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The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage.

"If you look at June futures, it is trading in positive territory... Around USD 20 per barrel," he said.

Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said.

He did not comment on retail fuel prices that have been static since March 16.

Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1.

Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre.

"The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House.

Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude. 
The refineries have already cut operating rate to half because the fuel they produce has not been sold yet.

India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes.

"However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers very low oil prices will hurt this cash stream," Bhandari said. 
&nbsp;

The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet. With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery. Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage. "If you look at June futures, it is trading in positive territory... Around USD 20 per barrel," he said. Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said. He did not comment on retail fuel prices that have been static since March 16. Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1. Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre. "The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House. Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude. The refineries have already cut operating rate to half because the fuel they produce has not been sold yet. India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes. "However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers very low oil prices will hurt this cash stream," Bhandari said.

Oil price collapse in US not to lead to any big drop in fuel prices in India

Winners and losers from oil's historic plunge

If there is one app that has shot to fame during the lockdown period, it’s the video-conferencing app zoom. By now, many of you must be using the app for professional or personal reasons. Not just adults, even school children in various countries are using it for their online classes. While the app is becoming popular, it’s also receiving a lot of flak. There are many questions surrounding the controversial app, and here are the answers:

Why are so many people using Zoom app for video calls? 
&nbsp; 
During the lockdown period, video calls have increased on all messaging platforms including Whatsapp, Facebook Messenger and Google Hangouts, but Zoom has turned out to be a star. The reason behind its growing popularity is simple. It’s easy to use and free for a fair amount of time. Most importantly, it can accommodate a large number of people at a time. It lets as many as 100 people simultaneously attend a video-conference and allows 40 minutes of free time. In fact, Zoom has lifted the 40-minute limit on free accounts for teachers in many countries. The cherry on top is its interesting interface. One of the zoom settings allows users to change the backdrop image, which means user can hide what’s really behind them. 
&nbsp; 
What’s wrong with Zoom app? 
&nbsp; 
Now that the app is being heavily used and offering users a lot of interesting features, what could possibly be wrong with it? Why are users worldwide criticising it? It’s not too tough to guess the reason. The app is being slammed over security and privacy issues.

Firstly, Zoom isn’t fully end-to-end encrypted, which means the shared content is not protected between users. Third parties such as the company itself may have access to it. It’s a little strange to not have a fully encrypted service in times when old products like Whatsapp and Facetime are offering end-to-end encryption.

Secondly, many users have complained of hacking attempts during the ongoing sessions. Miscreants have intruded the livestreams, showed obscene images and made lewd remarks. This act of hijacking meetings on Zoom is also referred to as zoombombing. In other words, “Zoombombing” is when uninvited participants interrupt a video meeting and try to derail it.

The concerns around the app are so severe that Elon Musk’s SpaceX and Google have even banned their employees from using the app. 
 
WATCH: Zoom app: Should you be using it? 
&nbsp;

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<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Should you use the Zoom app?&nbsp;

Now comes the next important question - if there are security-related issues with the app, should you still be using it? 
&nbsp; 
It’s true that Zoom has addressed vulnerabilities in the app and apologised for its security lapses. The company, in fact, says it will continue to take stringent measures to make the service more secure. Whatever said and done, if you still need to use the app then here are some best practices so that you are not hacked during zoom meetings. 
&nbsp; 
1. Share your meeting IDs carefully. Never post them on social media where everyone can see it. 
&nbsp; 
2. Make your meetings password protected. it will prevent unwanted attendees from breaking into livestreams 
&nbsp; 
3. Hosts can decide that no one joins a meeting before them 
&nbsp; 
4. Lock your meetings once everyone has joined. Once done, no other person can then be part of the meeting. 
&nbsp; 
5. Turn off screen sharing for participants. It will help stop would-be hackers from showing offensive content during meetings. 
&nbsp; 
All in all, follow these best practices and be careful. But if you don’t want to use zoom anymore, note that there are other alternatives too - such as Skype, Microsoft Teams, Facebook &nbsp;Messenger, Google Duo and Facetime for Apple users. You can figure out your needs and accordingly pick one of them.

If there is one app that has shot to fame during the lockdown period, it’s the video-conferencing app zoom. By now, many of you must be using the app for professional or personal reasons.

If there is one app that has shot to fame during the lockdown period, it’s the video-conferencing app zoom. By now, many of you must be using the app for professional or personal reasons. Not just adults, even school children in various countries are using it for their online classes. While the app is becoming popular, it’s also receiving a lot of flak. There are many questions surrounding the controversial app, and here are the answers: Why are so many people using Zoom app for video calls? During the lockdown period, video calls have increased on all messaging platforms including Whatsapp, Facebook Messenger and Google Hangouts, but Zoom has turned out to be a star. The reason behind its growing popularity is simple. It’s easy to use and free for a fair amount of time. Most importantly, it can accommodate a large number of people at a time. It lets as many as 100 people simultaneously attend a video-conference and allows 40 minutes of free time. In fact, Zoom has lifted the 40-minute limit on free accounts for teachers in many countries. The cherry on top is its interesting interface. One of the zoom settings allows users to change the backdrop image, which means user can hide what’s really behind them. What’s wrong with Zoom app? Now that the app is being heavily used and offering users a lot of interesting features, what could possibly be wrong with it? Why are users worldwide criticising it? It’s not too tough to guess the reason. The app is being slammed over security and privacy issues. Firstly, Zoom isn’t fully end-to-end encrypted, which means the shared content is not protected between users. Third parties such as the company itself may have access to it. It’s a little strange to not have a fully encrypted service in times when old products like Whatsapp and Facetime are offering end-to-end encryption. Secondly, many users have complained of hacking attempts during the ongoing sessions. Miscreants have intruded the livestreams, showed obscene images and made lewd remarks. This act of hijacking meetings on Zoom is also referred to as zoombombing. In other words, “Zoombombing” is when uninvited participants interrupt a video meeting and try to derail it. The concerns around the app are so severe that Elon Musk’s SpaceX and Google have even banned their employees from using the app. WATCH: Zoom app: Should you be using it? × Should you use the Zoom app? Now comes the next important question - if there are security-related issues with the app, should you still be using it? It’s true that Zoom has addressed vulnerabilities in the app and apologised for its security lapses. The company, in fact, says it will continue to take stringent measures to make the service more secure. Whatever said and done, if you still need to use the app then here are some best practices so that you are not hacked during zoom meetings. 1. Share your meeting IDs carefully. Never post them on social media where everyone can see it. 2. Make your meetings password protected. it will prevent unwanted attendees from breaking into livestreams 3. Hosts can decide that no one joins a meeting before them 4. Lock your meetings once everyone has joined. Once done, no other person can then be part of the meeting. 5. Turn off screen sharing for participants. It will help stop would-be hackers from showing offensive content during meetings. All in all, follow these best practices and be careful. But if you don’t want to use zoom anymore, note that there are other alternatives too - such as Skype, Microsoft Teams, Facebook Messenger, Google Duo and Facetime for Apple users. You can figure out your needs and accordingly pick one of them.

Should you be using the video-conferencing app Zoom?

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the <a href="https://www.wionews.com/world/singapore-reports-record-jump-in-coronavirus-cases-293562">coronavirus</a> epidemic rattled the oil market.

<a href="https://www.wionews.com/world/protestors-converge-at-washington-state-capitol-to-rally-against-coronavirus-curbs-293477">Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs</a>

Oil prices reached the lowest point since 1998. The fall in oil price has been largely due to a fall in demand as businesses remain shut and several countries remain in&nbsp;lockdown driving down demand.

Earlier, Saudi Arabia had engaged in a price war with Russia as oil inventories grew making markets nervous but as the situation deteriorated Moscow and Riyadh decided to cut production by almost 10 million barrels a day to boost virus-hit markets but it has had little effect with the glut in the market and low demand.

The US Energy Information Administration had said earlier that crude inventories in the US rose by 19.25 million barrels last week challenging the already precarious situation as oversupplied markets continue to witness decline in oil prices.

World markets have also been hit with the epidemic shutting down the US and Europe with large parts of Asia also in lockdown.

Stocks in Tokyo closed lower on Monday as virus cases continued to rise in Japan. Hong Kong also closed with losses with the Hang Seng Index dropping 0.21 per cent, or 49.98 points.

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the coronavirus epidemic rattled the oil market. Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs Oil prices reached the lowest point since 1998.

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the coronavirus epidemic rattled the oil market. Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs Oil prices reached the lowest point since 1998. The fall in oil price has been largely due to a fall in demand as businesses remain shut and several countries remain in lockdown driving down demand. Earlier, Saudi Arabia had engaged in a price war with Russia as oil inventories grew making markets nervous but as the situation deteriorated Moscow and Riyadh decided to cut production by almost 10 million barrels a day to boost virus-hit markets but it has had little effect with the glut in the market and low demand. The US Energy Information Administration had said earlier that crude inventories in the US rose by 19.25 million barrels last week challenging the already precarious situation as oversupplied markets continue to witness decline in oil prices. World markets have also been hit with the epidemic shutting down the US and Europe with large parts of Asia also in lockdown. Stocks in Tokyo closed lower on Monday as virus cases continued to rise in Japan. Hong Kong also closed with losses with the Hang Seng Index dropping 0.21 per cent, or 49.98 points.

Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus

India's new policy for foreign direct investment (FDI) from specific countries was against the consensus arrived at the G20 to realise a free, fair and non-discriminatory environment for investment, a Chinese embassy spokesperson said on Monday.

The policy also violated WTO's principle of non-discrimination and are against the <a href="https://www.wionews.com/business-economy/fdi-policy-revised-to-ward-off-opportunistic-takeover-of-indian-firms-amid-covid-19-pandemic-293311">general trend of free trade</a>, she said and added, the impact of the policy, introducing "additional barriers", was clear on Chinese investors,&nbsp;

Last week, India made it mandatory to have prior clearance by the government for foreign investments from countries that share land border with India to curb "opportunistic takeovers" of domestic firms following the coronavirus pandemic.

A PTI report quoting the Chinese embassy spokesperson Ji Rong said that China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment.

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

"The additional barriers set by Indian side for investors from specific countries violate WTO's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment," Chinese embassy Spokesperson Ji Rong said in a statement.

She said China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment.

"Chinese investment has driven the development of India's industries, such as mobile phone, household electrical appliances, infrastructure and automobile, creating a large number of jobs in India, and promoting mutual beneficial and win-win cooperation," Ji said.

The spokesperson said China's cumulative investment in India has exceeded USD 8 billion, noting it is far more than the total investments by countries sharing border with India.

(With inputs from PTI)

India's new policy for foreign direct investment (FDI) from specific countries was against the consensus arrived at the G20 to realise a free, fair and non-discriminatory environment for investment, a Chinese embassy spokesperson said on Monday.

India's new policy for foreign direct investment (FDI) from specific countries was against the consensus arrived at the G20 to realise a free, fair and non-discriminatory environment for investment, a Chinese embassy spokesperson said on Monday. The policy also violated WTO's principle of non-discrimination and are against the general trend of free trade, she said and added, the impact of the policy, introducing "additional barriers", was clear on Chinese investors, Last week, India made it mandatory to have prior clearance by the government for foreign investments from countries that share land border with India to curb "opportunistic takeovers" of domestic firms following the coronavirus pandemic. A PTI report quoting the Chinese embassy spokesperson Ji Rong said that China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment. With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China. "The additional barriers set by Indian side for investors from specific countries violate WTO's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment," Chinese embassy Spokesperson Ji Rong said in a statement. She said China hoped that India would revise the "relevant discriminatory practices" and treat investments from different countries equally while fostering an "open, fair and equitable" business environment. "Chinese investment has driven the development of India's industries, such as mobile phone, household electrical appliances, infrastructure and automobile, creating a large number of jobs in India, and promoting mutual beneficial and win-win cooperation," Ji said. The spokesperson said China's cumulative investment in India has exceeded USD 8 billion, noting it is far more than the total investments by countries sharing border with India. (With inputs from PTI)

India's new FDI norms against WTO's principle of free trade: China

Domestic stock markets are trading with a positive bias on Monday led by gains primarily in HDFC Bank and Infosys.&nbsp;

At 2:30 PM, BSE Sensex index was up 303.21 points, or 0.96%, at 31,891.93 levels. The Nifty50 index jumped 68.40 points, higher at 9,335.15 levels. Nifty Bank index, up 5.5 per cent, was the top sectoral gainer.&nbsp;

European markets started the week on a flat note. Meanwhile, Asian indices turned red earlier today on weak oil prices that collapsed to more than two-decade lows on low demand data and storage facilities reaching their limits. Upcoming earnings reports and economic data also kept investors cautious.

Domestic stock markets are trading with a positive bias on Monday led by gains primarily in HDFC Bank and Infosys. At 2:30 PM, BSE Sensex index was up 303.21 points, or 0.

Domestic stock markets are trading with a positive bias on Monday led by gains primarily in HDFC Bank and Infosys. At 2:30 PM, BSE Sensex index was up 303.21 points, or 0.96%, at 31,891.93 levels. The Nifty50 index jumped 68.40 points, higher at 9,335.15 levels. Nifty Bank index, up 5.5 per cent, was the top sectoral gainer. European markets started the week on a flat note. Meanwhile, Asian indices turned red earlier today on weak oil prices that collapsed to more than two-decade lows on low demand data and storage facilities reaching their limits. Upcoming earnings reports and economic data also kept investors cautious.

Sensex, Nifty trades flat in a volatile trade

Indian budget airline GoAir has asked as many as 90 per cent of its 5,500 employees to go on indefinite leave without pay as the Indian government's coronavirus flight restrictions dry up cash flow, Bloomberg News reported on Sunday.

The airline will keep paying a small number of employees on payroll to restart operations when the government allows flights, the report said, citing people with knowledge of the matter.

Ministry of Civil Aviation on Saturday clarified that no decision has been taken to open domestic/ international operations.&nbsp;

Airlines are advised to open their bookings only after a decision in this regard has been taken by the government, tweeted Union Minister for Civil Aviation, Hardeep S Puri.

PM Modi announced a 21-day national lockdown in late March to contain the spread of the virus outbreak. The lockdown has been extended until May 3 at least.

GoAir is checking with the government if the airline can continue sale of tickets for travel after the national lockdown ends on May 3, the report added.

(With inputs from Reuters)&nbsp;

Indian budget airline GoAir has asked as many as 90 per cent of its 5,500 employees to go on indefinite leave without pay as the Indian government's coronavirus flight restrictions dry up cash flow, Bloomberg News reported on Sunday.

Indian budget airline GoAir has asked as many as 90 per cent of its 5,500 employees to go on indefinite leave without pay as the Indian government's coronavirus flight restrictions dry up cash flow, Bloomberg News reported on Sunday. The airline will keep paying a small number of employees on payroll to restart operations when the government allows flights, the report said, citing people with knowledge of the matter. Ministry of Civil Aviation on Saturday clarified that no decision has been taken to open domestic/ international operations. Airlines are advised to open their bookings only after a decision in this regard has been taken by the government, tweeted Union Minister for Civil Aviation, Hardeep S Puri. PM Modi announced a 21-day national lockdown in late March to contain the spread of the virus outbreak. The lockdown has been extended until May 3 at least. GoAir is checking with the government if the airline can continue sale of tickets for travel after the national lockdown ends on May 3, the report added. (With inputs from Reuters)

GoAir asks 90% of its 5,500 employees to go on indefinite leave without pay

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc,&nbsp;Union Home Secretary Ajay Kumar Bhalla said on Sunday.&nbsp;

The Union Home Secretary has written a letter to all chief secretaries of the states and UTs in this regard.

"I would like to clarify that while operations of e-commerce companies for non-essential goods stands prohibited, however, they will continue to operate for essential goods as has been allowed earlier and continue to be allowed under clause 13(i) of these guidelines," Bhalla said about the e-commerce companies in the context of the revised lockdown guidelines.

The Union Home Secretary further said that states are requested to clarify this to all the field agencies and also adequately disseminate amongst the general public so as to ensure smooth movement of the entire supply chain of essential goods, including by e-commerce firms.

(With inputs from ANI)&nbsp;

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc, Union Home Secretary Ajay Kumar Bhalla said on Sunday.

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc, Union Home Secretary Ajay Kumar Bhalla said on Sunday. The Union Home Secretary has written a letter to all chief secretaries of the states and UTs in this regard. "I would like to clarify that while operations of e-commerce companies for non-essential goods stands prohibited, however, they will continue to operate for essential goods as has been allowed earlier and continue to be allowed under clause 13(i) of these guidelines," Bhalla said about the e-commerce companies in the context of the revised lockdown guidelines. The Union Home Secretary further said that states are requested to clarify this to all the field agencies and also adequately disseminate amongst the general public so as to ensure smooth movement of the entire supply chain of essential goods, including by e-commerce firms. (With inputs from ANI)

E-commerce companies not permitted to sell non-essential items: Union Home Secretary

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

The new rules mark a major change in the foreign direct policy of the country and they will also apply to transfer of ownership of FDI.

The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic.

Last week concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake.

China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. &nbsp;The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval.

The new rules will also apply to the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly.

This means investments from China would also be evaluated on a case-to-case basis. At a time the entire world is battling coronavirus crisis China is investing in and acquiring companies all over the world.

Chinese investment was so far allowed under the automatic route except for the sensitive areas like telecom, defence and national security etc.

Chinese companies currently own stakes in several Indian start-ups. While Tencent has around 5% stake in Flipkart, Alibaba owns a significant stake in Paytm. Also, Chinese firms who want to exit their existing investments from Indian firms will now have to require the government’s approval.&nbsp;

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China.

With an aim is to curb the opportunistic takeover of Indian companies whose valuations have come down due to the coronavirus pandemic, the government has made its nod compulsory for all foreign direct investment coming from neighbouring countries including China. The new rules mark a major change in the foreign direct policy of the country and they will also apply to transfer of ownership of FDI. The stricter measures have been taken to avoid the opportunistic takeover of Indian companies as their valuations have plummeted post the COVID-19 pandemic. Last week concerns were raised when HDFC had declared that China's central bank PBOC now owns more than 1 per cent of Indian lender's stake. China's central bank had gradually raised stake in Indian lender from 0.8% to 1.1 per cent. The department for the promotion of industry and internal trade has said through press note that an entity of a country which shares a land border with India can invest only after receiving government approval. The new rules will also apply to the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly. This means investments from China would also be evaluated on a case-to-case basis. At a time the entire world is battling coronavirus crisis China is investing in and acquiring companies all over the world. Chinese investment was so far allowed under the automatic route except for the sensitive areas like telecom, defence and national security etc. Chinese companies currently own stakes in several Indian start-ups. While Tencent has around 5% stake in Flipkart, Alibaba owns a significant stake in Paytm. Also, Chinese firms who want to exit their existing investments from Indian firms will now have to require the government’s approval.

FDI policy revised to ward off Opportunistic takeover of Indian firms amid COVID-19 pandemic

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.&nbsp;

These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/coronavirus-leaders-warn-africa-short-of-funds-to-fight-pandemic-293250">Coronavirus: Leaders warn Africa short of funds to fight pandemic</a>

In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-g20-agrees-to-provide-debt-relief-to-poorest-countries-292917">Coronavirus: G20 agrees to provide debt relief to poorest countries</a>

IMF says that the global economy would contract by 3 per cent this year.&nbsp;

Let's first look at South Asia.

According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008.&nbsp;

Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent.&nbsp;

Now, a glance at Latin America.

The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed.&nbsp;

In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken.&nbsp;

The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year.&nbsp;

The United Kingdom's economy could contract by 35 per cent this quarter.&nbsp;

The total output loss, including that of advanced and emerging economies, could be nine trillion dollars.&nbsp;

Who will bear these expenses?

So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries.&nbsp;

Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia.&nbsp;

The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic.&nbsp;

Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it. These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s. Also read | Coronavirus: Leaders warn Africa short of funds to fight pandemic In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained. Also read | Coronavirus: G20 agrees to provide debt relief to poorest countries IMF says that the global economy would contract by 3 per cent this year. Let's first look at South Asia. According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008. Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent. Now, a glance at Latin America. The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed. In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken. The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year. The United Kingdom's economy could contract by 35 per cent this quarter. The total output loss, including that of advanced and emerging economies, could be nine trillion dollars. Who will bear these expenses? So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries. Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia. The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic. Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

What can happen to various economies due to coronavirus pandemic?

Walmart&nbsp;Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak.

The retailer said it had reached its earlier target of hiring 150,000 workers six weeks ahead of schedule, taking in 5,000 people per day on average at a time when millions of Americans are losing their jobs amid unprecedented "stay-at-home" orders from state and local governments.

The measures to control the spread of the disease have brought economic activity to a virtual standstill, forcing companies to take drastic steps to save cash.

The S&amp;P 500 index has fallen 15% from its February record high, while&nbsp;Walmart's stock has surged more than 10% in the same period.

Walmart&nbsp;said it had worked with more than 70 companies that furloughed workers due to the pandemic to hire its 150,000 new employees, many of whom came from the restaurant and hospitality industries.

The company said 85% of the workers being hired are going into temporary or part-time roles. (https://bit.ly/2RJHbCS)

Skyrocketing demand for food, hand sanitizer, toilet paper and other household products has also prompted retailers Kroger, Target and Amazon.com Inc to hire by the thousands.

Separately,&nbsp;Walmart&nbsp;said it will now require its U.S. staff to wear masks or other face coverings at work, making its face-covering policy mandatory from optional in line with public health guidance.

"This includes our stores, clubs, distribution and fulfillment centers as well as in our corporate offices",&nbsp;Walmart&nbsp;U.S. President John Furner said in a memo.

The company is also extending its emergency leave policy through the end of May, according to the memo.

Walmart Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak.

Walmart Inc said on Friday it would hire 50,000 more workers at its stores, clubs and distribution centers to meet a surge in demand for groceries and household essentials from consumers stockpiling during the coronavirus outbreak. The retailer said it had reached its earlier target of hiring 150,000 workers six weeks ahead of schedule, taking in 5,000 people per day on average at a time when millions of Americans are losing their jobs amid unprecedented "stay-at-home" orders from state and local governments. The measures to control the spread of the disease have brought economic activity to a virtual standstill, forcing companies to take drastic steps to save cash. The S&P 500 index has fallen 15% from its February record high, while Walmart's stock has surged more than 10% in the same period. Walmart said it had worked with more than 70 companies that furloughed workers due to the pandemic to hire its 150,000 new employees, many of whom came from the restaurant and hospitality industries. The company said 85% of the workers being hired are going into temporary or part-time roles. (https://bit.ly/2RJHbCS) Skyrocketing demand for food, hand sanitizer, toilet paper and other household products has also prompted retailers Kroger, Target and Amazon.com Inc to hire by the thousands. Separately, Walmart said it will now require its U.S. staff to wear masks or other face coverings at work, making its face-covering policy mandatory from optional in line with public health guidance. "This includes our stores, clubs, distribution and fulfillment centers as well as in our corporate offices", Walmart U.S. President John Furner said in a memo. The company is also extending its emergency leave policy through the end of May, according to the memo.

Walmart to hire 50,000 more workers in coronavirus-driven hiring spree

Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak.

The company is expected to report results for the first quarter on May 7.

The company withdrew its 2020 forecast for gross bookings, adjusted net revenue and adjusted EBITDA, and said the initiatives taken in response to the outbreak, including financial assistance for drivers and delivery people, would be accounted into its first- and second-quarter revenue. It had, last month, promised 10 million free rides and food deliveries to healthcare workers, seniors, and people in need, during the period of lockdowns put in place to stem the spread of the coronavirus.

Uber expects GAAP revenue to fall by about $17 million to $22 million in the first quarter, and by about $60 million to $80 million in the second quarter.

The investments will be reduced by an estimated range of $1.9 billion to $2.2 billion during the first quarter ended March 31, the company said.

Shares of Uber were up about 6.6 per cent in extended trading.

Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak.

Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak. The company is expected to report results for the first quarter on May 7. The company withdrew its 2020 forecast for gross bookings, adjusted net revenue and adjusted EBITDA, and said the initiatives taken in response to the outbreak, including financial assistance for drivers and delivery people, would be accounted into its first- and second-quarter revenue. It had, last month, promised 10 million free rides and food deliveries to healthcare workers, seniors, and people in need, during the period of lockdowns put in place to stem the spread of the coronavirus. Uber expects GAAP revenue to fall by about $17 million to $22 million in the first quarter, and by about $60 million to $80 million in the second quarter. The investments will be reduced by an estimated range of $1.9 billion to $2.2 billion during the first quarter ended March 31, the company said. Shares of Uber were up about 6.6 per cent in extended trading.

Uber expects drop in quarterly revenue due to coronavirus pandemic

Reserve Bank of India Governor Shaktikanta Das today in a press meet said that India among a handful of countries that are projecting positive growth.

"For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround &amp; resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21," &nbsp;he said in his address to media.

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RBI Governor Shaktikanta Das addresses media <a href="https://t.co/CmP3VMD9Rl">https://t.co/CmP3VMD9Rl</a>
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Shaktikanta Das unveiled measures to ease liquidity and bank credit; and to support the economy and enable normal functioning of markets, as part of the economic relief to mitigate the fallout of coronavirus lockdown.

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"Targeted Long-Term Repo Operation (TLTRO) auction of Rs 25,000 crore to be conducted today."

"RBI has targetted sectors that have face difficulty in accessing the market or don't have adequate liquidity." 
 
Reverse repo rate cut by 25 basis points from 4 per cent to 3.75 per cent. The cut in reverse repo rate is to encourage banks to lend more, said RBI Governor Shaktikanta Das.

Das announced that Rs 6.9 lakh crore absorbed by RBI on April 15 using reverse repo rate.

"Non-banking finance companies can also avail relaxed non-performing assets (NPA) classification to their borrowers," said RBI governor Shaktikanta Das.

"To maintain the bank's health, RBI said that the lenders will have to maintain 10% higher provisions on accounts. Non-performing classification will exclude moratorium period sais RBI Governor.RBI increases WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available until September 30," said RBI governor Shaktikanta Das. 
 
Mentioning the economical difficulties generated by coronavirus crisis RBI Governor Shaktikanta Das said that today humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace. In this kind of environment Reserve Bank of India (RBI) has been very proactive &amp; monitoring the situation closely.

Reserve Bank of India Governor Shaktikanta Das today in a press meet said that India among a handful of countries that are projecting positive growth. "For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP.

Reserve Bank of India Governor Shaktikanta Das today in a press meet said that India among a handful of countries that are projecting positive growth. "For 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP. India is expected to post a sharp turnaround & resume its pre-COVID, pre-slowdown trajectory by growing at 7.4% in 2020-21," he said in his address to media. RBI Governor Shaktikanta Das addresses media https://t.co/CmP3VMD9Rl — WION (@WIONews) April 17, 2020 × Shaktikanta Das unveiled measures to ease liquidity and bank credit; and to support the economy and enable normal functioning of markets, as part of the economic relief to mitigate the fallout of coronavirus lockdown. #LIVE | TLTRO auction of Rs 25,000 crore to be conducted today, announces @RBI Governor @DasShaktikanta pic.twitter.com/QOycHHSea3 — WION (@WIONews) April 17, 2020 × "Targeted Long-Term Repo Operation (TLTRO) auction of Rs 25,000 crore to be conducted today." "RBI has targetted sectors that have face difficulty in accessing the market or don't have adequate liquidity." Reverse repo rate cut by 25 basis points from 4 per cent to 3.75 per cent. The cut in reverse repo rate is to encourage banks to lend more, said RBI Governor Shaktikanta Das. Das announced that Rs 6.9 lakh crore absorbed by RBI on April 15 using reverse repo rate. "Non-banking finance companies can also avail relaxed non-performing assets (NPA) classification to their borrowers," said RBI governor Shaktikanta Das. "To maintain the bank's health, RBI said that the lenders will have to maintain 10% higher provisions on accounts. Non-performing classification will exclude moratorium period sais RBI Governor.RBI increases WMA limits by 60 per cent, to plan their market borrowings better. The facility will be available until September 30," said RBI governor Shaktikanta Das. Mentioning the economical difficulties generated by coronavirus crisis RBI Governor Shaktikanta Das said that today humanity is facing the trial of its time, as COVID-19 grips the world with its deadly embrace. In this kind of environment Reserve Bank of India (RBI) has been very proactive & monitoring the situation closely.

India's growth among best in G20 nations; GDP to grow at 7.4% in 2021-22, says RBI chief

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic.

At 3 pm, Sensex was trading at 31,373.34, higher by 770.73 points or 2.52% from its previous close of 30,602.61 while NSE Nifty50 was trading at 9205.55, higher by 212.75 points or 2.37% from its previous close.

Meanwhile, The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade as positive domestic equities and weakening of the American currency in the overseas also supported the rupee.

At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic.

Domestic stock markets were trading in the green, in intra-day trade after Reserve Bank of India Governor Shaktikanta Das announced measures to ensure adequate liquidity in the system to ease the financial stress caused by the COVID-19 pandemic. At 3 pm, Sensex was trading at 31,373.34, higher by 770.73 points or 2.52% from its previous close of 30,602.61 while NSE Nifty50 was trading at 9205.55, higher by 212.75 points or 2.37% from its previous close. Meanwhile, The Indian rupee appreciated by 45 paise to 76.42 against the US dollar in intra-day trade as positive domestic equities and weakening of the American currency in the overseas also supported the rupee. At the interbank foreign exchange, the rupee opened at 76.59, and then gained further ground and touched a high of 76.42 against the US dollar, registering a rise of 45 paise over its previous close.

Sensex soars over 700 points; Nifty above 9200

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country.

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven Greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close.

The rupee had settled at 76.44 against the US dollar on Wednesday.

The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report.

IMF said Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the report noted.

Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy.

The number of cases around the world linked to the new coronavirus has crossed over 20 lakh. In India, nearly 12,000 coronavirus cases have been reported so far.

Brent crude futures, the global oil benchmark, rose 1.44 per cent to USD 28.09 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth Rs 1,358.66 crore on Wednesday, as per provisional data.

Domestic bourses opened on a negative note with benchmark indices Sensex trading 116.89 points lower at 30,262.92 and Nifty down by 36.50 points at 8,888.80.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.46 per cent to 99.91. &nbsp;

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country.

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country. Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven Greenback amid weakening risk appetite in the markets. The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close. The rupee had settled at 76.44 against the US dollar on Wednesday. The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report. IMF said Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the report noted. Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy. The number of cases around the world linked to the new coronavirus has crossed over 20 lakh. In India, nearly 12,000 coronavirus cases have been reported so far. Brent crude futures, the global oil benchmark, rose 1.44 per cent to USD 28.09 per barrel. Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth Rs 1,358.66 crore on Wednesday, as per provisional data. Domestic bourses opened on a negative note with benchmark indices Sensex trading 116.89 points lower at 30,262.92 and Nifty down by 36.50 points at 8,888.80. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.46 per cent to 99.91.

Rupee tanks 36 paise to all-time low of 76.80 against US dollar in early trade

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading.

According to Xinhua news agency, in late New York trading, the euro fell to $1.0921 from $1.0979 in the previous session, and the British pound fell to $1.2550 from $1.2627 in the previous session.

The Australian dollar decreased to $0.6329 from $0.6434.

The US dollar bought 107.45 Japanese yen, higher than 107.16 Japanese yen of the previous session. The US dollar was up to 0.9636 Swiss franc from 0.9602 Swiss franc, and it increased to 1.4083 Canadian dollars from 1.3909 Canadian dollars.

On the data front, US retail and food services sales were $483.1 billion in March, a decline of 8.7 per cent from the previous month, according to a preliminary report from the Commerce Department released on Wednesday.

The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported.

(with inputs)

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading.

The US dollar improved in late trading on Wednesday as the dollar index, which measures the greenback against six major peers, increased 0.58 per cent at 99.4635 in late trading. According to Xinhua news agency, in late New York trading, the euro fell to $1.0921 from $1.0979 in the previous session, and the British pound fell to $1.2550 from $1.2627 in the previous session. The Australian dollar decreased to $0.6329 from $0.6434. The US dollar bought 107.45 Japanese yen, higher than 107.16 Japanese yen of the previous session. The US dollar was up to 0.9636 Swiss franc from 0.9602 Swiss franc, and it increased to 1.4083 Canadian dollars from 1.3909 Canadian dollars. On the data front, US retail and food services sales were $483.1 billion in March, a decline of 8.7 per cent from the previous month, according to a preliminary report from the Commerce Department released on Wednesday. The Empire State manufacturing index, a key metric to gauge business activity growth in New York State, plummeted to -78.2 in April, its lowest level on record, the Federal Reserve Bank of New York reported. (with inputs)

US dollar appreciates in late trading

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.&nbsp;

The G20 also reiterated its commitment to using "all possible tools" to tackle the health and economic crisis caused by COVID-19.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-shares-fall-weighed-down-by-cheap-oil-and-economic-warnings-292692">Global shares fall, weighed down by cheap oil and economic warnings</a>

The G20 finance ministers and central bankers agreed on "a time-bound suspension of debt service payments for the poorest countries," and in the communique after their virtual meeting, said, "All bilateral official creditors will participate in this initiative."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pandemic-causing-deep-recession-and-it-could-get-worse-imf-292545">Pandemic causing deep recession, and it could get worse: IMF</a>

Saudi Finance Minister Mohammed Al-Jadaan, who currently heads the group, said this means "poor countries don't need to worry about repaying over the course of the next 12 months."

The move will "provide north of $20 billion of immediate liquidity" for poor countries to use "for their health system and support their people facing COVID-19," Al-Jadaan said in a press briefing.

He also said that the G20 officials are committed to "further support the world as it faces this pandemic".&nbsp;

The International Monetary Fund and World Bank had been urging the governments to provide debt relief to the countries most in need, and finance ministers from the Group of Seven developed economies agreed to do so on Tuesday.&nbsp;

The IMF and World Bank praised the announcement, describing it "a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people."

Both the international lending organisations have rushed to roll out emergency financing and received air requests from more than 100 countries.&nbsp;

The IMF has called the current economic crisis the "Great Lockdown," warning that it will cut $9 trillion off global growth as the global economy contracts by three per cent this year, the worst since the Great Depression in the 1930s.&nbsp;

It estimates that 20 governments already have committed nearly $8 trillion towards fighting the virus and providing economic relief to households and companies struggling to weather the crisis.

As the "pandemic continues its deadly march around the world," how much more will "depend on how effective measures are, and how quickly the virus retreats," IMF chief Kristalina Georgieva said.

(With AFP inputs)

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak. The G20 also reiterated its commitment to using "all possible tools" to tackle the health and economic crisis caused by COVID-19. Also read | Global shares fall, weighed down by cheap oil and economic warnings The G20 finance ministers and central bankers agreed on "a time-bound suspension of debt service payments for the poorest countries," and in the communique after their virtual meeting, said, "All bilateral official creditors will participate in this initiative." Also read | Pandemic causing deep recession, and it could get worse: IMF Saudi Finance Minister Mohammed Al-Jadaan, who currently heads the group, said this means "poor countries don't need to worry about repaying over the course of the next 12 months." The move will "provide north of $20 billion of immediate liquidity" for poor countries to use "for their health system and support their people facing COVID-19," Al-Jadaan said in a press briefing. He also said that the G20 officials are committed to "further support the world as it faces this pandemic". The International Monetary Fund and World Bank had been urging the governments to provide debt relief to the countries most in need, and finance ministers from the Group of Seven developed economies agreed to do so on Tuesday. The IMF and World Bank praised the announcement, describing it "a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people." Both the international lending organisations have rushed to roll out emergency financing and received air requests from more than 100 countries. The IMF has called the current economic crisis the "Great Lockdown," warning that it will cut $9 trillion off global growth as the global economy contracts by three per cent this year, the worst since the Great Depression in the 1930s. It estimates that 20 governments already have committed nearly $8 trillion towards fighting the virus and providing economic relief to households and companies struggling to weather the crisis. As the "pandemic continues its deadly march around the world," how much more will "depend on how effective measures are, and how quickly the virus retreats," IMF chief Kristalina Georgieva said. (With AFP inputs)

Coronavirus: G20 agrees to provide debt relief to poorest countries

The Indian stock market rose on Wednesday as banking and consumer goods shares followed a rise in US markets overnight. This happened despite India entering into an extended lockdown to contain the coronavirus.

The NSE Nifty 50 index rose 2.66% to 9,233.35 by 0502 GMT, while the benchmark S&amp;P BSE Sensex was up 2.68% at 31,513.43, as trading resumed after a holiday on Tuesday. 
"Domestic markets are now reacting to movement in the US and Asian markets over the last two days. We are catching up with global markets, which were up on some optimism that the COVID-19 situation is coming under control," said Deepak Jasani, head of research at HDFC Securities in Mumbai.

Sentiment was also supported after the government said on Wednesday it will allow opening up of some industries in rural areas after April 20 to reduce the distress caused to millions of people because of the lockdown.

The International Monetary Fund said on Tuesday it expected the global economy to shrink by 3.0% during 2020 in a coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s.

India extended a lockdown on its 1.3 billion people until at least May 3 on Tuesday as total COVID-19 cases exceeded 10,000.

Meanwhile, corporate India is heading into the March-quarter earnings season, with IT firm Wipro Ltd set to release its results later in the day. Wipro shares were up&nbsp;

Oil-to-retail conglomerate Reliance Industries Ltd was the biggest boost to the indexes, climbing as much as 3.9% to its highest in more than five weeks.

Private-sector lender ICICI Bank Ltd jumped 5.3% and while consumer goods giant Hindustan Unilever Ltd rose 4.8%.

UPL Ltd, a producer of crop protection chemicals, surged 13.4% to a near one-month top after it said on Tuesday all its factories around the world were in operation, and that it does not see "significant" challenges in meeting customer demand. The stock was the top percentage gainer on the Nifty 50 index.

Aluminium producer Hindalco Industries Ltd jumped as much as 9% after its arm completed the $2.8 billion acquisition of U.S.-based rolled products major Aleris.

(with inputs from Reuters)

The Indian stock market rose on Wednesday as banking and consumer goods shares followed a rise in US markets overnight. This happened despite India entering into an extended lockdown to contain the coronavirus.

The Indian stock market rose on Wednesday as banking and consumer goods shares followed a rise in US markets overnight. This happened despite India entering into an extended lockdown to contain the coronavirus. The NSE Nifty 50 index rose 2.66% to 9,233.35 by 0502 GMT, while the benchmark S&P BSE Sensex was up 2.68% at 31,513.43, as trading resumed after a holiday on Tuesday. "Domestic markets are now reacting to movement in the US and Asian markets over the last two days. We are catching up with global markets, which were up on some optimism that the COVID-19 situation is coming under control," said Deepak Jasani, head of research at HDFC Securities in Mumbai. Sentiment was also supported after the government said on Wednesday it will allow opening up of some industries in rural areas after April 20 to reduce the distress caused to millions of people because of the lockdown. The International Monetary Fund said on Tuesday it expected the global economy to shrink by 3.0% during 2020 in a coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s. India extended a lockdown on its 1.3 billion people until at least May 3 on Tuesday as total COVID-19 cases exceeded 10,000. Meanwhile, corporate India is heading into the March-quarter earnings season, with IT firm Wipro Ltd set to release its results later in the day. Wipro shares were up Oil-to-retail conglomerate Reliance Industries Ltd was the biggest boost to the indexes, climbing as much as 3.9% to its highest in more than five weeks. Private-sector lender ICICI Bank Ltd jumped 5.3% and while consumer goods giant Hindustan Unilever Ltd rose 4.8%. UPL Ltd, a producer of crop protection chemicals, surged 13.4% to a near one-month top after it said on Tuesday all its factories around the world were in operation, and that it does not see "significant" challenges in meeting customer demand. The stock was the top percentage gainer on the Nifty 50 index. Aluminium producer Hindalco Industries Ltd jumped as much as 9% after its arm completed the $2.8 billion acquisition of U.S.-based rolled products major Aleris. (with inputs from Reuters)

Nifty, Sensex get a boost despite extension of coronavirus lockdown

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 International Monetary Fund said Tuesday. 
 
Also read:&nbsp;<a href="https://www.wionews.com/world/new-york-governor-says-hospitalization-covid-19-infections-down-while-taking-a-dig-at-king-trump-292515" hreflang="en">New York governor says COVID-19 infections down; takes a dig at 'King Trump'</a>

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. 
 
Also read:&nbsp;<a href="https://www.wionews.com/world/experts-say-trump-has-little-power-to-restart-us-economy-292451" hreflang="en">Experts say Trump has little power to restart US&nbsp;economy</a>

But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation.

With much of the global economy shut down amid efforts to contain the virus and keep health systems from collapsing, the IMF warned that there are "severe risks of a worse outcome" due to the "extreme uncertainty around the strength of the recovery."

"The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," Gopinath said.

The coronavirus has infected nearly two million people worldwide and killed close to 120,000, bringing travel to a standstill and forcing businesses, shops and restaurants to close.

"Much worse growth outcomes are possible and maybe even likely," the report cautioned, "if the pandemic and containment measures last longer... or if widespread scarring effects emerge due to firm closures and extended unemployment."

'The Great Lockdown'

The report, released ahead of the virtual spring meetings of the IMF and World Bank, said "The Great Lockdown" -- as the IMF dubbed the global downturn -- is the worst since the Great Depression of the 1930s.

It also is the first contraction since 2009 during the global financial crisis, but that episode hardly bears comparison. Though the effects lingered, the decline amounted to just 0.1 per cent, and large emerging market economies were still growing at a solid pace.

This year, the only economies expected to be spared from the recession are China -- where the virus originated -- and India, but even those countries will see only relatively paltry growth of 1.2 per cent and 1.9 per cent, respectively.

In the depression nearly a century ago, the global economy contracted by about 10 per cent while advanced economies shrunk by 16 per cent from 1929 to 1932. The IMF now expects advanced economies to shrink by six per cent in 2020.

The US economy is expected to contract by 5.9 per cent but see growth recover by 4.7 per cent next year.

However, the forecasts assume the pandemic will fade in the second half of the year.

The IMF projects drop of 7.2 per cent in France and 6.5 per cent in Britain, but the governments in those countries are even more pessimistic, projecting contractions of eight per cent and 13 per cent, respectively.

Must work together

The severe slowdown is "unavoidable," but "substantial targeted fiscal, monetary and financial" measures can soften the blow, the IMF said.

Many governments have already deployed massive spending measures in tandem with central banks that have been pumping liquidity into the financial system to prevent any breakdown.

But Gopinath said, even more, will be needed once the health crisis is over.

"Once the recovery happens, and we are past the pandemic phase for advanced economies, it would be essential to undertake a broad-based fiscal stimulus," she said.

The spending "would be even more effective if it were coordinated across all the advanced economies of the world," she said.

Synchronized actions "can magnify their impact" but also can avoid some of the errors of the past century when countries adopted "futile mercantilist policies... which further worsened the global downturn," the report said.

Inevitably the massive spending will lead to sharp increases in government debt -- already at over 80 per cent of GDP -- and deficit levels.

But Gopinath said if the recovery begins in 2021, and with interest rates very low, "the combination should help in bringing down debt levels slowly over time."

Some countries, however, will need relief from debt obligations.

Finance ministers and central bank governors from the Group of Seven advanced economies on Tuesday endorsed a plan to provide a temporary standstill in debt payments from the world's poorest nations if the broader Group of 20 agrees.

The G20, which includes major emerging market economies like China and Russia, is expected to make a statement on Wednesday that could cover debt relief.

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 International Monetary Fund said Tuesday.

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 International Monetary Fund said Tuesday. Also read: New York governor says COVID-19 infections down; takes a dig at 'King Trump' 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. Also read: Experts say Trump has little power to restart US economy But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation. With much of the global economy shut down amid efforts to contain the virus and keep health systems from collapsing, the IMF warned that there are "severe risks of a worse outcome" due to the "extreme uncertainty around the strength of the recovery." "The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," Gopinath said. The coronavirus has infected nearly two million people worldwide and killed close to 120,000, bringing travel to a standstill and forcing businesses, shops and restaurants to close. "Much worse growth outcomes are possible and maybe even likely," the report cautioned, "if the pandemic and containment measures last longer... or if widespread scarring effects emerge due to firm closures and extended unemployment." 'The Great Lockdown' The report, released ahead of the virtual spring meetings of the IMF and World Bank, said "The Great Lockdown" -- as the IMF dubbed the global downturn -- is the worst since the Great Depression of the 1930s. It also is the first contraction since 2009 during the global financial crisis, but that episode hardly bears comparison. Though the effects lingered, the decline amounted to just 0.1 per cent, and large emerging market economies were still growing at a solid pace. This year, the only economies expected to be spared from the recession are China -- where the virus originated -- and India, but even those countries will see only relatively paltry growth of 1.2 per cent and 1.9 per cent, respectively. In the depression nearly a century ago, the global economy contracted by about 10 per cent while advanced economies shrunk by 16 per cent from 1929 to 1932. The IMF now expects advanced economies to shrink by six per cent in 2020. The US economy is expected to contract by 5.9 per cent but see growth recover by 4.7 per cent next year. However, the forecasts assume the pandemic will fade in the second half of the year. The IMF projects drop of 7.2 per cent in France and 6.5 per cent in Britain, but the governments in those countries are even more pessimistic, projecting contractions of eight per cent and 13 per cent, respectively. Must work together The severe slowdown is "unavoidable," but "substantial targeted fiscal, monetary and financial" measures can soften the blow, the IMF said. Many governments have already deployed massive spending measures in tandem with central banks that have been pumping liquidity into the financial system to prevent any breakdown. But Gopinath said, even more, will be needed once the health crisis is over. "Once the recovery happens, and we are past the pandemic phase for advanced economies, it would be essential to undertake a broad-based fiscal stimulus," she said. The spending "would be even more effective if it were coordinated across all the advanced economies of the world," she said. Synchronized actions "can magnify their impact" but also can avoid some of the errors of the past century when countries adopted "futile mercantilist policies... which further worsened the global downturn," the report said. Inevitably the massive spending will lead to sharp increases in government debt -- already at over 80 per cent of GDP -- and deficit levels. But Gopinath said if the recovery begins in 2021, and with interest rates very low, "the combination should help in bringing down debt levels slowly over time." Some countries, however, will need relief from debt obligations. Finance ministers and central bank governors from the Group of Seven advanced economies on Tuesday endorsed a plan to provide a temporary standstill in debt payments from the world's poorest nations if the broader Group of 20 agrees. The G20, which includes major emerging market economies like China and Russia, is expected to make a statement on Wednesday that could cover debt relief.

Pandemic causing deep recession, and it could get worse: IMF

Global stocks fell on Wednesday as oil prices dropped and warnings of the worst global recession since the 1930s underscored the economic damage done by the coronavirus pandemic.

Global stocks fell on Wednesday as oil prices dropped and warnings of the worst global recession since the 1930s underscored the economic damage done by the coronavirus pandemic. European stock markets faltered, with the pan-European STOXX 600 index down 1.9% after five days of gains fuelled by suggestions the health crisis was ebbing and lockdown measures may soon start to ease. Much of the damage was felt by oil companies. Total SA, Royal Dutch Shell Plc and BP Plc all sank, pushing the European energy index to its lowest this month as oil prices fell. Benchmark Brent crude futures traded down 4% to $28.46 after the International Energy Agency on Wednesday forecast a drop in oil demand of 29 million barrels per day in April, to levels not seen in 25 years. It warned no output cut by producers could offset the decline. Much economic damage has also already been done, with the International Monetary Fund predicting the world this year would suffer its steepest downturn since the Great Depression of the 1930s. China earlier moved again to cushion its economy, cutting a key medium-term interest rate to record lows, paving the way for a similar reduction in benchmark loan rates, while reducing the amount banks must hold as reserves.

Global shares fall, weighed down by cheap oil and economic warnings

The International Monetary Fund(IMF) said on Tuesday that the <a href="https://www.wionews.com/world/now-china-approves-trials-for-two-more-coronavirus-vaccines-292466">coronavirus</a> pandemic recovery would take a more coordinated stimulus.

"The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said.

"Global growth is projected at –3.0 per cent in 2020, an outcome far worse than during the 2009 global financial crisis," IMF said.

"Several economies in the region are forecast to grow at modest rates, including India which is set to grow at 1.9 per cent," the report said.

The IMF projected India's growth to 7.4 per cent in 2021. It said India will grow at 1.9 per cent this year as the global economy stares at a recession but said it is only one of the two major economies to record positive growth, other being China which is set to grow at 1.2 per cent this year.

<a href="https://www.wionews.com/business-economy/gold-hits-seven-year-high-on-rising-economic-worries-fed-stimulus-292463">Also Read:&nbsp;Gold hits seven year high on rising economic worries, Fed stimulus</a>

In another observation, the international fund had earlier said that Sub-Saharan African economies were projected to contract by 1.6 per cent in 2020 due to lockdowns as it projected the global economy to contract by 3.0 per cent this year.

"Among emerging market and developing economies, all countries face a health crisis... which will have a severe impact on economic activity in commodity exporters," said the report.

"Even in countries not experiencing widespread detected outbreaks... the significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from COVID-19," the IMF added.

The International Monetary Fund(IMF) said on Tuesday that the coronavirus pandemic recovery would take a more coordinated stimulus. "The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said.

The International Monetary Fund(IMF) said on Tuesday that the coronavirus pandemic recovery would take a more coordinated stimulus. "The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said. "Global growth is projected at –3.0 per cent in 2020, an outcome far worse than during the 2009 global financial crisis," IMF said. "Several economies in the region are forecast to grow at modest rates, including India which is set to grow at 1.9 per cent," the report said. The IMF projected India's growth to 7.4 per cent in 2021. It said India will grow at 1.9 per cent this year as the global economy stares at a recession but said it is only one of the two major economies to record positive growth, other being China which is set to grow at 1.2 per cent this year. Also Read: Gold hits seven year high on rising economic worries, Fed stimulus In another observation, the international fund had earlier said that Sub-Saharan African economies were projected to contract by 1.6 per cent in 2020 due to lockdowns as it projected the global economy to contract by 3.0 per cent this year. "Among emerging market and developing economies, all countries face a health crisis... which will have a severe impact on economic activity in commodity exporters," said the report. "Even in countries not experiencing widespread detected outbreaks... the significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from COVID-19," the IMF added.

India's growth rate to be 1.9% in 2020: IMF report

Gold prices on Tuesday hit a more than seven-year high on rising fears of a steeper economic downturn and amid massive liquidity measures by global central banks.

Gold prices on Tuesday hit a more than seven-year high on rising fears of a steeper economic downturn and amid massive liquidity measures by global central banks. Spot gold gained 0.6% to $1,724.72 per ounce by 0804 GMT, having touched its highest since Nov. 2012 at $1,726.85 earlier in the session. US gold futures rose 0.6% to $1,772.20, according to news agency Reuters. "The concerns about the economic outlook are particularly supportive for gold. Liquidity (from the Federal Reserve) combined with the background of lower interest rates makes gold a much more attractive proposition," Reuters report said quoting Michael McCarthy, chief strategist at CMC Markets. Many countries and central banks have taken fiscal and monetary measures to prop up their economies amid the coronavirus outbreak. The Fed last week announced a $2.3 trillion stimulus package, while European Union finance ministers agreed on half-a-trillion euros worth of economic support. The Fed stimulus aimed at injecting liquidity into the virus-hit US economy tend to weigh on the dollar, which makes gold relatively cheaper to buy, while lower interest rates reduce the opportunity cost of holding non-yielding bullion. (With inputs from Reuters)

Gold hits seven year high on rising economic worries, Fed stimulus

The oil producting countries have finally agreed upon a production cut. As per the historic deal signed today, 10 per cent of the global oil supply would be cut. After a lot of hiccups, Organization of Petroleum Exporting countries (OPEC), and its allies led by Russia reached this deal.&nbsp;

However, the deal got a tepid reaction. The two leading benchmarks of oil sellers and buyers, Brent Crude and West Texas Intermediate remained unmoved in trade today.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-opec-allies-ink-historic-oil-deal-292334/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

What is the historic deal?

As per the deal, the production cut of oil supply will be nine million barrels per day for May and June. The cut is four times more of what was undertaken post 2008 financial crisis.&nbsp;

However, this might not be enough as experts predict a drop in demand of over 30 million barrels a day just in the month of April.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/covid-19-a-crisis-manufactured-292248">COVID-19: A crisis manufactured?</a>

Why the demand of oil dropped?

During the beginning of 2020, oil prices were in between 65 to 70 dollars per barrel. When coronavirus hit China, the factories began to shut, which led to a slide in oil prices. China is the biggest consumer of oil in the world.&nbsp;

On March 13, the oil market began to witness its worst slide in over a decade when the&nbsp;World Health Organization (WHO) declared Europe as the new epicentre of the epidemic. Now, the oil market has collapsed with prices dropping to 25 dollars per barrel.&nbsp;

The hindrances in the deal

The deal came after a lot of tensions between Russia and Saudi Arabia. Initially, Russia's Vladimir Putin rejected the deal and started a price war with Saudi Arabia. The US intervened as America was also suffering from losses from Shale oil reserves. US President Donald Trump urged Putin and Saudi Crown Pricne Mohammed bin Salman to work together to strike a deal.&nbsp; 
&nbsp;

The oil producting countries have finally agreed upon a production cut. As per the historic deal signed today, 10 per cent of the global oil supply would be cut.

The oil producting countries have finally agreed upon a production cut. As per the historic deal signed today, 10 per cent of the global oil supply would be cut. After a lot of hiccups, Organization of Petroleum Exporting countries (OPEC), and its allies led by Russia reached this deal. However, the deal got a tepid reaction. The two leading benchmarks of oil sellers and buyers, Brent Crude and West Texas Intermediate remained unmoved in trade today. Watch | What is the historic deal? As per the deal, the production cut of oil supply will be nine million barrels per day for May and June. The cut is four times more of what was undertaken post 2008 financial crisis. However, this might not be enough as experts predict a drop in demand of over 30 million barrels a day just in the month of April. Also read | COVID-19: A crisis manufactured? Why the demand of oil dropped? During the beginning of 2020, oil prices were in between 65 to 70 dollars per barrel. When coronavirus hit China, the factories began to shut, which led to a slide in oil prices. China is the biggest consumer of oil in the world. On March 13, the oil market began to witness its worst slide in over a decade when the World Health Organization (WHO) declared Europe as the new epicentre of the epidemic. Now, the oil market has collapsed with prices dropping to 25 dollars per barrel. The hindrances in the deal The deal came after a lot of tensions between Russia and Saudi Arabia. Initially, Russia's Vladimir Putin rejected the deal and started a price war with Saudi Arabia. The US intervened as America was also suffering from losses from Shale oil reserves. US President Donald Trump urged Putin and Saudi Crown Pricne Mohammed bin Salman to work together to strike a deal.

EXPLAINED: What is the historic oil deal all about?

The domestic stock markets ticked lower on Monday amid weak global cues and the buzz of a lockdown extension beyond April 14.

S&amp;P BSE Sensex fell over 500 points after opening in the red, the 50-stock Nifty too followed the same path falling below the 9,000 mark.

Meanwhile, Oil prices rallied after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent to $33.08 a barrel.&nbsp;

OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.&nbsp;

The domestic stock markets ticked lower on Monday amid weak global cues and the buzz of a lockdown extension beyond April 14. S&P BSE Sensex fell over 500 points after opening in the red, the 50-stock Nifty too followed the same path falling below the 9,000 mark.

The domestic stock markets ticked lower on Monday amid weak global cues and the buzz of a lockdown extension beyond April 14. S&P BSE Sensex fell over 500 points after opening in the red, the 50-stock Nifty too followed the same path falling below the 9,000 mark. Meanwhile, Oil prices rallied after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough. US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent to $33.08 a barrel. OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.

Sensex slips 500 points, Nifty below 9000

Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent to $33.08 a barrel.&nbsp;

OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.&nbsp;

It still required Mexico's agreement and in a compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.&nbsp;

OPEC Secretary General Mohammad Barkindo called the cuts "historic".&nbsp;

Oil markets have been in turmoil for weeks as lockdowns and travel restrictions imposed worldwide to combat the virus outbreak strangle demand, with a price war between Russia and Saudi Arabia compounding the crisis.

While Monday's price rises were healthy, they were not as strong as the double-digit jumps and falls of recent weeks in a highly volatile market, and analysts were sceptical the deal went far enough.&nbsp;

The amount being cut was slightly lower than had been expected, and observers said it would not make up for expected demand loss due to the virus outbreak. Some analysts are putting this at about 25 million barrels per day in April.&nbsp;

In addition, storage tanks worldwide are rapidly filling up.&nbsp;

"The deal is a little less than the market expected given that Mexico has gotten off easy," Andy Lipow, president of Lipow Oil Associates LLC in Houston, told Bloomberg News.

"The hard work lies ahead given that the market is very sceptical that OPEC+ are actually going to be able to come up with their near 10 million barrels a day of production cuts."

AxiCorp's Stephen Innes added that "there remain concerns the agreement could be a day late and a 'barrel short' to prevent a decline in prices in the coming weeks as storage capacity brims".&nbsp;

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Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough. US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent to $33.08 a barrel. OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday. It still required Mexico's agreement and in a compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier. OPEC Secretary General Mohammad Barkindo called the cuts "historic". Oil markets have been in turmoil for weeks as lockdowns and travel restrictions imposed worldwide to combat the virus outbreak strangle demand, with a price war between Russia and Saudi Arabia compounding the crisis. While Monday's price rises were healthy, they were not as strong as the double-digit jumps and falls of recent weeks in a highly volatile market, and analysts were sceptical the deal went far enough. The amount being cut was slightly lower than had been expected, and observers said it would not make up for expected demand loss due to the virus outbreak. Some analysts are putting this at about 25 million barrels per day in April. In addition, storage tanks worldwide are rapidly filling up. "The deal is a little less than the market expected given that Mexico has gotten off easy," Andy Lipow, president of Lipow Oil Associates LLC in Houston, told Bloomberg News. "The hard work lies ahead given that the market is very sceptical that OPEC+ are actually going to be able to come up with their near 10 million barrels a day of production cuts." AxiCorp's Stephen Innes added that "there remain concerns the agreement could be a day late and a 'barrel short' to prevent a decline in prices in the coming weeks as storage capacity brims".

Oil rallies as top producers agree massive output cuts

China's central bank the people’s bank of china popularly known as People's Bank of China (PBOC) has purchased 1.75 crore shares in one of India's largest housing finance lenders, HDFC.&nbsp;

According to reports the deal that possibly happened in the March quarter has raised the total stake of PBOC in Indian firm to a little over 1 per cent. &nbsp;The shares of HDFC have come down by over 32% since the slide of Indian markets begun to post the outbreak of coronavirus.​&nbsp;

HDFC also owns over 20 per cent stake in HDFC bank, India's leading private sector bank. PBOC, an existing shareholder of HDFC earlier owned 0.8 per cent in the company as of March 2019.&nbsp;

The disclosure to stock exchanges has been made now since the stake has hit the 1 per cent regulatory threshold.&nbsp;

Amid the stock market crash, china has been buying stakes across major Asian financial institutions. Earlier in 2014, PBOC had picked up stakes in many high profile Italian companies during the eurozone debt crisis.

According to reports, Chinese banks were looking for newer avenues of investments in India.

The price at which shares were purchased could not be confirmed.HDFC stock saw a 33 per cent correction during the January-March quarter - from Rs 2,433.75 on January 1 to Rs 1,630.45 on March 31.

It had hit a low of Rs 1,501.80 apiece on the BSE on March 24, from where it saw a sharp rally to Rs 1,754 on March 27.

Central banks typically have investments in various asset classes including gold, foreign currencies and also bonds, including both government and corporate ones.&nbsp;

(With inputs from agencies)

China's central bank the people’s bank of china popularly known as People's Bank of China (PBOC) has purchased 1.75 crore shares in one of India's largest housing finance lenders, HDFC.

China's central bank the people’s bank of china popularly known as People's Bank of China (PBOC) has purchased 1.75 crore shares in one of India's largest housing finance lenders, HDFC. According to reports the deal that possibly happened in the March quarter has raised the total stake of PBOC in Indian firm to a little over 1 per cent. The shares of HDFC have come down by over 32% since the slide of Indian markets begun to post the outbreak of coronavirus. HDFC also owns over 20 per cent stake in HDFC bank, India's leading private sector bank. PBOC, an existing shareholder of HDFC earlier owned 0.8 per cent in the company as of March 2019. The disclosure to stock exchanges has been made now since the stake has hit the 1 per cent regulatory threshold. Amid the stock market crash, china has been buying stakes across major Asian financial institutions. Earlier in 2014, PBOC had picked up stakes in many high profile Italian companies during the eurozone debt crisis. According to reports, Chinese banks were looking for newer avenues of investments in India. The price at which shares were purchased could not be confirmed.HDFC stock saw a 33 per cent correction during the January-March quarter - from Rs 2,433.75 on January 1 to Rs 1,630.45 on March 31. It had hit a low of Rs 1,501.80 apiece on the BSE on March 24, from where it saw a sharp rally to Rs 1,754 on March 27. Central banks typically have investments in various asset classes including gold, foreign currencies and also bonds, including both government and corporate ones. (With inputs from agencies)

China's central bank  buys 1.75 crore shares in HDFC, raises stake to over 1%