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Libya's oil production has plunged by around three-quarters since forces loyal to military strongman Khalifa Haftar launched a blockade a week ago, the National Oil Company announced Saturday.

The fall, from 1.2 million barrels a day to just over 320,000, has caused estimated losses of $256 million since the closure of major oil fields and ports in the east and south of the country, the NOC said in a statement.

Haftar began an offensive in April last year to seize the capital Tripoli from the UN-recognised Government of National Accord.

Pro-Haftar forces blockaded the main oil terminals in eastern Libya the day before a summit in Berlin on January 19 that called for the end of foreign interference in the conflict and a resumption of the peace process.

Exports were suspended at the ports of Brega, Ras Lanouf, Al-Sidra, Al-Hariga and Zweitina in the country's "oil crescent".&nbsp;

The NOC also denounced the closure of valves at a pumping station in the southwest, which shut down production the major fields of Al-Sharara and Al-Fil.

Libya's oil production has plunged by around three-quarters since forces loyal to military strongman Khalifa Haftar launched a blockade a week ago, the National Oil Company announced Saturday.

Libya's oil production has plunged by around three-quarters since forces loyal to military strongman Khalifa Haftar launched a blockade a week ago, the National Oil Company announced Saturday. The fall, from 1.2 million barrels a day to just over 320,000, has caused estimated losses of $256 million since the closure of major oil fields and ports in the east and south of the country, the NOC said in a statement. Haftar began an offensive in April last year to seize the capital Tripoli from the UN-recognised Government of National Accord. Pro-Haftar forces blockaded the main oil terminals in eastern Libya the day before a summit in Berlin on January 19 that called for the end of foreign interference in the conflict and a resumption of the peace process. Exports were suspended at the ports of Brega, Ras Lanouf, Al-Sidra, Al-Hariga and Zweitina in the country's "oil crescent". The NOC also denounced the closure of valves at a pumping station in the southwest, which shut down production the major fields of Al-Sharara and Al-Fil.

Libyan state oil firm says output down 75% due to blockade

Delta Air Lines was Friday fined $50,000 by the US Department of Transportation to settle allegations it discriminated against three Muslim passengers who were ordered off their planes.

In its consent order, the department said it found Delta "engaged in discriminatory conduct" and violated anti-discrimination laws when it removed the three passengers.

In one incident on July 26, 2016, a Muslim couple were removed from Delta Flight 229 at Charles de Gaulle Airport in Paris after a passenger told a flight attendant their behaviour made her "very uncomfortable and nervous".

"Mrs X" was wearing a headscarf and the passenger said, "Mr X" had inserted something into his watch.

The flight attendant said she saw Mr X texting on his cell phone using the word "Allah" several times.

The captain then spoke with Delta's corporate security, who said Mr and Mrs X were US citizens returning home and there were "no red flags."

However, the captain refused to let them re-board the plane.

The Department of Transportation said the captain had failed to follow Delta's security protocol and it appeared that "but for Mr and Mrs X's perceived religion, Delta would not have removed or denied them reboarding" of their flight.

The second incident covered in the order involved another Muslim passenger who boarded Flight 49 at Amsterdam heading for New York on July 31, 2016.

Other passengers and flight attendants complained about him but the first officer saw nothing unusual about him and Delta security also said "Mr A"'s record had "no red flags."

The captain prepared the plane for departure but then returned to the gate and had Mr A removed and his seat searched.

The Transportation Department said the captain had not followed Delta's security protocol and the removal of Mr A "after being cleared was discriminatory."

Delta disagreed that it engaged in discriminatory conduct but "does not dispute that each of these two incidents could have been handled differently," the order said.

The government said the fine "establishes a strong deterrent against future similar unlawful practices by Delta and other carriers."

Following the July 2016 incidents, Delta said it had reviewed and enhanced its procedure to investigate suspicious activity "to make it more collaborative and objective."

Delta Air Lines was Friday fined $50,000 by the US Department of Transportation to settle allegations it discriminated against three Muslim passengers who were ordered off their planes.

Delta Air Lines was Friday fined $50,000 by the US Department of Transportation to settle allegations it discriminated against three Muslim passengers who were ordered off their planes. In its consent order, the department said it found Delta "engaged in discriminatory conduct" and violated anti-discrimination laws when it removed the three passengers. In one incident on July 26, 2016, a Muslim couple were removed from Delta Flight 229 at Charles de Gaulle Airport in Paris after a passenger told a flight attendant their behaviour made her "very uncomfortable and nervous". "Mrs X" was wearing a headscarf and the passenger said, "Mr X" had inserted something into his watch. The flight attendant said she saw Mr X texting on his cell phone using the word "Allah" several times. The captain then spoke with Delta's corporate security, who said Mr and Mrs X were US citizens returning home and there were "no red flags." However, the captain refused to let them re-board the plane. The Department of Transportation said the captain had failed to follow Delta's security protocol and it appeared that "but for Mr and Mrs X's perceived religion, Delta would not have removed or denied them reboarding" of their flight. The second incident covered in the order involved another Muslim passenger who boarded Flight 49 at Amsterdam heading for New York on July 31, 2016. Other passengers and flight attendants complained about him but the first officer saw nothing unusual about him and Delta security also said "Mr A"'s record had "no red flags." The captain prepared the plane for departure but then returned to the gate and had Mr A removed and his seat searched. The Transportation Department said the captain had not followed Delta's security protocol and the removal of Mr A "after being cleared was discriminatory." Delta disagreed that it engaged in discriminatory conduct but "does not dispute that each of these two incidents could have been handled differently," the order said. The government said the fine "establishes a strong deterrent against future similar unlawful practices by Delta and other carriers." Following the July 2016 incidents, Delta said it had reviewed and enhanced its procedure to investigate suspicious activity "to make it more collaborative and objective."

Delta fined $50,000 for discriminating against Muslim passengers

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from <a href="https://www.wionews.com/opinions-blogs/is-china-myanmar-economic-corridor-turning-out-to-be-another-cpec-275688">China</a> and elsewhere, officials and industry sources said.

Finance Minister <a href="https://www.wionews.com/videos/wion-dispatch-nirmala-sitharaman-unveils-rs-102-lakh-crore-of-infra-projects-for-next-5-years-271287">Nirmala Sitharaman</a> could make the announcement when she presents her <a href="https://www.wionews.com/india-news/all-you-need-to-know-about-halwa-ceremony-ahead-of-budget-275107">annual budget</a> for 2020-2021 on February&nbsp;1, along with other stimulus measures to revive sagging economic growth, one of the government officials said.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-dispatch-nirmala-sitharaman-unveils-rs-102-lakh-crore-of-infra-projects-for-next-5-years-271287/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Higher customs duties are likely to hit goods such as mobile phone chargers, industrial chemicals, lamps, wooden furniture, candles, jewellery and handicraft items, two government sources with direct knowledge of the matter said.

The move could hit smartphone manufacturers that still import chargers or other components such as vibrator motors and ringers, along with retailers such as giant <a href="https://www.wionews.com/india-news/ikea-opens-its-first-india-store-in-hyderabad-158016">IKEA</a> that is in the process of expanding its footprint in India.

IKEA had previously flagged higher Indian customs duties as a challenge.

The government had identified items and decided to increase import tariffs by 5 to 10 percent as recommended by a panel of trade and finance ministry officials, among others, the second government official said.

"Our aim is to curb imports of non-essential items," said the official, adding a hike in import duties would provide a level playing field for local manufacturers-hit by cheap imports from China, the <a href="https://www.wionews.com/south-east-asia/southeast-asia-should-ban-foreign-trash-imports-environmentalists-228309">Association of Southeast Asian Nations</a> (ASEAN), and other countries that enjoy trade pacts with India.

<a href="https://www.wionews.com/india-news/rcep-was-unbalanced-trade-agreement-says-piyush-goyal-at-world-economic-forum-276198">Also read:&nbsp;RCEP was unbalanced&nbsp;trade agreement, says Piyush Goyal at World Economic Forum</a>

The sources asked not be identified as the discussions were private.

A spokesman for the finance ministry and a spokeswoman for the commerce ministry declined to comment.

Since taking charge in 2014, Prime Minister <a href="https://www.wionews.com/nepal/nepal-invites-pm-narendra-modi-for-sagarmatha-dialogue-276287">Narendra Modi </a>has imposed several restrictions on imports while allowing more foreign investment in manufacturing, defence and other sectors.

Modi's ruling <a href="https://www.wionews.com/opinions-blogs/delhi-assembly-elections-bjp-must-declare-chief-ministerial-candidate-275883">Bharatiya Janata Party</a> (BJP) has also asked the government to increase duties on non-essential items to boost local manufacturing.

"We expect the budget will address the issue of ... cheap imports under free trade pacts," Gopal Krishan Agarwal, the head of BJP's Economic Affairs Cell, told Reuters.

The <a href="https://www.wionews.com/world/mexico-detains-800-central-american-migrants-headed-to-united-states-276281">United States </a>wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key US. trade concession and seal a wider pact, four sources familiar with the talks told Reuters.

US&nbsp;President <a href="https://www.wionews.com/world/trump-administration-rolls-back-law-preventing-pollution-in-drinking-water-sources-276317">Donald Trump </a>cited trade barriers last year when removing India from its Generalized System of Preferences programme that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens U.S. products.

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said.

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said. Finance Minister Nirmala Sitharaman could make the announcement when she presents her annual budget for 2020-2021 on February 1, along with other stimulus measures to revive sagging economic growth, one of the government officials said. Higher customs duties are likely to hit goods such as mobile phone chargers, industrial chemicals, lamps, wooden furniture, candles, jewellery and handicraft items, two government sources with direct knowledge of the matter said. The move could hit smartphone manufacturers that still import chargers or other components such as vibrator motors and ringers, along with retailers such as giant IKEA that is in the process of expanding its footprint in India. IKEA had previously flagged higher Indian customs duties as a challenge. The government had identified items and decided to increase import tariffs by 5 to 10 percent as recommended by a panel of trade and finance ministry officials, among others, the second government official said. "Our aim is to curb imports of non-essential items," said the official, adding a hike in import duties would provide a level playing field for local manufacturers-hit by cheap imports from China, the Association of Southeast Asian Nations (ASEAN), and other countries that enjoy trade pacts with India. Also read: RCEP was unbalanced trade agreement, says Piyush Goyal at World Economic Forum The sources asked not be identified as the discussions were private. A spokesman for the finance ministry and a spokeswoman for the commerce ministry declined to comment. Since taking charge in 2014, Prime Minister Narendra Modi has imposed several restrictions on imports while allowing more foreign investment in manufacturing, defence and other sectors. Modi's ruling Bharatiya Janata Party (BJP) has also asked the government to increase duties on non-essential items to boost local manufacturing. "We expect the budget will address the issue of ... cheap imports under free trade pacts," Gopal Krishan Agarwal, the head of BJP's Economic Affairs Cell, told Reuters. The United States wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key US. trade concession and seal a wider pact, four sources familiar with the talks told Reuters. US President Donald Trump cited trade barriers last year when removing India from its Generalized System of Preferences programme that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens U.S. products.

India likely to raise import duties on more than 50 items

India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.

Prime Minister Narendra Modi's government was targeting direct tax collection of 13.5 trillion rupees ($189 billion) for the year ending March 31 - a 17 per cent increase over the prior fiscal year.

But a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5 per cent&nbsp;growth for this fiscal year - the slowest in 11 years.

The tax department had managed to collect only 7.3 trillion rupees as of January&nbsp;23, more than 5.5 per cent below the amount collected by the same point last year, said a senior tax official.

After collecting taxes from companies in advance for the first three quarters, officials typically garner about 30-35 per cent of annual direct taxes in the final three months, data from the past three years shows.

But eight senior tax officials interviewed by Reuters said despite their best efforts, direct tax collections this financial year were likely to fall below the 11.5 trillion collected in 2018-19.

"Forget the target. This will be the first time that we'll see a fall in direct tax collection ever," said a tax official in New Delhi.

He estimates that direct tax collections for this year could end up roughly 10 per cent below fiscal 2019.

The finance ministry did not immediately respond to requests for comment.

Direct taxes typically account for about 80 per cent of the government's projections for annual revenue, and the shortfall may leave the government needing to boost borrowing to meet expenditure commitments.

The tax officials also say that a surprise cut in the headline corporate tax rate last year aimed at wooing manufacturers and boosting investment in Asia's third-biggest economy is another reason behind the sluggish tax collections.

"We'll be very happy if we can even break even with what we collected last year," said another senior tax official in the financial capital, Mumbai, the biggest tax generator, accounting for about a third of revenues from direct taxes. "But given the state of the economy, I'm not too hopeful."

'Go all out'

The concerns are exacerbated by a gaping shortfall in the goods and services tax (GST) that is expected to further hurt total collections.

The total tax collection shortfall for the current fiscal year could be about 3 trillion rupees - the highest shortfall ever recorded.

"With revenue sources stretched, we're not assuming any rise in the capex bill in FY21," Pranjul Bhandari, chief economist at HSBC in India, said in a note, adding she expects the government to resort to higher borrowing from the market.

The government is likely to keep the fiscal deficit under 3.8 per cent of gross domestic product, sources told Reuters earlier this month, while letting it slip from its earlier set target of 3.3 per cent for the year.

Tax officials have been stuck between the increasing number of complaints of harassment from Indian businesses, dubbed "tax terrorism" by Indian media, and the government's push to meet the target.

The government asked its officials at a meeting on December 20 to identify and initiate stern action against wilful tax evaders, sources said.

"The message from the top is very clear - go all out and collect," said a senior tax official in the eastern city of Kolkata.

India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.

India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates. Prime Minister Narendra Modi's government was targeting direct tax collection of 13.5 trillion rupees ($189 billion) for the year ending March 31 - a 17 per cent increase over the prior fiscal year. But a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5 per cent growth for this fiscal year - the slowest in 11 years. The tax department had managed to collect only 7.3 trillion rupees as of January 23, more than 5.5 per cent below the amount collected by the same point last year, said a senior tax official. After collecting taxes from companies in advance for the first three quarters, officials typically garner about 30-35 per cent of annual direct taxes in the final three months, data from the past three years shows. But eight senior tax officials interviewed by Reuters said despite their best efforts, direct tax collections this financial year were likely to fall below the 11.5 trillion collected in 2018-19. "Forget the target. This will be the first time that we'll see a fall in direct tax collection ever," said a tax official in New Delhi. He estimates that direct tax collections for this year could end up roughly 10 per cent below fiscal 2019. The finance ministry did not immediately respond to requests for comment. Direct taxes typically account for about 80 per cent of the government's projections for annual revenue, and the shortfall may leave the government needing to boost borrowing to meet expenditure commitments. The tax officials also say that a surprise cut in the headline corporate tax rate last year aimed at wooing manufacturers and boosting investment in Asia's third-biggest economy is another reason behind the sluggish tax collections. "We'll be very happy if we can even break even with what we collected last year," said another senior tax official in the financial capital, Mumbai, the biggest tax generator, accounting for about a third of revenues from direct taxes. "But given the state of the economy, I'm not too hopeful." 'Go all out' The concerns are exacerbated by a gaping shortfall in the goods and services tax (GST) that is expected to further hurt total collections. The total tax collection shortfall for the current fiscal year could be about 3 trillion rupees - the highest shortfall ever recorded. "With revenue sources stretched, we're not assuming any rise in the capex bill in FY21," Pranjul Bhandari, chief economist at HSBC in India, said in a note, adding she expects the government to resort to higher borrowing from the market. The government is likely to keep the fiscal deficit under 3.8 per cent of gross domestic product, sources told Reuters earlier this month, while letting it slip from its earlier set target of 3.3 per cent for the year. Tax officials have been stuck between the increasing number of complaints of harassment from Indian businesses, dubbed "tax terrorism" by Indian media, and the government's push to meet the target. The government asked its officials at a meeting on December 20 to identify and initiate stern action against wilful tax evaders, sources said. "The message from the top is very clear - go all out and collect," said a senior tax official in the eastern city of Kolkata.

India faces first fall in direct taxes in at least two decades

Gold edged down on Friday as the dollar rose and appetite for riskier assets improved after the World Health Organisation tempered fears of a <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">global coronavirus outbreak</a>.

Spot gold was 0.1 per cent lower at $1,561.18 per ounce by 1039 GMT but holding above the key $1,550 support level and en route to a post small weekly gain of about 0.3 per cent, as bets on easy monetary policy globally and lingering uncertainties on the world stage buoyed appetite for the safe haven.

US gold futures slipped 0.3 per cent to $1,560.80 per ounce. "Gold prices are facing headwinds from gaining equities and a stronger dollar but it is unlikely to fall below $1,520 as a bunch of geopolitical uncertainties still exist," Saxo Bank analyst Ole Hansen said.

European shares gained after the WHO designated the coronavirus outbreak an <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">emergency for China</a> but not yet for the rest of the world. However, the spread of the virus ahead of the Lunar New Year, a peak period of travel and gold demand in China, kept investor concerns heightened.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">Gold prices climb to two week high as China flu scare spurs safe haven bids</a>

Further, the dollar hovered close to a more than one and a half month high against a basket of currencies, making gold expensive for buyers holding other currencies. "With a low-interest-rate environment, geopolitical risks and uncertainties such as US President's impeachment, the conditions are still quite conducive to further upside in gold," ANZ analyst Daniel Hynes said.

<img alt="Effects of the virus evident on Chinese public" data-entity-type="file" data-entity-uuid="ba00019e-24c9-469e-a5ba-17cff2a92528" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2861%29_3.jpg" /> 
[&nbsp;Effects of the virus evident on Chinese public (Courtesy: Reuters) ]

After the European Central Bank left rates unchanged on Thursday, investors are looking to the US Federal Reserve's first meeting of the year scheduled on January 28-29.

However in the short-term, "the Libya oil issue and the coronavirus have not helped (gold) much and if this continues, we might see a challenging quarter ahead," Saxo Bank's Hansen said. Libya earlier this week declared force majeure on two major oilfields following a military blockade, and protests escalated in Iraq, pushing investors towards safe-haven assets.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2 per cent to 900.58 tonnes on Thursday. 
Elsewhere, palladium dipped 0.2 per cent to $2,457.10 per ounce and was on track to register its first weekly fall in five at about 0.7 per cent. 
Silver rose 0.3 per cent to $17.84 per ounce but was set to post its biggest weekly decline since early-December at nearly 1 per cent. Platinum rose 0.3 per cent to $1,004.64 but was down 1.3 per cent for the week, its worst since the week ended December 20. 
&nbsp;

Gold edged down on Friday as the dollar rose and appetite for riskier assets improved after the World Health Organisation tempered fears of a global coronavirus outbreak.

Gold edged down on Friday as the dollar rose and appetite for riskier assets improved after the World Health Organisation tempered fears of a global coronavirus outbreak. Spot gold was 0.1 per cent lower at $1,561.18 per ounce by 1039 GMT but holding above the key $1,550 support level and en route to a post small weekly gain of about 0.3 per cent, as bets on easy monetary policy globally and lingering uncertainties on the world stage buoyed appetite for the safe haven. US gold futures slipped 0.3 per cent to $1,560.80 per ounce. "Gold prices are facing headwinds from gaining equities and a stronger dollar but it is unlikely to fall below $1,520 as a bunch of geopolitical uncertainties still exist," Saxo Bank analyst Ole Hansen said. European shares gained after the WHO designated the coronavirus outbreak an emergency for China but not yet for the rest of the world. However, the spread of the virus ahead of the Lunar New Year, a peak period of travel and gold demand in China, kept investor concerns heightened. Also Read: Gold prices climb to two week high as China flu scare spurs safe haven bids Further, the dollar hovered close to a more than one and a half month high against a basket of currencies, making gold expensive for buyers holding other currencies. "With a low-interest-rate environment, geopolitical risks and uncertainties such as US President's impeachment, the conditions are still quite conducive to further upside in gold," ANZ analyst Daniel Hynes said. [ Effects of the virus evident on Chinese public (Courtesy: Reuters) ] After the European Central Bank left rates unchanged on Thursday, investors are looking to the US Federal Reserve's first meeting of the year scheduled on January 28-29. However in the short-term, "the Libya oil issue and the coronavirus have not helped (gold) much and if this continues, we might see a challenging quarter ahead," Saxo Bank's Hansen said. Libya earlier this week declared force majeure on two major oilfields following a military blockade, and protests escalated in Iraq, pushing investors towards safe-haven assets. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2 per cent to 900.58 tonnes on Thursday. Elsewhere, palladium dipped 0.2 per cent to $2,457.10 per ounce and was on track to register its first weekly fall in five at about 0.7 per cent. Silver rose 0.3 per cent to $17.84 per ounce but was set to post its biggest weekly decline since early-December at nearly 1 per cent. Platinum rose 0.3 per cent to $1,004.64 but was down 1.3 per cent for the week, its worst since the week ended December 20.

Gold prices ease after WHO tempers coronavirus fears

Monetary policy has its limits and the Indian government will have to use fiscal measures and structural reforms to revive demand and support the sagging economy, Reserve Bank of India governor Shaktikanta Das said in a speech on Friday.

The economy is projected to grow 5% in the fiscal year due to end in March, its lowest growth rate in 11 years.

Das said the RBI had used the space that was opened up by the moderation in inflation early last year and started loosening monetary policy after having recognised the imminent slowdown in growth even before it was confirmed by data.

"Monetary policy, however, has its own limits," he said.

"Structural reforms and fiscal measures may have to be continued and further activated to provide a durable push to demand and boost growth".

Also read: <a href="https://www.wionews.com/business-economy/government-must-continue-reforms-announce-fiscal-measures-rbi-chief-shaktikanta-das-276417">Global economy seems to be moving into 'new, unsettling phase' - RBI Governor Shaktikanta Das</a>

Das was speaking at a college event in New Delhi ahead of the federal budget that is due to be presented on February&nbsp;1.

He said potential drivers of growth like prioritising food processing industries, tourism, e-commerce, start-ups and efforts to become a part of the global value chain could give a significant push to the economy.

"The government is also focusing on infrastructure spending which will augment the growth potential of the economy. States should also play an important role by enhancing capital expenditure which has a high multiplier effect," Das added.

Finance Minister Nirmala Sitharaman, who will announce the budget, is widely expected to include stimulus measures for small businesses and non-banking finance companies as a cut in corporate tax rates and rate cuts by the central bank have failed to revive growth.

The central bank, which has cut interest rates by a combined 135 basis points in five moves since February last year, kept rates on hold at its last review in December. It is expected to maintain sit tight on February&nbsp;6 as well.

Monetary policy has its limits and the Indian government will have to use fiscal measures and structural reforms to revive demand and support the sagging economy, Reserve Bank of India governor Shaktikanta Das said in a speech on Friday.

Monetary policy has its limits and the Indian government will have to use fiscal measures and structural reforms to revive demand and support the sagging economy, Reserve Bank of India governor Shaktikanta Das said in a speech on Friday. The economy is projected to grow 5% in the fiscal year due to end in March, its lowest growth rate in 11 years. Das said the RBI had used the space that was opened up by the moderation in inflation early last year and started loosening monetary policy after having recognised the imminent slowdown in growth even before it was confirmed by data. "Monetary policy, however, has its own limits," he said. "Structural reforms and fiscal measures may have to be continued and further activated to provide a durable push to demand and boost growth". Also read: Global economy seems to be moving into 'new, unsettling phase' - RBI Governor Shaktikanta Das Das was speaking at a college event in New Delhi ahead of the federal budget that is due to be presented on February 1. He said potential drivers of growth like prioritising food processing industries, tourism, e-commerce, start-ups and efforts to become a part of the global value chain could give a significant push to the economy. "The government is also focusing on infrastructure spending which will augment the growth potential of the economy. States should also play an important role by enhancing capital expenditure which has a high multiplier effect," Das added. Finance Minister Nirmala Sitharaman, who will announce the budget, is widely expected to include stimulus measures for small businesses and non-banking finance companies as a cut in corporate tax rates and rate cuts by the central bank have failed to revive growth. The central bank, which has cut interest rates by a combined 135 basis points in five moves since February last year, kept rates on hold at its last review in December. It is expected to maintain sit tight on February 6 as well.

Government must continue reforms, announce fiscal measures: RBI chief Shaktikanta Das

Indonesia has agreed to immediately increase imports of Indian buffalo meat, sugar and auto parts after India boosted purchases of Indonesian palm oil amid a spat with rival supplier Malaysia, two Indian government sources with direct knowledge of the matter told Reuters on Friday.

Indonesia and Malaysia account for 85 per cent of the world's palm oil output while India is the biggest buyer of edible oil. India has effectively halted imports of refined palm oil from Malaysia since early January in retaliation for Malaysia's accusation that recent Indian policies discriminate against Muslims.

Indonesia, the world's biggest palm oil producer and exporter, is expected to be the biggest beneficiary of India's row with Malaysia. Indonesian crude palm oil has sold at a premium to Malaysian oil since India this month placed curbs on imports of refined palm oil.

The trade ministers of India and Indonesia, which want to more than double their bilateral trade to $50 billion by 2025, met in Davos on Thursday and agreed to fast-forward trade between them, one of the informed sources said.

Also read: <a href="https://www.wionews.com/business-economy/india-palm-import-curbs-to-start-malaysia-indonesia-price-war-souces-273149">India palm import curbs to start Malaysia, Indonesia price war</a>

"This is a goal we agreed upon earlier, now the process accelerates," said the Indian source. Both declined to be named as they were not authorised to talk to the media.

"Starting now, they have promised that they will buy a lot more meat, a lot more sugar and autos/auto parts. Palm oil imports from Indonesia will increase and there are many areas where we will export more."

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The sources declined to give figures.

An Indian government document, reviewed by Reuters, said that Indonesia had "informally agreed" to double the annual quota for Indian bovine meat exports to 200,000 tonnes.

Indian-Indonesian trade was worth $21.2 billion in the last fiscal year that ended in March, $15.84 billion of which comprised Indian purchases.

Also read: <a href="https://www.wionews.com/india-news/malaysia-too-small-to-respond-to-indias-boycott-of-palm-oil-with-trade-retaliation-mahathir-mohamad-275346">Malaysia too small to respond to India's boycott of palm oil with trade retaliation - Mahathir Mohamad</a>

Indonesian Trade Minister Agus Suparmanto will visit India next month to hold further talks on enhancing trade, according to one of the Indian government sources.

A spokeswoman for Indonesia's trade ministry had no immediate comment. An Indian trade ministry spokeswoman did not immediately reply to a request for comment.

Indonesia imported 94,500 tonnes of Indian buffalo meat worth $323 million in the 2018/19 fiscal year. It is the third biggest buyer of Indian buffalo meat after Vietnam and Malaysia.

Indonesia, however, bought only 555 tonnes of sugar from India last fiscal year.

"They have now changed some of their norms to let more Indian sugar come in," said one of the sources. "In other areas, there's an ongoing process of discussion on easing regulations or standards, or increasing quotas in these areas."

Malaysia's top sugar refiner told Reuters on Thursday that it would increase purchases of sugar from India, a move that two sources in Malaysia said was part of efforts to placate New Delhi amid the palm spat.

Indonesia has agreed to immediately increase imports of Indian buffalo meat, sugar and auto parts after India boosted purchases of Indonesian palm oil amid a spat with rival supplier Malaysia, two Indian government sources with direct knowledge of the matter told Reuters on Friday.

Indonesia has agreed to immediately increase imports of Indian buffalo meat, sugar and auto parts after India boosted purchases of Indonesian palm oil amid a spat with rival supplier Malaysia, two Indian government sources with direct knowledge of the matter told Reuters on Friday. Indonesia and Malaysia account for 85 per cent of the world's palm oil output while India is the biggest buyer of edible oil. India has effectively halted imports of refined palm oil from Malaysia since early January in retaliation for Malaysia's accusation that recent Indian policies discriminate against Muslims. Indonesia, the world's biggest palm oil producer and exporter, is expected to be the biggest beneficiary of India's row with Malaysia. Indonesian crude palm oil has sold at a premium to Malaysian oil since India this month placed curbs on imports of refined palm oil. The trade ministers of India and Indonesia, which want to more than double their bilateral trade to $50 billion by 2025, met in Davos on Thursday and agreed to fast-forward trade between them, one of the informed sources said. Also read: India palm import curbs to start Malaysia, Indonesia price war "This is a goal we agreed upon earlier, now the process accelerates," said the Indian source. Both declined to be named as they were not authorised to talk to the media. "Starting now, they have promised that they will buy a lot more meat, a lot more sugar and autos/auto parts. Palm oil imports from Indonesia will increase and there are many areas where we will export more." × The sources declined to give figures. An Indian government document, reviewed by Reuters, said that Indonesia had "informally agreed" to double the annual quota for Indian bovine meat exports to 200,000 tonnes. Indian-Indonesian trade was worth $21.2 billion in the last fiscal year that ended in March, $15.84 billion of which comprised Indian purchases. Also read: Malaysia too small to respond to India's boycott of palm oil with trade retaliation - Mahathir Mohamad Indonesian Trade Minister Agus Suparmanto will visit India next month to hold further talks on enhancing trade, according to one of the Indian government sources. A spokeswoman for Indonesia's trade ministry had no immediate comment. An Indian trade ministry spokeswoman did not immediately reply to a request for comment. Indonesia imported 94,500 tonnes of Indian buffalo meat worth $323 million in the 2018/19 fiscal year. It is the third biggest buyer of Indian buffalo meat after Vietnam and Malaysia. Indonesia, however, bought only 555 tonnes of sugar from India last fiscal year. "They have now changed some of their norms to let more Indian sugar come in," said one of the sources. "In other areas, there's an ongoing process of discussion on easing regulations or standards, or increasing quotas in these areas." Malaysia's top sugar refiner told Reuters on Thursday that it would increase purchases of sugar from India, a move that two sources in Malaysia said was part of efforts to placate New Delhi amid the palm spat.

Indonesia to increase imports from India amid New Delhi-Malaysia spat: Report

Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a <a href="https://www.wionews.com/business-economy/oil-slips-to-62-heads-for-weekly-loss-on-china-virus-concerns-276358">virus in China may spread</a>, curbing travel and oil demand, overshadowed supply cuts.

The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel.

Global benchmark Brent was down 28 cents to $61.76 at 1115 GMT. The contract is down almost 5 per cent this week, its <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">third consecutive weekly drop</a>. US crude slipped 25 cents to $55.34 and was also on course for a weekly decline.

"One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, an analyst at Commerzbank. "The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese." China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">China virus could hit oil prices by $3 per barrel: Goldman</a>

<img alt="Oil pumps - Representative Image" data-entity-type="file" data-entity-uuid="d2fd800a-37ba-4d4c-9158-7b2e721406fa" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-24T181018.874.jpg" /> 
[ Pump jacks operate at sunset (Courtesy: Reuters) ]

Offering some support for prices was the US Energy Information Administration's latest weekly supply report, which on Thursday showed that <a href="https://www.wionews.com/business-economy/oil-slides-2-as-glut-forecast-china-virus-overshadow-libya-disruption-276174">crude inventories fell</a> 405,000 barrels in the week to Jan. 17.

Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses.

"Such is the bearish pressure that a raft of ongoing crude supply outages is not gaining much traction," said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya.

The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on Jan. 1 deepened a cut in output.

Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported.

The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts. The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel. Global benchmark Brent was down 28 cents to $61.76 at 1115 GMT. The contract is down almost 5 per cent this week, its third consecutive weekly drop. US crude slipped 25 cents to $55.34 and was also on course for a weekly decline. "One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, an analyst at Commerzbank. "The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese." China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts. Also Read: China virus could hit oil prices by $3 per barrel: Goldman [ Pump jacks operate at sunset (Courtesy: Reuters) ] Offering some support for prices was the US Energy Information Administration's latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to Jan. 17. Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses. "Such is the bearish pressure that a raft of ongoing crude supply outages is not gaining much traction," said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya. The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on Jan. 1 deepened a cut in output. Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported. The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil falls below $62, weekly loss on China virus concerns imminent

<a href="https://www.wionews.com/business-economy/it-stocks-propel-indian-shares-to-all-time-peaks-268818">Indian shares</a> ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week.

The <a href="https://www.wionews.com/business-economy/nifty-sensex-inch-lower-zee-top-gainer-in-nifty-50-263548">NSE Nifty 50 Index</a> ended 0.56 per cent&nbsp;higher at 12,248.25, while the S&amp;P BSE&nbsp;Sensex&nbsp;closed down 0.55&nbsp;per cent&nbsp;at 41,613.19.

However, poorly received financial results from a few index heavyweights dragged the Nifty 0.84&nbsp;per cent&nbsp;lower this week, while analysts also expected markets to remain volatile until the federal budget on February&nbsp;1, which could include government measures to revive economic growth.

Ultratech Cement Ltd, a Nifty component, gained 2.6&nbsp;per cent&nbsp;after reporting on Friday an increase in its profit for the quarter ended December.

The Nifty banking index ended 0.77&nbsp;per cent&nbsp;firmer, with <a href="https://www.wionews.com/business-economy/kotak-mahindra-bank-q4-profit-rises-14-to-rs-2038-crore-214769">Kotak Mahindra Bank</a> closing 2.3&nbsp;per cent&nbsp;higher. Private-sector lender <a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Yes Bank</a> was the top gainer in the index with a 4.5&nbsp;per cent&nbsp;jump. Yes Bank stock, which rose for the third consecutive session, dropped 9&nbsp;per cent&nbsp;so far this year.

Indian shares ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week.

Indian shares ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week. The NSE Nifty 50 Index ended 0.56 per cent higher at 12,248.25, while the S&P BSE Sensex closed down 0.55 per cent at 41,613.19. However, poorly received financial results from a few index heavyweights dragged the Nifty 0.84 per cent lower this week, while analysts also expected markets to remain volatile until the federal budget on February 1, which could include government measures to revive economic growth. Ultratech Cement Ltd, a Nifty component, gained 2.6 per cent after reporting on Friday an increase in its profit for the quarter ended December. The Nifty banking index ended 0.77 per cent firmer, with Kotak Mahindra Bank closing 2.3 per cent higher. Private-sector lender Yes Bank was the top gainer in the index with a 4.5 per cent jump. Yes Bank stock, which rose for the third consecutive session, dropped 9 per cent so far this year.

Nifty, Sensex close higher, banking stocks shine

<a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">Oil</a> slipped towards $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

The <a href="https://www.wionews.com/world/china-virus-us-confirms-first-case-of-coronavirus-death-toll-reaches-nine-275853">virus</a> has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel to their homes and abroad.

Global benchmark Brent fell 2 cents to $62.02 by 0951 GMT. Brent was down about 4 per cent&nbsp;this week, its third consecutive weekly drop. US&nbsp;crude rose 6 cents to $55.65 but was also on course for a weekly decline.

"One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, analyst at Commerzbank.

"The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese."

China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts.

Offering some support for prices was the <a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">US&nbsp;Energy Information Administration</a>'s latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to January&nbsp;&nbsp;17.

Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses.

"Such is the bearish pressure that a raft of ongoing crude supply outages are not gaining much traction," said analysts at JBC Energy in a report.

Such outages include the shutdown this week of the bulk of oil supply in <a href="https://www.wionews.com/business-economy/opecs-share-of-indian-oil-imports-fell-down-43-lowest-since-2011-263065">OPEC</a> producer Libya.

The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as <a href="https://www.wionews.com/business-economy/oil-slips-as-opec-gears-up-to-confirm-supply-cut-266600">OPEC+</a>, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on January&nbsp;&nbsp;1 deepened a cut in output.

Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported.

The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil slipped towards $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

Oil slipped towards $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts. The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel to their homes and abroad. Global benchmark Brent fell 2 cents to $62.02 by 0951 GMT. Brent was down about 4 per cent this week, its third consecutive weekly drop. US crude rose 6 cents to $55.65 but was also on course for a weekly decline. "One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, analyst at Commerzbank. "The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese." China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts. Offering some support for prices was the US Energy Information Administration's latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to January 17. Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses. "Such is the bearish pressure that a raft of ongoing crude supply outages are not gaining much traction," said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya. The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on January 1 deepened a cut in output. Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported. The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil prices slip over China virus fears

<a href="https://www.wionews.com/business-economy/oil-prices-slip-over-us-china-trade-deal-concern-274466">Oil prices</a> fell more than 2 per cent&nbsp;on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Brent <a href="https://www.wionews.com/business-economy/no-dearth-of-crude-oil-in-global-market-says-union-minister-dharmendra-pradhan-273737">crude </a>ended the session down $1.38, or 2.1 per cent, at $63.21 while West Texas Intermediate fell $1.64, or 2.8%, to settle at $56.74.

Prices extended losses in post-settlement trade, with WTI dropping by more than $2 after data from the American Petroleum Institute showed US&nbsp;crude inventories rose 1.6 million barrels last week, compared with analysts' expectations for 1 million-barrel draw.

US&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-shares-swept-new-year-gains-gold-oil-prices-jumps-and-iran-trade-threats-272528">gasoline stocks</a> built for an 11th week, rising 4.5 million barrels, much more than forecasts for a 3.1 million-barrel gain. 
Official US&nbsp;government data is due at 11 a.m. ET (1600 GMT) on Thursday, delayed a day in observance of Monday's Martin Luther King Jr. Day holiday. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year.

"Oil prices remain heavy on oversupply concerns and after the Saudi Energy Minister Price Abdulaziz did not offer any hints of optimism that the OPEC+ production cuts would be extended beyond March," said Edward Moya, senior market analyst at OANDA in New York. "China's coronavirus will likely see travel restrictions that could end up hurting demand for crude during a peak travel time in China."

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">China virus could hit oil prices by $3 per barrel: Goldman</a>

<img alt="Oil prices - Representative Image" data-entity-type="file" data-entity-uuid="a6a05eb2-ce3a-4ed7-95d4-5d83fbd47c79" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2814%29_11.jpg" /> 
[&nbsp;Oil prices - Representative Image (Courtesy: Reuters) ]

Markets are also focusing on the emergence from China of a new coronavirus just ahead of the Lunar New Year holidays this weekend and the possible impact a pandemic might have on global economic growth. Deaths from the new flu-like virus in China have risen to 17 with more than 540 cases confirmed, with cases now detected as far away as the United States.

Should the virus develop dramatically and hit travel and growth, demand for oil could fall by 260,000 bpd, Goldman Sachs said in a note. 
"Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran, and Iraq, driving spot price volatility in the coming weeks," Goldman said, though the "impact on oil fundamentals remains limited so far".

Oil prices have been marginally supported after Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict.

Unless oil facilities return to operation quickly, OPEC member Libya's crude output will be reduced to about 72,000 bpd from about 1.2 million bpd.

"The Libyan pipeline blockade continued to have a muted impact on sentiment ... There is a consensus that the disruption will prove short-lived," said Stephen Brennock of oil broker PVM.

Meanwhile, Kazakhstan has suspended its oil exports to China after contamination was found in crude supplied by a Kazakh producer less than a year after a 'dirty oil' crisis broke in neighbouring Russia.

Overall though, global supplies are likely to continue to rise, with US&nbsp;crude production in large shale deposits expected to rise to record highs in February, though the pace of increase is likely to be the lowest in about year, the US&nbsp;Energy Information Administration (EIA) said on Tuesday.

Oil prices fell more than 2 per cent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Oil prices fell more than 2 per cent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output. Brent crude ended the session down $1.38, or 2.1 per cent, at $63.21 while West Texas Intermediate fell $1.64, or 2.8%, to settle at $56.74. Prices extended losses in post-settlement trade, with WTI dropping by more than $2 after data from the American Petroleum Institute showed US crude inventories rose 1.6 million barrels last week, compared with analysts' expectations for 1 million-barrel draw. US gasoline stocks built for an 11th week, rising 4.5 million barrels, much more than forecasts for a 3.1 million-barrel gain. Official US government data is due at 11 a.m. ET (1600 GMT) on Thursday, delayed a day in observance of Monday's Martin Luther King Jr. Day holiday. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year. "Oil prices remain heavy on oversupply concerns and after the Saudi Energy Minister Price Abdulaziz did not offer any hints of optimism that the OPEC+ production cuts would be extended beyond March," said Edward Moya, senior market analyst at OANDA in New York. "China's coronavirus will likely see travel restrictions that could end up hurting demand for crude during a peak travel time in China." Also Read: China virus could hit oil prices by $3 per barrel: Goldman [ Oil prices - Representative Image (Courtesy: Reuters) ] Markets are also focusing on the emergence from China of a new coronavirus just ahead of the Lunar New Year holidays this weekend and the possible impact a pandemic might have on global economic growth. Deaths from the new flu-like virus in China have risen to 17 with more than 540 cases confirmed, with cases now detected as far away as the United States. Should the virus develop dramatically and hit travel and growth, demand for oil could fall by 260,000 bpd, Goldman Sachs said in a note. "Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran, and Iraq, driving spot price volatility in the coming weeks," Goldman said, though the "impact on oil fundamentals remains limited so far". Oil prices have been marginally supported after Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict. Unless oil facilities return to operation quickly, OPEC member Libya's crude output will be reduced to about 72,000 bpd from about 1.2 million bpd. "The Libyan pipeline blockade continued to have a muted impact on sentiment ... There is a consensus that the disruption will prove short-lived," said Stephen Brennock of oil broker PVM. Meanwhile, Kazakhstan has suspended its oil exports to China after contamination was found in crude supplied by a Kazakh producer less than a year after a 'dirty oil' crisis broke in neighbouring Russia. Overall though, global supplies are likely to continue to rise, with US crude production in large shale deposits expected to rise to record highs in February, though the pace of increase is likely to be the lowest in about year, the US Energy Information Administration (EIA) said on Tuesday.

Oil prices slide 2% over glut forecast, China virus worries

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">prices tumbled on a forecast</a> for a market surplus.

<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">Worries about contagion</a> of the coronavirus and its effect on the global economy, particularly as millions in China travel for upcoming Lunar New Year festivities, had knocked the world's top equity markets off record peaks.

Deaths from the coronavirus rose to 17 on Wednesday, with more than 540 cases confirmed. Cases of the previously unknown virus have emerged as far away as the United States. The outbreak revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a virus outbreak that killed nearly 800 people worldwide and hit Hong Kong's economy particularly hard.

But China's response to the coronavirus outbreak, including some travel restrictions and regular updates by the government, reassured some investors. "The call here is not that the virus is done or nipped in the bud by any means," said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. "But there have been no big further reported outbreaks, and the response from the Chinese authorities has been very, very positive."

On Wall Street, the benchmark S&amp;P 500 stock index ended nominally higher after touching a record earlier in the session. Among currencies, the safe-haven <a href="https://www.wionews.com/business-economy/tokyo-stocks-open-lower-on-virus-woes-275928">Japanese yen</a> and the Swiss franc were little changed against the dollar as worries over the virus abated. China's coronavirus had some lingering effects on oil markets. Concerns of dropping demand, along with a forecast of a market surplus from the International Energy Agency, pushed down crude prices.

Also Read:&nbsp;Risk assets slip on Chinese virus anxiety

Brent crude &nbsp;ended down $1.38, or 2.1%, at $63.21 while U.S. crude &nbsp;fell $1.64, or 2.8%, to settle at $56.74. The Dow Jones Industrial Average fell 9.77 points, or 0.03%, to 29,186.27, the S&amp;P 500 gained 0.96 points, or 0.03%, to 3,321.75, and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77.

U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth.

"For Canada to sort of change its outlook fairly quickly opens up the possibility that easing could occur elsewhere too," said Jim Vogel, senior rates strategist at FHN Financial in Memphis.

Benchmark 10-year Treasury notes were little changed in price to yield 1.7691%, from 1.769% late on Tuesday. Across the Atlantic, Italian government bonds had their biggest sell-off in a month after reports the leader of the country's co-governing 5-Star movement had resigned.

The pan-European STOXX 600 equity index lost 0.08%, and MSCI's gauge of stocks across the globe gained 0.10%. Emerging market stocks rose 0.58%. The dollar index fell 0.01%, with the euro up 0.07% to $1.109.

The Japanese yen strengthened 0.01% versus the greenback at 109.88 per dollar, while sterling was last trading at $1.3135, up 0.67%. 
Spot gold added 0.04% to $1,558.35 an ounce. 
&nbsp;

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a forecast for a market surplus.

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a forecast for a market surplus. Worries about contagion of the coronavirus and its effect on the global economy, particularly as millions in China travel for upcoming Lunar New Year festivities, had knocked the world's top equity markets off record peaks. Deaths from the coronavirus rose to 17 on Wednesday, with more than 540 cases confirmed. Cases of the previously unknown virus have emerged as far away as the United States. The outbreak revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a virus outbreak that killed nearly 800 people worldwide and hit Hong Kong's economy particularly hard. But China's response to the coronavirus outbreak, including some travel restrictions and regular updates by the government, reassured some investors. "The call here is not that the virus is done or nipped in the bud by any means," said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. "But there have been no big further reported outbreaks, and the response from the Chinese authorities has been very, very positive." On Wall Street, the benchmark S&P 500 stock index ended nominally higher after touching a record earlier in the session. Among currencies, the safe-haven Japanese yen and the Swiss franc were little changed against the dollar as worries over the virus abated. China's coronavirus had some lingering effects on oil markets. Concerns of dropping demand, along with a forecast of a market surplus from the International Energy Agency, pushed down crude prices. Also Read: Risk assets slip on Chinese virus anxiety Brent crude ended down $1.38, or 2.1%, at $63.21 while U.S. crude fell $1.64, or 2.8%, to settle at $56.74. The Dow Jones Industrial Average fell 9.77 points, or 0.03%, to 29,186.27, the S&P 500 gained 0.96 points, or 0.03%, to 3,321.75, and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77. U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth. "For Canada to sort of change its outlook fairly quickly opens up the possibility that easing could occur elsewhere too," said Jim Vogel, senior rates strategist at FHN Financial in Memphis. Benchmark 10-year Treasury notes were little changed in price to yield 1.7691%, from 1.769% late on Tuesday. Across the Atlantic, Italian government bonds had their biggest sell-off in a month after reports the leader of the country's co-governing 5-Star movement had resigned. The pan-European STOXX 600 equity index lost 0.08%, and MSCI's gauge of stocks across the globe gained 0.10%. Emerging market stocks rose 0.58%. The dollar index fell 0.01%, with the euro up 0.07% to $1.109. The Japanese yen strengthened 0.01% versus the greenback at 109.88 per dollar, while sterling was last trading at $1.3135, up 0.67%. Spot gold added 0.04% to $1,558.35 an ounce.

Global stocks edge up, oil drops as China virus worries abate

Malaysia's top sugar refiner said that it will increase purchases of the commodity from India, news agency Reuters reported on Thursday.

The latest development comes amid the ongoing diplomatic row in which, India decided to <a href="https://www.wionews.com/india-news/malaysia-too-small-to-respond-to-indias-boycott-of-palm-oil-with-trade-retaliation-mahathir-mohamad-275346">put a curb on palm oil imports from Malaysia</a> after the southeast Asian country's Prime Minister Mahathir Mohammed spoke out against the recent policies of India including abrogation of Article 370 which critics say discriminate against Muslims.

According to the Reuters' report, MSM Malaysia Holdings Berhad will buy 130,000 tonnes of raw sugar from India worth 200 million ringgit ($49.20 million) in the first quarter.

In 2018, the company bought around 88,000 tonnes of raw sugar from India.

<a href="https://www.wionews.com/india-news/malaysian-pm-expresses-concern-after-india-puts-curbs-on-palm-oil-imports-274231">Also read | Malaysian PM Mahathir Mohamad takes a dig at India over palm oil import row</a>

MSM is the sugar refining arm of the world's largest palm oil producer, FGV Holdings, which is a unit of Malaysian state-owned Federal Land Development Authority or Felda.

In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir.

New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same.&nbsp;

The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read.

Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat.

As Malaysian palm refiners stare at a massive loss of business, Mahathir assured his country that his government would find a solution.

India is the world's biggest buyer of edible oils and Malaysia is the second-biggest producer and exporter of palm oil after Indonesia.

India is also Malaysia's biggest buyer of palm oil in 2019, with 4.4 million tonnes of purchases. Now, in 2020, purchases could fall below 1 million tonnes if relations don't improve.

(With inputs from agencies)

Malaysia's top sugar refiner said that it will increase purchases of the commodity from India, news agency Reuters reported on Thursday. The latest development comes amid the ongoing diplomatic row in which, India decided to put a curb on palm oil imports from Malaysia after the southeast Asian country's Prime Minister Mahathir Mohammed spoke out against the recent policies of India including abrogation of Article 370 which critics say discriminate against Muslims.

Malaysia's top sugar refiner said that it will increase purchases of the commodity from India, news agency Reuters reported on Thursday. The latest development comes amid the ongoing diplomatic row in which, India decided to put a curb on palm oil imports from Malaysia after the southeast Asian country's Prime Minister Mahathir Mohammed spoke out against the recent policies of India including abrogation of Article 370 which critics say discriminate against Muslims. According to the Reuters' report, MSM Malaysia Holdings Berhad will buy 130,000 tonnes of raw sugar from India worth 200 million ringgit ($49.20 million) in the first quarter. In 2018, the company bought around 88,000 tonnes of raw sugar from India. Also read | Malaysian PM Mahathir Mohamad takes a dig at India over palm oil import row MSM is the sugar refining arm of the world's largest palm oil producer, FGV Holdings, which is a unit of Malaysian state-owned Federal Land Development Authority or Felda. In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir. New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same. The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read. Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat. As Malaysian palm refiners stare at a massive loss of business, Mahathir assured his country that his government would find a solution. India is the world's biggest buyer of edible oils and Malaysia is the second-biggest producer and exporter of palm oil after Indonesia. India is also Malaysia's biggest buyer of palm oil in 2019, with 4.4 million tonnes of purchases. Now, in 2020, purchases could fall below 1 million tonnes if relations don't improve. (With inputs from agencies)

Amid the palm oil import row, Malaysia's top refiner says it will 'buy more Indian sugar'

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent&nbsp;on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.

Brent crude futures were down 87 cents, or 1.4 per cent, to $62.34 a barrel by 0733 GMT, and earlier dropped to the lowest since Dec. 4 after falling 2.1&nbsp;per cent&nbsp;the previous session.

US&nbsp;West Texas Intermediate futures fell 94 cents, or 1.6 per cent, to $55.80 a barrel after earlier falling to the lowest since December&nbsp;3. The contract declined 2.7&nbsp;per cent&nbsp;on Wednesday.

The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a city of 11 million people in central China.

Nearly 600 cases have been confirmed, with cases detected as far as away as the United States, and city authorities have shut transport networks, urging residents not to leave to prevent the contagion spreading.

The potential for a pandemic has stirred memories of the Sudden<a href="https://www.wionews.com/world/mysterious-viral-pneumonia-infects-several-in-china-272495"> Acute Respiratory Syndrome</a> epidemic in 2002-2003, which also started in China, denting economic growth and causing a slump in travel.

"Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand," ING Research said.

Overseas airlines, along with rail operators from Hong Kong and elsewhere have also started shutting down connections to Wuhan, essentially now in lockdown as guards blocked routes out of the city.

"We estimate a price shock of up to $5 (a barrel) if the crisis develops into a <a href="https://www.wionews.com/world/sars-like-virus-spreading-across-china-amid-140-new-cases-third-death-275342">SARS-style</a> epidemic based on historical oil price movements," JPM Commodities Research said in a note.

The US&nbsp;bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020.

Elsewhere, amid all the concern about hits to demand, supply remains plentiful.

US&nbsp;crude stockpiles rose last week by 1.6 million barrels, against expectations of a drop, the American Petroleum Institute said late on Tuesday.

Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday.

Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago. Brent crude futures were down 87 cents, or 1.4 per cent, to $62.34 a barrel by 0733 GMT, and earlier dropped to the lowest since Dec. 4 after falling 2.1 per cent the previous session. US West Texas Intermediate futures fell 94 cents, or 1.6 per cent, to $55.80 a barrel after earlier falling to the lowest since December 3. The contract declined 2.7 per cent on Wednesday. The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a city of 11 million people in central China. Nearly 600 cases have been confirmed, with cases detected as far as away as the United States, and city authorities have shut transport networks, urging residents not to leave to prevent the contagion spreading. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome epidemic in 2002-2003, which also started in China, denting economic growth and causing a slump in travel. "Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand," ING Research said. Overseas airlines, along with rail operators from Hong Kong and elsewhere have also started shutting down connections to Wuhan, essentially now in lockdown as guards blocked routes out of the city. "We estimate a price shock of up to $5 (a barrel) if the crisis develops into a SARS-style epidemic based on historical oil price movements," JPM Commodities Research said in a note. The US bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020. Elsewhere, amid all the concern about hits to demand, supply remains plentiful. US crude stockpiles rose last week by 1.6 million barrels, against expectations of a drop, the American Petroleum Institute said late on Tuesday. Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday. Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Oil skids as spectre of China virus looms over fuel demand, economy

World shares fell on Thursday, led by the biggest decline in <a href="https://www.wionews.com/business-economy/global-markets-us-stock-futures-slip-after-tariff-hike-asia-shares-eke-out-gains-217420">Chinese stocks</a> in more than eight months, as concern mounted about the spread of a deadly virus in China.

With millions of Chinese preparing to travel for the Lunar New Year, the potential the disease to spread, along with the tendency of traders to reduce their exposure before holidays, left markets struggling.

Safe options like Japan's yen and government bonds rose, while European stocks followed Asia lower. The threat to airline travel and an increase in supply pushed oil prices to seven-week lows.

"Ultimately, the coronavirus is a slow-burning but important story for markets that is likely to last for months rather than just a few days," said TD Securities' European head of currency strategy, Ned Rumpeltin. "And the natural go-to currencies, when there are headlines like these, are the yen and the Swiss franc."

The Swiss franc rose to a near three-year high against the euro overnight, but it was trading little changed as the focus in Europe turned to its central banks.

Norway's central bank had already left its interest rates unchanged. The <a href="https://www.wionews.com/world/european-central-bank-will-ease-policy-if-inflation-doesnt-pick-up-draghi-228287">European Central Bank</a> holds its first meeting of the year later on Thursday, where it's expected to outline its first formal policy review in 17 years.

It will probably last for most of the year and span topics from the inflation target to digital money and the fight against climate change.

"Quite a lot has happened in the last 17 years," Rumpeltin said. "They are due for a rethink."

As the virus took hold, MSCI's broadest index of <a href="https://www.wionews.com/business-economy/asian-shares-erase-losses-as-mideast-tensions-ease-oil-ticks-up-273093">Asia-Pacific shares</a> outside Japan fell 1.07 per cent. Chinese shares dropped 3.1 per cent, the biggest daily decline since May, when US&nbsp;President Donald Trump's threats of additional tariffs on Chinese goods rocked financial markets.

Hong Kong shares ended down 1.5 per cent&nbsp;and <a href="https://www.wionews.com/business-%26-economy/asia-stocks-open-lower-on-fears-over-us-growth-155633">Japan's Nikkei index</a> slid 1 per cent.

Among major currencies, the Chinese yuan fell to a two-week low, on course for its worst week since August. The Japanese yen climbed 0.2&nbsp;per cent&nbsp;to secure a third day of gains.

Gold and US&nbsp;Treasuries also rose as China blocked travel to and from Wuhan, the city where the coronavirus outbreak originated. Gold later recovered in Europe.

Deaths in China from the coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed. The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002-2003, another coronavirus that broke out in China and killed nearly 800 people worldwide.

"The coronavirus has introduced some caution," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "There is no reason to expect a global pandemic now, but there is some repricing in financial markets."

World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China.

World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China. With millions of Chinese preparing to travel for the Lunar New Year, the potential the disease to spread, along with the tendency of traders to reduce their exposure before holidays, left markets struggling. Safe options like Japan's yen and government bonds rose, while European stocks followed Asia lower. The threat to airline travel and an increase in supply pushed oil prices to seven-week lows. "Ultimately, the coronavirus is a slow-burning but important story for markets that is likely to last for months rather than just a few days," said TD Securities' European head of currency strategy, Ned Rumpeltin. "And the natural go-to currencies, when there are headlines like these, are the yen and the Swiss franc." The Swiss franc rose to a near three-year high against the euro overnight, but it was trading little changed as the focus in Europe turned to its central banks. Norway's central bank had already left its interest rates unchanged. The European Central Bank holds its first meeting of the year later on Thursday, where it's expected to outline its first formal policy review in 17 years. It will probably last for most of the year and span topics from the inflation target to digital money and the fight against climate change. "Quite a lot has happened in the last 17 years," Rumpeltin said. "They are due for a rethink." As the virus took hold, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.07 per cent. Chinese shares dropped 3.1 per cent, the biggest daily decline since May, when US President Donald Trump's threats of additional tariffs on Chinese goods rocked financial markets. Hong Kong shares ended down 1.5 per cent and Japan's Nikkei index slid 1 per cent. Among major currencies, the Chinese yuan fell to a two-week low, on course for its worst week since August. The Japanese yen climbed 0.2 per cent to secure a third day of gains. Gold and US Treasuries also rose as China blocked travel to and from Wuhan, the city where the coronavirus outbreak originated. Gold later recovered in Europe. Deaths in China from the coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed. The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002-2003, another coronavirus that broke out in China and killed nearly 800 people worldwide. "The coronavirus has introduced some caution," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "There is no reason to expect a global pandemic now, but there is some repricing in financial markets."

Virus fears keep stocks red; ECB gets ready to rethink

Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities.

The 30-share BSE Sensex settled 271.02 points or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91.

The broader NSE Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak.

Larsen &amp; Toubro (L&amp;T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for the quarter to December 2019.

Bharti Airtel, which is facing Rs 35,586 crore demand for AGR dues, rose by 1.8 per cent after the telecom firm said it will wait for the outcome of modification petition listed for hearing before the Supreme Court next week. Sources also said that the DoT has advised its departments to not take any coercive action against the telcos for failing to pay AGR dues by the January 23 deadline set by the Supreme Court.

Banking stocks also recovered after recent losses. SBI rose by 2.26 per cent, Axis Bank by 1.41 per cent, Kotak Bank by 1.14 per cent and ICICI Bank by 0.96 per cent.

ONGC gained 1.12 per cent amid a fall in global crude oil prices.

Other gainers included M&amp;M, Titan, Infosys, and Ultratech Cement.

Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red.

According to experts, despite the carnage in other Asian equities amid fears of contagion after a deadly virus emerged from China, stock-specific action kept domestic benchmarks buoyed.

Vinod Nair, Head of Research, Geojit Financial Services said, "The market is marginally up today due to the bounce back by banks, auto, and mid &amp; small caps after a mild consolidation during the week. We feel that a cautious trend will be maintained in the near-term since a lot has been factored in the market about budget wish list and revival in earnings growth, while the start to Q3 result is below par."

Hemang Kapasi, Portfolio Manager, Equity Investment Products, Sanctum Wealth Management, "Nifty snapped a four-day losing streak on the back of short-covering.

While the performance of the headline index is not very spectacular over a couple of weeks, the midcaps are gaining traction."

Midcaps have delivered 8 per cent return over last one month while Nifty has given marginally negative return, he added.

All sectoral indices ended on a positive note, with BSE capital goods, realty, oil and gas, telecom, consumer durables, industrials and utilities settling up to 2.33 per cent higher.

Broader BSE midcap and smallcap rallied up to 1.06 per cent.

Modest fall in crude oil price and a sharp upsurge in Larsen &amp; Toubro stock post the results helped bulls maintain positive sentiment in the market, Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities commented.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul declined up to 2.75 per cent. European markets were also trading on a negative note in their early sessions.

Brent crude oil futures fell 1.22 per cent to USD 62.44 per barrel.

The rupee depreciated 9 paise to 71.28 per US dollar (intra-day).

Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities.

Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities. The 30-share BSE Sensex settled 271.02 points or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91. The broader NSE Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak. Larsen & Toubro (L&T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for the quarter to December 2019. Bharti Airtel, which is facing Rs 35,586 crore demand for AGR dues, rose by 1.8 per cent after the telecom firm said it will wait for the outcome of modification petition listed for hearing before the Supreme Court next week. Sources also said that the DoT has advised its departments to not take any coercive action against the telcos for failing to pay AGR dues by the January 23 deadline set by the Supreme Court. Banking stocks also recovered after recent losses. SBI rose by 2.26 per cent, Axis Bank by 1.41 per cent, Kotak Bank by 1.14 per cent and ICICI Bank by 0.96 per cent. ONGC gained 1.12 per cent amid a fall in global crude oil prices. Other gainers included M&M, Titan, Infosys, and Ultratech Cement. Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red. According to experts, despite the carnage in other Asian equities amid fears of contagion after a deadly virus emerged from China, stock-specific action kept domestic benchmarks buoyed. Vinod Nair, Head of Research, Geojit Financial Services said, "The market is marginally up today due to the bounce back by banks, auto, and mid & small caps after a mild consolidation during the week. We feel that a cautious trend will be maintained in the near-term since a lot has been factored in the market about budget wish list and revival in earnings growth, while the start to Q3 result is below par." Hemang Kapasi, Portfolio Manager, Equity Investment Products, Sanctum Wealth Management, "Nifty snapped a four-day losing streak on the back of short-covering. While the performance of the headline index is not very spectacular over a couple of weeks, the midcaps are gaining traction." Midcaps have delivered 8 per cent return over last one month while Nifty has given marginally negative return, he added. All sectoral indices ended on a positive note, with BSE capital goods, realty, oil and gas, telecom, consumer durables, industrials and utilities settling up to 2.33 per cent higher. Broader BSE midcap and smallcap rallied up to 1.06 per cent. Modest fall in crude oil price and a sharp upsurge in Larsen & Toubro stock post the results helped bulls maintain positive sentiment in the market, Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities commented. Bourses in Shanghai, Hong Kong, Tokyo and Seoul declined up to 2.75 per cent. European markets were also trading on a negative note in their early sessions. Brent crude oil futures fell 1.22 per cent to USD 62.44 per barrel. The rupee depreciated 9 paise to 71.28 per US dollar (intra-day).

Sensex snaps 3-day losing run as banking, energy stocks gain, L&T rises 3%

&nbsp;India's main stock indexes ended higher for the first time this week on Thursday, driven by gains in banking and energy stocks.

The NSE <a href="https://www.wionews.com/business-economy/sensex-gains-by-321-points-as-nifty-closes-on-high-record-tata-motors-on-top-winner-271672">Nifty</a> 50 index closed 0.6 per cent higher at 12,180.35, while the S&amp;P BSE Sensex ended up 0.66 per cent&nbsp;at 41,386.40.

The market gained after some mild consolidation during the week, said Vinod Nair, head of research at Geojit Financial Services.

A slew of disappointing earnings had weighed on the market earlier this week, with Nifty 50 and Sensex losing about 2&nbsp;per cent&nbsp;each in the past three sessions.

On Thursday, the banking sector dominated the gains, with the <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-as-banks-slump-earnings-in-focus-254999">Nifty Bank Index</a> rising 1 per cent&nbsp;and Nifty Public Sector Bank Index firming 1.24 per cent.

Yes Bank jumped 6.6&nbsp;per cent&nbsp;and was the best performer in the Nifty 50.

Meanwhile, the Nifty energy index ended up 1.1&nbsp;per cent&nbsp;with <a href="https://www.wionews.com/business-economy/indian-oils-third-quarter-profit-plunges-almost-91-193870">Indian Oil Corp</a> gaining 4.14 per cent.

India oil ministry wants state refiners such as IOC to buy oil from Brazil under annual deals, a source said on Wednesday.

c lost about 7 per cent, making it the top loser in the Nifty 50.

India's main stock indexes ended higher for the first time this week on Thursday, driven by gains in banking and energy stocks. The NSE Nifty 50 index closed 0.6 per cent higher at 12,180.

India's main stock indexes ended higher for the first time this week on Thursday, driven by gains in banking and energy stocks. The NSE Nifty 50 index closed 0.6 per cent higher at 12,180.35, while the S&P BSE Sensex ended up 0.66 per cent at 41,386.40. The market gained after some mild consolidation during the week, said Vinod Nair, head of research at Geojit Financial Services. A slew of disappointing earnings had weighed on the market earlier this week, with Nifty 50 and Sensex losing about 2 per cent each in the past three sessions. On Thursday, the banking sector dominated the gains, with the Nifty Bank Index rising 1 per cent and Nifty Public Sector Bank Index firming 1.24 per cent. Yes Bank jumped 6.6 per cent and was the best performer in the Nifty 50. Meanwhile, the Nifty energy index ended up 1.1 per cent with Indian Oil Corp gaining 4.14 per cent. India oil ministry wants state refiners such as IOC to buy oil from Brazil under annual deals, a source said on Wednesday. c lost about 7 per cent, making it the top loser in the Nifty 50.

Sensex, Nifty end higher on banks, energy stocks

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project.

However, the Bank of England has different ideas - they might end up embracing cryptocurrency.

From being hailed as the future of money to being snubbed and barred, the cryptocurrency has faced the entire spectrum.

But now it could find more legitimacy than ever before because of some of the world's largest central banks. &nbsp;

Right after Facebook revealed its plans, the European central bank expressed an interest. China too has been busy readying plans for a state-backed cryptocurrency. 
 
WATCH:&nbsp;&nbsp;

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And now the Bank of England has created an international group for it. The central banks of Japan, Sweden, Switzerland and the Eurozone have joined the initiative along with the bank of international settlements.

This new group will be co-chaired by ECB board member Benoit course and Bank of England Deputy Governor Jon Cunliffe. The cryptocurrency industry has given the move a double thumbs-up expectedly. They are glad that the potential of the bitcoin is finally being recognised.

But they are also aware that this is just the beginning of what could be an extremely long-winding process. In the meantime, the facebook-led project libra itself has faced intense regulatory pushback.

Central bankers from the US to Europe have warned about potential risks of Libra to global financial stability. Vodafone is the latest company to leave Facebook's digital currency project which has seen an exodus of backers including PayPal, e-bay and Mastercard amid regulatory scrutiny.

China has been racing to issue its own central bank digital currency, but its efforts in the space have so far been sketchy in terms of details. 
&nbsp;

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project.

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project. However, the Bank of England has different ideas - they might end up embracing cryptocurrency. From being hailed as the future of money to being snubbed and barred, the cryptocurrency has faced the entire spectrum. But now it could find more legitimacy than ever before because of some of the world's largest central banks. Right after Facebook revealed its plans, the European central bank expressed an interest. China too has been busy readying plans for a state-backed cryptocurrency. WATCH: × And now the Bank of England has created an international group for it. The central banks of Japan, Sweden, Switzerland and the Eurozone have joined the initiative along with the bank of international settlements. This new group will be co-chaired by ECB board member Benoit course and Bank of England Deputy Governor Jon Cunliffe. The cryptocurrency industry has given the move a double thumbs-up expectedly. They are glad that the potential of the bitcoin is finally being recognised. But they are also aware that this is just the beginning of what could be an extremely long-winding process. In the meantime, the facebook-led project libra itself has faced intense regulatory pushback. Central bankers from the US to Europe have warned about potential risks of Libra to global financial stability. Vodafone is the latest company to leave Facebook's digital currency project which has seen an exodus of backers including PayPal, e-bay and Mastercard amid regulatory scrutiny. China has been racing to issue its own central bank digital currency, but its efforts in the space have so far been sketchy in terms of details.

Global central banks could adopt cryptocurrencies

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the <a href="https://www.wionews.com/world/wuhan-mayor-asks-citizens-not-to-travel-outside-as-chinas-coronavirus-spreads-275911">outbreak of a new coronavirus</a> could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions.

The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan.

Also Read: <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">Asian shares dip as China virus spreads</a>

The new virus, which health officials have said can be <a href="https://www.wionews.com/india-news/china-coronavirus-viral-outbreak-forces-india-to-strengthen-airport-safety-laws-275899">passed from person to person</a>, has worried financial markets as investors recalled the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, also a coronavirus outbreak that started in China and killed nearly 800 people worldwide.

<img alt="Chinese Stock Market" data-entity-type="file" data-entity-uuid="ae8db9dc-366b-4603-9a5d-51f703234b09" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2857%29_0.jpg" /> 
[ Chinese Stock Market (Courtesy: Reuters) ]

"Translating the estimated SARS demand impact into 2020 volumes points to a potential 260,000 barrels per day negative shock to global oil demand on average," Goldman said in a note dated Jan. 21. The estimate includes a 170,000 barrels per day loss of jet fuel demand, it added.

The bank expects jet fuel markets, including cracks, regrade and Asian differentials, to be hit the most if the outbreak leads to a decline in regional air travel.

While a supply response from the Organization of the Petroleum Exporting Countries could limit any fundamental impact from such a demand shock, the initial uncertainty could lead to a larger oil price sell-off, Goldman added.

Brent crude prices are currently just below $65 a barrel, while U.S. oil is at about $58 a barrel.

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions.

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions. The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan. Also Read: Asian shares dip as China virus spreads The new virus, which health officials have said can be passed from person to person, has worried financial markets as investors recalled the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, also a coronavirus outbreak that started in China and killed nearly 800 people worldwide. [ Chinese Stock Market (Courtesy: Reuters) ] "Translating the estimated SARS demand impact into 2020 volumes points to a potential 260,000 barrels per day negative shock to global oil demand on average," Goldman said in a note dated Jan. 21. The estimate includes a 170,000 barrels per day loss of jet fuel demand, it added. The bank expects jet fuel markets, including cracks, regrade and Asian differentials, to be hit the most if the outbreak leads to a decline in regional air travel. While a supply response from the Organization of the Petroleum Exporting Countries could limit any fundamental impact from such a demand shock, the initial uncertainty could lead to a larger oil price sell-off, Goldman added. Brent crude prices are currently just below $65 a barrel, while U.S. oil is at about $58 a barrel.

China virus could hit oil prices by $3 per barrel: Goldman

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as <a href="https://www.wionews.com/business-economy/global-markets-shares-swept-new-year-gains-gold-oil-prices-jumps-and-iran-trade-threats-272528">financial markets</a> reacted to mounting concern about a new strain of the flu-like virus in China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. The mayor of Wuhan, where the virus may have originated, confirmed a sixth virus-related death.

Investors are worried about the threat of contagion as hundreds of millions travel for the Chinese Lunar New Year holidays, which peak over the coming weekend. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people globally and which China initially covered up.

<a href="https://www.wionews.com/business-economy/no-dearth-of-crude-oil-in-global-market-says-union-minister-dharmendra-pradhan-273737">Emerging market</a> stocks lost 1.58%. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;closed 1.63% lower, while Japan's Nikkei&nbsp;lost 0.91%. Hong Kong, which suffered badly during the SARS outbreak, saw its index&nbsp;fall 2.8%. The overnight chill in Asia carried over to <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">European markets</a>. Shares of luxury goods makers - which have large exposure to China - were among those declining the most.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Global Markets: Asian shares lower as investors book decade-end profits</a>

A U.S. index of airline stocks fell 2.3% and hotel and casino operators Las Vegas Sands Corp and Wynn Resorts Ltd, both of which have large operations in China, dropped over 4%. The virus outbreak "seems to be the biggest negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We may see U.S. markets try to spit it out because it doesn't have that much of an impact on U.S. economy."

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="44f15713-342b-487d-90f5-6d86f21ace64" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2859%29_0.jpg" /> 
[&nbsp;Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ]

The Dow Jones Industrial Average&nbsp;fell 20.99 points, or 0.07%, to 29,327.11, the S&amp;P 500&nbsp;lost 1.13 points, or 0.03%, to 3,328.49 and the Nasdaq Composite&nbsp;added 1.12 points&nbsp;or 0.01%, to 9,390.06. The pan-European FTSEurofirst 300 index lost 0.16% and MSCI's gauge of stocks across the globe&nbsp;shed 0.29%.

In other markets, U.S.- and German 10-year government bond yields touched a two week low while the safe-haven yen&nbsp;strengthened 0.23% versus the dollar at 109.95.

"The fear is that it could be a SARS-type event, which was an economic issue," said Ellis Phifer, market strategist at Raymond James in Tennessee. "But this is all cautionary. The market is not panicking or anything."

Benchmark 10-year notes&nbsp;last rose 16/32 in price to yield 1.7795%, from 1.835% late on Friday. Monday was a U.S. market holiday. The dollar index fell 0.04%, with the euro&nbsp;down 0.04% to $1.109.Sterling&nbsp;was last trading at $1.3051, up 0.32% on the day. The Australian dollar&nbsp;dropped on the flu worries since the country attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays.

Some investors were relieved that U.S. President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. They agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said.

A tariff war between China and the United States was blamed for the economic growth slowdown of last year. U.S. gold futures&nbsp;fell 0.22% to $1,555.40 an ounce. Oil prices were mixed on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. U.S. crude&nbsp;rose 0.17% to $58.64 per barrel and Brent was last at $64.98, down 0.34% on the day.

&nbsp;

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as financial markets reacted to mounting concern about a new strain of the flu-like virus in China.

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as financial markets reacted to mounting concern about a new strain of the flu-like virus in China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. The mayor of Wuhan, where the virus may have originated, confirmed a sixth virus-related death. Investors are worried about the threat of contagion as hundreds of millions travel for the Chinese Lunar New Year holidays, which peak over the coming weekend. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people globally and which China initially covered up. Emerging market stocks lost 1.58%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.63% lower, while Japan's Nikkei lost 0.91%. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2.8%. The overnight chill in Asia carried over to European markets. Shares of luxury goods makers - which have large exposure to China - were among those declining the most. Also Read: Global Markets: Asian shares lower as investors book decade-end profits A U.S. index of airline stocks fell 2.3% and hotel and casino operators Las Vegas Sands Corp and Wynn Resorts Ltd, both of which have large operations in China, dropped over 4%. The virus outbreak "seems to be the biggest negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We may see U.S. markets try to spit it out because it doesn't have that much of an impact on U.S. economy." [ Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] The Dow Jones Industrial Average fell 20.99 points, or 0.07%, to 29,327.11, the S&P 500 lost 1.13 points, or 0.03%, to 3,328.49 and the Nasdaq Composite added 1.12 points or 0.01%, to 9,390.06. The pan-European FTSEurofirst 300 index lost 0.16% and MSCI's gauge of stocks across the globe shed 0.29%. In other markets, U.S.- and German 10-year government bond yields touched a two week low while the safe-haven yen strengthened 0.23% versus the dollar at 109.95. "The fear is that it could be a SARS-type event, which was an economic issue," said Ellis Phifer, market strategist at Raymond James in Tennessee. "But this is all cautionary. The market is not panicking or anything." Benchmark 10-year notes last rose 16/32 in price to yield 1.7795%, from 1.835% late on Friday. Monday was a U.S. market holiday. The dollar index fell 0.04%, with the euro down 0.04% to $1.109.Sterling was last trading at $1.3051, up 0.32% on the day. The Australian dollar dropped on the flu worries since the country attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Some investors were relieved that U.S. President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. They agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said. A tariff war between China and the United States was blamed for the economic growth slowdown of last year. U.S. gold futures fell 0.22% to $1,555.40 an ounce. Oil prices were mixed on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. U.S. crude rose 0.17% to $58.64 per barrel and Brent was last at $64.98, down 0.34% on the day.

Risk assets slip on Chinese virus anxiety

The emergence of a SARS-like virus in China is the last thing Hong Kong's struggling economy needs, analysts say, as the city reels from the twin storms of the global trade war and months of political unrest.

The emergence of a SARS-like virus in China is the last thing Hong Kong's struggling economy needs, analysts say, as the city reels from the twin storms of the global trade war and months of political unrest. The semi-autonomous financial hub is currently on high alert for any appearance of the new coronavirus, which first surfaced in the Chinese city of Wuhan and has since spread to the United States and around Asia. In 2003, nearly 300 people were killed in Hong Kong during an outbreak of Severe Acute Respiratory Syndrome (SARS), which also began on the mainland and hammered the city's economy as tourists arrivals plunged. "We are on extremely high alert and preparing for the worst," chief secretary Matthew Cheung told reporters on Tuesday. "We have not lowered our guard." The timing could hardly be worse. Hong Kong has been tipped into a recession by the US-China trade war and months of seething pro-democracy protests that have upended its reputation for stability. On Monday, Moody's downgraded Hong Kong's credit rating, saying the government had failed to respond to the economic and political demands of protesters and that China's increased influence was undermining the city's once-vaunted institutions. A disease outbreak in the densely packed city would only add to current economic woes. "This is definitely the last thing Hong Kong people want to see," said Jackson Wong, an asset management director at Amber Hill Capital Ltd. "The current situation will definitely remind investors about what we suffered in 2003 during the SARS outbreak in Hong Kong," he added. Also Read: China confirms person-to-person spread of the new virus as fourth death reported [ Citizens protect themselves with face masks (Courtesy: Reuters) ] 'Salt in the wounds' Hong Kong's stock market sank on Tuesday - with tourism-linked stocks leading the losses - after a top Chinese scientist said the Wuhan virus has now been found to pass between humans. The brewing crisis comes days before the Lunar New Year holiday, which sees hundreds of millions of people travel across China and overseas. The number of mainland Chinese travelling to Hong Kong has dropped dramatically since the anti-government protests began last summer, and there are fears the Wuhan virus will only make things worse for the battered tourism industry. "Hotel, catering and tourism have borne the brunt of the recession and now this situation is like rubbing salt into the wounds," Dickie Wong, executive director of research at Kingston Securities stated. "It will deal a heavy blow to the city's economic atmosphere. The impact of the political unrest sparked by the extradition bill (protests) has not yet ended." Hong Kong's health authorities are taking few chances in a bid to stave off a repeat of the SARS epidemic. Monitoring for people with fevers has been ramped up at the airport and local hospitals to include anyone coming from Hubei province, not just the capital city of Wuhan. More than 100 people who have come back from the region and reported flu-like symptoms have been isolated and treated, although none have yet tested positive for the new strain. - More prepared than SARS - But the spread of confirmed cases in multiple Chinese cities, including neighbouring Shenzhen, has put Hong Kong on edge with face masks rapidly selling out. Isolation wards and doctors are on standby. The SARS outbreak dramatically transformed Hong Kong into a place where the population is now far more conscious of contagion and hygiene standards. Door handles and lift buttons in the city's myriad skyscrapers are routinely sterilised multiple times a day, while an unguarded sneeze on the crowded subway can cause neighbouring commuters to scramble for distance. Surgical face masks are ubiquitous, not just in the winter flu season. Hong Kong's difficulties in battling SARS were compounded by the veil of secrecy that surrounded the outbreak on the authoritarian mainland. But specialists who are prepping the city for any new outbreak say they have been encouraged by the transparency Chinese authorities have shown following the Wuhan outbreak. "The timescale of recognising, characterising, releasing and reporting information is a vast improvement from the time of SARS," Gabriel Leung, Dean of the University of Hong Kong's medical school told reporters on Tuesday. "What did take months during the time of SARS is now compressed into a matter of weeks or days," he added.

Wuhan virus compounds Hong Kong's economic woes

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened by fears over the growing spread of a new SARS-like virus.

The benchmark Nikkei 225 index edged down 0.06 per cent or 15.46 points to 23,849.10 in early trade while the broader Topix index was down 0.08 per cent or 1.45 points at 1,733.52.

"Selling will likely lead trading today due to drops in US stocks, and fears over the <a href="https://www.wionews.com/world/death-toll-in-the-new-sars-like-coronavirus-in-china-rises-to-six-275733">spread of the coronavirus</a>," Okasan Online Securities chief strategist Yoshihiro Ito said in a note. Wall Street stocks retreated from records Tuesday, with tourism stocks falling due to worries about the virus, and Boeing shares hammered by the latest delay to its crisis-hit 737 MAX jet.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">Asian shares dip as China virus spreads</a>

Ito added that the downtrend particularly in Asia and Europe "could drag on" amid concerns that the virus will spread during the Lunar New Year holidays. Hundreds of millions of Chinese people travel across the country to visit family. There is also a surge in foreign travel from China.&nbsp;

Heavy selling hit <a href="https://www.wionews.com/world/mitsubishi-suspected-of-diesel-fraud-german-prosecutors-raid-business-premises-275859">Mitsubishi Motors</a> after German prosecutors searched business premises linked to the group as part of an investigation into suspected diesel emissions cheating. Mitsubishi Motors stock was down 4.62 per cent at 433 yen while Nissan, which forms a three-way alliance with Mitsubishi and France's Renault, lost 1.0 per cent to 628 yen.

Some department store operators fell on fears that the new virus may hurt travel demand. Isetan Mitsukoshi Holdings dropped 1.16 per cent to 933 yen and J.Front Retailing was down 1.56 per cent at 1,451 yen. 
The dollar was trading at 109.89 yen against 109.83 yen in New York Tuesday afternoon.&nbsp;

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened by fears over the growing spread of a new SARS-like virus. The benchmark Nikkei 225 index edged down 0.

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened by fears over the growing spread of a new SARS-like virus. The benchmark Nikkei 225 index edged down 0.06 per cent or 15.46 points to 23,849.10 in early trade while the broader Topix index was down 0.08 per cent or 1.45 points at 1,733.52. "Selling will likely lead trading today due to drops in US stocks, and fears over the spread of the coronavirus," Okasan Online Securities chief strategist Yoshihiro Ito said in a note. Wall Street stocks retreated from records Tuesday, with tourism stocks falling due to worries about the virus, and Boeing shares hammered by the latest delay to its crisis-hit 737 MAX jet. Also Read: Asian shares dip as China virus spreads Ito added that the downtrend particularly in Asia and Europe "could drag on" amid concerns that the virus will spread during the Lunar New Year holidays. Hundreds of millions of Chinese people travel across the country to visit family. There is also a surge in foreign travel from China. Heavy selling hit Mitsubishi Motors after German prosecutors searched business premises linked to the group as part of an investigation into suspected diesel emissions cheating. Mitsubishi Motors stock was down 4.62 per cent at 433 yen while Nissan, which forms a three-way alliance with Mitsubishi and France's Renault, lost 1.0 per cent to 628 yen. Some department store operators fell on fears that the new virus may hurt travel demand. Isetan Mitsukoshi Holdings dropped 1.16 per cent to 933 yen and J.Front Retailing was down 1.56 per cent at 1,451 yen. The dollar was trading at 109.89 yen against 109.83 yen in New York Tuesday afternoon.

Tokyo stocks open lower on China virus woes

Market benchmark Sensex surrendered early gains to end 208 points lower on Wednesday as energy, power, auto and financial stocks came under selling pressure.

After plunging 473 points from the day's high in a choppy session, the 30-share BSE index settled 208.43 points, or 0.50 per cent, lower at 41,115.38. It hit an intra-day high of 41,532.29 and a low of 41,059.04.

Likewise, the broader NSE Nifty closed 62.95 points, or 0.52 per cent, down at 12,106.90.

ONGC was the top loser in the Sensex pack, tumbling 5.13 per cent, followed by NTPC, Maruti, Kotak Bank, HDFC, Asian Paints, ICICI Bank and Axis Bank.

On the other hand, Nestle India, TCS, Infosys, HCL Tech, SBI and Bharti Airtel ended with gains of up to 1.86 per cent.

According to experts, major stocks are in the process of correcting to their support levels ahead of the Union Budget.

Further, global agencies slashing India's growth outlook and a tepid start to the earnings season are also weighing on domestic investor sentiment, they added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

European markets were also trading on a positive note in their early sessions.

Brent crude oil futures fell 0.67 per cent to USD 64.16 per barrel.

The rupee was trading flat at 71.22 per US dollar (intra-day).

Market benchmark Sensex surrendered early gains to end 208 points lower on Wednesday as energy, power, auto and financial stocks came under selling pressure. After plunging 473 points from the day's high in a choppy session, the 30-share BSE index settled 208.

Market benchmark Sensex surrendered early gains to end 208 points lower on Wednesday as energy, power, auto and financial stocks came under selling pressure. After plunging 473 points from the day's high in a choppy session, the 30-share BSE index settled 208.43 points, or 0.50 per cent, lower at 41,115.38. It hit an intra-day high of 41,532.29 and a low of 41,059.04. Likewise, the broader NSE Nifty closed 62.95 points, or 0.52 per cent, down at 12,106.90. ONGC was the top loser in the Sensex pack, tumbling 5.13 per cent, followed by NTPC, Maruti, Kotak Bank, HDFC, Asian Paints, ICICI Bank and Axis Bank. On the other hand, Nestle India, TCS, Infosys, HCL Tech, SBI and Bharti Airtel ended with gains of up to 1.86 per cent. According to experts, major stocks are in the process of correcting to their support levels ahead of the Union Budget. Further, global agencies slashing India's growth outlook and a tepid start to the earnings season are also weighing on domestic investor sentiment, they added. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains. European markets were also trading on a positive note in their early sessions. Brent crude oil futures fell 0.67 per cent to USD 64.16 per barrel. The rupee was trading flat at 71.22 per US dollar (intra-day).

Sensex sheds 208 points; ONGC tanks 5%

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.

<a href="https://www.wionews.com/business-economy/zomato-uber-eats-deal-info-edge-shares-rise-over-3-per-cent-275718">Zomato</a>, valued at around $3 billion after raising money from Ant this month, will take over Uber Eats' operations from Tuesday. Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings-backed Swiggy and Zomato. 
All three have spent heavily on deals and discounts to attract customers in a highly competitive market.

Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">exit Uber</a> Eats South Korea in October 2019, "of our commitment to take a hard look at Eats markets where we do not have a path to leadership".

The San Francisco-based firm, which has promised to be profitable at an operational level by the end of 2021, has been trying to sell India Eats business for a year, according to sources.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/zomato-acquires-ubers-food-delivery-business-in-an-all-stock-deal-275592">Zomato acquires Uber's food delivery business in an all-stock deal</a>

It earlier held talks with Swiggy for a similar deal, but those fell through due to valuation and regulatory issues, two of them said. Uber and Swiggy did not respond to requests for comment.

<img alt="Uber Eats" data-entity-type="file" data-entity-uuid="d90829f3-0347-4e31-b821-e21743b99ac3" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2852%29_0.jpg" />

[&nbsp;An Uber Eats food delivery courier pulls a bicycle (Courtesy: Reuters) ]

Uber Eats' India operations contributed just 3% of gross bookings for the business globally in the first nine months of last year, while accounting for a quarter of its adjusted operating losses, the company said.

The unit in India made a loss of $61 million for the three months to Sept. 30 on revenue of $20 million, the company said in a filing with the U.S. Securities and Exchange Commission. Zomato reported a loss of $294 million for the year to March 2019, while Swiggy made a loss of $330 million.

The sale will allow Uber to cut its losses and yet keep a stake in a market expected to be worth $15 billion by 2023. Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths. "It should stick to what its competence is, in terms of being an aggregator of cabs," he said.

Zomato's orders per month should rise by 10 million from the 38 million to 40 million it was clocking before the deal, a source familiar with the deal said. Swiggy too receives around 40 million in monthly orders. 
The acquisition does not guarantee that all Uber Eats customers will switch to Zomato.

Online food delivery customers tend to favour companies offering the best deals, market research shows. Consultancy Frost and Sullivan said that even after the acquisition, Swiggy remains arguably the country's leading market player.

"Swiggy’s diversification into a variety of last-mile delivery services, including store, package and home meal deliveries, is expected to offset any potential losses due to Zomato's acquisition of Uber Eats," it said in a note.

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial. Zomato, valued at around $3 billion after raising money from Ant this month, will take over Uber Eats' operations from Tuesday. Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings-backed Swiggy and Zomato. All three have spent heavily on deals and discounts to attract customers in a highly competitive market. Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to exit Uber Eats South Korea in October 2019, "of our commitment to take a hard look at Eats markets where we do not have a path to leadership". The San Francisco-based firm, which has promised to be profitable at an operational level by the end of 2021, has been trying to sell India Eats business for a year, according to sources. Also Read: Zomato acquires Uber's food delivery business in an all-stock deal It earlier held talks with Swiggy for a similar deal, but those fell through due to valuation and regulatory issues, two of them said. Uber and Swiggy did not respond to requests for comment. [ An Uber Eats food delivery courier pulls a bicycle (Courtesy: Reuters) ] Uber Eats' India operations contributed just 3% of gross bookings for the business globally in the first nine months of last year, while accounting for a quarter of its adjusted operating losses, the company said. The unit in India made a loss of $61 million for the three months to Sept. 30 on revenue of $20 million, the company said in a filing with the U.S. Securities and Exchange Commission. Zomato reported a loss of $294 million for the year to March 2019, while Swiggy made a loss of $330 million. The sale will allow Uber to cut its losses and yet keep a stake in a market expected to be worth $15 billion by 2023. Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths. "It should stick to what its competence is, in terms of being an aggregator of cabs," he said. Zomato's orders per month should rise by 10 million from the 38 million to 40 million it was clocking before the deal, a source familiar with the deal said. Swiggy too receives around 40 million in monthly orders. The acquisition does not guarantee that all Uber Eats customers will switch to Zomato. Online food delivery customers tend to favour companies offering the best deals, market research shows. Consultancy Frost and Sullivan said that even after the acquisition, Swiggy remains arguably the country's leading market player. "Swiggy’s diversification into a variety of last-mile delivery services, including store, package and home meal deliveries, is expected to offset any potential losses due to Zomato's acquisition of Uber Eats," it said in a note.

Uber cuts losses from Eats business in India with sale to Zomato

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday.

Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company.

Under the deal, Uber Eats’s India business will be transferred to Zomato in exchange for at around $350 million, according to the news reports.&nbsp;

The share-swap arrangement and details of the transaction were not disclosed.

In a mailed statement to its customers, Uber Eats said that Zomato has acquired its business in India and Uber Eats would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday.&nbsp;

"We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato. You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you're travelling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato," said the statement.

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday. Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company.

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday. Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company. Under the deal, Uber Eats’s India business will be transferred to Zomato in exchange for at around $350 million, according to the news reports. The share-swap arrangement and details of the transaction were not disclosed. In a mailed statement to its customers, Uber Eats said that Zomato has acquired its business in India and Uber Eats would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday. "We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato. You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you're travelling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato," said the statement.

Zomato acquires Uber's food delivery business in an all-stock deal

Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report.

The World Employment and Social Outlook: Trends 2020 (WESO) report, released on Monday, states that global unemployment has been roughly stable for the last nine years but slowing global economic growth means that, as the global labour force increases, <a href="https://www.wionews.com/business-economy/australian-jobs-suffer-biggest-drop-in-three-years-argue-for-more-stimulus-262020">not enough new jobs </a>are being generated to absorb new entrants to the labour market.

The International Labour Organisation (ILO) forecasts that <a href="https://www.wionews.com/business-economy/indias-urban-unemployment-rate-slows-in-march-2019-quarter-government-data-264001">unemployment will rise</a> by about 2.5 million this year. The ILO is a UN agency whose mandate is to advance social justice and promote decent work by setting international labour standards.

"For millions of ordinary people, it's increasingly difficult to build better lives through work," ILO Director-General Guy Ryder said. "Persisting and substantial work-related inequalities and exclusion are preventing them from finding decent work and better futures. That's an extremely serious finding that has profound and worrying implications for social cohesion," Ryder said.

The number of <a href="https://www.wionews.com/business-economy/unemployment-sluggish-growth-fuelling-protests-in-arab-countries-imf-258450">people unemployed</a> around the world stands at some 188 million. Also, 165 million people do not have enough paid work, and 120 million have either given up actively searching for work or otherwise lack access to the labour market. In total, more than 470 million people worldwide are affected, the report said.

Also Read:&nbsp;<a href="https://www.wionews.com/world/more-than-473-million-people-cant-find-reasonably-paying-work-united-nations-report-275681">More than 473 million people can't find reasonably paying work: United Nations report</a>

Earlier in January, a UN report on the economy showed that developed countries are experiencing slow growth, and some African countries are stagnating. The consequence is that not enough new jobs are being created to absorb the growing labour force as it enters the market. Besides, many African countries are experiencing a drop in real incomes and a rise in poverty, it said.

The ILO report said that moderate or extreme working poverty is expected to edge up in 2020-21 in developing countries, increasing the obstacles to achieving Sustainable Development Goal 1 on eradicating poverty everywhere by 2030.

Currently working poverty (defined as earning less than USD 3.20 per day in purchasing power parity terms) affects more than 630 million workers or one in five of the global working population. Inequalities related to gender, age and geographical location continue to plague the job market, with the report showing that these factors limit both individual opportunity and economic growth.

Some 267 million young people aged 15-24 are not in employment, education or training, and many more endure substandard working conditions. The rise in trade restrictions and protectionism, which could have a significant impact on employment, is seen as a potentially worrying trend, as is the significant drop in the share of national income in the form of wages, compared to other forms of production, it said.

"Labour underutilisation and poor-quality jobs mean our economies and societies are missing out on the potential benefits of a huge pool of human talent,? said the report's lead author, Stefan Kuhn. "We will only find a sustainable, inclusive path of development if we tackle these kinds of labour market inequalities and gaps in access to decent work," Kuhn said.

The report's authors recommend that countries ensure that economic growth and development occurs in a way that leads to the reduction of poverty and better working conditions in low-income countries, through structural transformation, technological upgrading, and diversification.

The annual WESO Trends report analyses key labour market issues, including unemployment, labour underutilization, working poverty, income inequality, labour income share and factors that exclude people from decent work.

Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report.

Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report. The World Employment and Social Outlook: Trends 2020 (WESO) report, released on Monday, states that global unemployment has been roughly stable for the last nine years but slowing global economic growth means that, as the global labour force increases, not enough new jobs are being generated to absorb new entrants to the labour market. The International Labour Organisation (ILO) forecasts that unemployment will rise by about 2.5 million this year. The ILO is a UN agency whose mandate is to advance social justice and promote decent work by setting international labour standards. "For millions of ordinary people, it's increasingly difficult to build better lives through work," ILO Director-General Guy Ryder said. "Persisting and substantial work-related inequalities and exclusion are preventing them from finding decent work and better futures. That's an extremely serious finding that has profound and worrying implications for social cohesion," Ryder said. The number of people unemployed around the world stands at some 188 million. Also, 165 million people do not have enough paid work, and 120 million have either given up actively searching for work or otherwise lack access to the labour market. In total, more than 470 million people worldwide are affected, the report said. Also Read: More than 473 million people can't find reasonably paying work: United Nations report Earlier in January, a UN report on the economy showed that developed countries are experiencing slow growth, and some African countries are stagnating. The consequence is that not enough new jobs are being created to absorb the growing labour force as it enters the market. Besides, many African countries are experiencing a drop in real incomes and a rise in poverty, it said. The ILO report said that moderate or extreme working poverty is expected to edge up in 2020-21 in developing countries, increasing the obstacles to achieving Sustainable Development Goal 1 on eradicating poverty everywhere by 2030. Currently working poverty (defined as earning less than USD 3.20 per day in purchasing power parity terms) affects more than 630 million workers or one in five of the global working population. Inequalities related to gender, age and geographical location continue to plague the job market, with the report showing that these factors limit both individual opportunity and economic growth. Some 267 million young people aged 15-24 are not in employment, education or training, and many more endure substandard working conditions. The rise in trade restrictions and protectionism, which could have a significant impact on employment, is seen as a potentially worrying trend, as is the significant drop in the share of national income in the form of wages, compared to other forms of production, it said. "Labour underutilisation and poor-quality jobs mean our economies and societies are missing out on the potential benefits of a huge pool of human talent,? said the report's lead author, Stefan Kuhn. "We will only find a sustainable, inclusive path of development if we tackle these kinds of labour market inequalities and gaps in access to decent work," Kuhn said. The report's authors recommend that countries ensure that economic growth and development occurs in a way that leads to the reduction of poverty and better working conditions in low-income countries, through structural transformation, technological upgrading, and diversification. The annual WESO Trends report analyses key labour market issues, including unemployment, labour underutilization, working poverty, income inequality, labour income share and factors that exclude people from decent work.

Global unemployment projected to rise by around 2.5 million in 2020: UN labour report