since the coronavirus forced billions of people to stop traveling.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-prices-tumble-to-11-amid-oversupply-fall-in-demand-due-to-coronavirus-293611" hreflang="en">Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus</a>

Because of oversupply, storage tanks for WTI are becoming so full it is difficult to find space. The US&nbsp;Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the US&nbsp;pipeline network, was about 72 per cent&nbsp;full as of April 10.

"There's no available storage anymore so the price of the commodity is effectively worthless," said Bob Yawger, director of futures at Mizuho in New York. "So when it's minus a dollar, they'll pay you a dollar to get it out of there."

The price plunge was partly due to the way oil is traded. A futures contract is for 1,000 barrels of&nbsp;crude, delivered into Cushing, where energy companies own storage tanks with roughly 76 million barrels of capacity.

Each contract trades for a month, with the May contract due to expire on Tuesday. Investors holding May contracts didn't want to take delivery of the oil and incur storage costs, and in the end had to pay people to take it off their hands.

The June contract, with delivery a month away, is still trading at above $20 a barrel, but the price crash indicates that most storage space has been gobbled up.

WHAT DOES THIS MEAN FOR CONSUMERS?

The crash in&nbsp;crude&nbsp;futures prices at Cushing won't necessarily translate into a crash in prices at the gas pump, said Tom Kloza, a veteran analyst with Oil Price Information Services.

"I think it's more inside baseball," Kloza said. "We'll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn't conclude that we're going to see fuel given away or that we're going to match these incredible, unprecedented drops we saw in&nbsp;crude&nbsp;oil today," Kloza said.

With recent lower oil prices, the typical American family is probably going to save about $150 to $175 this month on their fuel purchases, he said.

WHAT DOES IT MEAN FOR AIRLINES?

For cash-strapped airlines, the decline in&nbsp;crude&nbsp;prices will make it cheaper to operate flights that are already nearly empty as people remain homebound due to the coronavirus.

The plunge in&nbsp;crude&nbsp;futures also indicates that the market does not expect airlines to add back many flights to their slimmed down networks any time soon, said Raymond James analyst Savanthi Syth.

WHAT DOES IT SAY ABOUT THE ECONOMIC REBOUND?

While investors and analysts wade through the technicalities of the oil markets that contributed to the crash, others are trying to glean what it might say about the economy. As much as 30 million barrels per day - what used to be 30 per cent&nbsp;of global demand - has been pumped into storage worldwide in the past two or three months.

Even if demand were to return to pre-virus levels, it would take a long time to burn off all that stored&nbsp;crude.

"What the energy market is telling you is that demand isn't coming back any time soon, and there's a supply glut," says Kevin Flanagan, head of fixed income strategy for Wisdomtree Asset Management, in New York.

The price of June&nbsp;crude&nbsp;contracts also dropped sharply on Monday, falling by 18.4 per cent&nbsp;to $20.43 a barrel. That's a more reliable view of how traders are thinking about consumer demand for energy in the immediate future. It isn't below zero, but it is falling rapidly.

The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.

The price of a barrel of benchmark US oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors. Also read: Amid coronavirus pandemic, US benchmark WTI oil collapses to $0.01 a barrel Here is an explanation of what negative crude prices mean in the real world: WHAT DOES A NEGATIVE FUTURES PRICE MEAN? The price of a barrel of crude varies based on factors such as supply, demand and quality. Supply of fuel has been far above demand since the coronavirus forced billions of people to stop traveling. Also read: Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus Because of oversupply, storage tanks for WTI are becoming so full it is difficult to find space. The US Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the US pipeline network, was about 72 per cent full as of April 10. "There's no available storage anymore so the price of the commodity is effectively worthless," said Bob Yawger, director of futures at Mizuho in New York. "So when it's minus a dollar, they'll pay you a dollar to get it out of there." The price plunge was partly due to the way oil is traded. A futures contract is for 1,000 barrels of crude, delivered into Cushing, where energy companies own storage tanks with roughly 76 million barrels of capacity. Each contract trades for a month, with the May contract due to expire on Tuesday. Investors holding May contracts didn't want to take delivery of the oil and incur storage costs, and in the end had to pay people to take it off their hands. The June contract, with delivery a month away, is still trading at above $20 a barrel, but the price crash indicates that most storage space has been gobbled up. WHAT DOES THIS MEAN FOR CONSUMERS? The crash in crude futures prices at Cushing won't necessarily translate into a crash in prices at the gas pump, said Tom Kloza, a veteran analyst with Oil Price Information Services. "I think it's more inside baseball," Kloza said. "We'll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn't conclude that we're going to see fuel given away or that we're going to match these incredible, unprecedented drops we saw in crude oil today," Kloza said. With recent lower oil prices, the typical American family is probably going to save about $150 to $175 this month on their fuel purchases, he said. WHAT DOES IT MEAN FOR AIRLINES? For cash-strapped airlines, the decline in crude prices will make it cheaper to operate flights that are already nearly empty as people remain homebound due to the coronavirus. The plunge in crude futures also indicates that the market does not expect airlines to add back many flights to their slimmed down networks any time soon, said Raymond James analyst Savanthi Syth. WHAT DOES IT SAY ABOUT THE ECONOMIC REBOUND? While investors and analysts wade through the technicalities of the oil markets that contributed to the crash, others are trying to glean what it might say about the economy. As much as 30 million barrels per day - what used to be 30 per cent of global demand - has been pumped into storage worldwide in the past two or three months. Even if demand were to return to pre-virus levels, it would take a long time to burn off all that stored crude. "What the energy market is telling you is that demand isn't coming back any time soon, and there's a supply glut," says Kevin Flanagan, head of fixed income strategy for Wisdomtree Asset Management, in New York. The price of June crude contracts also dropped sharply on Monday, falling by 18.4 per cent to $20.43 a barrel. That's a more reliable view of how traders are thinking about consumer demand for energy in the immediate future. It isn't below zero, but it is falling rapidly.

What is a negative crude future and does it mean anything for consumers?

As US <a href="https://www.wionews.com/business-economy/what-is-a-negative-crude-future-and-does-it-mean-anything-for-consumers-293730">oil </a>prices hit a historic low on Monday plunging to $0.01 per barrel, US President said his administration "will never let the great US oil and&nbsp;gas industry down".

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We will never let the great U.S. Oil &amp; Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1252591306028785667?ref_src=twsrc%5Etfw">April 21, 2020</a></blockquote>
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<a href="https://www.wionews.com/business-economy/oil-price-collapse-in-us-not-to-lead-to-any-big-drop-in-fuel-prices-in-india-293826">Also Read: Oil price collapse in US not to lead to any big drop in fuel prices in India</a>

"I have instructed the secretary of energy and secretary of the treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!, the US president said in a tweet.

The oil prices had plunged to -$37.63 a barrel in New York trading recording the lowest ever in history. The crash came due to steep fall in demand due to the coronavirus pandemic with businesses closed across the world, flights stranded and several hundred countries on lockdown. The relations between OPEC and Russia further heightened the crisis as oil inventories rose.

Although, the oil blocks last week reached an agreement to to cut production by 10 million barrels per day after much wrangling but it was considered "too little, too late" as oil prices plunged to record lows due to fall in demand and rising inventories in the US.

The effect of the fall in demand could be seen in the oil stocks with the Dow Jones Industrial Average trading 1.8 per cent down.

Meanwhile, Saudi Arabia which is the dominat leader of OPEC said &nbsp;was closely monitoring oil markets.

"The kingdom continues to closely monitor the situation in the oil markets and is prepared to take any additional measures in cooperation with OPEC+ and other producers," the Saudi cabinet said.

Oil prices continued to slide on Tuesday with the international benchmark Brent crude dropping below $19 a barrel for the first time in two decades.

As US oil prices hit a historic low on Monday plunging to $0.01 per barrel, US President said his administration "will never let the great US oil and gas industry down".

As US oil prices hit a historic low on Monday plunging to $0.01 per barrel, US President said his administration "will never let the great US oil and gas industry down". We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future! — Donald J. Trump (@realDonaldTrump) April 21, 2020 × Also Read: Oil price collapse in US not to lead to any big drop in fuel prices in India "I have instructed the secretary of energy and secretary of the treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!, the US president said in a tweet. The oil prices had plunged to -$37.63 a barrel in New York trading recording the lowest ever in history. The crash came due to steep fall in demand due to the coronavirus pandemic with businesses closed across the world, flights stranded and several hundred countries on lockdown. The relations between OPEC and Russia further heightened the crisis as oil inventories rose. Although, the oil blocks last week reached an agreement to to cut production by 10 million barrels per day after much wrangling but it was considered "too little, too late" as oil prices plunged to record lows due to fall in demand and rising inventories in the US. The effect of the fall in demand could be seen in the oil stocks with the Dow Jones Industrial Average trading 1.8 per cent down. Meanwhile, Saudi Arabia which is the dominat leader of OPEC said was closely monitoring oil markets. "The kingdom continues to closely monitor the situation in the oil markets and is prepared to take any additional measures in cooperation with OPEC+ and other producers," the Saudi cabinet said. Oil prices continued to slide on Tuesday with the international benchmark Brent crude dropping below $19 a barrel for the first time in two decades.

We will never let the great US oil & gas industry down, says Trump after prices crash