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PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for $705 million, the companies said. The US multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China's leading consumer-focused food and beverage company.

PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for $705 million, the companies said. The US multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China's leading consumer-focused food and beverage company. Also Read: Pepsi Co's advertising blitz drives profit beat, solid forecast "Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that can stretch across a broad portfolio of products, through both online and offline channels," Ram Krishnan, CEO of PepsiCo Greater China, said in a statement on Sunday. "We also expect to leverage Be & Cheery's innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets." Also Read: In a bid to curb plastic pollution, Pepsi and Coca Cola sever ties with Plastics Industry Association Haoxiangni, which is based in the eastern city of Hangzhou, said in a separate filing that it had decided to sell as it wanted to focus on the jujube business. Founded in 2003, Be & Cheery is one of the largest online snack companies in China and reported revenues of about 5 billion yuan ($711.7 million) in 2019, the companies said. The transaction is subject to a Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions, they said.

Chinese snack brand Be & Cheery sold to Pepsico for $705 million

Indian stock benchmark Sensex on Monday sank nearly 807 points, the second biggest single-day fall this year, tracking sell-offs in global markets as <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">coronavirus </a>cases rose exponentially outside <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">China</a>.

Starting off on a weaker note, the BSE gauge plunged to a day's low of 40,306.36 after being caught in a panic selling as investors kept fretting over reporting of a large number of new virus cases in South Korea, Italy and Iran.

Also read: <a href="https://www.wionews.com/world/coronavirus-south-korea-reports-161-new-cases-bringing-total-number-of-infected-to-763-282242">Coronavirus: South Korea reports 161 new cases, bringing total number of infected to 763</a>

The 30-share index finally settled at 40,363.23, dropping 806.89 points or 1.96 per cent, the second biggest one-day fall in 2020.

The Sensex had plunged over 987 points on February 1 this year the day the Union Budget was presented.

While, the broader NSE Nifty sank 251.45 points or 2.08 per cent to 11,829.40.

All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank.

Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red.

In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent.

Watch: Coronavirus death toll surges to 2,469

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank.

Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red.

In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent.

Globally, equities bore the brunt of worsening trading sentiment in the wake of rising virus cases on new regions other than China.

South Korea went on high alert on Sunday following a sharp jump in coronavirus cases, and Italy and Iran took their own drastic containment steps.

The IMF also warned that the deadly epidemic could put an already fragile global economy recovery at risk.

Chinese President <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">Xi Jinping</a> on Sunday said the coronavirus epidemic is the country's "largest public health emergency". The death toll from the deadly virus climbed to 2,592 in China on Monday.

Seoul stocks ended in deep red after South Korea reported 161 more coronavirus cases on Monday, taking the overall virus cases to 763 and making it the world's largest total outside China.

Bourses in <a href="https://www.wionews.com/videos/coronavirus-death-toll-surges-to-2-469-282273">Shanghai</a>, Tokyo and Hong Kong also closed with significant losses.

Stock exchanges in Europe sank in opening trade with Milan's FTSE MIB plunging over 4 per cent after Italy reported its fourth death from the virus as the number of people contracting the virus continued to mount.

Brent crude oil futures dropped over 4 per cent to USD 56.10 per barrel.

On the domestic front, investors were eyeing US President <a href="https://www.wionews.com/india-news/namaste-trump-india-us-relations-are-no-longer-just-another-partnership-says-modi-282373">Donald Trump</a>'s two-day visit to India for further cues on trade front. He reached Ahmedabad earlier in the day.

On the currency front, the Indian rupee was down 30 paise to 71.94 per US dollar.

Indian markets, which were relatively resilient till now have also started pricing in the impact of economic loss due to the spread of coronavirus with a steep fall in equity markets, experts said.

Indian corporates are expected to witness a disruption in supply chain as the manufacturing activities in China slows down considerably, they added.

Indian stock benchmark Sensex on Monday sank nearly 807 points, the second biggest single-day fall this year, tracking sell-offs in global markets as coronavirus cases rose exponentially outside China.

Indian stock benchmark Sensex on Monday sank nearly 807 points, the second biggest single-day fall this year, tracking sell-offs in global markets as coronavirus cases rose exponentially outside China. Starting off on a weaker note, the BSE gauge plunged to a day's low of 40,306.36 after being caught in a panic selling as investors kept fretting over reporting of a large number of new virus cases in South Korea, Italy and Iran. Also read: Coronavirus: South Korea reports 161 new cases, bringing total number of infected to 763 The 30-share index finally settled at 40,363.23, dropping 806.89 points or 1.96 per cent, the second biggest one-day fall in 2020. The Sensex had plunged over 987 points on February 1 this year the day the Union Budget was presented. While, the broader NSE Nifty sank 251.45 points or 2.08 per cent to 11,829.40. All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank. Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red. In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent. Watch: Coronavirus death toll surges to 2,469 All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, HDFC, Titan and ICICI Bank. Sectorally, BSE metal index tumbled nearly 6 per cent, auto 3.39 per cent and telecom 3.33 per cent. All sectoral indices closed in the red. In the broader market, BSE midcap and smallcap indices sank up to 1.60 per cent. Globally, equities bore the brunt of worsening trading sentiment in the wake of rising virus cases on new regions other than China. South Korea went on high alert on Sunday following a sharp jump in coronavirus cases, and Italy and Iran took their own drastic containment steps. The IMF also warned that the deadly epidemic could put an already fragile global economy recovery at risk. Chinese President Xi Jinping on Sunday said the coronavirus epidemic is the country's "largest public health emergency". The death toll from the deadly virus climbed to 2,592 in China on Monday. Seoul stocks ended in deep red after South Korea reported 161 more coronavirus cases on Monday, taking the overall virus cases to 763 and making it the world's largest total outside China. Bourses in Shanghai, Tokyo and Hong Kong also closed with significant losses. Stock exchanges in Europe sank in opening trade with Milan's FTSE MIB plunging over 4 per cent after Italy reported its fourth death from the virus as the number of people contracting the virus continued to mount. Brent crude oil futures dropped over 4 per cent to USD 56.10 per barrel. On the domestic front, investors were eyeing US President Donald Trump's two-day visit to India for further cues on trade front. He reached Ahmedabad earlier in the day. On the currency front, the Indian rupee was down 30 paise to 71.94 per US dollar. Indian markets, which were relatively resilient till now have also started pricing in the impact of economic loss due to the spread of coronavirus with a steep fall in equity markets, experts said. Indian corporates are expected to witness a disruption in supply chain as the manufacturing activities in China slows down considerably, they added.

Indian markets crash as coronavirus alarm spreads globally

Airlines operating in the Asia-Pacific region stand to lose a combined $27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday.

The estimate is based on projections of a 13-per cent full-year decline in passenger demand, mostly in China, the trade body said in a statement.

IATA said its estimate assumed that COVID-19 behaves like a SARS outbreak nearly two decades ago, which was "characterised by a six-month period with a sharp decline followed by an equally quick recovery".

Airlines in China's domestic market alone are estimated to lose around $12.8 billion in revenues.

Carriers outside the Asia-Pacific region are seen suffering $1.5 billion in losses.

This brings worldwide airline revenue lost to the virus to a projected $29.3 billion, IATA said.

If however, the virus spreads more widely to Asia-Pacific markets then impacts on airlines from other regions would be larger, IATA warned.

IATA had previously estimated Asia-Pacific airlines to register a growth of 4.8 per cent this year, but they are now on course instead for a contraction of 8.2 per cent, it said.

Airlines operating in the Asia-Pacific region stand to lose a combined $27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday.

Airlines operating in the Asia-Pacific region stand to lose a combined $27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday. The estimate is based on projections of a 13-per cent full-year decline in passenger demand, mostly in China, the trade body said in a statement. IATA said its estimate assumed that COVID-19 behaves like a SARS outbreak nearly two decades ago, which was "characterised by a six-month period with a sharp decline followed by an equally quick recovery". Airlines in China's domestic market alone are estimated to lose around $12.8 billion in revenues. Carriers outside the Asia-Pacific region are seen suffering $1.5 billion in losses. This brings worldwide airline revenue lost to the virus to a projected $29.3 billion, IATA said. If however, the virus spreads more widely to Asia-Pacific markets then impacts on airlines from other regions would be larger, IATA warned. IATA had previously estimated Asia-Pacific airlines to register a growth of 4.8 per cent this year, but they are now on course instead for a contraction of 8.2 per cent, it said.

Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report

Minister of Commerce and Industry and Railways Piyush Goyal on Friday said that $5 trillion economy is an achievable goal in the coming five years.

"India has a rich pool of management talent. Millions of people have devoted their life serving the nation, serving corporations, serving businesses and serving the government. $5 trillion economy is something that 1.3 billion people will be engaged in creating. It is an achievable goal in the coming five years," he said.

Goyal, who was speaking at the All India Management Association's (AIMA) 64th foundation day and 14th National Management Day, also urged all to come together with collaboration and cooperation, for fulfilling Prime Minister Narendra Modi's vision and mission for the $5 trillion economy, and truly making India a superpower.

Goyal said the MSME is a sector which truly deserves recognition because some of them are doing truly wonderful work.

MSMEs are the largest creator of jobs, largest exporters and largest contributors to the ecosystem and India as a nation cannot survive without them.

"We should all ensure on becoming a nation builder and take our governance and good management practices to the remotest parts of the country," added Goyal.

 
&nbsp;

Minister of Commerce and Industry and Railways Piyush Goyal on Friday said that $5 trillion economy is an achievable goal in the coming five years. "India has a rich pool of management talent.

Minister of Commerce and Industry and Railways Piyush Goyal on Friday said that $5 trillion economy is an achievable goal in the coming five years. "India has a rich pool of management talent. Millions of people have devoted their life serving the nation, serving corporations, serving businesses and serving the government. $5 trillion economy is something that 1.3 billion people will be engaged in creating. It is an achievable goal in the coming five years," he said. Goyal, who was speaking at the All India Management Association's (AIMA) 64th foundation day and 14th National Management Day, also urged all to come together with collaboration and cooperation, for fulfilling Prime Minister Narendra Modi's vision and mission for the $5 trillion economy, and truly making India a superpower. Goyal said the MSME is a sector which truly deserves recognition because some of them are doing truly wonderful work. MSMEs are the largest creator of jobs, largest exporters and largest contributors to the ecosystem and India as a nation cannot survive without them. "We should all ensure on becoming a nation builder and take our governance and good management practices to the remotest parts of the country," added Goyal.

$5 trillion economy an achievable goal in coming 5 years: Piyush Goyal

Walmart's <a href="https://www.wionews.com/business-economy/india-court-stalls-amazon-flipkart-antitrust-probes-report-280715">Flipkart</a> has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival <a href="https://www.wionews.com/business-economy/india-court-stalls-amazon-flipkart-antitrust-probes-report-280715">Amazon.com Inc</a>.

The <a href="https://www.wionews.com/business-economy/amazon-and-flipkart-to-quash-antitrust-investigation-legal-battles-to-follow-280047">Competition Commission of India</a> (CCI) in January ordered a probe into alleged violations of competition law and certain discounting practices by the two e-commerce giants, but a state court put the investigation on hold last week following a challenge by Amazon.

<a href="https://www.wionews.com/business-economy/india-court-stalls-amazon-flipkart-antitrust-probes-report-280715">India court stalls Amazon, Flipkart antitrust probes: Report</a>

Flipkart's legal filing was aimed at signalling the company is aggrieved by the CCI's probe order, a person familiar with the matter said.

The filing comes days ahead of US President Donald Trump's visit to India, and amid US concerns about India's tightening of foreign investment rules for the e-commerce sector.

In its February 18 court filing in southern Bengaluru city, which is not public, <a href="https://www.wionews.com/business-economy/india-court-stalls-amazon-flipkart-antitrust-probes-report-280715">Flipkart </a>argues the CCI ordered its probe without initial evidence that the company's practices were harming competition.

<a href="https://www.wionews.com/business-economy/india-court-stalls-amazon-flipkart-antitrust-probes-report-280715">Flipkart </a>said the CCI order was "perverse (and) passed without any application of mind".

"Such an order exposes responsible corporate entities ... to the rigors of an intrusive investigation prejudicially affecting not only its credibility and reputation, but also its commercial prospects," said <a href="https://www.wionews.com/business-economy/india-court-stalls-amazon-flipkart-antitrust-probes-report-280715">Flipkart</a>, urging the court to quash the probe.

Also read:<a href="https://www.wionews.com/business-economy/amazon-and-flipkart-to-quash-antitrust-investigation-legal-battles-to-follow-280047"> Amazon and Flipkart to quash antitrust investigation; legal battles to follow</a>

A spokesman for Flipkart did not comment on the contents of the filing, saying it was a "procedural matter". The case is likely to be heard next week.

The CCI did not respond to a request for comment.

Amazon and Flipkart have faced criticism from Indian retailers which accuse them of violating local laws by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers.

The companies deny the allegations.

The antitrust probe was ordered after a New Delhi-based trader group complained that the e-commerce giants were promoting select sellers and in turn hurting business for other smaller players.

Flipkart in its filing said the CCI had "failed in its duty" to close the frivolous complaint and an investigation would harm the company's reputation, lead to significant managerial time loss and legal costs.

Walmart's Flipkart has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival Amazon.

Walmart's Flipkart has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival Amazon.com Inc. The Competition Commission of India (CCI) in January ordered a probe into alleged violations of competition law and certain discounting practices by the two e-commerce giants, but a state court put the investigation on hold last week following a challenge by Amazon. India court stalls Amazon, Flipkart antitrust probes: Report Flipkart's legal filing was aimed at signalling the company is aggrieved by the CCI's probe order, a person familiar with the matter said. The filing comes days ahead of US President Donald Trump's visit to India, and amid US concerns about India's tightening of foreign investment rules for the e-commerce sector. In its February 18 court filing in southern Bengaluru city, which is not public, Flipkart argues the CCI ordered its probe without initial evidence that the company's practices were harming competition. Flipkart said the CCI order was "perverse (and) passed without any application of mind". "Such an order exposes responsible corporate entities ... to the rigors of an intrusive investigation prejudicially affecting not only its credibility and reputation, but also its commercial prospects," said Flipkart, urging the court to quash the probe. Also read: Amazon and Flipkart to quash antitrust investigation; legal battles to follow A spokesman for Flipkart did not comment on the contents of the filing, saying it was a "procedural matter". The case is likely to be heard next week. The CCI did not respond to a request for comment. Amazon and Flipkart have faced criticism from Indian retailers which accuse them of violating local laws by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations. The antitrust probe was ordered after a New Delhi-based trader group complained that the e-commerce giants were promoting select sellers and in turn hurting business for other smaller players. Flipkart in its filing said the CCI had "failed in its duty" to close the frivolous complaint and an investigation would harm the company's reputation, lead to significant managerial time loss and legal costs.

After Amazon, Walmart's Flipkart challenges India antitrust probe

Listed Chinese companies are queuing up to issue shares and have already announced plans to raise more than $10 billion in the past week after fundraising rules were relaxed to help ease cash strains caused by the <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">coronavirus</a>.

More than 50 companies, including Bank of Ningbo and battery maker Yinghe Technology, have published as of Thursday fresh or revised plans to raise as much as 73 billion yuan through private placements, according to Reuters calculations.

Also read:<a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891"> Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report</a>

The new rules allow companies to sell shares worth up to 30 per cent of their share capital via private placements compared with 20 per cent previously. The number of investors allowed to participate in such placements was lifted to 35 from 10.

The changes also make the deals more attractive to investors by halving the lock-up periods and enabling more flexible pricing.

The rush to market comes as <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">China </a>has been pumping liquidity into the financial system, cutting interest rates as well as easing other funding avenues, in a bid to limit the economic damage from the coronavirus that has killed over 2,000 people and stalled many business activities.

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 share sales will also be helped by a resurgent stock market. The blue-chip CSI300 has rebounded roughly 13&nbsp;per cent from a low hit on February 3 when traders returned after the new year break, compared with 3.8 per cent for the US S&amp;P 500 benchmark over the same period.

China cut its benchmark lending rate on Thursday, helping lift the tech-heavy ChiNext index to the highest level in almost three years.

"Investors are encouraged by monetary easing, and are looking beyond the epidemic," said Wu Kan, a portfolio manager at Soochow Securities Co.

"China needs a booming stock market to help channel funding to the real economy."

Relaxation of the rules comes as a relief to many companies.

Listed Chinese companies are queuing up to issue shares and have already announced plans to raise more than $10 billion in the past week after fundraising rules were relaxed to help ease cash strains caused by the coronavirus.

Listed Chinese companies are queuing up to issue shares and have already announced plans to raise more than $10 billion in the past week after fundraising rules were relaxed to help ease cash strains caused by the coronavirus. More than 50 companies, including Bank of Ningbo and battery maker Yinghe Technology, have published as of Thursday fresh or revised plans to raise as much as 73 billion yuan through private placements, according to Reuters calculations. Also read: Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report The new rules allow companies to sell shares worth up to 30 per cent of their share capital via private placements compared with 20 per cent previously. The number of investors allowed to participate in such placements was lifted to 35 from 10. The changes also make the deals more attractive to investors by halving the lock-up periods and enabling more flexible pricing. The rush to market comes as China has been pumping liquidity into the financial system, cutting interest rates as well as easing other funding avenues, in a bid to limit the economic damage from the coronavirus that has killed over 2,000 people and stalled many business activities. Also read: Coronavirus poses risks to fragile recovery in global economy: IMF The share sales will also be helped by a resurgent stock market. The blue-chip CSI300 has rebounded roughly 13 per cent from a low hit on February 3 when traders returned after the new year break, compared with 3.8 per cent for the US S&P 500 benchmark over the same period. China cut its benchmark lending rate on Thursday, helping lift the tech-heavy ChiNext index to the highest level in almost three years. "Investors are encouraged by monetary easing, and are looking beyond the epidemic," said Wu Kan, a portfolio manager at Soochow Securities Co. "China needs a booming stock market to help channel funding to the real economy." Relaxation of the rules comes as a relief to many companies.

China firms in $10 billion share sale rush as funding rules eased amid virus worries

<div>Lawyers for <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Carlos Ghosn </a>on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Renault</a>, saying the French carmaker had not given them enough time to prepare arguments.</div>

<div>&nbsp;</div>

<div>The court in Boulogne-Billancourt, near Renault's headquarters outside Paris, granted the request for more time, setting a new hearing date for April 17.</div>

<div>&nbsp;</div>

<div>"We received Renault's arguments only on Monday, and having just four days to respond to 20 pages of arguments is clearly not enough," Ghosn's lawyer Laetitia Ternisien told reporters after the hearing.</div>

<div>
Also read: <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Michael Ovitz to work with Carlos Ghosn; escape of the century may appear on big screens</a>

Ghosn is seeking a 250,000 retirement payout, which Renault refuses to pay because it says the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct.
</div>

<div>The former industry titan claims he retired in due form on his own accord.</div>

<div>&nbsp;</div>

<div>He also seeks a much bigger prize a supplementary pension of 774,774 euros per year for the rest of his life, as well as 380,000 shares granted for reaching performance targets.</div>

<div>&nbsp;</div>

<div>At current prices, that stock grant would be worth over 12 million euros.</div>

<div>
Also read: <a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Japanese lawyers of ex-Nissan chief Carlos Ghosn quit after he flees</a>

Meanwhile, Ghosn also faces a French inquiry over two parties he threw at the Palace of Versailles, including his opulent 2016 wedding, allegedly financed in part by Renault funds.
</div>

<div>He is also being investigated by France's tax fraud office over suspicious financial transactions between Renault and its distributor in the Gulf state of Oman, and over contracts signed by Renault and Nissan's Dutch subsidiary RNBV.</div>

<div>&nbsp;</div>

<div>In Japan, he still faces multiple charges claiming he under-reported millions of dollars in salary as chairman of Renault's alliance partner Nissan.</div>

<div>&nbsp;</div>

<div>He has denied all the charges, but fled to his native Lebanon late last year before he could face trial.</div>

Lawyers for Carlos Ghosn on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer Renault, saying the French carmaker had not given them enough time to prepare arguments.

Lawyers for Carlos Ghosn on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer Renault, saying the French carmaker had not given them enough time to prepare arguments. The court in Boulogne-Billancourt, near Renault's headquarters outside Paris, granted the request for more time, setting a new hearing date for April 17. "We received Renault's arguments only on Monday, and having just four days to respond to 20 pages of arguments is clearly not enough," Ghosn's lawyer Laetitia Ternisien told reporters after the hearing. Also read: Michael Ovitz to work with Carlos Ghosn; escape of the century may appear on big screens Ghosn is seeking a 250,000 retirement payout, which Renault refuses to pay because it says the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct. The former industry titan claims he retired in due form on his own accord. He also seeks a much bigger prize a supplementary pension of 774,774 euros per year for the rest of his life, as well as 380,000 shares granted for reaching performance targets. At current prices, that stock grant would be worth over 12 million euros. Also read: Japanese lawyers of ex-Nissan chief Carlos Ghosn quit after he flees Meanwhile, Ghosn also faces a French inquiry over two parties he threw at the Palace of Versailles, including his opulent 2016 wedding, allegedly financed in part by Renault funds. He is also being investigated by France's tax fraud office over suspicious financial transactions between Renault and its distributor in the Gulf state of Oman, and over contracts signed by Renault and Nissan's Dutch subsidiary RNBV. In Japan, he still faces multiple charges claiming he under-reported millions of dollars in salary as chairman of Renault's alliance partner Nissan. He has denied all the charges, but fled to his native Lebanon late last year before he could face trial.

Carlos Ghosn postpones suit seeking retirement pay from Renault

Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">coronavirus </a>cases in <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">China </a>and elsewhere spreading.

China reported more cases of the disease on Friday, with finance leaders from the Group of 20 major economies meeting in Saudi Arabia over the weekend set to discuss risks to the global economy stemming from the outbreak.

Also read: <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report</a>

Though investors have been sanguine about the long term economic risks from the virus, a steady drip of new cases in countries beyond China has kept worries gnawing away, with South Korea on Friday recording over 50 new cases.

Europe's broad Euro STOXX 600 fell 0.3 per cent, with indexes in London and Paris down 0.5&nbsp;per cent and 0.3&nbsp;per cent respectively.

"It's risk-off - bonds are being bought again and hedges are being put into play at the moment," said Olivier Marciot, investment manager at Unigestion.

Not helping the nerves were manufacturing surveys underscoring the grim state of the Japanese economy.

Japan's purchasing managers' index dropped to 47.6 in February, from 48.8, marking the steepest contraction in seven years.

European surveys painted a somewhat brighter picture, with French business activity growing faster than expected in February on a rebound in the service sector. Germany's private sector expansion also held steady.

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>

British numbers were due out at 0930 GMT.

Gold and US bonds were among the main beneficiaries as funds sought safety.

Yields on 30-year US Treasuries fell below the psychologically important 2&nbsp;per cent level to the lowest since September 2019.

Yields on 10-year notes were down 9 basis points for the week at 1.498&nbsp;per cent, lows last seen in September.

Ten-year German government bond yields fell to a four-month low, with the entire yield curve on the cusp of turning negative. The entire Dutch yield also returned to negative territory.

Gold was last up 0.8&nbsp;per cent at $1,631.16, having added 3.1&nbsp;per cent for the week so far to seven-year highs.

"US and EU equity markets have been sold across the board with core global yields benefiting from safe-haven flows," said Rodrigo Catril, a senior FX strategist at NAB.

Underscoring the economic impact from the coronavirus, the International Air Transport Association (IATA) estimated losses for Asian airlines alone could amount to almost $28 billion this year, with most of that in China.

Corporate earnings are increasingly under threat as US manufacturers, like many others, scramble for alternative sources as China's supply chains seize up.

The MSCI world equity index, which tracks shares in 49 countries, fell 0.2&nbsp;per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1&nbsp;per cent.

E-Mini futures for the S&amp;P 500 slipped 0.3&nbsp;per cent.

Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with coronavirus cases in China and elsewhere spreading.

Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with coronavirus cases in China and elsewhere spreading. China reported more cases of the disease on Friday, with finance leaders from the Group of 20 major economies meeting in Saudi Arabia over the weekend set to discuss risks to the global economy stemming from the outbreak. Also read: Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report Though investors have been sanguine about the long term economic risks from the virus, a steady drip of new cases in countries beyond China has kept worries gnawing away, with South Korea on Friday recording over 50 new cases. Europe's broad Euro STOXX 600 fell 0.3 per cent, with indexes in London and Paris down 0.5 per cent and 0.3 per cent respectively. "It's risk-off - bonds are being bought again and hedges are being put into play at the moment," said Olivier Marciot, investment manager at Unigestion. Not helping the nerves were manufacturing surveys underscoring the grim state of the Japanese economy. Japan's purchasing managers' index dropped to 47.6 in February, from 48.8, marking the steepest contraction in seven years. European surveys painted a somewhat brighter picture, with French business activity growing faster than expected in February on a rebound in the service sector. Germany's private sector expansion also held steady. Also read: Coronavirus poses risks to fragile recovery in global economy: IMF British numbers were due out at 0930 GMT. Gold and US bonds were among the main beneficiaries as funds sought safety. Yields on 30-year US Treasuries fell below the psychologically important 2 per cent level to the lowest since September 2019. Yields on 10-year notes were down 9 basis points for the week at 1.498 per cent, lows last seen in September. Ten-year German government bond yields fell to a four-month low, with the entire yield curve on the cusp of turning negative. The entire Dutch yield also returned to negative territory. Gold was last up 0.8 per cent at $1,631.16, having added 3.1 per cent for the week so far to seven-year highs. "US and EU equity markets have been sold across the board with core global yields benefiting from safe-haven flows," said Rodrigo Catril, a senior FX strategist at NAB. Underscoring the economic impact from the coronavirus, the International Air Transport Association (IATA) estimated losses for Asian airlines alone could amount to almost $28 billion this year, with most of that in China. Corporate earnings are increasingly under threat as US manufacturers, like many others, scramble for alternative sources as China's supply chains seize up. The MSCI world equity index, which tracks shares in 49 countries, fell 0.2 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1 per cent. E-Mini futures for the S&P 500 slipped 0.3 per cent.

Global stocks head for worst week in four as coronavirus spreads

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US&nbsp;President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say.

India, the world's largest milk-producing nation, has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households involved in the industry.

But Prime Minister Narendra Modi is trying to pull all the stops for the US&nbsp;president's Feb. 24-25 visit, aimed at rebuilding bonds between the world's largest democracies.

In 2019, Trump suspended India's special trade designation that dated back to 1970s, after Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localization requirements and e-commerce restrictions.

Also read: <a href="https://www.wionews.com/india-news/us-drops-india-from-developing-nations-list-barring-trade-benefits-280252">US drops India from developing nations list barring trade benefits</a>

Trump's trip to India has raised hopes that he would restore some of the country's US&nbsp;trade preferences, in exchange for tariff reductions and other concessions.

The United States is India's second-largest trade partner after China, and bilateral goods and services trade climbed to a record $142.6 billion in 2018. The United States had a $23.2 billion goods trade deficit in 2019 with India, its 9th largest trading partner in goods.

India has offered to allow imports of US&nbsp;chicken legs, turkey and produce such as blueberries and cherries, Indian government sources said and has offered to cut tariffs on chicken legs from 100 per cent&nbsp;to 25 per cent. US&nbsp;negotiators want that tariff cut to 10 per cent.

The Modi government is also offering to allow some access to India's dairy market, but with a 5 per cent&nbsp;tariff and quotas, the sources said. But dairy imports would need a certificate they are not derived from animals that have consumed feeds that include internal organs, blood meal or tissues of ruminants.

New Delhi has also offered to lower its 50 per cent tariffs on very large motorcycles made by Harley-Davidson, a tax that was a particular irritant for Trump, who has labelled India the "tariff king." The change would be largely symbolic because few such motorcycles are sold in India.

Trump will be feted in Modi's home state of Gujarat, then hold talks in New Delhi and attend a reception that the hosts have promised will be bigger than the one organised for former president Barack Obama in 2015.

Also read: <a href="https://www.wionews.com/india-news/latest-india-news-indo-us-trade-deal-likely-during-donald-trumps-india-visit-sources-278891">Indo-US trade deal likely during Donald Trump's India visit</a>

Enough for Lighthizer

But it is far from clear whether India's offers will be enough to satisfy US&nbsp;Trade Representative Robert Lighthizer, who cancelled plans for a trip to India this week. Instead, he has held telephone talks with Indian Commerce Minister Piyush Goyal.

The US&nbsp;dairy industry remained sceptical on Thursday that a viable deal is at hand.

"We're always looking for market access, but in terms of India, as of today I'm not aware of any real progress going on," said Michael Dykes, president of the International Dairy Foods Association and a member of USTR's agricultural trade policy advisory committee.

Dykes said the US&nbsp;dairy industry was looking for access in viable commercial quantities.

A USTR spokesman and India's trade ministry did not respond to requests for comment.

Privacy law complications

An Indian parliament panel is reviewing a draft data privacy law that imposes stringent controls over cross-border data flows and gives the government powers to seek user data from companies.

It is not clear whether it will be passed, or in what form, but the possibilities have unnerved US&nbsp;companies and could raise compliance requirements for Google, Amazon.com Inc, and Facebook.

The draft law is not part of the trade discussions, Indian officials say, because the issue is too difficult to resolve at the same time.

"The privacy and localization piece will be raised independently and in concert with the trade discussions," said a Washington-based source with knowledge of the US&nbsp;administration's thinking.

Trump on Tuesday was non-committal about sealing a trade deal before his visit. "If we can make the right deal, we'll do it," he told reporters.

Two US&nbsp;sources said progress had been made on proposed alterations to the medical device price caps. India's new import tariffs on medical devices, walnuts, toys, electronics and other products on Feb. 1 surprised US&nbsp;negotiators.

The new tariffs were aimed at China, which also makes medical devices, according to an Indian government source. "We have to protect our market and our companies," the source said.

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say.

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say. India, the world's largest milk-producing nation, has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households involved in the industry. But Prime Minister Narendra Modi is trying to pull all the stops for the US president's Feb. 24-25 visit, aimed at rebuilding bonds between the world's largest democracies. In 2019, Trump suspended India's special trade designation that dated back to 1970s, after Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localization requirements and e-commerce restrictions. Also read: US drops India from developing nations list barring trade benefits Trump's trip to India has raised hopes that he would restore some of the country's US trade preferences, in exchange for tariff reductions and other concessions. The United States is India's second-largest trade partner after China, and bilateral goods and services trade climbed to a record $142.6 billion in 2018. The United States had a $23.2 billion goods trade deficit in 2019 with India, its 9th largest trading partner in goods. India has offered to allow imports of US chicken legs, turkey and produce such as blueberries and cherries, Indian government sources said and has offered to cut tariffs on chicken legs from 100 per cent to 25 per cent. US negotiators want that tariff cut to 10 per cent. The Modi government is also offering to allow some access to India's dairy market, but with a 5 per cent tariff and quotas, the sources said. But dairy imports would need a certificate they are not derived from animals that have consumed feeds that include internal organs, blood meal or tissues of ruminants. New Delhi has also offered to lower its 50 per cent tariffs on very large motorcycles made by Harley-Davidson, a tax that was a particular irritant for Trump, who has labelled India the "tariff king." The change would be largely symbolic because few such motorcycles are sold in India. Trump will be feted in Modi's home state of Gujarat, then hold talks in New Delhi and attend a reception that the hosts have promised will be bigger than the one organised for former president Barack Obama in 2015. Also read: Indo-US trade deal likely during Donald Trump's India visit Enough for Lighthizer But it is far from clear whether India's offers will be enough to satisfy US Trade Representative Robert Lighthizer, who cancelled plans for a trip to India this week. Instead, he has held telephone talks with Indian Commerce Minister Piyush Goyal. The US dairy industry remained sceptical on Thursday that a viable deal is at hand. "We're always looking for market access, but in terms of India, as of today I'm not aware of any real progress going on," said Michael Dykes, president of the International Dairy Foods Association and a member of USTR's agricultural trade policy advisory committee. Dykes said the US dairy industry was looking for access in viable commercial quantities. A USTR spokesman and India's trade ministry did not respond to requests for comment. Privacy law complications An Indian parliament panel is reviewing a draft data privacy law that imposes stringent controls over cross-border data flows and gives the government powers to seek user data from companies. It is not clear whether it will be passed, or in what form, but the possibilities have unnerved US companies and could raise compliance requirements for Google, Amazon.com Inc, and Facebook. The draft law is not part of the trade discussions, Indian officials say, because the issue is too difficult to resolve at the same time. "The privacy and localization piece will be raised independently and in concert with the trade discussions," said a Washington-based source with knowledge of the US administration's thinking. Trump on Tuesday was non-committal about sealing a trade deal before his visit. "If we can make the right deal, we'll do it," he told reporters. Two US sources said progress had been made on proposed alterations to the medical device price caps. India's new import tariffs on medical devices, walnuts, toys, electronics and other products on Feb. 1 surprised US negotiators. The new tariffs were aimed at China, which also makes medical devices, according to an Indian government source. "We have to protect our market and our companies," the source said.

India offers US dairy, chicken access in bid for elusive trade deal with Trump

European plane-maker<a href="https://www.wionews.com/india-news/india-steps-up-probe-into-2006-sale-of-airbus-aircraft-to-indian-airlines-281636"> Airbus</a> said Wednesday it planned to cut 2,362 jobs in its Defence and Space division over the next two years.

Airbus cited a "flat space market and postponed contracts on the defence side" for the decision to cut 829 jobs in Germany, 630 in Spain, 404 in France and 357 in Britain.

A further 142 jobs will be cut in other countries, it said, adding that it was in talks with its European works council on the restructuring. 
"Airbus Defence and Space will provide updates on its plans and continues a constructive dialogue with employee representatives," it said in a statement.

The Defence and Space division accounts for 15 per cent of the group's revenue.

It posted operating losses of $951 million&nbsp;in 2019.

Airbus said that "while the underlying business perspectives, especially in the core business, remain solid", job cuts were necessary after the book-to-bill ratio -&nbsp;the ratio of orders received to amounts billed -&nbsp;fell below one&nbsp;for the third year in a row.

France-based Airbus last week reported a net loss of 1.36 billion euros in 2019, mainly due to a 3.6-billion-euro fine over a bribery scandal and extra development costs for the A400M transport aircraft.

European plane-maker Airbus said Wednesday it planned to cut 2,362 jobs in its Defence and Space division over the next two years. Airbus cited a "flat space market and postponed contracts on the defence side" for the decision to cut 829 jobs in Germany, 630 in Spain, 404 in France and 357 in Britain.

European plane-maker Airbus said Wednesday it planned to cut 2,362 jobs in its Defence and Space division over the next two years. Airbus cited a "flat space market and postponed contracts on the defence side" for the decision to cut 829 jobs in Germany, 630 in Spain, 404 in France and 357 in Britain. A further 142 jobs will be cut in other countries, it said, adding that it was in talks with its European works council on the restructuring. "Airbus Defence and Space will provide updates on its plans and continues a constructive dialogue with employee representatives," it said in a statement. The Defence and Space division accounts for 15 per cent of the group's revenue. It posted operating losses of $951 million in 2019. Airbus said that "while the underlying business perspectives, especially in the core business, remain solid", job cuts were necessary after the book-to-bill ratio - the ratio of orders received to amounts billed - fell below one for the third year in a row. France-based Airbus last week reported a net loss of 1.36 billion euros in 2019, mainly due to a 3.6-billion-euro fine over a bribery scandal and extra development costs for the A400M transport aircraft.

Airbus to cut jobs in defence & space division

Indian shares closed lower on Thursday, as investors booked profit on uncertainty related to a trade deal with the United States.

The US&nbsp;President <a href="https://www.wionews.com/opinions-blogs/heres-why-no-trade-deal-should-be-expected-during-donald-trumps-india-visit-281652">Donald Trump</a> said the United States and India were working on a major trade deal but he was not sure if it would be completed before the US&nbsp;presidential election in November.

The broader NSE Nifty 50 index, as well as the benchmark S&amp;P BSE Sensex, dropped 0.37 per cent&nbsp;to 12,080.85 and 41,170.12, respectively.

Also read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/heres-why-no-trade-deal-should-be-expected-during-donald-trumps-india-visit-281652">Here's why no trade deal should be expected during Donald Trump's India visit</a>

Both the indexes had risen over 1&nbsp;per cent&nbsp;on Wednesday.

For the week, Nifty 50 index shed 0.27 per cent, while the&nbsp;Sensex&nbsp;lost 0.21 per cent.

"After the recent rally, traders are paring their positions ahead of the long weekend," said A.K. Prabhakar, head of research at IDBI Capital.

The domestic markets will remain closed for Shivratri holiday on Friday.

Also read: <a href="https://www.wionews.com/world/coronavirus-outbreak-chinas-hubei-province-reports-108-more-deaths-2-dead-in-iran-281693">Coronavirus outbreak: China's Hubei province reports 108 more deaths; 2 dead in Iran</a>

"Investors are waiting for clarity on the status of China's industries over <a href="https://www.wionews.com/world/coronavirus-outbreak-chinas-hubei-province-reports-108-more-deaths-2-dead-in-iran-281693">coronavirus</a>&nbsp;and expecting some measures from the Indian government," Prabhakar added.

Scores of new coronavirus cases and the first death in South Korea fanned fears on Thursday of the global spread of the pathogen as research suggested it was more contagious than thought.

Cipla Ltd, which ended down 2.6 per cent, lost the most in the Nifty 50 index, while IndusInd Bank was the top gainer at 3.5 per cent.

Indian shares closed lower on Thursday, as investors booked profit on uncertainty related to a trade deal with the United States. The US President Donald Trump said the United States and India were working on a major trade deal but he was not sure if it would be completed before the US presidential election in November.

Indian shares closed lower on Thursday, as investors booked profit on uncertainty related to a trade deal with the United States. The US President Donald Trump said the United States and India were working on a major trade deal but he was not sure if it would be completed before the US presidential election in November. The broader NSE Nifty 50 index, as well as the benchmark S&P BSE Sensex, dropped 0.37 per cent to 12,080.85 and 41,170.12, respectively. Also read: Here's why no trade deal should be expected during Donald Trump's India visit Both the indexes had risen over 1 per cent on Wednesday. For the week, Nifty 50 index shed 0.27 per cent, while the Sensex lost 0.21 per cent. "After the recent rally, traders are paring their positions ahead of the long weekend," said A.K. Prabhakar, head of research at IDBI Capital. The domestic markets will remain closed for Shivratri holiday on Friday. Also read: Coronavirus outbreak: China's Hubei province reports 108 more deaths; 2 dead in Iran "Investors are waiting for clarity on the status of China's industries over coronavirus and expecting some measures from the Indian government," Prabhakar added. Scores of new coronavirus cases and the first death in South Korea fanned fears on Thursday of the global spread of the pathogen as research suggested it was more contagious than thought. Cipla Ltd, which ended down 2.6 per cent, lost the most in the Nifty 50 index, while IndusInd Bank was the top gainer at 3.5 per cent.

Sensex, Nifty end lower on US trade deal uncertainty

The coronavirus epidemic has already disrupted<a href="https://www.wionews.com/business-economy/oil-up-on-slowing-pace-of-coronavirus-venezuela-sanctions-281596"> economic growth in China </a>and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

In a note for G20 finance ministers and central bankers, the global lender mapped out many risks facing the global economy, including the disease and a renewed spike in US-China trade tensions, as well as climate-related disasters.

Watch:&nbsp;Coronavirus - Tourists Disappear from Chinatown, business down

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IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged G20 policymakers to work to reduce other uncertainties linked to trade, climate change and inequality.

"Uncertainty is becoming the new normal," Georgieva wrote in a blog posted on the IMF website. "While some uncertainties — like disease — are out of our control, we should not create new uncertainties where we can avoid it."

<a href="https://www.wionews.com/business-economy/puma-adidas-fear-impacts-of-covid-19-on-china-business-281590">Also read: Puma, Adidas fear impacts of COVID-19 on China business</a>

Finance ministers and central bankers from the top 20 advanced industrialized economies will gather in Riyadh, Saudi Arabia, this week, still uncertain about the impact of the coronavirus, known as COVID-19.

Despite the outbreak, the IMF said it was sticking to its January forecast for 3.3% growth in the global economy this year, up from 2.9% in 2019. It represents a downward revision of 0.1 percentage points from its forecast in October.

It said the recovery would be shallow and could be derailed by re-escalation of trade tensions or a further spread of the disease, which had already disrupted production in China and could affect other countries through tourism, supply chain linkages and commodity prices.

China has said it could still meet its economic growth target for 2020 despite the epidemic. Georgieva said the IMF expected only a small reduction in China's gross domestic product growth unless a protracted outbreak worsens the slowdown.

Even in the best-case scenarios, the projected rate of global growth was modest, she said, urging G20 policymakers to act to reduce trade tensions, mitigate climate change and tackle persistent inequality.

Cyber attacks, an escalation of geopolitical tensions in the Middle East or a breakdown in trade talks between China and the United States could impede the short-term global recovery, the IMF said. Climate-related disasters, protectionism and social and political unrest triggered by persistent inequality posed further economic risks.

In her blog, Georgieva said a Phase 1 trade deal between the United States and China eliminated some negative consequences of trade tensions, reducing the drag on global GDP by 0.2% in 2020, or about one quarter of the total impact.

But it left many tariffs in place and contained managed trade arrangements that could distort trade and investment while costing the global economy many billions of dollars, she said.

She also cited new IMF estimates that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it ocurred.

To respond, policymakers should focus on diversifying energy sources and investing in resilient infrastructure.

Georgieva said it was also critical to address persistently high income and wealth inequalities that she said could foment distrust in government contribute to social unrest.

Ministers could act this week by focusing on raising living standards and creating better-paying jobs through investments in high-quality education, research and digitalization, she said.

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday. In a note for G20 finance ministers and central bankers, the global lender mapped out many risks facing the global economy, including the disease and a renewed spike in US-China trade tensions, as well as climate-related disasters. Watch: Coronavirus - Tourists Disappear from Chinatown, business down × IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged G20 policymakers to work to reduce other uncertainties linked to trade, climate change and inequality. "Uncertainty is becoming the new normal," Georgieva wrote in a blog posted on the IMF website. "While some uncertainties — like disease — are out of our control, we should not create new uncertainties where we can avoid it." Also read: Puma, Adidas fear impacts of COVID-19 on China business Finance ministers and central bankers from the top 20 advanced industrialized economies will gather in Riyadh, Saudi Arabia, this week, still uncertain about the impact of the coronavirus, known as COVID-19. Despite the outbreak, the IMF said it was sticking to its January forecast for 3.3% growth in the global economy this year, up from 2.9% in 2019. It represents a downward revision of 0.1 percentage points from its forecast in October. It said the recovery would be shallow and could be derailed by re-escalation of trade tensions or a further spread of the disease, which had already disrupted production in China and could affect other countries through tourism, supply chain linkages and commodity prices. China has said it could still meet its economic growth target for 2020 despite the epidemic. Georgieva said the IMF expected only a small reduction in China's gross domestic product growth unless a protracted outbreak worsens the slowdown. Even in the best-case scenarios, the projected rate of global growth was modest, she said, urging G20 policymakers to act to reduce trade tensions, mitigate climate change and tackle persistent inequality. Cyber attacks, an escalation of geopolitical tensions in the Middle East or a breakdown in trade talks between China and the United States could impede the short-term global recovery, the IMF said. Climate-related disasters, protectionism and social and political unrest triggered by persistent inequality posed further economic risks. In her blog, Georgieva said a Phase 1 trade deal between the United States and China eliminated some negative consequences of trade tensions, reducing the drag on global GDP by 0.2% in 2020, or about one quarter of the total impact. But it left many tariffs in place and contained managed trade arrangements that could distort trade and investment while costing the global economy many billions of dollars, she said. She also cited new IMF estimates that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it ocurred. To respond, policymakers should focus on diversifying energy sources and investing in resilient infrastructure. Georgieva said it was also critical to address persistently high income and wealth inequalities that she said could foment distrust in government contribute to social unrest. Ministers could act this week by focusing on raising living standards and creating better-paying jobs through investments in high-quality education, research and digitalization, she said.

Coronavirus poses risks to fragile recovery in global economy: IMF

German sportswear makers Adidas and Puma both said on Wednesday that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists travelling and shopping in other markets.

German sportswear makers Adidas and Puma both said on Wednesday that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists travelling and shopping in other markets. Adidas and Puma make almost a third of their sales in Asia, which has been the market for the sporting goods industry in recent years. The region is also a key sourcing hub, with many sneakers produced in China and other Asian countries. Adidas said in a statement that its business in the Greater China area had dropped by about 85 per cent year-on-year in the period since Chinese New Year on January 25. Also Read: Coronavirus toll leaps past 1850 with 93 new deaths in China's Hubei province Adidas said it had also seen lower shopper traffic, mainly in Japan and South Korea, but added that it had not yet registered any major business impact beyond Greater China. "The magnitude of the overall impact on our business for the full-year 2020 cannot be quantified reliably at this point in time," it said, adding it would give more details when it publishes 2019 results on March 11. Adidas sells its products from about 12,000 stores in China, most of them franchises plus less than 500 own-operated stores. Puma said it expected the virus outbreak to hit its sales and profits in the first quarter but it still hopes to reach its targets for 2020. Watch: Coronavirus: Tourists Disappear from Chinatown, business down Puma said more than half of its stores in China were temporarily closed and the decline of the Chinese tourism business was also hurting other markets, especially in Asia. It said the uncertainty about the duration of the virus made it difficult to forecast but it is working under the assumption that the situation will normalise in the short-term. In the fourth quarter, Puma reported its strongest sales growth in the Asia/Pacific region of a currency-adjusted 23 per cent.

Puma, Adidas fear impacts of COVID-19 on China business

Oil prices rose on Wednesday, with Brent gaining for a seventh straight day after a slowing of new coronavirus cases in China eased demand worries and supply was curtailed by a US move to cut more Venezuelan crude from the market.

Oil prices rose on Wednesday, with Brent gaining for a seventh straight day after a slowing of new coronavirus cases in China eased demand worries and supply was curtailed by a US move to cut more Venezuelan crude from the market. Brent crude was up by 75 cents at $58.50 a barrel by 1003 GMT, while US oil was up 66 cents at $52.71 a barrel. China, the world's second-largest economy, has imposed city lockdowns and travel restrictions to contain a virus that has now killed more than 2,000 people, stoking concern over an economic slowdown and a hit to oil demand. Also Read: Oil prices fall on oversupply worries as virus hits China demand "Those in doubt of the economic impact from the virus should take heed from Apple's surprise sales warning ... Put simply, this is the surest sign yet of the coronavirus fallout on the global economy," said PVM analysts in a note. S&P Global Ratings said it expected coronavirus would deliver a "short-term blow" to economic growth in China in the first quarter, echoing findings by the International Energy Agency. Official data showed new cases in China fell for a second straight day, although the World Health Organisation has cautioned there is not enough data to know if the epidemic is being contained. Brent has risen nearly 10 per cent since falling last week to its lowest this year. The market structure is also showing signs of prompt demand for oil picking up, as the front-month Brent futures market is moving deeper back into backwardation when near-term prices are higher than later-dated prices. Also Read: China virus could hit oil prices by $3 per barrel: Goldman This week, oil prices were also buoyed by a US decision to blacklist a trading subsidiary of Russia's Rosneft which President Donald Trump's administration said provided a financial lifeline to Venezuela's government. The grouping, known as OPEC+, has been withholding supply to support prices and meets next month to decide a response to the downturn in demand resulting from the coronavirus epidemic. But in the United States, which is not party to any supply cut agreements, crude oil production has been rising as shale output grows. US shale production is expected to rise to a record 9.2 million barrels a day next month, according to the Energy Information Administration.

Oil up on slowing pace of coronavirus, Venezuela sanctions

India's cabinet on Wednesday approved a plan to sign an initial pact on intellectual property rights with the United States, a government minister said, days ahead of a visit by U.S. President Donald Trump.

The United States has long urged India to strengthen protection for intellectual property and that has been a cause of friction on top of trade disputes between the two countries.

Information and Broadcasting Minister Prakash Javadekar said approval for an MoU with the United States was secured at a cabinet meeting presided over by Prime Minister Narendra Modi.

India's cabinet on Wednesday approved a plan to sign an initial pact on intellectual property rights with the United States, a government minister said, days ahead of a visit by U.

India's cabinet on Wednesday approved a plan to sign an initial pact on intellectual property rights with the United States, a government minister said, days ahead of a visit by U.S. President Donald Trump. The United States has long urged India to strengthen protection for intellectual property and that has been a cause of friction on top of trade disputes between the two countries. Information and Broadcasting Minister Prakash Javadekar said approval for an MoU with the United States was secured at a cabinet meeting presided over by Prime Minister Narendra Modi.

India clears accord on intellectual property rights with US

Shares rose on Wednesday after the finance minister said the government would announce measures to tackle the financial fallout from the <a href="https://www.wionews.com/world/death-toll-in-chinas-coronavirus-passes-2000-passengers-begin-leaving-japan-cruise-ship-281458">coronavirus </a>outbreak amid a fall in new cases in China.

The broader NSE <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-on-coronavirus-fears-metals-drag-277556">Nifty</a>&nbsp;50 index&nbsp;was up 0.93 per cent&nbsp;at 12,1014 by 0401 GMT, while the benchmark S&amp;P BSE <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-on-coronavirus-fears-metals-drag-277556">Sensex&nbsp;</a>rose 0.6&nbsp;per cent&nbsp;to 41,121.51.

Both the indexes declined nearly 1&nbsp;per cent&nbsp;in the last two sessions due to the rising financial impact of the epidemic.

Also read:&nbsp;<a href="https://www.wionews.com/opinions/wion-edit-summarising-the-state-of-indian-economy-274415">Summarising the state of Indian economy</a>

Finance minister <a href="https://www.wionews.com/business-economy/ride-hailing-services-metro-trains-bs-vi-among-other-reasons-for-auto-sector-slowdown-finance-minister-nirmala-sitharaman-248878">Nirmala Sitharaman</a> met more than 200 business leaders to assess the impact of the coronavirus on Tuesday and said the government would unveil measures to help businesses.

However, she did not elaborate on what measures the government would take to limit the impact.

"If the coronavirus threats die down the markets may see a short-term bounce back," said Naveen Kulkarni, head of research at Reliance Securities.

Also read:&nbsp;<a href="https://www.wionews.com/world/death-toll-in-chinas-coronavirus-passes-2000-passengers-begin-leaving-japan-cruise-ship-281458">Death toll in China's coronavirus passes 2,000 as another person dies in Hong Kong</a>

"Corporate earnings have been weak. There are big challenges with regards to the resolution the banking industry has to see. There are banks that are still struggling to raise capital and there are more long-term challenges."

India's industrial output unexpectedly contracted in December, according to data released this month, showing that Asia's third-largest economy remains under pressure.

The blue-chip Nifty 50 index has fallen about 2.6&nbsp;per cent&nbsp;from its Jan. 20 record intraday high of 12,430.50, weighed down by the impact of the outbreak and as the annual federal budget failed to address key concerns among investors.

<a href="https://www.wionews.com/world/bloomberg-qualifies-for-next-debate-and-rivals-are-getting-ready-281390">Yes Bank</a>&nbsp;fell 1.4&nbsp;per cent&nbsp;after the National Stock Exchange said on Tuesday it will drop the lender's shares from the blue-chip index.

The biggest gainer in the Nifty 50 was Bharti Infratel Ltd, up 7.1 per cent, followed by NTPC Ltd, which gained 3.5 per cent.

Shares rose on Wednesday after the finance minister said the government would announce measures to tackle the financial fallout from the coronavirus outbreak amid a fall in new cases in China.

Shares rose on Wednesday after the finance minister said the government would announce measures to tackle the financial fallout from the coronavirus outbreak amid a fall in new cases in China. The broader NSE Nifty 50 index was up 0.93 per cent at 12,1014 by 0401 GMT, while the benchmark S&P BSE Sensex rose 0.6 per cent to 41,121.51. Both the indexes declined nearly 1 per cent in the last two sessions due to the rising financial impact of the epidemic. Also read: Summarising the state of Indian economy Finance minister Nirmala Sitharaman met more than 200 business leaders to assess the impact of the coronavirus on Tuesday and said the government would unveil measures to help businesses. However, she did not elaborate on what measures the government would take to limit the impact. "If the coronavirus threats die down the markets may see a short-term bounce back," said Naveen Kulkarni, head of research at Reliance Securities. Also read: Death toll in China's coronavirus passes 2,000 as another person dies in Hong Kong "Corporate earnings have been weak. There are big challenges with regards to the resolution the banking industry has to see. There are banks that are still struggling to raise capital and there are more long-term challenges." India's industrial output unexpectedly contracted in December, according to data released this month, showing that Asia's third-largest economy remains under pressure. The blue-chip Nifty 50 index has fallen about 2.6 per cent from its Jan. 20 record intraday high of 12,430.50, weighed down by the impact of the outbreak and as the annual federal budget failed to address key concerns among investors. Yes Bank fell 1.4 per cent after the National Stock Exchange said on Tuesday it will drop the lender's shares from the blue-chip index. The biggest gainer in the Nifty 50 was Bharti Infratel Ltd, up 7.1 per cent, followed by NTPC Ltd, which gained 3.5 per cent.

Nifty, Sensex gain on hopes of government aid to tackle virus impact

Samsung Electronics has launched smartphone delivery services for customers to test its new products, as the spread of the coronavirus has prompted the tech giant to cancel promotional events and brace for weak store sales.

Samsung Electronics has launched smartphone delivery services for customers to test its new products, as the spread of the coronavirus has prompted the tech giant to cancel promotional events and brace for weak store sales. The move highlights efforts made by the global smartphone industry, one of the tech sectors most hurt by the virus outbreak in China, to minimise the impact on business. Analysts say the virus may slash demand for smartphones by half in the first quarter in China, the world's biggest market for the devices. Also Read: Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings Apple Inc warned on Monday it was unlikely to meet a sales target set just three weeks ago, while Xiaomi Corp had to live-stream its smartphone launch event last week because of nationwide restrictions on travel and large gatherings. Samsung, which unveiled a new foldable smartphone and a trio of its flagship Galaxy S20 models last week, is also curtailing brick-and-mortar marketing. The South Korean smartphone maker has decided to sharply cut the number of in-store "experimental zones," where consumers can try out the latest phones, and skip promotional events such as "Galaxy fan parties" for the latest device over worries about the spread of the virus, dubbed SARS-Cov-2. [ The logo of Samsung Electronics is seen at its office building in Seoul, South Korea (Courtesy: Reuters) ] There will only be nine such zones for the Galaxy S20, compared with the 130 it had for Galaxy Note 10 series in South Korea, according to Samsung's website. Samsung customers who want to try out the Galaxy S20 can have one delivered to their door and can use it for up to 24 hours. A delivery worker will reportedly pick it up after that. "We are introducing a new service, as coronavirus-related issues could result in less in-store experience," one of the people said, adding that the service is expected to be available only in some parts of South Korea.

Samsung offers phone delivery service for test use to ride out COVID-19 impact

After a Supreme Court rap for missing payment deadline, top telecom firms Bharti Airtel, Vodafone Idea and Tata Teleservices on Monday scrambled to pay a part of the outstanding dues even as the apex court refused to stop the government from taking coercive action for any further delay in clearing full dues.

While Airtel paid Rs 10,000 crore, Vodafone Idea Ltd put in Rs 2,500 crore and promised to pay another Rs 1,000 crore before the end of the week. Tata Teleservices Ltd paid Rs 2,197 crore, the entire outstanding it believes to have arisen after the October 24 ruling of the apex court for calculating dues after adding non-telecom revenues.

The Department of Telecommunications (DoT), which was last week rapped on the knuckles for ordering no coercive action even after telcos missed the January 23 payment deadline set by the Supreme Court, is mulling the option of encashing bank guarantees given by firms when they got telecom licences, sources said.

Encashing of the bank guarantees may sound the death knell for companies such as Vodafone Idea Ltd which has been struggling to garner the dues. 
In a related development, the telecom companies started disputing the DoT estimate of the due amount and indicated they will pay as per their 'self-assessment'.

Also read: <a href="https://www.wionews.com/india-news/the-telecom-story-consequences-of-supreme-courts-ruling-281215">The telecom tremors - Consequences of Supreme Court's ruling</a>

The telecom department officials will meet on Tuesday to discuss whether or not the bank guarantees should be encashed, as none of the telcos has paid the full payment.

Sources said that the option of encashment of bank guarantees is being considered and that "nothing is off the table". A decision on the matter may be taken on Tuesday, the source added.

Separately, Reserve Bank of India (RBI) Governor Shaktikanta Das in an interview to PTI said that the central bank is "very closely monitoring" the fallout of the crisis on lenders.

In the Supreme Court, senior advocate Mukul Rohatgi, appearing on behalf of Vodafone Idea, urged for no coercive action after the initial payment of Rs 2,500 crore is made by the end of the day and another Rs 1,000 crore by Friday. The apex court rejected the plea, giving room to DoT to take coercive action including encashment of the bank guarantees.

A financial bank guarantee is equal to two quarters of licence fee and other dues. This amount could be in the range of Rs 5,000 crore for Airtel and Vodafone Idea.

Meanwhile, Oil Minister Dharmendra Pradhan on Monday said he believes non-telecom PSUs are not covered by the Supreme Court order that asked telecom licence holders to pay statutory dues after including non-telecom revenues.

Following the October 24 Supreme Court ruling that non-telecom revenues of telecom firms such as Bharti Airtel and Vodafone Idea should be included for considering payments of government dues, the telecom department sought Rs 1.83 lakh crore from gas utility GAIL India Ltd, about Rs 48,500 crore from OIL, Rs 21,953.65 crore from Power Grid Corp and Rs 15,020 crore from Gujarat Narmada Valley Fertilizers &amp; Chemicals Ltd.

The government's demand from such companies was many times more than their net worth.

"The DoT has served notice to government oil companies due to some communication gap. We have placed our side after doing all legal consultations," Pradhan said adding telecom was not a core business for these PSUs.

The Supreme Court last week rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licences. It threatened to initiate contempt proceedings against top executives of these firms for non-payment.

Some telecom firms are already struggling with mounting losses and debt and the additional liability has raised concerns of them defaulting on existing loans.

Of the estimated dues that include interest and penalty for late payments, Airtel and Vodafone Idea owe about 60 per cent.

While Airtel on Monday paid Rs 10,000 crore out of the Rs 35,586 crore dues that DoT thinks the company owes to the government, Vodafone Idea paid Rs 2,500 crore and promised to pay another Rs 1,000 crore by Friday to clear a part of the DoT estimated dues of Rs 53,000 crore.

Airtel said it will clear the remaining dues before the next date of hearing on March 17 but Vodafone Idea has so far not provided a clear deadline for making further payments.

"Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd have made a payment of Rs 2,197 crore to the DoT towards license fee and spectrum usage charges," the company said in a statement.

The payment is to settle all its AGR outstanding.

"TTSL and TTML have also submitted to DoT the details of calculations in support of the payment," it said.

In a regulatory filing, Bharti Airtel said it has paid "an amount of Rs 10,000 crore to the DoT" which includes an amount on behalf of Telenor India (the firm which merged with the company) and Rs 500 crore on behalf of Bharti Hexacom Limited, a subsidiary.

"The company is in a process of completing the self-assessment exercise expeditiously and will make the balance payment upon completion of the same, before the next date of hearing in the Supreme Court," it added.

In a separate statement, Vodafone Idea Ltd said its authorised the company to pay Rs 2,500 crore immediately and another Rs 1,000 crore before the end of the week.

"The board will take further stock of the situation to see how further additional payments can be made," the company said in a regulatory filing.

After a Supreme Court rap for missing payment deadline, top telecom firms Bharti Airtel, Vodafone Idea and Tata Teleservices on Monday scrambled to pay a part of the outstanding dues even as the apex court refused to stop the government from taking coercive action for any further delay in clearing full dues.

After a Supreme Court rap for missing payment deadline, top telecom firms Bharti Airtel, Vodafone Idea and Tata Teleservices on Monday scrambled to pay a part of the outstanding dues even as the apex court refused to stop the government from taking coercive action for any further delay in clearing full dues. While Airtel paid Rs 10,000 crore, Vodafone Idea Ltd put in Rs 2,500 crore and promised to pay another Rs 1,000 crore before the end of the week. Tata Teleservices Ltd paid Rs 2,197 crore, the entire outstanding it believes to have arisen after the October 24 ruling of the apex court for calculating dues after adding non-telecom revenues. The Department of Telecommunications (DoT), which was last week rapped on the knuckles for ordering no coercive action even after telcos missed the January 23 payment deadline set by the Supreme Court, is mulling the option of encashing bank guarantees given by firms when they got telecom licences, sources said. Encashing of the bank guarantees may sound the death knell for companies such as Vodafone Idea Ltd which has been struggling to garner the dues. In a related development, the telecom companies started disputing the DoT estimate of the due amount and indicated they will pay as per their 'self-assessment'. Also read: The telecom tremors - Consequences of Supreme Court's ruling The telecom department officials will meet on Tuesday to discuss whether or not the bank guarantees should be encashed, as none of the telcos has paid the full payment. Sources said that the option of encashment of bank guarantees is being considered and that "nothing is off the table". A decision on the matter may be taken on Tuesday, the source added. Separately, Reserve Bank of India (RBI) Governor Shaktikanta Das in an interview to PTI said that the central bank is "very closely monitoring" the fallout of the crisis on lenders. In the Supreme Court, senior advocate Mukul Rohatgi, appearing on behalf of Vodafone Idea, urged for no coercive action after the initial payment of Rs 2,500 crore is made by the end of the day and another Rs 1,000 crore by Friday. The apex court rejected the plea, giving room to DoT to take coercive action including encashment of the bank guarantees. A financial bank guarantee is equal to two quarters of licence fee and other dues. This amount could be in the range of Rs 5,000 crore for Airtel and Vodafone Idea. Meanwhile, Oil Minister Dharmendra Pradhan on Monday said he believes non-telecom PSUs are not covered by the Supreme Court order that asked telecom licence holders to pay statutory dues after including non-telecom revenues. Following the October 24 Supreme Court ruling that non-telecom revenues of telecom firms such as Bharti Airtel and Vodafone Idea should be included for considering payments of government dues, the telecom department sought Rs 1.83 lakh crore from gas utility GAIL India Ltd, about Rs 48,500 crore from OIL, Rs 21,953.65 crore from Power Grid Corp and Rs 15,020 crore from Gujarat Narmada Valley Fertilizers & Chemicals Ltd. The government's demand from such companies was many times more than their net worth. "The DoT has served notice to government oil companies due to some communication gap. We have placed our side after doing all legal consultations," Pradhan said adding telecom was not a core business for these PSUs. The Supreme Court last week rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licences. It threatened to initiate contempt proceedings against top executives of these firms for non-payment. Some telecom firms are already struggling with mounting losses and debt and the additional liability has raised concerns of them defaulting on existing loans. Of the estimated dues that include interest and penalty for late payments, Airtel and Vodafone Idea owe about 60 per cent. While Airtel on Monday paid Rs 10,000 crore out of the Rs 35,586 crore dues that DoT thinks the company owes to the government, Vodafone Idea paid Rs 2,500 crore and promised to pay another Rs 1,000 crore by Friday to clear a part of the DoT estimated dues of Rs 53,000 crore. Airtel said it will clear the remaining dues before the next date of hearing on March 17 but Vodafone Idea has so far not provided a clear deadline for making further payments. "Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd have made a payment of Rs 2,197 crore to the DoT towards license fee and spectrum usage charges," the company said in a statement. The payment is to settle all its AGR outstanding. "TTSL and TTML have also submitted to DoT the details of calculations in support of the payment," it said. In a regulatory filing, Bharti Airtel said it has paid "an amount of Rs 10,000 crore to the DoT" which includes an amount on behalf of Telenor India (the firm which merged with the company) and Rs 500 crore on behalf of Bharti Hexacom Limited, a subsidiary. "The company is in a process of completing the self-assessment exercise expeditiously and will make the balance payment upon completion of the same, before the next date of hearing in the Supreme Court," it added. In a separate statement, Vodafone Idea Ltd said its authorised the company to pay Rs 2,500 crore immediately and another Rs 1,000 crore before the end of the week. "The board will take further stock of the situation to see how further additional payments can be made," the company said in a regulatory filing.

Airtel, Voda, Idea make part payment; DoT mulls encashing bank guarantees

Apple said on Monday that it will not be able to meet revenue estimates for the March quarter due to the coronavirus outbreak in China, making it the first major US company to admit the impact of the virus.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/lates-india-news-wistron-to-start-assembly-of-key-iphone-component-in-india-soon-278274">Wistron to start assembly of key iPhone component in India soon</a>

The iPhone maker says its supply of smartphones would be hampered as production was slower than expected.

The company had forecast $63 billion to $67 billion in revenue for the quarter ending in March. Apple makes most of its iPhones and other products in China.

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The outbreak temporarily halted production and also closed all retail stores in the country.

While all iPhone factories located outside of the Hubei province, which is the centre of the outbreak, have reopened, Apple has said that they are "ramping up slower than expected".

Some Apple retail stores also reopened in China with reduced hours last week. This comes at a time when sales of iPhones were up for the first time in a year.

It spells bad news for China which is the world's biggest market for smartphones. Analysts estimate that this coronavirus could slash the demand for smartphones by almost half in the first quarter of this year.

Apple said on Monday that it will not be able to meet revenue estimates for the March quarter due to the coronavirus outbreak in China, making it the first major US company to admit the impact of the virus.

Apple said on Monday that it will not be able to meet revenue estimates for the March quarter due to the coronavirus outbreak in China, making it the first major US company to admit the impact of the virus. Also read: Wistron to start assembly of key iPhone component in India soon The iPhone maker says its supply of smartphones would be hampered as production was slower than expected. The company had forecast $63 billion to $67 billion in revenue for the quarter ending in March. Apple makes most of its iPhones and other products in China. × The outbreak temporarily halted production and also closed all retail stores in the country. While all iPhone factories located outside of the Hubei province, which is the centre of the outbreak, have reopened, Apple has said that they are "ramping up slower than expected". Some Apple retail stores also reopened in China with reduced hours last week. This comes at a time when sales of iPhones were up for the first time in a year. It spells bad news for China which is the world's biggest market for smartphones. Analysts estimate that this coronavirus could slash the demand for smartphones by almost half in the first quarter of this year.

Apple says it won't be able to meet revenue estimates for March quarter due to coronavirus 

Hong Kong's seasonally adjusted unemployment rate rose to 3.4 per cent in the November to January period, the highest in more than three years, government figures showed on Tuesday, as worries grew over the economic impact of the coronavirus.

Hong Kong's seasonally adjusted unemployment rate rose to 3.4 per cent in the November to January period, the highest in more than three years, government figures showed on Tuesday, as worries grew over the economic impact of the coronavirus. The labour market had slackened further as economic conditions remained weak, Secretary for Labour and Welfare, Law Chi-Kwong, said in a statement. Also Read : Fearing virus, Hong Kong residents stock up on food, essentials "The labour market will be subject to even more pressure in the near term, as the threat of the novel coronavirus infection has already caused severe disruptions to a wide range of economic activities lately, particularly the consumption- and tourism-related sectors," Law added. The seasonally adjusted unemployment rate rose from 3.3 per cent in the previous three-month period, the data showed. The underemployment rate remained unchanged at 1.2 per cent. The combined unemployment rate in the consumption and tourism sectors stayed at 5.2 per cent, its highest in more than three years. Hong Kong's economy contracted for the first time in a decade in 2019 as violent anti-government protests and the Sino-US trade dispute took more steam out of the economy.

Hong Kong's unemployment rate rises to 3.4 per cent, highest in three years

<a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">HSBC Holdings PLC</a> said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its US&nbsp;and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.

The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">coronavirus </a>epidemic, Britain's European Union exit and lower central bank interest rates.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">HSBC CEO John Flint resigns as bank faces 'challenging' geopolitics</a>

In the latest in a series of overhauls since the 2008 financial crisis, <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">HSBC </a>said it would merge its private banking and wealth businesses, axe European stock trading and cut US&nbsp;retail branches as it seeks to remove $4.5 billion in costs.

"The totality of this program is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years," Noel Quinn, interim chief executive, told Reuters.

The restructuring, one of the largest undertaken by a blue chip lender for more than a decade, will be partly managed through natural attrition as people leave the bank, he said.

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">Coronavirus toll leaps past 1850 with 93 new deaths in China's Hubei province</a>

The UK-based bank, whose huge Asian operations are headquartered in Hong Kong, said the <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">coronavirus </a>epidemic had significantly impacted staff and customers. In the long run it could reduce revenue and cause bad loans to rise as supply chains are disrupted, Quinn said.

The virus has killed almost 1,900 people, overwhelmingly in mainland China, and infected more than 70,000, while its economic impact is spreading across the globe.

<a href="https://www.wionews.com/business-economy/us-government-fines-hsbc-1924-million-in-tax-evasion-case-267705">HSBC </a>veteran Quinn is auditioning for the permanent role of CEO, which the bank said in August would be announced within six to 12 months.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/us-government-fines-hsbc-1924-million-in-tax-evasion-case-267705">US government fines HSBC $192.4 million in tax evasion case</a>

"In one sense, they are doing the things that were obvious and had been called out by many, so it's good," Hugh Young, managing director at Aberdeen Asset Management Asia, one of HSBC's 20 largest investors said.

"Getting this done will require a fair amount of work, then we need to see how it settles down. Noel is doing a good job in very difficult circumstances," he added.

Europe's biggest bank by assets, which makes the bulk of its revenue in Asia, said profit before tax tumbled by a third to $13.35 billion in 2019, far below the average estimate of $20.03 billion from brokerages compiled by the bank.

That was due to $7.3 billion in write-offs linked to its global banking and markets and commercial banking business units in Europe.

In the United States, where the bank has underperformed for years, <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">HSBC </a>said it would close around a third of its 224 branches and target only international and wealthier clients.

The lender's shares were down 3.7 per cent at 568 pence at the London market open.

HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its US and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.

HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its US and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years. The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the coronavirus epidemic, Britain's European Union exit and lower central bank interest rates. Also read: HSBC CEO John Flint resigns as bank faces 'challenging' geopolitics In the latest in a series of overhauls since the 2008 financial crisis, HSBC said it would merge its private banking and wealth businesses, axe European stock trading and cut US retail branches as it seeks to remove $4.5 billion in costs. "The totality of this program is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years," Noel Quinn, interim chief executive, told Reuters. The restructuring, one of the largest undertaken by a blue chip lender for more than a decade, will be partly managed through natural attrition as people leave the bank, he said. Also read: Coronavirus toll leaps past 1850 with 93 new deaths in China's Hubei province The UK-based bank, whose huge Asian operations are headquartered in Hong Kong, said the coronavirus epidemic had significantly impacted staff and customers. In the long run it could reduce revenue and cause bad loans to rise as supply chains are disrupted, Quinn said. The virus has killed almost 1,900 people, overwhelmingly in mainland China, and infected more than 70,000, while its economic impact is spreading across the globe. HSBC veteran Quinn is auditioning for the permanent role of CEO, which the bank said in August would be announced within six to 12 months. Also read: US government fines HSBC $192.4 million in tax evasion case "In one sense, they are doing the things that were obvious and had been called out by many, so it's good," Hugh Young, managing director at Aberdeen Asset Management Asia, one of HSBC's 20 largest investors said. "Getting this done will require a fair amount of work, then we need to see how it settles down. Noel is doing a good job in very difficult circumstances," he added. Europe's biggest bank by assets, which makes the bulk of its revenue in Asia, said profit before tax tumbled by a third to $13.35 billion in 2019, far below the average estimate of $20.03 billion from brokerages compiled by the bank. That was due to $7.3 billion in write-offs linked to its global banking and markets and commercial banking business units in Europe. In the United States, where the bank has underperformed for years, HSBC said it would close around a third of its 224 branches and target only international and wealthier clients. The lender's shares were down 3.7 per cent at 568 pence at the London market open.

HSBC to slash investment bank, 35,000 jobs in strategy overhaul

The Indian rupee tumbled by 24 paise to settle at 71.56 (provisional) against the US dollar on Tuesday as concerns over the economic fallout from coronavirus outbreak continued to roil forex market sentiment.

Besides, sustained foreign fund outflows and subdued equities also put pressure on the rupee.

Starting off the session on a weaker note, the rupee weakened further to hit the day's low of 71.56 against the American currency. The domestic unit finally settled the day at 71.56, a drop of 24 paise over its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.15 per cent to 99.15.

The 10-year government bond yield was at 6.39 per cent.

Global crude oil benchmark Brent futures dropped 1.89 per cent to trade at $56.58 per barrel.

"Rupee started the day at weak note crossing beyond 71.50, majorly on back of selling from institution in risky assets as FIIs (are) likely to be pulling out money from equities as the global market keep a check on slowdown affects on rising Coronavirus fears in China," LKP Securities Senior Research Analyst (Commodity &amp; Currency) Jateen Trivedi said.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.4259 and for rupee/euro at 77.4162. The reference rate for rupee/British pound was fixed at 93.1737 and for rupee/100 Japanese yen at 65.02.

On the equities front, the Sensex was down 161.31 points or 0.39 per cent at 40,894.38, while the NSE barometer Nifty settled at 11,992.50, showing a fall of 53.30 points or 0.44 per cent.

Meanwhile, worries over rising death toll and the economic fallout from the novel coronavirus continued to haunt investors globally.

The coronavirus epidemic that emerged in central China has now killed nearly 1,800 people and has spread around the world.&nbsp;

The Indian rupee tumbled by 24 paise to settle at 71.56 (provisional) against the US dollar on Tuesday as concerns over the economic fallout from coronavirus outbreak continued to roil forex market sentiment.

The Indian rupee tumbled by 24 paise to settle at 71.56 (provisional) against the US dollar on Tuesday as concerns over the economic fallout from coronavirus outbreak continued to roil forex market sentiment. Besides, sustained foreign fund outflows and subdued equities also put pressure on the rupee. Starting off the session on a weaker note, the rupee weakened further to hit the day's low of 71.56 against the American currency. The domestic unit finally settled the day at 71.56, a drop of 24 paise over its previous close. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.15 per cent to 99.15. The 10-year government bond yield was at 6.39 per cent. Global crude oil benchmark Brent futures dropped 1.89 per cent to trade at $56.58 per barrel. "Rupee started the day at weak note crossing beyond 71.50, majorly on back of selling from institution in risky assets as FIIs (are) likely to be pulling out money from equities as the global market keep a check on slowdown affects on rising Coronavirus fears in China," LKP Securities Senior Research Analyst (Commodity & Currency) Jateen Trivedi said. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.4259 and for rupee/euro at 77.4162. The reference rate for rupee/British pound was fixed at 93.1737 and for rupee/100 Japanese yen at 65.02. On the equities front, the Sensex was down 161.31 points or 0.39 per cent at 40,894.38, while the NSE barometer Nifty settled at 11,992.50, showing a fall of 53.30 points or 0.44 per cent. Meanwhile, worries over rising death toll and the economic fallout from the novel coronavirus continued to haunt investors globally. The coronavirus epidemic that emerged in central China has now killed nearly 1,800 people and has spread around the world.

Rupee slips 24 paise to settle at 71.56 against US dollar

Companies in India are projected to dole out an average salary hike of 9.1 per cent this year, the highest level in the Asia Pacific region, as they look for key talent and niche skills, says a report.

However, the quantum is lower than 9.3 per cent increase seen in 2019 and also the lowest in a decade.

Leading HR consultancy Aon's annual salary hike survey released on Tuesday also showed that around 39 per cent of the companies surveyed are expected to give as much as 10 per cent increase in pay.

The results are based on responses from over 1,000 organisations spread across more than 20 industries.

In the Asia-Pacific region, India is expected to dole out the highest salary hike at 9.1 per cent, followed by China at 6.3 per cent this year.

For India, the previous lowest quantum of the hike was 6.6 per cent in 2009, as per Aon.

As per the survey, Philippines is anticipated to see a salary rise of 5.8 per cent, followed by Malaysia (5.3 per cent), Singapore (3.8 per cent) and Australia (3.1 per cent) in 2020.

"Despite economic challenges in 2019, organisations in India are taking a positive view. Pay increases in India continue to be the highest in the region," Tzeitel Fernandes, Partner (Rewards Solutions) at Aon told reporters.

A big reason for India's higher salary increase, as compared to other growing economies, is the high inflation rate and the war for key talent and niche skills, Fernandes noted.

In 2019, companies in India gave an average pay increase of 9.3 per cent, reflecting a slowdown in the economy compared to 2018, the survey said.

According to the survey, 39 per cent of firms are expected to raise the salary over 10 per cent while 42 per cent would go for an increase between 8-10 per cent.

In the manufacturing segment, pharmaceuticals is expected to give the highest salary hike followed by FMCG and chemicals, among others.

E-commerce and professional services businesses are expected to give double-digit salary increase this year in the services sector.

"We see a reduction in the differences between pay increases across industries, with 85 per cent of the organisations projecting between 7-11 per cent, a sign of maturing business ecosystems.

"However, the premium for high performance and new-age skills continues to rise," Navneet Rattan, Director (Organisation, Performance and Rewards) at Aon India, said.

About business outlook, 92 per cent of the firms surveyed expect their business improving or stabilising in 2020 while the rest 8 per cent felt there would be a decline in business.&nbsp;

Companies in India are projected to dole out an average salary hike of 9.1 per cent this year, the highest level in the Asia Pacific region, as they look for key talent and niche skills, says a report.

Companies in India are projected to dole out an average salary hike of 9.1 per cent this year, the highest level in the Asia Pacific region, as they look for key talent and niche skills, says a report. However, the quantum is lower than 9.3 per cent increase seen in 2019 and also the lowest in a decade. Leading HR consultancy Aon's annual salary hike survey released on Tuesday also showed that around 39 per cent of the companies surveyed are expected to give as much as 10 per cent increase in pay. The results are based on responses from over 1,000 organisations spread across more than 20 industries. In the Asia-Pacific region, India is expected to dole out the highest salary hike at 9.1 per cent, followed by China at 6.3 per cent this year. For India, the previous lowest quantum of the hike was 6.6 per cent in 2009, as per Aon. As per the survey, Philippines is anticipated to see a salary rise of 5.8 per cent, followed by Malaysia (5.3 per cent), Singapore (3.8 per cent) and Australia (3.1 per cent) in 2020. "Despite economic challenges in 2019, organisations in India are taking a positive view. Pay increases in India continue to be the highest in the region," Tzeitel Fernandes, Partner (Rewards Solutions) at Aon told reporters. A big reason for India's higher salary increase, as compared to other growing economies, is the high inflation rate and the war for key talent and niche skills, Fernandes noted. In 2019, companies in India gave an average pay increase of 9.3 per cent, reflecting a slowdown in the economy compared to 2018, the survey said. According to the survey, 39 per cent of firms are expected to raise the salary over 10 per cent while 42 per cent would go for an increase between 8-10 per cent. In the manufacturing segment, pharmaceuticals is expected to give the highest salary hike followed by FMCG and chemicals, among others. E-commerce and professional services businesses are expected to give double-digit salary increase this year in the services sector. "We see a reduction in the differences between pay increases across industries, with 85 per cent of the organisations projecting between 7-11 per cent, a sign of maturing business ecosystems. "However, the premium for high performance and new-age skills continues to rise," Navneet Rattan, Director (Organisation, Performance and Rewards) at Aon India, said. About business outlook, 92 per cent of the firms surveyed expect their business improving or stabilising in 2020 while the rest 8 per cent felt there would be a decline in business.

Lowest in a decade! India Inc to dole out average 9.1% salary hike in 2020

HSBC Bank to cut 15% of total global workforce. Bank operates in 64 countries. There would be “meaningful” job cuts in the UK, mainly affecting its head office operations and global banks and markets business.

HSBC bank plans massive job cut

Singapore aims to phase out petrol and diesel vehicles by 2040, making a bigger bet on electric cars as part of its efforts to cut greenhouse gases and fight climate change, the finance minister said on Tuesday.

The wealthy city-state of 5.7 million, which is hiking investment in flood defences, joins Norway, Britain and others in setting a target to cut the use of vehicles with combustion engines.

Also read:&nbsp;<a href="https://www.wionews.com/world/uk-wants-petrol-diesel-vehicles-out-by-2035-proposes-switching-to-hybrid-vehicles-278805">UK wants petrol &amp; diesel vehicles out by 2035, proposes switching to hybrid vehicles</a>

"Our vision is to phase out ICE (internal combustion engine) vehicles and have all vehicles run on cleaner energy by 2040," Finance Minister Heng Swee Keat said in his budget speech.

<a href="https://www.wionews.com/videos/chinese-aerobatic-team-amazes-spectators-at-singapore-airshow-280354">Singapore</a>, which has been criticised by <a href="https://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Tesla </a>CEO <a href="https://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Elon Musk</a> as not being supportive of electric vehicles, is one of the most expensive places in the world to buy a car and there are few electric vehicles on the roads.

Also read:&nbsp;<a href="https://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Musk hands over first Tesla Model 3 electric cars to early buyers</a>

In Tuesday's budget, Heng said measures to encourage electric vehicle adoption included a registration fee rebate on purchases of fully electric car and taxis.

The country, an oil-refining hub, will also expand public charging infrastructure to 28,000 points by 2030 from 1,600 now.

"As a low-lying island nation, rising sea levels threatens our very existence," Heng said, adding that he was setting aside a coastal and flood protection fund with an initial injection of S$5 billion.

Last year, the Finance&nbsp;Minister said protecting Singapore against rising sea levels could cost S$100 billion or more over 100 years.

Singapore aims to phase out petrol and diesel vehicles by 2040, making a bigger bet on electric cars as part of its efforts to cut greenhouse gases and fight climate change, the finance minister said on Tuesday.

Singapore aims to phase out petrol and diesel vehicles by 2040, making a bigger bet on electric cars as part of its efforts to cut greenhouse gases and fight climate change, the finance minister said on Tuesday. The wealthy city-state of 5.7 million, which is hiking investment in flood defences, joins Norway, Britain and others in setting a target to cut the use of vehicles with combustion engines. Also read: UK wants petrol & diesel vehicles out by 2035, proposes switching to hybrid vehicles "Our vision is to phase out ICE (internal combustion engine) vehicles and have all vehicles run on cleaner energy by 2040," Finance Minister Heng Swee Keat said in his budget speech. Singapore, which has been criticised by Tesla CEO Elon Musk as not being supportive of electric vehicles, is one of the most expensive places in the world to buy a car and there are few electric vehicles on the roads. Also read: Musk hands over first Tesla Model 3 electric cars to early buyers In Tuesday's budget, Heng said measures to encourage electric vehicle adoption included a registration fee rebate on purchases of fully electric car and taxis. The country, an oil-refining hub, will also expand public charging infrastructure to 28,000 points by 2030 from 1,600 now. "As a low-lying island nation, rising sea levels threatens our very existence," Heng said, adding that he was setting aside a coastal and flood protection fund with an initial injection of S$5 billion. Last year, the Finance Minister said protecting Singapore against rising sea levels could cost S$100 billion or more over 100 years.

Singapore aims to phase out petrol and diesel vehicles by 2040

Equity benchmark indices <a href="https://www.wionews.com/business-economy/nifty-sensex-fall-as-telecom-exposure-weighs-on-banks-281144">Sensex </a>and <a href="https://www.wionews.com/business-economy/nifty-sensex-fall-as-telecom-exposure-weighs-on-banks-281144">Nifty</a> closed in the red for the fourth session in a row on Tuesday as the ongoing AGR issue weighed on telecom and financial stocks.

After trading in the deep red for a better part of the session, the BSE gauge Sensex reclaimed most of its lost ground towards the fag-end.

Also read: <a href="https://www.wionews.com/business-economy/airtel-voda-idea-make-part-payment-dot-mulls-encashing-bank-guarantees-281229">Airtel, Voda, Idea make part payment; DoT mulls encashing bank guarantees</a>

At the closing bell, the index was down 161.31 points or 0.39 per cent at 40,894.38.

Intra-day, the Sensex fell over 444 points and touched the day's low of 40,610.95.

The NSE barometer Nifty too staged a late recovery from the day's low and settled at 11,992.50, showing a fall of 53.30 points or 0.44 per cent.

On the Sensex chart, <a href="https://www.wionews.com/business-economy/airtel-voda-idea-make-part-payment-dot-mulls-encashing-bank-guarantees-281229">Bharti Airtel</a> was the biggest loser with nearly 3 per cent drop in its share price. It was followed by IndusInd Bank, Maruti Suzuki, HeroMoto Corp and Tata Steel.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/the-telecom-story-consequences-of-supreme-courts-ruling-281215">The telecom tremors: Consequences of Supreme Court's ruling</a>

In contrast, SBI, Infosys, PowerGrid, Tech Mahindra and TCS featured among major gainers.

The <a href="https://www.wionews.com/india-news/the-telecom-story-consequences-of-supreme-courts-ruling-281215">Supreme Court</a> on Monday refused to stop the telecom department from taking any coercive steps for recovery of dues from Vodafone Idea.

Shares of <a href="https://www.wionews.com/business-economy/airtel-voda-idea-make-part-payment-dot-mulls-encashing-bank-guarantees-281229">Vodafone Idea</a> on Tuesday tanked more than 16 per cent in intra-day trade due to rating downgrade on <a href="https://www.wionews.com/india-news/the-telecom-story-consequences-of-supreme-courts-ruling-281215">AGR</a> dues and other issues of the company.

Asian markets, barring China, closed with heavy losses.

Meanwhile, worries over the rising death toll and the economic fallout from the novel coronavirus continued to haunt investors globally.

The coronavirus epidemic that emerged in central China has now killed nearly 1,800 people and spread around the world.

The death toll from China's coronavirus epidemic climbed to 1,868 on Tuesday as 98 more people died while the total number of confirmed cases jumped to 72,436.&nbsp;

Equity benchmark indices Sensex and Nifty closed in the red for the fourth session in a row on Tuesday as the ongoing AGR issue weighed on telecom and financial stocks.

Equity benchmark indices Sensex and Nifty closed in the red for the fourth session in a row on Tuesday as the ongoing AGR issue weighed on telecom and financial stocks. After trading in the deep red for a better part of the session, the BSE gauge Sensex reclaimed most of its lost ground towards the fag-end. Also read: Airtel, Voda, Idea make part payment; DoT mulls encashing bank guarantees At the closing bell, the index was down 161.31 points or 0.39 per cent at 40,894.38. Intra-day, the Sensex fell over 444 points and touched the day's low of 40,610.95. The NSE barometer Nifty too staged a late recovery from the day's low and settled at 11,992.50, showing a fall of 53.30 points or 0.44 per cent. On the Sensex chart, Bharti Airtel was the biggest loser with nearly 3 per cent drop in its share price. It was followed by IndusInd Bank, Maruti Suzuki, HeroMoto Corp and Tata Steel. Also read: The telecom tremors: Consequences of Supreme Court's ruling In contrast, SBI, Infosys, PowerGrid, Tech Mahindra and TCS featured among major gainers. The Supreme Court on Monday refused to stop the telecom department from taking any coercive steps for recovery of dues from Vodafone Idea. Shares of Vodafone Idea on Tuesday tanked more than 16 per cent in intra-day trade due to rating downgrade on AGR dues and other issues of the company. Asian markets, barring China, closed with heavy losses. Meanwhile, worries over the rising death toll and the economic fallout from the novel coronavirus continued to haunt investors globally. The coronavirus epidemic that emerged in central China has now killed nearly 1,800 people and spread around the world. The death toll from China's coronavirus epidemic climbed to 1,868 on Tuesday as 98 more people died while the total number of confirmed cases jumped to 72,436.

Sensex, Nifty clock 4th successive loss; AGR woes hit telecom, financial stocks