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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nokia CEO to step down, replaced by Fortum chief

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

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

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

Sensex crashes 939 points over coronavirus fears

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Indian automakers say China coronavirus outbreak hitting parts supply

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TikTok received more numbers than Facebook ever did: Sheryl Sandberg

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

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

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

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

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

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

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

Sensex plunges 1000 points, Nifty opens below 11,400

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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