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

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

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

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

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

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

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

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

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

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

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

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

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

Apple sets eye on Indian Market

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

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

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

Coronavirus clouds Apple's timeline for new iPhones

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

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

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

Sensex drops 143 points on coronavirus jitters

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

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

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

Aston Martin's finance boss to leave as losses deepen

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

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

Lockheed Martin stock drops 4.5% on Tuesday

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

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

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

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

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

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

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

Google pledges new $10 billion investment in US in 2020

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

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

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

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

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

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

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

Sensex closes 392 points lower on coronavirus fears

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

WION Wallet: Disney CEO steps down in surprise announcement

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

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

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

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

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

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

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

Intel unveils new Xeon chip, COVID-19 delays product

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

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

Markets end lower for third session on coronavirus worries

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

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

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

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

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

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

Indian markets crash as coronavirus alarm spreads globally

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

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

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

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

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

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

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

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

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

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

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

After Amazon, Walmart's Flipkart challenges India antitrust probe

Listed Chinese companies are queuing up to issue shares and have already announced plans to raise more than $10 billion in the past week after fundraising rules were relaxed to help ease cash strains caused by the <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">coronavirus</a>.

More than 50 companies, including Bank of Ningbo and battery maker Yinghe Technology, have published as of Thursday fresh or revised plans to raise as much as 73 billion yuan through private placements, according to Reuters calculations.

Also read:<a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891"> Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report</a>

The new rules allow companies to sell shares worth up to 30 per cent of their share capital via private placements compared with 20 per cent previously. The number of investors allowed to participate in such placements was lifted to 35 from 10.

The changes also make the deals more attractive to investors by halving the lock-up periods and enabling more flexible pricing.

The rush to market comes as <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">China </a>has been pumping liquidity into the financial system, cutting interest rates as well as easing other funding avenues, in a bid to limit the economic damage from the coronavirus that has killed over 2,000 people and stalled many business activities.

Also read: <a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">Coronavirus poses risks to fragile recovery in global economy: IMF</a>

The share sales will also be helped by a resurgent stock market. The blue-chip CSI300 has rebounded roughly 13&nbsp;per cent from a low hit on February 3 when traders returned after the new year break, compared with 3.8 per cent for the US S&amp;P 500 benchmark over the same period.

China cut its benchmark lending rate on Thursday, helping lift the tech-heavy ChiNext index to the highest level in almost three years.

"Investors are encouraged by monetary easing, and are looking beyond the epidemic," said Wu Kan, a portfolio manager at Soochow Securities Co.

"China needs a booming stock market to help channel funding to the real economy."

Relaxation of the rules comes as a relief to many companies.

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

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

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

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

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

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

Carlos Ghosn postpones suit seeking retirement pay from Renault

Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">coronavirus </a>cases in <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">China </a>and elsewhere spreading.

China reported more cases of the disease on Friday, with finance leaders from the Group of 20 major economies meeting in Saudi Arabia over the weekend set to discuss risks to the global economy stemming from the outbreak.

Also read: <a href="https://www.wionews.com/business-economy/airlines-in-asia-pacific-stand-to-lose-278-billion-in-coronavirus-crisis-report-281891">Airlines in Asia-Pacific stand to lose $27.8 billion in coronavirus crisis: Report</a>

Though investors have been sanguine about the long term economic risks from the virus, a steady drip of new cases in countries beyond China has kept worries gnawing away, with South Korea on Friday recording over 50 new cases.

Europe's broad Euro STOXX 600 fell 0.3 per cent, with indexes in London and Paris down 0.5&nbsp;per cent and 0.3&nbsp;per cent respectively.

"It's risk-off - bonds are being bought again and hedges are being put into play at the moment," said Olivier Marciot, investment manager at Unigestion.

Not helping the nerves were manufacturing surveys underscoring the grim state of the Japanese economy.

Japan's purchasing managers' index dropped to 47.6 in February, from 48.8, marking the steepest contraction in seven years.

European surveys painted a somewhat brighter picture, with French business activity growing faster than expected in February on a rebound in the service sector. Germany's private sector expansion also held steady.

Also read:<a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671"> Coronavirus poses risks to fragile recovery in global economy: IMF</a>

British numbers were due out at 0930 GMT.

Gold and US bonds were among the main beneficiaries as funds sought safety.

Yields on 30-year US Treasuries fell below the psychologically important 2&nbsp;per cent level to the lowest since September 2019.

Yields on 10-year notes were down 9 basis points for the week at 1.498&nbsp;per cent, lows last seen in September.

Ten-year German government bond yields fell to a four-month low, with the entire yield curve on the cusp of turning negative. The entire Dutch yield also returned to negative territory.

Gold was last up 0.8&nbsp;per cent at $1,631.16, having added 3.1&nbsp;per cent for the week so far to seven-year highs.

"US and EU equity markets have been sold across the board with core global yields benefiting from safe-haven flows," said Rodrigo Catril, a senior FX strategist at NAB.

Underscoring the economic impact from the coronavirus, the International Air Transport Association (IATA) estimated losses for Asian airlines alone could amount to almost $28 billion this year, with most of that in China.

Corporate earnings are increasingly under threat as US manufacturers, like many others, scramble for alternative sources as China's supply chains seize up.

The MSCI world equity index, which tracks shares in 49 countries, fell 0.2&nbsp;per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1&nbsp;per cent.

E-Mini futures for the S&amp;P 500 slipped 0.3&nbsp;per cent.

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

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

Global stocks head for worst week in four as coronavirus spreads

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

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

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

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