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The Indian stock market indices were hammered today as opened in red as Sensex crashes 1,000 points on the global selloff.

At 9:30 am, the Sensex was trading at 38,608.78, lower by 1,136.88 points or 2.85% from the previous close of 39,746 points&nbsp;while the Nifty 50 was down by 335 points to 11,298.

Asian markets were hammered yet again on Friday, tracking a collapse in New York and Europe. Dow Jones Industrial Average was down nearly 4.4%, its worst session in more than two years.

Meanwhile, Indian Rupee tumbled to 71.93 vs 71.55 previous close, against the US dollar. The fall was in line with Asian peers.

In the previous session, the Sensex settled lower by 143.30 points or 0.36 per cent to 39,745.66.Similarly, the NSE Nifty50 settled at 11,633.30, lower by 45.20 points or 0.39 per cent.&nbsp;

According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty.

(With inputs from agencies)

The Indian stock market indices were hammered today as opened in red as Sensex crashes 1,000 points on the global selloff. At 9:30 am, the Sensex was trading at 38,608.

The Indian stock market indices were hammered today as opened in red as Sensex crashes 1,000 points on the global selloff. At 9:30 am, the Sensex was trading at 38,608.78, lower by 1,136.88 points or 2.85% from the previous close of 39,746 points while the Nifty 50 was down by 335 points to 11,298. Asian markets were hammered yet again on Friday, tracking a collapse in New York and Europe. Dow Jones Industrial Average was down nearly 4.4%, its worst session in more than two years. Meanwhile, Indian Rupee tumbled to 71.93 vs 71.55 previous close, against the US dollar. The fall was in line with Asian peers. In the previous session, the Sensex settled lower by 143.30 points or 0.36 per cent to 39,745.66.Similarly, the NSE Nifty50 settled at 11,633.30, lower by 45.20 points or 0.39 per cent. According to analysts, intense spread of coronavirus is pushing investors away. There is sharp foreign fund outflow led by strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty. (With inputs from agencies)

Sensex plunges 1000 points, Nifty opens below 11,400

According to the National Statistical Office (NSO), India's<a href="https://www.wionews.com/business-economy/indias-gdp-seen-growing-at-47-in-december-quarter-283196"> Gross Domestic Product</a>(GDP) slipped to 4.7 per cent in October-December 2019.

<a href="https://www.wionews.com/business-economy/india-china-to-account-for-nearly-35-of-global-gdp-in-2060-study-278393">Also Read: India, China to account for nearly 35% of global GDP in 2060</a>

India's GDP was 5.6 per cent in the corresponding quarter of 2018-19.

India's economy grew 5.1 per cent in the nine-month period between April-December 2019 as against 6.3 per cent in the same period a year ago, the NSO informed.

The NSO pegged economic growth at 5 per cent in 2019-20 on Friday. India's Reserve Bank had pegged India's GDP growth at 5 per cent for 2019-20.

The Controller General of Accounts (CGA) informed that India's fiscal deficit touched 128.5 per cent of the whole year budget target at January-end, the government had targeted to restrict the fiscal deficit at Rs 7,66,846 crore during the year ending March 31, 2020.

In the Budget, finance minister&nbsp;Nirmalal Sitharaman had raised fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent earlier for 2019-20.

According to the National Statistical Office (NSO), India's Gross Domestic Product(GDP) slipped to 4.7 per cent in October-December 2019. Also Read: India, China to account for nearly 35% of global GDP in 2060 India's GDP was 5.

According to the National Statistical Office (NSO), India's Gross Domestic Product(GDP) slipped to 4.7 per cent in October-December 2019. Also Read: India, China to account for nearly 35% of global GDP in 2060 India's GDP was 5.6 per cent in the corresponding quarter of 2018-19. India's economy grew 5.1 per cent in the nine-month period between April-December 2019 as against 6.3 per cent in the same period a year ago, the NSO informed. The NSO pegged economic growth at 5 per cent in 2019-20 on Friday. India's Reserve Bank had pegged India's GDP growth at 5 per cent for 2019-20. The Controller General of Accounts (CGA) informed that India's fiscal deficit touched 128.5 per cent of the whole year budget target at January-end, the government had targeted to restrict the fiscal deficit at Rs 7,66,846 crore during the year ending March 31, 2020. In the Budget, finance minister Nirmalal Sitharaman had raised fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent earlier for 2019-20.

India's GDP growth slips to 4.7% in December quarter

The West has been pressuring Kosovo for months to drop the trade barrier, which has been poisoning already fraught ties with Serbia, a former war foe, since late 2018.

But the "half measure" Kosovo's Prime Minister Albin Kurti announced Thursday was met with disapproval from Richard Grenell, the outspoken US envoy to Kosovo and Serbia who was also recently named President Donald Trump's acting intelligence chief.

"Our position is quite clear: the tariffs must be completely dropped. Mr Kurti is making a serious mistake," he continued.

Under Kurti's plan the tariff, which has become the latest source of animosity between Kosovo and Serbia, would be first lifted on raw materials.

It would then be scrapped in full in April, but only if Serbia also shows signs of goodwill, Kurti said.&nbsp;

The newly-elected premier also received blowback from both allies and opponents at home.

Kurti's key coalition ally, the LDK party, threatened to quit the government if the tariff was not "revoked unconditionally," deputy Prime Minister Avdullah Hoti told local media.&nbsp;

"Can a government that does not enjoy the United States' support govern successfully?" he asked.

Kurti did however get measured support from the EU, who welcomed the "first step" towards resuming the EU-led talks between Serbia and Kosovo.

The tariff dispute has formed the latest chapter in turbulent ties between the Balkan neighbours, who have yet to normalise their relationship since Kosovo, a former Serbian province, broke away in a 1998-99 war led by ethnic Albanian separatists.&nbsp;

Serbia has never recognised the independence that Kosovo declared in 2008 and has lobbied hard to keep it out of global organisations, including the United Nations.

After it was levied in late 2018, the tariff brought EU-led negotiations between the neighbours to a standstill.

The West has been pressuring Kosovo for months to drop the trade barrier, which has been poisoning already fraught ties with Serbia, a former war foe, since late 2018.

The West has been pressuring Kosovo for months to drop the trade barrier, which has been poisoning already fraught ties with Serbia, a former war foe, since late 2018. But the "half measure" Kosovo's Prime Minister Albin Kurti announced Thursday was met with disapproval from Richard Grenell, the outspoken US envoy to Kosovo and Serbia who was also recently named President Donald Trump's acting intelligence chief. "Our position is quite clear: the tariffs must be completely dropped. Mr Kurti is making a serious mistake," he continued. Under Kurti's plan the tariff, which has become the latest source of animosity between Kosovo and Serbia, would be first lifted on raw materials. It would then be scrapped in full in April, but only if Serbia also shows signs of goodwill, Kurti said. The newly-elected premier also received blowback from both allies and opponents at home. Kurti's key coalition ally, the LDK party, threatened to quit the government if the tariff was not "revoked unconditionally," deputy Prime Minister Avdullah Hoti told local media. "Can a government that does not enjoy the United States' support govern successfully?" he asked. Kurti did however get measured support from the EU, who welcomed the "first step" towards resuming the EU-led talks between Serbia and Kosovo. The tariff dispute has formed the latest chapter in turbulent ties between the Balkan neighbours, who have yet to normalise their relationship since Kosovo, a former Serbian province, broke away in a 1998-99 war led by ethnic Albanian separatists. Serbia has never recognised the independence that Kosovo declared in 2008 and has lobbied hard to keep it out of global organisations, including the United Nations. After it was levied in late 2018, the tariff brought EU-led negotiations between the neighbours to a standstill.

Backlash Friday:-Kosovo's partially lift a tariff on Serbian imports while US condemns.

Global oil prices crashed four per cent on Friday over the spread of coronavirus as panic gripped world <a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314">markets</a> worldwide.

Oil prices are on track to record the biggest slump in more than four years.

<a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314">Also Read:&nbsp;Sensex, Nifty crash as global markets dive over spread of coronavirus</a>

Brent oil for April delivery sank as low as $50.05 per barrel while New York's WTI crude tumbled to $44.95.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/south-korea-worst-hit-after-mainland-china-school-exams-postponed-283267/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

US crude prices have fallen about 14 per cent for the week, the biggest weekly decline since May 2011.

All major Asian and European markets crashed on Friday as the virus spread to new countries and showed no signs of abating.

Markets in Tokyo, Shanghai, Sydney, Singapore and Seoul fell with the Dow recording biggest loss &nbsp;on record, shedding almost 1,200 points.

Global oil prices crashed four per cent on Friday over the spread of coronavirus as panic gripped world markets worldwide. Oil prices are on track to record the biggest slump in more than four years.

Global oil prices crashed four per cent on Friday over the spread of coronavirus as panic gripped world markets worldwide. Oil prices are on track to record the biggest slump in more than four years. Also Read: Sensex, Nifty crash as global markets dive over spread of coronavirus Brent oil for April delivery sank as low as $50.05 per barrel while New York's WTI crude tumbled to $44.95. Watch Video: US crude prices have fallen about 14 per cent for the week, the biggest weekly decline since May 2011. All major Asian and European markets crashed on Friday as the virus spread to new countries and showed no signs of abating. Markets in Tokyo, Shanghai, Sydney, Singapore and Seoul fell with the Dow recording biggest loss on record, shedding almost 1,200 points.

Oil prices crash 4% over spread of coronavirus, on track for biggest weekly drop in over 4 years

Sensex dived more than 1,400 points today as share prices globally were on track for the worst week since the global financial crisis in 2008 with <a href="https://www.wionews.com/world/italian-man-becomes-nigerias-first-case-of-coronavirus-health-minister-283241">coronavirus</a> taking a heavy toll on trade.

<a href="https://www.wionews.com/business-economy/carnage-on-dalal-street-stock-market-crash-wipes-off-rs-5-lakh-cr-investor-wealth-283262">Also Read: Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth</a>

The <a href="https://www.wionews.com/world/us-warns-citizens-against-travel-to-china-as-it-confirms-first-human-to-human-transmission-277773">Sensex </a>closed at 38,297, down 1,448 points and Nifty at 1,1201 plunging 431 points.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/south-korea-reports-2022-positive-cases-of-coronavirus-283277/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

A sharp sell-off on Wall Street took the Dow Jones and the Nasdaq down by over four percentage points with healthcare stocks being the worst-hit.

Oil prices sank to a new low of $50.05 per barrel as the virus sparked panic over crude demand.

European stock markets bled with Frankfurt's DAX 30 index diving 5.2 per cent.

Paris CAC 40 tumbled 4.6 per cent and Milan's FTSE MIB shed 3.9 per cent.&nbsp;

In Asia, Tokyo, Shanghai, Sydney, Singapore and Seoul were among the bourses that fell more than three per cent.

The currency took a hit with Australia's dollar, the Indonesian rupiah and the Indian rupee falling sharply.

The virus which originated from Wuhan in Hubei province in China has already claimed 2,856 people and infected more than 83,000 worldwide and spread to at least 45 countries.&nbsp;

Sensex dived more than 1,400 points today as share prices globally were on track for the worst week since the global financial crisis in 2008 with coronavirus taking a heavy toll on trade.

Sensex dived more than 1,400 points today as share prices globally were on track for the worst week since the global financial crisis in 2008 with coronavirus taking a heavy toll on trade. Also Read: Carnage on Dalal Street - Stock market crash wipes off Rs 5 lakh cr investor wealth The Sensex closed at 38,297, down 1,448 points and Nifty at 1,1201 plunging 431 points. Watch Video: A sharp sell-off on Wall Street took the Dow Jones and the Nasdaq down by over four percentage points with healthcare stocks being the worst-hit. Oil prices sank to a new low of $50.05 per barrel as the virus sparked panic over crude demand. European stock markets bled with Frankfurt's DAX 30 index diving 5.2 per cent. Paris CAC 40 tumbled 4.6 per cent and Milan's FTSE MIB shed 3.9 per cent. In Asia, Tokyo, Shanghai, Sydney, Singapore and Seoul were among the bourses that fell more than three per cent. The currency took a hit with Australia's dollar, the Indonesian rupiah and the Indian rupee falling sharply. The virus which originated from Wuhan in Hubei province in China has already claimed 2,856 people and infected more than 83,000 worldwide and spread to at least 45 countries.

Sensex, Nifty crash as global markets dive over spread of coronavirus

Japanese Prime Minister Shinzo Abe vowed to take whatever policy steps are needed to prevent the new coronavirus from dealing a severe blow to an economy already teetering on the brink of recession.

With investors fearful of a worldwide downturn, global shares on Friday were heading for their biggest weekly fall since the depths of the financial crisis in 2008, putting policymakers under pressure to take bolder action.

Also read: <a href="https://www.wionews.com/world/coronavirus-japanese-pm-shinzo-abe-defends-school-closure-plan-despite-criticism-283268">Coronavirus: Japanese PM Shinzo Abe defends school closure plan despite criticism</a>

Abe said the government had sufficient reserves to tap for emergency spending related to the epidemic, signaling he saw no immediate need to compile a fresh spending package.

"But I'm aware of views that if the virus spreads, it could have a huge impact on the economy," Abe told parliament on Friday. "We're therefore watching developments carefully."

Also see: <a href="https://www.wionews.com/world/crew-leaves-japan-virus-hit-ship-for-new-quarantine-283022">Crew leaves Japan virus-hit ship for new quarantine</a>

"If developments change, we'll ensure to take steps as needed to prevent the virus from becoming a huge downside risk to Japan's economy," he said.

Tokyo's benchmark Nikkei average, seen by Abe's administration as a barometer of the success of its "Abenomics" stimulus policies, closed down 3.67% on Friday.

The yen hit a one-month high against the dollar as investors flocked to the Japanese currency as a beacon of safety. A rising yen is an unwelcome move for the Bank of Japan worried it could undermine the export-reliant economy.

A senior Japanese finance ministry official said on Friday that market movements were reflecting the "shock" from the spreading of the virus, but refrained from commenting on specific market moves.

&nbsp;

Japanese Prime Minister Shinzo Abe vowed to take whatever policy steps are needed to prevent the new coronavirus from dealing a severe blow to an economy already teetering on the brink of recession.

Japanese Prime Minister Shinzo Abe vowed to take whatever policy steps are needed to prevent the new coronavirus from dealing a severe blow to an economy already teetering on the brink of recession. With investors fearful of a worldwide downturn, global shares on Friday were heading for their biggest weekly fall since the depths of the financial crisis in 2008, putting policymakers under pressure to take bolder action. Also read: Coronavirus: Japanese PM Shinzo Abe defends school closure plan despite criticism Abe said the government had sufficient reserves to tap for emergency spending related to the epidemic, signaling he saw no immediate need to compile a fresh spending package. "But I'm aware of views that if the virus spreads, it could have a huge impact on the economy," Abe told parliament on Friday. "We're therefore watching developments carefully." Also see: Crew leaves Japan virus-hit ship for new quarantine "If developments change, we'll ensure to take steps as needed to prevent the virus from becoming a huge downside risk to Japan's economy," he said. Tokyo's benchmark Nikkei average, seen by Abe's administration as a barometer of the success of its "Abenomics" stimulus policies, closed down 3.67% on Friday. The yen hit a one-month high against the dollar as investors flocked to the Japanese currency as a beacon of safety. A rising yen is an unwelcome move for the Bank of Japan worried it could undermine the export-reliant economy. A senior Japanese finance ministry official said on Friday that market movements were reflecting the "shock" from the spreading of the virus, but refrained from commenting on specific market moves.

Japanese Prime Minister Shinzo Abe vows to protect economy as virus heightens recession fears

Equity benchmark indices continued to take a beating during early hours on Thursday on the back of weak global cues accentuated by coronavirus as investors sought safety in gold and bonds.

At 10:15 am, the BSE S&amp;P Sensex was down by 385 points or 0.96 per cent to 39,504 while the Nifty 50 slipped by 117 points at 11,561.

All sectoral indices at the National Stock Exchange were in the red with Nifty realty down by 2.47 per cent, IT by 1.44 per cent, metal by 1.35 per cent and auto by 1.19 per cent.

Among stocks, JSW steel fell by 2.6 per cent at Rs 254 per share while Vedanta lost by 1.3 per cent to Rs 128.55.

Pharma major Cipla were down by 2.5 per cent as IT giants HCL Technologies, Wipro and Tata Consultancy Services dropped by 1.8 per cent, 1.7 per cent and 1.5 per cent respectively.

Mahindra &amp; Mahindra, Grasim, GAIL and IndusInd Bank too traded with a negative bias.

However, shares of Yes Bank surged by 2.2 per cent at Rs 37.35 apiece. The others which showed marginal gains were Titan, Larsen &amp; Toubro, NTPC and Sun Pharma.

Meanwhile, Asian share and oil markets extended losses as the rapid global spread of the coronavirus kept investors edgy.

Reports said rising fears of a pandemic had already wiped more than 3.6 trillion dollars from global stock markets by Wednesday's close.MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.5 per cent on Thursday morning. Japan's Nikkei fell by 1.7 per cent and Hong Kong`s Hang Seng fell by 1 per cent.

Equity benchmark indices continued to take a beating during early hours on Thursday on the back of weak global cues accentuated by coronavirus as investors sought safety in gold and bonds.

Equity benchmark indices continued to take a beating during early hours on Thursday on the back of weak global cues accentuated by coronavirus as investors sought safety in gold and bonds. At 10:15 am, the BSE S&P Sensex was down by 385 points or 0.96 per cent to 39,504 while the Nifty 50 slipped by 117 points at 11,561. All sectoral indices at the National Stock Exchange were in the red with Nifty realty down by 2.47 per cent, IT by 1.44 per cent, metal by 1.35 per cent and auto by 1.19 per cent. Among stocks, JSW steel fell by 2.6 per cent at Rs 254 per share while Vedanta lost by 1.3 per cent to Rs 128.55. Pharma major Cipla were down by 2.5 per cent as IT giants HCL Technologies, Wipro and Tata Consultancy Services dropped by 1.8 per cent, 1.7 per cent and 1.5 per cent respectively. Mahindra & Mahindra, Grasim, GAIL and IndusInd Bank too traded with a negative bias. However, shares of Yes Bank surged by 2.2 per cent at Rs 37.35 apiece. The others which showed marginal gains were Titan, Larsen & Toubro, NTPC and Sun Pharma. Meanwhile, Asian share and oil markets extended losses as the rapid global spread of the coronavirus kept investors edgy. Reports said rising fears of a pandemic had already wiped more than 3.6 trillion dollars from global stock markets by Wednesday's close.MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.5 per cent on Thursday morning. Japan's Nikkei fell by 1.7 per cent and Hong Kong`s Hang Seng fell by 1 per cent.

Bears hammer equities on coronavirus fears, Nifty realty down 2.5 per cent

Having suffered its weakest expansion in over six years in the September quarter, India's economy probably fared slightly better in the December quarter, before suffering a relapse due to the impact of the coronavirus globally, analysts said.

Gross domestic product data due to be released on Friday will cover up to the end of last year, before the epidemic in China had sparked fears of a pandemic.

The median forecast of a Reuters poll of economists put annual economic growth at 4.7% in the December quarter, marginally higher than 4.5% in the previous quarter thanks to a small rebound in rural demand, private consumption and government spending.

"The economy showed some signs of recovery in December quarter due to higher government spending and external factors, but faces a risk of relapsing in the current quarter mainly due to the coronavirus," said N.R. Bhanumurthy, an economist at National Institute of Public Finance and Policy (NIPFP), a Delhi-based government funded think tank.

Even achieving 4.5% annual growth this quarter would be a challenge, Bhanumurthy added.

In its annual budget presented earlier this month, the government estimated economic growth in the current fiscal year ending in March would be 5%, the lowest for 11 years.

And the government only targeted a slight recovery in growth to 6% for 2020/21, well below the levels required to generate jobs for the millions of young Indians entering the labour market each month.

Analysts expected growth would pick up gradually driven by a favourable base effect, a cut in corporate tax rates last September and increased government spending.

But, the central bank earlier this month warned that the downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still uncertain and unfolding.

"Although number of cases of COVID-19 (coronavirus) in India are less, the economic impact is expected to accrue from supply chain risk," Soumya Kanti Ghosh, chief economist at State Bank of India, citing problems in supply of raw materials from China for pharmaceuticals and other exports.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the Reserve Bank of India hold off on further cuts in interest rates for now, while keeping its monetary stance accommodative.

Finance Minister Nirmala Sitharaman has said some signs of green shoots were visible in the economy as the government has eased bottlenecks for consumer and industry bank loans, while expanding spending on infrastructure.

But analysts remained doubtful.

Goldman Sachs cut its growth forecast to 4.9% for the March quarter from earlier estimate of 5.4%.

"Despite the downward revision, we believe the risks to our growth forecast are still tilted to the downside, given the risk aversion in the domestic financial sector, the continued weakness in rural demand," Goldman Sachs, said in a note on Wednesday.

&nbsp;

Having suffered its weakest expansion in over six years in the September quarter, India's economy probably fared slightly better in the December quarter, before suffering a relapse due to the impact of the coronavirus globally, analysts said.

Having suffered its weakest expansion in over six years in the September quarter, India's economy probably fared slightly better in the December quarter, before suffering a relapse due to the impact of the coronavirus globally, analysts said. Gross domestic product data due to be released on Friday will cover up to the end of last year, before the epidemic in China had sparked fears of a pandemic. The median forecast of a Reuters poll of economists put annual economic growth at 4.7% in the December quarter, marginally higher than 4.5% in the previous quarter thanks to a small rebound in rural demand, private consumption and government spending. "The economy showed some signs of recovery in December quarter due to higher government spending and external factors, but faces a risk of relapsing in the current quarter mainly due to the coronavirus," said N.R. Bhanumurthy, an economist at National Institute of Public Finance and Policy (NIPFP), a Delhi-based government funded think tank. Even achieving 4.5% annual growth this quarter would be a challenge, Bhanumurthy added. In its annual budget presented earlier this month, the government estimated economic growth in the current fiscal year ending in March would be 5%, the lowest for 11 years. And the government only targeted a slight recovery in growth to 6% for 2020/21, well below the levels required to generate jobs for the millions of young Indians entering the labour market each month. Analysts expected growth would pick up gradually driven by a favourable base effect, a cut in corporate tax rates last September and increased government spending. But, the central bank earlier this month warned that the downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still uncertain and unfolding. "Although number of cases of COVID-19 (coronavirus) in India are less, the economic impact is expected to accrue from supply chain risk," Soumya Kanti Ghosh, chief economist at State Bank of India, citing problems in supply of raw materials from China for pharmaceuticals and other exports. A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the Reserve Bank of India hold off on further cuts in interest rates for now, while keeping its monetary stance accommodative. Finance Minister Nirmala Sitharaman has said some signs of green shoots were visible in the economy as the government has eased bottlenecks for consumer and industry bank loans, while expanding spending on infrastructure. But analysts remained doubtful. Goldman Sachs cut its growth forecast to 4.9% for the March quarter from earlier estimate of 5.4%. "Despite the downward revision, we believe the risks to our growth forecast are still tilted to the downside, given the risk aversion in the domestic financial sector, the continued weakness in rural demand," Goldman Sachs, said in a note on Wednesday.

India's GDP seen growing at 4.7% in December quarter

India's competition regulator is examining allegations that Tata Motors and two finance firms of its $100 billion parent group abused their market position while selling commercial vehicles, according to three sources and legal documents seen by Reuters.

The Competition Commission of India (CCI) is reviewing a complaint which alleges the country's biggest seller of trucks dictated terms around the quantity and type of vehicles its former dealer in northern India - Varanasi Auto Sales - should stock.

More than a dozen lawyers representing the three Tata companies attended a private hearing at the CCI in January and argued there was no malpractice by the group's firms, said the three sources, who have direct knowledge of the matter.

The Tata Group has faced antitrust reviews in the past. A CCI investigation last year found units of Tata Steel and other firms colluded on prices of bearings. A final ruling on that case is pending.

The latest complaint, filed last year by a family member of the dealer, alleged Tata Motors broke rules by working in concert with Tata Motors Finance and Tata Capital Financial Services while advancing dealer credit.

The automaker would stop supplying vehicles to the dealer if repayment of loans advanced by the two finance firms was delayed, indicating they were colluding, said one of the sources privy to the complaint.

"(The) model of business adopted by Tata Group helped in sustaining and retaining the market share," the complaint document said.

In response to Reuters queries, Tata Motors said it had made submissions to the CCI and would provide full support to the watchdog. It added the CCI was "conducting a preliminary enquiry to determine if there are any merits to the case".

Tata Capital Financial Services denied the allegations and said it would also support inquiries, adding it had separately taken legal action against the dealer, which it said had defaulted.

Tata Motors ended relations with the dealership in 2017 due to poor performance, the documents showed.

The CCI did not respond to Reuters queries, but a fourth source aware of the case said the watchdog would reach a decision within six weeks, which could see a wider probe into the allegations or a dismissal of the complaint.

The details of the complaint and the ongoing proceedings are not public.

The CCI has powers to impose a penalty of up to 10% of the relevant turnover of a company in the last three financial years if it is found to have abused a dominant position.

With an over 40% market share in India, Tata Motors is the biggest seller of commercial vehicles such as pickup trucks. It competes with firms such as Ashok Leyland and Mahindra and Mahindra and has over 3,750 sales and service points across India.

India's competition regulator is examining allegations that Tata Motors and two finance firms of its $100 billion parent group abused their market position while selling commercial vehicles, according to three sources and legal documents seen by Reuters.

India's competition regulator is examining allegations that Tata Motors and two finance firms of its $100 billion parent group abused their market position while selling commercial vehicles, according to three sources and legal documents seen by Reuters. The Competition Commission of India (CCI) is reviewing a complaint which alleges the country's biggest seller of trucks dictated terms around the quantity and type of vehicles its former dealer in northern India - Varanasi Auto Sales - should stock. More than a dozen lawyers representing the three Tata companies attended a private hearing at the CCI in January and argued there was no malpractice by the group's firms, said the three sources, who have direct knowledge of the matter. The Tata Group has faced antitrust reviews in the past. A CCI investigation last year found units of Tata Steel and other firms colluded on prices of bearings. A final ruling on that case is pending. The latest complaint, filed last year by a family member of the dealer, alleged Tata Motors broke rules by working in concert with Tata Motors Finance and Tata Capital Financial Services while advancing dealer credit. The automaker would stop supplying vehicles to the dealer if repayment of loans advanced by the two finance firms was delayed, indicating they were colluding, said one of the sources privy to the complaint. "(The) model of business adopted by Tata Group helped in sustaining and retaining the market share," the complaint document said. In response to Reuters queries, Tata Motors said it had made submissions to the CCI and would provide full support to the watchdog. It added the CCI was "conducting a preliminary enquiry to determine if there are any merits to the case". Tata Capital Financial Services denied the allegations and said it would also support inquiries, adding it had separately taken legal action against the dealer, which it said had defaulted. Tata Motors ended relations with the dealership in 2017 due to poor performance, the documents showed. The CCI did not respond to Reuters queries, but a fourth source aware of the case said the watchdog would reach a decision within six weeks, which could see a wider probe into the allegations or a dismissal of the complaint. The details of the complaint and the ongoing proceedings are not public. The CCI has powers to impose a penalty of up to 10% of the relevant turnover of a company in the last three financial years if it is found to have abused a dominant position. With an over 40% market share in India, Tata Motors is the biggest seller of commercial vehicles such as pickup trucks. It competes with firms such as Ashok Leyland and Mahindra and Mahindra and has over 3,750 sales and service points across India.

Tata Motors, two group finance firms accused of antitrust violations in India: Report

Growing concerns inside the <a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">International Monetary Fund</a> and the <a href="https://www.wionews.com/india-news/world-bank-pegs-indias-growth-at-5-in-financial-year-2020-projects-recovery-next-year-273104">World Bank</a> about the spread of the new <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">coronavirus</a> have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday.

The institutions' April 17-19 Spring Meetings are scheduled to bring some 10,000 government officials, journalists,&nbsp;business&nbsp;people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters.

Also read: <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">Coronavirus: Severity shrinks in China as global tally continues to rise</a>

Financial markets have fallen sharply in recent days on news that the virus is spreading rapidly in Europe. Italy has reported more than 400 cases and people who have visited Italy have tested positive in Brazil, Algeria, Austria, Croatia, Greece and other countries.

Like other coronaviruses, the new virus which causes a disease now called <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">COVID-19</a>&nbsp;is transmitted from person to person via droplets when an infected person breathes out, coughs or sneezes. It can also spread via contaminated surfaces such as door handles or railings.

The IMF has warned in recent days of a potentially deeper economic fallout as the <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">coronavirus</a> spreads beyond <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">China</a>, cutting its forecast for 2020 global growth by 0.1 per cent.

Also read: <a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">Coronavirus poses risks to fragile recovery in global economy: IMF</a>

The virus' spread has raised concerns inside the Fund and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem.

Officials from both institutions and member governments said that talk of cancelling the meetings outright is premature, but they are considering several options to modify them. No decisions have been made, they said, adding that much depends on efforts to contain the virus in the coming days and weeks.

Options include scaling back the number of meetings, cancelling external events and limiting the size of the country delegations that would travel to Washington. Another alternative is to hold "virtual" meetings by teleconference, and the institutions could still proceed with full-fledged meetings.

One person familiar with the IMF's planning discussions said: "Plenty of people here see wider merit in testing whether holding key meetings virtually could be made to work."

Other sources said IMF and World Bank managers were considering various options, and the scale and scope of the meeting would reflect the degree of concern.

"Of course we are thinking about all eventualities," one of the sources familiar with the planning efforts said.

In a joint statement,&nbsp;the IMF and the World Bank said that their senior leadership teams were closely monitoring the spread of the coronavirus.

Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday.

Growing concerns inside the International Monetary Fund and the World Bank about the spread of the new coronavirus have prompted the institutions to consider scaling back their Spring Meetings in April or hold them by teleconference, people familiar with the discussions said on Wednesday. The institutions' April 17-19 Spring Meetings are scheduled to bring some 10,000 government officials, journalists, business people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters. Also read: Coronavirus: Severity shrinks in China as global tally continues to rise Financial markets have fallen sharply in recent days on news that the virus is spreading rapidly in Europe. Italy has reported more than 400 cases and people who have visited Italy have tested positive in Brazil, Algeria, Austria, Croatia, Greece and other countries. Like other coronaviruses, the new virus which causes a disease now called COVID-19 is transmitted from person to person via droplets when an infected person breathes out, coughs or sneezes. It can also spread via contaminated surfaces such as door handles or railings. The IMF has warned in recent days of a potentially deeper economic fallout as the coronavirus spreads beyond China, cutting its forecast for 2020 global growth by 0.1 per cent. Also read: Coronavirus poses risks to fragile recovery in global economy: IMF The virus' spread has raised concerns inside the Fund and the World Bank that the close interactions among people from their 189 member countries at the Spring Meetings could inadvertently contribute to the problem. Officials from both institutions and member governments said that talk of cancelling the meetings outright is premature, but they are considering several options to modify them. No decisions have been made, they said, adding that much depends on efforts to contain the virus in the coming days and weeks. Options include scaling back the number of meetings, cancelling external events and limiting the size of the country delegations that would travel to Washington. Another alternative is to hold "virtual" meetings by teleconference, and the institutions could still proceed with full-fledged meetings. One person familiar with the IMF's planning discussions said: "Plenty of people here see wider merit in testing whether holding key meetings virtually could be made to work." Other sources said IMF and World Bank managers were considering various options, and the scale and scope of the meeting would reflect the degree of concern. "Of course we are thinking about all eventualities," one of the sources familiar with the planning efforts said. In a joint statement, the IMF and the World Bank said that their senior leadership teams were closely monitoring the spread of the coronavirus.

International Monetary Fund, World Bank consider 'virtual' Spring Meetings as coronavirus spreads

Britain warned Thursday it would not commit to following <a href="https://www.wionews.com/world/after-uk-eu-allows-huawei-5g-with-strict-guidelines-277407">European Union</a> (EU) rules in a post-<a href="https://www.wionews.com/world/after-uk-eu-allows-huawei-5g-with-strict-guidelines-277407">Brexit </a>trade deal, and threatened to abandon talks in June if no compromise was possible.

Two days after EU ministers approved their own joint approach to the negotiations, which start on Monday, Prime Minister <a href="https://www.wionews.com/world/after-uk-eu-allows-huawei-5g-with-strict-guidelines-277407">Boris Johnson</a>'s government set out its own red lines.

Also read: <a href="https://www.wionews.com/opinions-blogs/canada-uk-free-trade-a-post-brexit-opportunity-279098">Canada-UK free trade: A post-Brexit opportunity</a>

The formal negotiating mandate says London wants to agree a relationship "based on friendly cooperation between sovereign equals" before the end of the post-Brexit transition period on December 31.

But it warns: "We will not agree to any obligations for our laws to be aligned with the EU's or for the EU's institutions including the Court of Justice, to have any jurisdiction in the <a href="https://www.wionews.com/world/after-uk-eu-allows-huawei-5g-with-strict-guidelines-277407">UK</a>."

The document also states that if both sides have not been able to reach a "broad outline of an agreement" by June, then it would have to decide whether to walk away from the talks.

Also read: <a href="https://www.wionews.com/world/after-uk-eu-allows-huawei-5g-with-strict-guidelines-277407">After UK, EU allows Huawei 5G with strict guidelines</a>

When Britain left the European Union on January 31, both sides agreed a standstill period while they establish a new partnership to replace 47 years of political and economic integration.

London has the option to extend the transition beyond the end of 2020 but says it will not.

So in June, it would decide "whether the UK's attention should move away from negotiations and focus solely on continuing domestic preparations to exit the transition period in an orderly fashion".

Failure to reach a new agreement with the EU -- Britain's largest trading partner -- is likely to be hugely disruptive on both sides of the Channel.

Britain warned Thursday it would not commit to following European Union (EU) rules in a post-Brexit trade deal, and threatened to abandon talks in June if no compromise was possible.

Britain warned Thursday it would not commit to following European Union (EU) rules in a post-Brexit trade deal, and threatened to abandon talks in June if no compromise was possible. Two days after EU ministers approved their own joint approach to the negotiations, which start on Monday, Prime Minister Boris Johnson's government set out its own red lines. Also read: Canada-UK free trade: A post-Brexit opportunity The formal negotiating mandate says London wants to agree a relationship "based on friendly cooperation between sovereign equals" before the end of the post-Brexit transition period on December 31. But it warns: "We will not agree to any obligations for our laws to be aligned with the EU's or for the EU's institutions including the Court of Justice, to have any jurisdiction in the UK." The document also states that if both sides have not been able to reach a "broad outline of an agreement" by June, then it would have to decide whether to walk away from the talks. Also read: After UK, EU allows Huawei 5G with strict guidelines When Britain left the European Union on January 31, both sides agreed a standstill period while they establish a new partnership to replace 47 years of political and economic integration. London has the option to extend the transition beyond the end of 2020 but says it will not. So in June, it would decide "whether the UK's attention should move away from negotiations and focus solely on continuing domestic preparations to exit the transition period in an orderly fashion". Failure to reach a new agreement with the EU -- Britain's largest trading partner -- is likely to be hugely disruptive on both sides of the Channel.

United Kingdom rejects European Union trade demands, threatens to walk away

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said.

With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively.

Chairman of Reliance Industries Mukesh Ambani topped the Indian billionaires' list with a net worth of $67 billion.

The number of Indian billionaires jumps to 170 if Indian-origin billionaires outside the country are also counted.

The world has added 480 billionaires in 2019, more than one a day, while China added more than three a week. The list had total 2,817 individuals having a net worth of $1 billion or more across the globe.

There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12.

With $67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billion.

The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar &amp; family (close to $17 billion), and Lakshmi Mittal with over $15 billion in net worth.

At the sixth lot is banker Uday Kotak with a net worth of around $15 billion, making him the richest self-made banker in the whole world.

At the seventh slot is Azim Premji with ($14 billion), followed by Cyrus Poonawalla of Serum Institute ($12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with $11 billion each.

And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a net worth of $1.1 billion.

It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year.

The 50 billionaires of Mumbai control around $218 billion of wealth between them, followed by 30 in New Delhi holding $76 billion and 17 in Bengaluru are worth $42 billion, while the 12 in Ahmedabad are worth $36 billion and the seven in Hyderabad are worth $13 billion, according to Junaid.

(With inputs from PTI)

&nbsp;

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said. With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively.

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said. With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively. Chairman of Reliance Industries Mukesh Ambani topped the Indian billionaires' list with a net worth of $67 billion. The number of Indian billionaires jumps to 170 if Indian-origin billionaires outside the country are also counted. The world has added 480 billionaires in 2019, more than one a day, while China added more than three a week. The list had total 2,817 individuals having a net worth of $1 billion or more across the globe. There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12. With $67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billion. The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar & family (close to $17 billion), and Lakshmi Mittal with over $15 billion in net worth. At the sixth lot is banker Uday Kotak with a net worth of around $15 billion, making him the richest self-made banker in the whole world. At the seventh slot is Azim Premji with ($14 billion), followed by Cyrus Poonawalla of Serum Institute ($12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with $11 billion each. And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a net worth of $1.1 billion. It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year. The 50 billionaires of Mumbai control around $218 billion of wealth between them, followed by 30 in New Delhi holding $76 billion and 17 in Bengaluru are worth $42 billion, while the 12 in Ahmedabad are worth $36 billion and the seven in Hyderabad are worth $13 billion, according to Junaid. (With inputs from PTI)

India added 3 billionaires a month in 2019; highest after US, China: Report

Apple is ready to open a retail store in India in 2021. Company said, Indian Market is very large and now we are focusing on that.

Apple sets eye on Indian Market

Travel restrictions to China because of the <a href="https://www.wionews.com/photos/impact-of-coronavirus-on-global-economy-278907">coronavirus</a>&nbsp;have come just as Apple Inc's&nbsp;engineers usually jet off to Asia to perfect the production of this fall's new <a href="https://www.wionews.com/world/apple-to-launch-first-retail-store-in-india-next-year-283115">iPhones</a>, former employees and supply chain experts told Reuters.

High-volume manufacturing is not scheduled until summer, but the first months of the year are when Apple irons out assembly processes with partners such as Hon Hai Precision Industry Co's&nbsp;<a href="https://www.wionews.com/photos/impact-of-coronavirus-on-global-economy-278907">Foxconn</a>, two former <a href="https://www.wionews.com/photos/impact-of-coronavirus-on-global-economy-278907">Apple</a>&nbsp;employees said.

Also see: <a href="https://www.wionews.com/photos/impact-of-coronavirus-on-global-economy-278907">How coronavirus is affecting the global economy</a>

"They probably have one assembly line they're trying things out on," said one of the former employees who asked not to be named discussing production matters.

"Are Apple's engineers with the Foxconn engineers? If they are, they're probably making progress. But if they're not, if they're quarantined, that could be bad."

While <a href="https://www.wionews.com/world/apple-to-launch-first-retail-store-in-india-next-year-283115">Apple</a>&nbsp;uses other contract manufacturers such as Wistron Corp to make some <a href="https://www.wionews.com/world/apple-to-launch-first-retail-store-in-india-next-year-283115">iPhones</a>, Taiwan's Foxconn tends to handle the introduction of new models because its capabilities are the most advanced, supply chain experts said.

Also read: <a href="https://www.wionews.com/world/apple-to-launch-first-retail-store-in-india-next-year-283115">Apple to launch first retail store in India next year</a>

Foxconn, the world's largest contract electronics maker, delayed reopening key iPhone factories in Shenzhen and Zhengzhou after the Lunar New Year holiday but hopes to resume half of its Chinese production by the end of February.

Senior Foxconn officials who have been working remotely from Taipei since the holiday have not yet returned to China on a large scale, a person with knowledge of the matter told Reuters, speaking of company officials generally.

Apple declined to comment. Foxconn Technology Group said in an emailed statement on Tuesday that the company is following all legally required health and safety practices at its factories to protect employee welfare.

"Consistent with this, we are taking a cautious approach in the implementation of our post-holiday production schedules in each of our facilities in China," the company said.

Last week, Apple warned investors it was unlikely to meet revenue targets for the first three months of 2020 and that global iPhone supplies would be limited as manufacturing sites in China were not ramping up production as quickly as expected.

Foxconn said this month that the coronavirus outbreak would lower its revenue this year.

Earlier this month, United Airlines, which has disclosed that Apple is a major customer, said it was cancelling all fights to China until late April. Apple, meanwhile, said on January&nbsp;28 that it was restricting employee to travel to China to "business-critical" situations.

Travel restrictions to China because of the coronavirus have come just as Apple Inc's engineers usually jet off to Asia to perfect the production of this fall's new iPhones, former employees and supply chain experts told Reuters.

Travel restrictions to China because of the coronavirus have come just as Apple Inc's engineers usually jet off to Asia to perfect the production of this fall's new iPhones, former employees and supply chain experts told Reuters. High-volume manufacturing is not scheduled until summer, but the first months of the year are when Apple irons out assembly processes with partners such as Hon Hai Precision Industry Co's Foxconn, two former Apple employees said. Also see: How coronavirus is affecting the global economy "They probably have one assembly line they're trying things out on," said one of the former employees who asked not to be named discussing production matters. "Are Apple's engineers with the Foxconn engineers? If they are, they're probably making progress. But if they're not, if they're quarantined, that could be bad." While Apple uses other contract manufacturers such as Wistron Corp to make some iPhones, Taiwan's Foxconn tends to handle the introduction of new models because its capabilities are the most advanced, supply chain experts said. Also read: Apple to launch first retail store in India next year Foxconn, the world's largest contract electronics maker, delayed reopening key iPhone factories in Shenzhen and Zhengzhou after the Lunar New Year holiday but hopes to resume half of its Chinese production by the end of February. Senior Foxconn officials who have been working remotely from Taipei since the holiday have not yet returned to China on a large scale, a person with knowledge of the matter told Reuters, speaking of company officials generally. Apple declined to comment. Foxconn Technology Group said in an emailed statement on Tuesday that the company is following all legally required health and safety practices at its factories to protect employee welfare. "Consistent with this, we are taking a cautious approach in the implementation of our post-holiday production schedules in each of our facilities in China," the company said. Last week, Apple warned investors it was unlikely to meet revenue targets for the first three months of 2020 and that global iPhone supplies would be limited as manufacturing sites in China were not ramping up production as quickly as expected. Foxconn said this month that the coronavirus outbreak would lower its revenue this year. Earlier this month, United Airlines, which has disclosed that Apple is a major customer, said it was cancelling all fights to China until late April. Apple, meanwhile, said on January 28 that it was restricting employee to travel to China to "business-critical" situations.

Coronavirus clouds Apple's timeline for new iPhones

Extending its losses for the fifth consecutive session, equity benchmark Sensex declined 143 points on Thursday tracking a global selloff amid rising fears of the coronavirus outbreak turning into a pandemic and hitting the world economy.

The expiry of domestic derivatives contracts too kept market volatile, traders said.

After plunging over 465.69 points during the day, the 30-share BSE barometer finally settled 143.30 points, or 0.36 per cent, lower at 39,745.66.

Similarly, the broader NSE Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.

ONGC was the top loser in the Sensex pack, followed by HCL Tech, SBI, ICICI Bank, IndusInd Bank, Hero MotoCorp and M&amp;M.

On the other hand, Sun Pharma, Titan, Asian Paints and Axis Bank led the gainers' chart.

Market opened in negative tracking its Asian peers as the rapid global spread of the coronavirus kept investors on the edge and made them seek safety in gold and bonds, said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares &amp; Stock Brokers.

India is at risk of getting severely impacted by the epidemic economically because of its high reliance on Chinese imports for various goods, he noted.

Benchmarks also remained volatile on account of monthly expiry of derivatives contracts, he said, adding that sentiment remained sluggish amid reports that GDP growth is likely to stay flat at 4.5 per cent in October-December 2019.

The government's GDP estimate for the December quarter is scheduled to be released on Friday.

Further, relentless selling by foreign portfolio investors (FPIs) spooked retail investors, traders said.

According to provisional data available with stock exchanges, so far this week, FPIs have offloaded stocks worth Rs 6,812.57 crore on a net basis.

Bourses in Seoul and Tokyo ended with significant losses, while Shanghai and Hong Kong closed with gains.

Stock exchanges in Europe plunged up to 1.80 per cent in their morning sessions.

Brent crude oil futures fell 1.33 per cent to USD 52.11 per barrel.

On the currency front, the Indian rupee appreciated marginally to 71.62 per US dollar (intra-day).&nbsp;

Extending its losses for the fifth consecutive session, equity benchmark Sensex declined 143 points on Thursday tracking a global selloff amid rising fears of the coronavirus outbreak turning into a pandemic and hitting the world economy.

Extending its losses for the fifth consecutive session, equity benchmark Sensex declined 143 points on Thursday tracking a global selloff amid rising fears of the coronavirus outbreak turning into a pandemic and hitting the world economy. The expiry of domestic derivatives contracts too kept market volatile, traders said. After plunging over 465.69 points during the day, the 30-share BSE barometer finally settled 143.30 points, or 0.36 per cent, lower at 39,745.66. Similarly, the broader NSE Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30. ONGC was the top loser in the Sensex pack, followed by HCL Tech, SBI, ICICI Bank, IndusInd Bank, Hero MotoCorp and M&M. On the other hand, Sun Pharma, Titan, Asian Paints and Axis Bank led the gainers' chart. Market opened in negative tracking its Asian peers as the rapid global spread of the coronavirus kept investors on the edge and made them seek safety in gold and bonds, said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers. India is at risk of getting severely impacted by the epidemic economically because of its high reliance on Chinese imports for various goods, he noted. Benchmarks also remained volatile on account of monthly expiry of derivatives contracts, he said, adding that sentiment remained sluggish amid reports that GDP growth is likely to stay flat at 4.5 per cent in October-December 2019. The government's GDP estimate for the December quarter is scheduled to be released on Friday. Further, relentless selling by foreign portfolio investors (FPIs) spooked retail investors, traders said. According to provisional data available with stock exchanges, so far this week, FPIs have offloaded stocks worth Rs 6,812.57 crore on a net basis. Bourses in Seoul and Tokyo ended with significant losses, while Shanghai and Hong Kong closed with gains. Stock exchanges in Europe plunged up to 1.80 per cent in their morning sessions. Brent crude oil futures fell 1.33 per cent to USD 52.11 per barrel. On the currency front, the Indian rupee appreciated marginally to 71.62 per US dollar (intra-day).

Sensex drops 143 points on coronavirus jitters

<a href="https://www.wionews.com/entertainment/aston-martin-built-for-james-bond-heading-to-auction-226695">Aston&nbsp;Martin</a>'s&nbsp;chief&nbsp;financial&nbsp;officer will&nbsp;leave&nbsp;the company following a tumultuous 2019 in which the luxury carmaker's&nbsp;losses&nbsp;ballooned after sales dropped and it drafted in a new investor to help turn around the firm.

The firm, famed for being fictional agent <a href="https://www.wionews.com/entertainment/aston-martin-built-for-james-bond-heading-to-auction-226695">James Bond</a>'s car of choice, posted a 104.3 million-pound&nbsp;pretax loss in 2019 after a 7 per cent&nbsp;decline in core wholesale demand.

Also read: <a href="https://www.wionews.com/business-economy/chinas-geely-automobile-in-talks-to-buy-stake-in-aston-martin-report-273983">China's Geely automobile in talks to buy stake in Aston Martin: Report</a>

Aston&nbsp;said last month that Canadian billionaire <a href="https://www.wionews.com/sports/sergio-perez-to-stay-with-f1-team-racing-point-for-three-more-years-246797">Lawrence Stroll</a> would buy up to 20 per cent&nbsp;of the company and existing shareholders would also inject more cash to stabilise the automaker.

"The big difference between last year and this year is the strength of the balance year," Chief Executive Andy Palmer told Reuters.

"We're in a very different place and have therefore an ability to properly... destock and that means gets the balance right between supply and demand."

The company said Chief&nbsp;Finance&nbsp;Officer Mark Wilson will step down from his role no later than April 30 but that he had not been fired.

Also read: <a href="https://www.wionews.com/entertainment/aston-martin-built-for-james-bond-heading-to-auction-226695">Aston Martin built for James Bond heading to auction</a>

<a href="https://www.wionews.com/business-economy/chinas-geely-automobile-in-talks-to-buy-stake-in-aston-martin-report-273983">China</a>&nbsp;was a bright spot in its performance last year with sales rising 28 per cent&nbsp;but the company, like the rest of the industry, has seen demand drop due to the <a href="https://www.wionews.com/world/coronavirus-severity-shrinks-in-china-as-global-tally-continues-to-rise-282983">coronavirus </a>outbreak.

There has also been some disruption to the supply of certain components but the company said it had not seen any impact on production, with components secured until at least the end of March.

The firm has also delayed plans to electrify its line-up until "no earlier than 2025", and Palmer said the firm would focus on hybrid vehicles in the meantime, starting with the Valhalla model in 2022.

"We've enhanced the deployment of our V6 plug-in hybrid so there is a lot of work going into that technology and it will go across a greater range of cars," said Palmer.

Aston Martin's chief financial officer will leave the company following a tumultuous 2019 in which the luxury carmaker's losses ballooned after sales dropped and it drafted in a new investor to help turn around the firm.

Aston Martin's chief financial officer will leave the company following a tumultuous 2019 in which the luxury carmaker's losses ballooned after sales dropped and it drafted in a new investor to help turn around the firm. The firm, famed for being fictional agent James Bond's car of choice, posted a 104.3 million-pound pretax loss in 2019 after a 7 per cent decline in core wholesale demand. Also read: China's Geely automobile in talks to buy stake in Aston Martin: Report Aston said last month that Canadian billionaire Lawrence Stroll would buy up to 20 per cent of the company and existing shareholders would also inject more cash to stabilise the automaker. "The big difference between last year and this year is the strength of the balance year," Chief Executive Andy Palmer told Reuters. "We're in a very different place and have therefore an ability to properly... destock and that means gets the balance right between supply and demand." The company said Chief Finance Officer Mark Wilson will step down from his role no later than April 30 but that he had not been fired. Also read: Aston Martin built for James Bond heading to auction China was a bright spot in its performance last year with sales rising 28 per cent but the company, like the rest of the industry, has seen demand drop due to the coronavirus outbreak. There has also been some disruption to the supply of certain components but the company said it had not seen any impact on production, with components secured until at least the end of March. The firm has also delayed plans to electrify its line-up until "no earlier than 2025", and Palmer said the firm would focus on hybrid vehicles in the meantime, starting with the Valhalla model in 2022. "We've enhanced the deployment of our V6 plug-in hybrid so there is a lot of work going into that technology and it will go across a greater range of cars," said Palmer.

Aston Martin's finance boss to leave as losses deepen

Shares of Lockheed Martin dropped 4.5% in Tuesday trading. A part of the drop is tied to general malaise in the markets, while another reason is said to be Canada's decision to postpone its purchase decision to replace its obsolete fleet of Boeing CF-18 fighter jets.

Shares of Lockheed Martin dropped 4.5% in Tuesday trading. A part of the drop is tied to general malaise in the markets, while another reason is said to be Canada's decision to postpone its purchase decision to replace its obsolete fleet of Boeing CF-18 fighter jets. Canada has been negotiating with a number of defence companies -- Lockheed, Boeing and, Airbus among them -- to buy a new kind of plane to replace its obsolete fleet of Boeing CF-18 fighter jets.However, it appears that both companies are in something of a losing position, as Reuters reports that Canada may delay its already long-delayed decision by another three months. Supposedly, Canada finally was going to accept preliminary proposals from the bidders (which by now have grown to include Saab, but shrunk to exclude Airbus) by the end of March. But according to Reuters, Prime Minister Justin Trudeau has now postponed the bidding by a further three months "to give bidders more time to address security questions." Lockheed shareholders didn't seem to like the news, and the stock is down today -- partly because of the coronavirus.

Lockheed Martin stock drops 4.5% on Tuesday

The Hong Kong government has announced the largest relief fund in a decade to ease the economic impact brought by last year's anti-government protests and the coronavirus outbreak.

This comes at a time when Hong Kong confirmed it has entered its first recession for a decade.

Hong Kong's financial secretary Paul Chan Mo-po unveiled a 120 billion Hong Kong dollar relief package in his budget speech, including the much-anticipated cash handout for all adult residents in the city, despite a record fiscal deficit.

The relief measures are largely comprised of one-off payments, including handouts of 10,000 Hong Kong dollars to residents aged over 18, tax breaks for firms, and other subsidies.

<a href="https://www.wionews.com/world/hong-kong-with-surgery-masks-on-anti-govt-protesters-stage-sit-ins-amid-coronavirus-outbreak-282081">Also read: With surgery masks on, anti-govt protesters stage sit-ins amid coronavirus outbreak</a>

Chan said the disbursement of ten thousand dollars is aimed at boosting local consumption and easing people’s financial burdens.

"After careful consideration, I have decided to disburse $10,000 to Hong Kong permanent residents aged 18 or above, to encourage and boost local consumption on the one hand, and relieving people's financial burden on the other. This measure, which involves an expenditure of about $71 billion, is expected to benefit about seven million people," Chan said.

"The social incidents in the past months and the novel coronavirus epidemic have dealt a heavy blow to Hong Kong's economy. In the face of an economic downturn, we expect a decline in government revenue in the coming year. The government must exercise fiscal prudence to ensure healthy public finance. That said, I believe that the government should also do a bit more, notwithstanding the fiscal deficit, when we are facing an economic setback and overwhelmed by a heavy atmosphere."

This year, Hong Kong’s economy will grow by 1.5 per cent to 0.5 per cent in real terms, while the headline inflation rate and the underlying inflation rate will ease to 1.7 per cent and 2.5 per cent respectively.

In 2019, tens of thousands of Hong Kongers held various rounds of anti-government and anti-China protests which initially began against the extradition bill but transformed into pro-democracy demonstrations. The protests led to the various incidents vandalism and in which it recorded a massive loss of public property and businesses.

The former British colony returned to Chinese rule in 1997 amid promises it would be granted a high degree of autonomy and eventual universal suffrage.

China's tightening grip on the city and Beijing's failure to live up to its promises have fed the unrest, in one of the biggest popular challenges to the ruling Communist Party since the return.

&nbsp;

The Hong Kong government has announced the largest relief fund in a decade to ease the economic impact brought by last year's anti-government protests and the coronavirus outbreak.

The Hong Kong government has announced the largest relief fund in a decade to ease the economic impact brought by last year's anti-government protests and the coronavirus outbreak. This comes at a time when Hong Kong confirmed it has entered its first recession for a decade. Hong Kong's financial secretary Paul Chan Mo-po unveiled a 120 billion Hong Kong dollar relief package in his budget speech, including the much-anticipated cash handout for all adult residents in the city, despite a record fiscal deficit. The relief measures are largely comprised of one-off payments, including handouts of 10,000 Hong Kong dollars to residents aged over 18, tax breaks for firms, and other subsidies. Also read: With surgery masks on, anti-govt protesters stage sit-ins amid coronavirus outbreak Chan said the disbursement of ten thousand dollars is aimed at boosting local consumption and easing people’s financial burdens. "After careful consideration, I have decided to disburse $10,000 to Hong Kong permanent residents aged 18 or above, to encourage and boost local consumption on the one hand, and relieving people's financial burden on the other. This measure, which involves an expenditure of about $71 billion, is expected to benefit about seven million people," Chan said. "The social incidents in the past months and the novel coronavirus epidemic have dealt a heavy blow to Hong Kong's economy. In the face of an economic downturn, we expect a decline in government revenue in the coming year. The government must exercise fiscal prudence to ensure healthy public finance. That said, I believe that the government should also do a bit more, notwithstanding the fiscal deficit, when we are facing an economic setback and overwhelmed by a heavy atmosphere." This year, Hong Kong’s economy will grow by 1.5 per cent to 0.5 per cent in real terms, while the headline inflation rate and the underlying inflation rate will ease to 1.7 per cent and 2.5 per cent respectively. In 2019, tens of thousands of Hong Kongers held various rounds of anti-government and anti-China protests which initially began against the extradition bill but transformed into pro-democracy demonstrations. The protests led to the various incidents vandalism and in which it recorded a massive loss of public property and businesses. The former British colony returned to Chinese rule in 1997 amid promises it would be granted a high degree of autonomy and eventual universal suffrage. China's tightening grip on the city and Beijing's failure to live up to its promises have fed the unrest, in one of the biggest popular challenges to the ruling Communist Party since the return.

In recession- hit Hong Kong, government to give $1,200 cash to all permanent residents

Google said Wednesday it would invest more than $10 billion in US offices and data centres in 2020, including its new campus planned for New York City and projects in 10 other states.

The pledge comes on top of some $22 billion invested by the US tech giant unit over the past two years.

"These investments will create thousands of jobs -- including roles within Google, construction jobs in data centres and renewable energy facilities, and opportunities in local businesses in surrounding towns and communities," said a blog post by Sundar Pichai, chief executive of Google parent Alphabet.

One of the big projects will be the opening of the Hudson Square campus in New York City, where Google has the capacity to double its workforce by 2028.

Google's investments are spread over all US regions and will include expanded offices in Pittsburgh, Pennsylvania and Cambridge, Massachusetts.

The plans also call for an expanded Google Cloud campus in Seattle, Washington and new locations around San Francisco and Los Angeles.

The money includes a previously announced $1 billion committed to easing the housing crunch in the Bay Area near Google's Silicon Valley headquarters.

Google cited a study by the Progressive Policy Institute which indicated its parent Alphabet was the largest investor in the United States last year.

Alphabet reported a profit in 2019 of $34 billion on $162 billion in revenues and added some 20,000 jobs to bring its total workforce to 118,899 at the end of December.

Pichai said Google, which has a presence in 26 states, will focus the new investments on 11: Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California.

Google said Wednesday it would invest more than $10 billion in US offices and data centres in 2020, including its new campus planned for New York City and projects in 10 other states.

Google said Wednesday it would invest more than $10 billion in US offices and data centres in 2020, including its new campus planned for New York City and projects in 10 other states. The pledge comes on top of some $22 billion invested by the US tech giant unit over the past two years. "These investments will create thousands of jobs -- including roles within Google, construction jobs in data centres and renewable energy facilities, and opportunities in local businesses in surrounding towns and communities," said a blog post by Sundar Pichai, chief executive of Google parent Alphabet. One of the big projects will be the opening of the Hudson Square campus in New York City, where Google has the capacity to double its workforce by 2028. Google's investments are spread over all US regions and will include expanded offices in Pittsburgh, Pennsylvania and Cambridge, Massachusetts. The plans also call for an expanded Google Cloud campus in Seattle, Washington and new locations around San Francisco and Los Angeles. The money includes a previously announced $1 billion committed to easing the housing crunch in the Bay Area near Google's Silicon Valley headquarters. Google cited a study by the Progressive Policy Institute which indicated its parent Alphabet was the largest investor in the United States last year. Alphabet reported a profit in 2019 of $34 billion on $162 billion in revenues and added some 20,000 jobs to bring its total workforce to 118,899 at the end of December. Pichai said Google, which has a presence in 26 states, will focus the new investments on 11: Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California.

Google pledges new $10 billion investment in US in 2020

Just days after Bharti Enterprises founder and chairman, Sunil Bharti Mittal assured the government that <a href="https://www.wionews.com/india-news/airtel-will-pay-dues-before-march-17-sunil-bharti-mittal-281884">Airtel </a>would comply with the Supreme Court order and pay the dues before March 17, Moody's Investors Service said Bharti Airtel has the financial capacity to withstand a payout of $5 billion in statutory dues.

<a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Also Read: Airtel pays statutory dues worth Rs 10,000 crore after SC order</a>

India's Supreme Court had earlier directed telecom firms to comply with the judgment upholding the Department of Telecommunication's (DoT) definition of Adjusted Gross Revenues (AGR) and pay the liabilities.

Bharti was ordered to pay $5 billion(Rs 35,300 crore) liability for past-due AGR fees associated with this litigation.

Moody's Investors Service said a Rs 35,300 crore cash payment will not cause a significant deterioration in the credit quality of <a href="https://www.wionews.com/business-economy/airtel-vodafone-idea-shares-jump-after-on-hopes-of-govt-help-262309">Bharti Airtel </a>while adding that in the alternate scenario of a smaller cash payment of Rs 25,200 crore reflecting the principal and interest amount only, would position the company more comfortably within its current rating.

"Recent capital-raising activities provide additional liquidity to fund the AGR payment," it said.

"Following recent capital-raising, we estimated (Bharti's) cash is over $5.0 billion, which can be used to fund the final AGR payment," it said.

As per the order,<a href="https://www.wionews.com/business-economy/bharti-airtel-vodafone-idea-tata-teleservices-file-review-plea-in-sc-in-agr-case-263967"> Vodafone</a> Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government.

Bharti Airtel, Vodafone Idea and Tata Teleservices were together ordered to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR).

Just days after Bharti Enterprises founder and chairman, Sunil Bharti Mittal assured the government that Airtel would comply with the Supreme Court order and pay the dues before March 17, Moody's Investors Service said Bharti Airtel has the financial capacity to withstand a payout of $5 billion in statutory dues.

Just days after Bharti Enterprises founder and chairman, Sunil Bharti Mittal assured the government that Airtel would comply with the Supreme Court order and pay the dues before March 17, Moody's Investors Service said Bharti Airtel has the financial capacity to withstand a payout of $5 billion in statutory dues. Also Read: Airtel pays statutory dues worth Rs 10,000 crore after SC order India's Supreme Court had earlier directed telecom firms to comply with the judgment upholding the Department of Telecommunication's (DoT) definition of Adjusted Gross Revenues (AGR) and pay the liabilities. Bharti was ordered to pay $5 billion(Rs 35,300 crore) liability for past-due AGR fees associated with this litigation. Moody's Investors Service said a Rs 35,300 crore cash payment will not cause a significant deterioration in the credit quality of Bharti Airtel while adding that in the alternate scenario of a smaller cash payment of Rs 25,200 crore reflecting the principal and interest amount only, would position the company more comfortably within its current rating. "Recent capital-raising activities provide additional liquidity to fund the AGR payment," it said. "Following recent capital-raising, we estimated (Bharti's) cash is over $5.0 billion, which can be used to fund the final AGR payment," it said. As per the order, Vodafone Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government. Bharti Airtel, Vodafone Idea and Tata Teleservices were together ordered to pay around Rs 92,000 crore to the Centre on Adjusted Gross Revenue (AGR).

Bharti Airtel can pay $5 billion AGR, won't affect credit quality, says Moody's

Equity indices tracked their global peers and closed deep into the red on Wednesday as effects of coronavirus outbreak reverberated beyond China.

Profit-booking accelerated with automobile and metal sectors bearing the brunt as market undertone remained weak since opening following fears of deepening adverse economic impact of coronavirus pandemic.

The BSE S&amp;P Sensex closed 392 points or 0.97 per cent lower at 39,889 while the Nifty 50 was down by 119 points to 11,679.

All sectoral indices at the National Stock Exchange were in the negative zone with Nifty auto skidding by 2.15 per cent, realty by 1.67 per cent, metal by 1.63 per cent, pharma by 1.25 per cent.

Among stocks, Sun Pharma was down by 3.8 per cent at Rs 374 per share while Hindalco and Vedanta dipped by 2.6 per cent and 1.9 per cent respectively.

GAIL plunged by 5.1 per cent to close at Rs 108.15 per share.

Tata Motors and Maruti lost by 3.6 per cent and 2.4 per cent. Grasim, Larsen &amp; Toubro, Bharat Petroleum Corporation and Infosys too traded with a negative bias.

However, Yes Bank jumped by 4.98 per cent to wind up the day at Rs 36.90. State Bank of India, HCL Technologies, Bharti Infratel and Britannia showed marginal gains.

Meanwhile, Asian shares fell as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble.

That led Japan`s Nikkei to fall by 0.79 per cent following growing concerns the virus could cancel the Tokyo Olympics. Chinese shares fell by 0.83 per cent while South Korea`s Kospi dropped by 1.28 per cent.

Equity indices tracked their global peers and closed deep into the red on Wednesday as effects of coronavirus outbreak reverberated beyond China. Profit-booking accelerated with automobile and metal sectors bearing the brunt as market undertone remained weak since opening following fears of deepening adverse economic impact of coronavirus pandemic.

Equity indices tracked their global peers and closed deep into the red on Wednesday as effects of coronavirus outbreak reverberated beyond China. Profit-booking accelerated with automobile and metal sectors bearing the brunt as market undertone remained weak since opening following fears of deepening adverse economic impact of coronavirus pandemic. The BSE S&P Sensex closed 392 points or 0.97 per cent lower at 39,889 while the Nifty 50 was down by 119 points to 11,679. All sectoral indices at the National Stock Exchange were in the negative zone with Nifty auto skidding by 2.15 per cent, realty by 1.67 per cent, metal by 1.63 per cent, pharma by 1.25 per cent. Among stocks, Sun Pharma was down by 3.8 per cent at Rs 374 per share while Hindalco and Vedanta dipped by 2.6 per cent and 1.9 per cent respectively. GAIL plunged by 5.1 per cent to close at Rs 108.15 per share. Tata Motors and Maruti lost by 3.6 per cent and 2.4 per cent. Grasim, Larsen & Toubro, Bharat Petroleum Corporation and Infosys too traded with a negative bias. However, Yes Bank jumped by 4.98 per cent to wind up the day at Rs 36.90. State Bank of India, HCL Technologies, Bharti Infratel and Britannia showed marginal gains. Meanwhile, Asian shares fell as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble. That led Japan`s Nikkei to fall by 0.79 per cent following growing concerns the virus could cancel the Tokyo Olympics. Chinese shares fell by 0.83 per cent while South Korea`s Kospi dropped by 1.28 per cent.

Sensex closes 392 points lower on coronavirus fears

The Walt Disney Company's CEO Bob Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek, the company said on February 25, ending years of speculation on who will take over Hollywood's most powerful studio.

WION Wallet: Disney CEO steps down in surprise announcement

The Japanese Prime Minister Shinzo Abe on February 26 called for sports and cultural events to be scrapped or curtailed for two weeks because of coronavirus. The 2020 Tokyo Olympics could also be cancelled.

WION Wallet: Japanese economy contracts 6.3% in Oct-Dec quarter

Apple Inc's plea to avoid paying $440 million in damages to VirnetX Inc for using the patent licensing firm's security technology without permission in features such as FaceTime video calling was denied by the US Supreme Court.

Apple Inc's plea to avoid paying $440 million in damages to VirnetX Inc for using the patent licensing firm's security technology without permission in features such as FaceTime video calling was denied by the US Supreme Court. Apple's appeal was rejected by the judges in this case which spans a decade, wherein a Texas jury had discovered in 2016 that the iPhone manufacturer had infringed VirnetX's patents, following which the patent licensing firm was awarded $302 million. The amount was increased to $439.7 million including interest and other costs. Also Read: US jury asks Apple to pay $145 million in damages to Canada's WiLan In 2010, the Nevada-based VirnetX filed a lawsuit against California-based Apple of infringing four patents for secure networks, known as virtual private networks, and secure communications links. VirnetX was adamant that Apple infringed with its FaceTime and VPN on Demand features in products such as the iPhone and iPad. The judgement against apple was upheld last year by the US Court of Appeals for the Federal Circuit in Washington. During the hearings, Apple and other tech titans requested a review of the validity of VirnetX patents by a tribunal of the US Patent and Trademark Office. Also Read: Samsung to pay $539 million to Apple for copying patented smartphone designs, features Key parts of the patents at issue, in this case, were cancelled by the Tribunal but in separate decisions issued last year, the Federal Circuit set aside certain of the tribunal's rulings which brought VirnetX closer to collecting damages from Apple. The world-renowned mobile phone manufacturer appealed to the Supreme Court, arguing that the damages should be recalculated because the specific patents VirnetX accused it of infringing with FaceTime were nearly wiped out. Also Read: Top US court rejects Samsung's appeal on patent loss to Apple In a court filing, Apple called the Federal Circuit's opposition to indulge its demands "legally wrong and grossly unfair." The company also stated that lower courts unlawfully granted requests from VirnetX and granted them compensation for damages far beyond the value of the patented invention. VirnetX issued a statement saying that "The entire damages award ... remains supported by claims that a jury - and the Federal Circuit - found valid years ago and that have not been cancelled since."

Apple appeals rejected by US Supreme Court in legal battle with VirnetX

New microprocessors have been launched by Intel Corp, a device which includes a second-generation Xeon processor for data centres and a 10nm chip for wireless 5G base stations.

New microprocessors have been launched by Intel Corp, a device which includes a second-generation Xeon processor for data centres and a 10nm chip for wireless 5G base stations. Sales of server chips have been boosted after an increase in demand from cloud-computing companies, which has resulted in strong results from Intel and its rival AMD Corp. Also Read: Apple, Intel file antitrust case against SoftBank- Owned firm over patent practices The market for server chips has been dominated by Intel's Xeon chips, but the debut of its rival EPYC processors that earned positive reviews has allowed AMD to gain ground in the business. Though the new Xeon chips afford a better performance on the dollar as compared to its previous generation, Intel is confident that the 10nm chip, P5900, will help it become the leading silicon provider in base stations by 2021. 10nm and 7nm products will be launched by Intel in 2020, while AMD has already launched several chips based on the smaller 7nm architecture. Also Read: Wall Street falls as investors cautious on trade; Intel slides 10nm chip technology sale by Intel has been facing a lot of struggles, which has cost the company its lead to rivals in the race to supply to the new data economy which includes 5G chips, 5G devices, artificial intelligence and autonomous vehicles. Though the company had intended to launch the new chip in Barcelona during the Mobile World Congress, the event was cancelled due to rising paranoia over the COVID-19 outbreak all over the world.

Intel unveils new Xeon chip, COVID-19 delays product

Indian stocks fell for a third straight session on Tuesday as concerns over the coronavirus outbreak hit risk sentiment, while US President Donald Trump's two-day visit did little to cheer investors.

Indian stocks fell for a third straight session on Tuesday as concerns over the coronavirus outbreak hit risk sentiment, while US President Donald Trump's two-day visit did little to cheer investors. The blue-chip Nifty ended 0.27 per cent lower at 11,797.90, while the Sensex shed 0.2 per cent end at 40,281.20. Also Read: Global stocks head for worst week in four as coronavirus spreads The Nifty index tumbled 2.1 per cent and the Sensex plunged nearly 2 per cent on Monday, in a global market selloff sparked by fears of a greater impact on economic growth from the rapid spread of the coronavirus outside China. "Markets are quite shy of the near term and (worried about) what havoc coronavirus can play in terms of supply chain and global growth," said Saurabh Jain, assistant vice president research, SMC Global Securities. Also Read: Coronavirus outbreak: Chinese stock market suffers setback of $393 billion There was nothing much for the markets beyond the defence deals from Trump's visit, Jain added. India and the United States were making progress on trade, energy and military deals, U.S. President Donald Trump said on Tuesday. Tata Consultancy Services Ltd was the biggest gainers on the Nifty, rising 1.93 per cent, while Dr.Reddy's Laboratories Ltd was the major laggard, falling 2.81 per cent. The Nifty is off 5.1 per cent from its lifetime high hit on January 20, weighed down by the coronavirus outbreak and a lacklustre union budget.

Markets end lower for third session on coronavirus worries