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

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

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

Airbus to cut jobs in defence & space division

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

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

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

Sensex, Nifty end lower on US trade deal uncertainty

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

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

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

Coronavirus poses risks to fragile recovery in global economy: IMF

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

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

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

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

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

Oil up on slowing pace of coronavirus, Venezuela sanctions

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

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

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

India clears accord on intellectual property rights with US

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Rupee slips 24 paise to settle at 71.56 against US dollar

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

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

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

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

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

HSBC bank plans massive job cut

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

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

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

Singapore aims to phase out petrol and diesel vehicles by 2040

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

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

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

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

A drop in airline flights from <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">China </a>and Hong Kong due to the <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">coronavirus </a>is increasing demand for private jets as wealthy passengers try to get out, executives say, but travel bans and nervous crew have kept that from translating to more business.

Australia-based Darin Voyles, of Paramount Business Jets, said the firm had seen a ''considerable uptick'' in requests, but the majority can't be filled as they can't get the crew or planes.

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">Coronavirus toll leaps past 1850 with 93 new deaths in China's Hubei province</a>

"Many simply do not want to send their aircraft and crews into mainland <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">China</a>. Aside from the risk of exposure for the crews, the operational and business concern is that when they return from mainland <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">China </a>they will essentially be unable to work for two weeks as they will have to go into quarantine immediately.''

Singapore-based MyJet Asia said it has seen an increase of 80 per cent -90 per cent in the last month.&nbsp;

"A lot of people went away for Chinese New Year and are now struggling to get back to China," said Logan Ravishkansar, chief executive of MyJet Asia. Many have asked to be flown back to Beijing, Shanghai and Hong Kong.

"But we are massively restricted on where we can fly to, while the airlines are not letting us charter their planes despite the money," he added.

Also read:&nbsp;<a href="https://www.wionews.com/world/several-countries-suspend-flights-to-china-as-coronavirus-death-toll-climbs-to-132-277368">Several countries suspend flights to China</a>

Other travellers are desperate to get out of <a href="https://www.wionews.com/world/coronavirus-toll-leaps-past-1868-with-93-new-deaths-in-chinas-hubei-province-281239">China</a>.

A government client from South America asked PrivateFly, a global booking service for charter flights, ''to set up four flights out of Wuhan for hundreds of passengers,'' according to its chief executive Adam Twidell.

The UK-based firm said it has had plenty of other inquiries from private individuals and groups.

The <a href="https://www.wionews.com/world/several-countries-suspend-flights-to-china-as-coronavirus-death-toll-climbs-to-132-277368">COVID-19</a> outbreak, which has killed more than 1,850 people in <a href="https://www.wionews.com/world/several-countries-suspend-flights-to-china-as-coronavirus-death-toll-climbs-to-132-277368">China</a>, has led premium Asian airlines like Hong Kong's Cathay Pacific Airways Ltd and Singapore Airlines Ltd &nbsp;to drastically cuts their flight schedules.

UK-based consultancy Ascend by Cirium said the number of flights scheduled to operate to, from and within <a href="https://www.wionews.com/world/several-countries-suspend-flights-to-china-as-coronavirus-death-toll-climbs-to-132-277368">China </a>had dropped by 34 per cent&nbsp;from January 23 through February 11.

Those cuts have left stranded passengers to rely on government-led evacuations.&nbsp;

For those who can afford it, there are private jet charters carrying smaller groups and promising less risk of exposure to the virus.

Strict quarantine requirements, travel bans on Chinese citizens and concerns for crew safety have left only a limited pool of private jet operators willing to fly to China.

A drop in airline flights from China and Hong Kong due to the coronavirus is increasing demand for private jets as wealthy passengers try to get out, executives say, but travel bans and nervous crew have kept that from translating to more business.

A drop in airline flights from China and Hong Kong due to the coronavirus is increasing demand for private jets as wealthy passengers try to get out, executives say, but travel bans and nervous crew have kept that from translating to more business. Australia-based Darin Voyles, of Paramount Business Jets, said the firm had seen a ''considerable uptick'' in requests, but the majority can't be filled as they can't get the crew or planes. Also read: Coronavirus toll leaps past 1850 with 93 new deaths in China's Hubei province "Many simply do not want to send their aircraft and crews into mainland China. Aside from the risk of exposure for the crews, the operational and business concern is that when they return from mainland China they will essentially be unable to work for two weeks as they will have to go into quarantine immediately.'' Singapore-based MyJet Asia said it has seen an increase of 80 per cent -90 per cent in the last month. "A lot of people went away for Chinese New Year and are now struggling to get back to China," said Logan Ravishkansar, chief executive of MyJet Asia. Many have asked to be flown back to Beijing, Shanghai and Hong Kong. "But we are massively restricted on where we can fly to, while the airlines are not letting us charter their planes despite the money," he added. Also read: Several countries suspend flights to China Other travellers are desperate to get out of China. A government client from South America asked PrivateFly, a global booking service for charter flights, ''to set up four flights out of Wuhan for hundreds of passengers,'' according to its chief executive Adam Twidell. The UK-based firm said it has had plenty of other inquiries from private individuals and groups. The COVID-19 outbreak, which has killed more than 1,850 people in China, has led premium Asian airlines like Hong Kong's Cathay Pacific Airways Ltd and Singapore Airlines Ltd to drastically cuts their flight schedules. UK-based consultancy Ascend by Cirium said the number of flights scheduled to operate to, from and within China had dropped by 34 per cent from January 23 through February 11. Those cuts have left stranded passengers to rely on government-led evacuations. For those who can afford it, there are private jet charters carrying smaller groups and promising less risk of exposure to the virus. Strict quarantine requirements, travel bans on Chinese citizens and concerns for crew safety have left only a limited pool of private jet operators willing to fly to China.

Demand for private jets surges due to coronavirus scare

India’s poultry industry has lost 13 billion rupees ($182 million) in three weeks after speculation on social media that chickens are a cause of the spread of coronavirus, denting demand for chicken and nearly halving prices, say industry officials.

Millions of small poultry farmers have been hit by a sudden drop in sales. Soybean and corn producers are also being affected with prices of both the commodities used in animal feed have falling up to 8% in the last three weeks.

While the disease has infected more than 70,000 people in China and killed at least 1,770 there, only three confirmed cases have been reported in India.

However, rumours that coronavirus can be transmitted through chickens have appeared on the WhatsApp message platform in India prompting the authorities to issue a statement last week that eating chicken is safe.

The western state of Maharashtra has called for the police to act against anyone spreading the rumours.

“Many people stopped eating chicken believing rumours spread on WhatsApp,” said Uddhav Ahire, chairman of Anand Agro Group, a poultry company based in the western city of Nashik. “Chicken prices have crashed due to an abrupt drop in demand.”

Broiler chicken prices have fallen to 35 rupees a kg from around 70 rupees in January, he said, adding that farmers are still losing money as broiler prices are hovering at 40 rupees per kg.

Clarifications issued by the authorities appear to have allayed some fears, with sales starting to gradually improve, said Prasanna Pedgaonkar, general manager of poultry-focused Venky’s, which has seen its shares slide more than 20% in the last month.

“Sales are not fully recovered. It will take time to go back to normal level,” he said, adding that small and medium farmers are struggling to absorb losses.

Vasant Kumar Shetty, president of the Poultry Breeders Welfare Association in Maharashtra, said: “The industry has been losing 120 million rupees per day due to lower prices.”

Soybean and corn demand has seen a sharp decline in the last three weeks as poultry farmers cut down animal feed purchases.

Small farmers are responding to lower prices by reducing production and this could lead to lower supplies and higher prices from April onwards, industry officials said.

India’s poultry industry has lost 13 billion rupees ($182 million) in three weeks after speculation on social media that chickens are a cause of the spread of coronavirus, denting demand for chicken and nearly halving prices, say industry officials.

India’s poultry industry has lost 13 billion rupees ($182 million) in three weeks after speculation on social media that chickens are a cause of the spread of coronavirus, denting demand for chicken and nearly halving prices, say industry officials. Millions of small poultry farmers have been hit by a sudden drop in sales. Soybean and corn producers are also being affected with prices of both the commodities used in animal feed have falling up to 8% in the last three weeks. While the disease has infected more than 70,000 people in China and killed at least 1,770 there, only three confirmed cases have been reported in India. However, rumours that coronavirus can be transmitted through chickens have appeared on the WhatsApp message platform in India prompting the authorities to issue a statement last week that eating chicken is safe. The western state of Maharashtra has called for the police to act against anyone spreading the rumours. “Many people stopped eating chicken believing rumours spread on WhatsApp,” said Uddhav Ahire, chairman of Anand Agro Group, a poultry company based in the western city of Nashik. “Chicken prices have crashed due to an abrupt drop in demand.” Broiler chicken prices have fallen to 35 rupees a kg from around 70 rupees in January, he said, adding that farmers are still losing money as broiler prices are hovering at 40 rupees per kg. Clarifications issued by the authorities appear to have allayed some fears, with sales starting to gradually improve, said Prasanna Pedgaonkar, general manager of poultry-focused Venky’s, which has seen its shares slide more than 20% in the last month. “Sales are not fully recovered. It will take time to go back to normal level,” he said, adding that small and medium farmers are struggling to absorb losses. Vasant Kumar Shetty, president of the Poultry Breeders Welfare Association in Maharashtra, said: “The industry has been losing 120 million rupees per day due to lower prices.” Soybean and corn demand has seen a sharp decline in the last three weeks as poultry farmers cut down animal feed purchases. Small farmers are responding to lower prices by reducing production and this could lead to lower supplies and higher prices from April onwards, industry officials said.

India's poultry sales decline after coronavirus rumors linked to chickens

China's government is enlisting the help of <a href="https://www.wionews.com/business-economy/alibabas-hong-kong-shares-rise-66-on-debut-in-heavy-volume-264639">Alibaba </a>Group Holding Ltd and <a href="https://www.wionews.com/business-economy/hyundai-tencent-to-develop-software-for-driverless-cars-report-208310">Tencent </a>Holdings Ltd to expand colour-based systems for tracking individuals affected with the coronavirus nationwide.

On Wednesday, Alipay, the payment app operated by <a href="https://www.wionews.com/business-economy/alibabas-hong-kong-shares-rise-66-on-debut-in-heavy-volume-264639">Alibaba's </a>financial division Ant Financial, released a feature in collaboration with the government that assigns a coloured QR code representing the health of residents in Hangzhou.

Users in the city fill out an online form reporting their ID number, whether they have travelled outside Hangzhou recently, and any symptoms they might have that suggest an illness, such as fever or a heavy cough.

Also read:&nbsp;<a href="https://www.wionews.com/world/latest-world-news-coronavirus-prompts-sony-amazon-sony-and-ericsson-to-join-barcelona-mobile-congress-exodus-280030">Coronavirus prompts Sony, Amazon, Sony &amp; Ericsson to join Barcelona mobile congress exodus</a>

After filling out the questionnaire, users receive a colour-based QR-code, a type of barcode, on their mobile phones indicating their health status.

Users with a red code are instructed to remain quarantined for 14 days and provide regular check-ins via DingTalk, a workplace chat app also run by <a href="https://www.wionews.com/business-economy/alibabas-hong-kong-shares-rise-66-on-debut-in-heavy-volume-264639">Alibaba</a>.

Users with a yellow code are instructed to stay inside for 7 days, while users with a green code may travel freely.

State media reports describe the system as a tool to be deployed at travel checkpoints, such as train stations or highways. It's also being used at the neighbourhood level.

Two Hangzhou residents told Reuters that their apartment complexes have asked to view their QR codes as they enter the building. Another Hangzhou resident told Reuters that she was asked to show her QR code before entering the local supermarket.

Also see: <a href="https://www.wionews.com/photos/beyond-china-tracking-deadly-coronavirus-outbreak-276564">Beyond China: Tracking deadly coronavirus outbreak</a>

On Sunday, Alipay announced it is working with the government to take the service nationwide.

Tencent, makers of the popular messaging app <a href="https://www.wionews.com/science-tech/russia-blocks-chinese-messaging-app-wechat-15342">WeChat</a>, announced a similar QR-code based tracking feature on Saturday, in collaboration with a division of China's National Development and Reform Council (NDRC).

In a social media post published Saturday, the company said the system is currently in use in the southern city of Shenzhen and will soon be deployed across the greater Guangdong province.

The measures come as the Chinese government takes unprecedented measures to control the movement of people to curb the spread of the virus.

Localities are increasingly relying on neighbourhood committees, often at the level of residential compounds, to track infections.

Enforcement has been patchy and inconsistent - some buildings will prevent individuals from outside cities from entering, others prevent all non-residents from entering.

Local security guards often record an entrant's temperature using a pen and paper.

China's government is enlisting the help of Alibaba Group Holding Ltd and Tencent Holdings Ltd to expand colour-based systems for tracking individuals affected with the coronavirus nationwide.

China's government is enlisting the help of Alibaba Group Holding Ltd and Tencent Holdings Ltd to expand colour-based systems for tracking individuals affected with the coronavirus nationwide. On Wednesday, Alipay, the payment app operated by Alibaba's financial division Ant Financial, released a feature in collaboration with the government that assigns a coloured QR code representing the health of residents in Hangzhou. Users in the city fill out an online form reporting their ID number, whether they have travelled outside Hangzhou recently, and any symptoms they might have that suggest an illness, such as fever or a heavy cough. Also read: Coronavirus prompts Sony, Amazon, Sony & Ericsson to join Barcelona mobile congress exodus After filling out the questionnaire, users receive a colour-based QR-code, a type of barcode, on their mobile phones indicating their health status. Users with a red code are instructed to remain quarantined for 14 days and provide regular check-ins via DingTalk, a workplace chat app also run by Alibaba. Users with a yellow code are instructed to stay inside for 7 days, while users with a green code may travel freely. State media reports describe the system as a tool to be deployed at travel checkpoints, such as train stations or highways. It's also being used at the neighbourhood level. Two Hangzhou residents told Reuters that their apartment complexes have asked to view their QR codes as they enter the building. Another Hangzhou resident told Reuters that she was asked to show her QR code before entering the local supermarket. Also see: Beyond China: Tracking deadly coronavirus outbreak On Sunday, Alipay announced it is working with the government to take the service nationwide. Tencent, makers of the popular messaging app WeChat, announced a similar QR-code based tracking feature on Saturday, in collaboration with a division of China's National Development and Reform Council (NDRC). In a social media post published Saturday, the company said the system is currently in use in the southern city of Shenzhen and will soon be deployed across the greater Guangdong province. The measures come as the Chinese government takes unprecedented measures to control the movement of people to curb the spread of the virus. Localities are increasingly relying on neighbourhood committees, often at the level of residential compounds, to track infections. Enforcement has been patchy and inconsistent - some buildings will prevent individuals from outside cities from entering, others prevent all non-residents from entering. Local security guards often record an entrant's temperature using a pen and paper.

China seeks help of national tech giants to track coronavirus with QR codes

Indian shares ticked lower on Monday, dragged down by banking stocks exposed to telecom operators after the government ordered mobile carriers to immediately pay billions of dollars in dues.

The broader NSE Nifty 50 index was down 0.23 per cent&nbsp;at 12,086.15 by 0356 GMT, while the benchmark S&amp;P BSE&nbsp;Sensex&nbsp;fell 0.17&nbsp;per cent&nbsp;to 41,186.70.

The banking sector dominated the losses, with the Nifty bank index&nbsp;falling 0.5 per cent. The Nifty PSU bank index&nbsp;dropped 1.4&nbsp;per cent&nbsp;and Nifty private bank index&nbsp;slid 0.4 per cent.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Airtel pays statutory dues worth ₹10,000 crore after Supreme Court's stern orders</a>

Number 2 telco Bharti <a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Airtel&nbsp;</a>fell as much as 1.5&nbsp;per cent&nbsp;as the government on Friday after market close ordered mobile carriers to immediately pay 920 billion Indian rupees ($12.88 billion) in overdue levies and interest.

The move came after the country's top court threatened the companies and officials with contempt proceedings for failing to implement an earlier ruling.

<a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Vodafone Idea</a>'s&nbsp;shares were up nearly 12&nbsp;per cent&nbsp;on Monday after dropping 24&nbsp;per cent&nbsp;on Friday.

<a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Vodafone Idea</a> is saddled with about $3.9 billion in overdue payments and said last week there was still material uncertainty about its ability to continue as a going concern.

Indian banks are burdened with nearly $140 billion of bad loans and face another huge hit if <a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Vodafone Idea</a> is forced into bankruptcy.

Banks in India are owed roughly 300 billion rupees by <a href="https://www.wionews.com/india-news/airtel-pays-statutory-dues-worth-rs10000-crore-after-supreme-courts-stern-orders-281089">Vodafone Idea</a>, according to a Macquarie report from last year.

<a href="https://www.wionews.com/india-news/punjab-national-bank-fraud-case-nirav-modi-declared-fugitive-economic-offender-under-pmla-court-266342">Punjab National Bank</a>&nbsp;fell 1.9 per cent, Bank of India&nbsp;slipped 2 per cent, while <a href="https://www.wionews.com/business-economy/state-bank-of-india-gets-sealed-bid-for-jet-airways-from-etihad-217565">State Bank of India</a>&nbsp;edged down 0.8 per cent.

Shares of India's top oil explorer, Oil and Natural Gas Corp, fell as much as 3.9 per cent&nbsp;after it reported a near 50&nbsp;per cent&nbsp;drop-in Dec-qtr profit on Friday.

Indian shares ticked lower on Monday, dragged down by banking stocks exposed to telecom operators after the government ordered mobile carriers to immediately pay billions of dollars in dues.

Indian shares ticked lower on Monday, dragged down by banking stocks exposed to telecom operators after the government ordered mobile carriers to immediately pay billions of dollars in dues. The broader NSE Nifty 50 index was down 0.23 per cent at 12,086.15 by 0356 GMT, while the benchmark S&P BSE Sensex fell 0.17 per cent to 41,186.70. The banking sector dominated the losses, with the Nifty bank index falling 0.5 per cent. The Nifty PSU bank index dropped 1.4 per cent and Nifty private bank index slid 0.4 per cent. Also read: Airtel pays statutory dues worth ₹10,000 crore after Supreme Court's stern orders Number 2 telco Bharti Airtel fell as much as 1.5 per cent as the government on Friday after market close ordered mobile carriers to immediately pay 920 billion Indian rupees ($12.88 billion) in overdue levies and interest. The move came after the country's top court threatened the companies and officials with contempt proceedings for failing to implement an earlier ruling. Vodafone Idea's shares were up nearly 12 per cent on Monday after dropping 24 per cent on Friday. Vodafone Idea is saddled with about $3.9 billion in overdue payments and said last week there was still material uncertainty about its ability to continue as a going concern. Indian banks are burdened with nearly $140 billion of bad loans and face another huge hit if Vodafone Idea is forced into bankruptcy. Banks in India are owed roughly 300 billion rupees by Vodafone Idea, according to a Macquarie report from last year. Punjab National Bank fell 1.9 per cent, Bank of India slipped 2 per cent, while State Bank of India edged down 0.8 per cent. Shares of India's top oil explorer, Oil and Natural Gas Corp, fell as much as 3.9 per cent after it reported a near 50 per cent drop-in Dec-qtr profit on Friday.

Nifty, Sensex fall as telecom exposure weighs on banks

The <a href="https://www.wionews.com/world/european-commission-could-slap-3-billion-euro-fine-on-italy-for-excessive-debt-deputy-pm-salvini-222359">European Commission</a> has opened an investigation into whether China is dumping aluminium extrusions, products widely used in transport, construction and electronics, in the European Union, it said on Friday.

A notice in the EU's Official Journal said it was acting on a complaint filed last month by industry group European Aluminium representing seven producers.

"The evidence provided by the complainant shows that the volume and the prices of the imported product under investigation have had, among other consequences, a negative impact," the Commission said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-google-goes-to-court-for-825-billion-euros-over-eu-antitrust-violations-280222">Google goes to court over EU antitrust fines</a>

European Aluminium welcomed the move, calling for an urgent launch of anti-dumping duties.

"In the past year, production lines and entire plants closed, with significant job losses as a result. We ask the EU to be proactive rather than wait until it is too late," Gerd Götz, director general of European Aluminium, said in a statement.

Aluminium extrusions from China are already subject to anti-dumping duties in the United States, Canada, Australia and Vietnam, the statement added.

Aluminium extrusions are used for engine blocks and chassis in autos, to house coaxial cables for electronics and as building facades in construction.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/european-union-slaps-anti-dumping-duty-on-steel-imports-from-china-11764">European Union slaps anti-dumping duty on steel imports from China</a>

Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, who previously led aluminium anti-dumping negotiations with the United States, said his department opposed the <a href="https://www.wionews.com/business-economy/european-union-slaps-anti-dumping-duty-on-steel-imports-from-china-11764">EU </a>investigation and was studying it.

"It will further increase global trade protectionism. We will organise related companies to actively respond to the complaint," said Wen, who is also an independent non-executive director at China's top aluminium extruder China Zhongwang Holdings Ltd.

Members of European Aluminium include Norsk Hydro, Rio Tinto and Alcoa.

They are battling a weak market impacted by a lack of demand, including from the auto sector.

The European Commission has opened an investigation into whether China is dumping aluminium extrusions, products widely used in transport, construction and electronics, in the European Union, it said on Friday.

The European Commission has opened an investigation into whether China is dumping aluminium extrusions, products widely used in transport, construction and electronics, in the European Union, it said on Friday. A notice in the EU's Official Journal said it was acting on a complaint filed last month by industry group European Aluminium representing seven producers. "The evidence provided by the complainant shows that the volume and the prices of the imported product under investigation have had, among other consequences, a negative impact," the Commission said. Also read: Google goes to court over EU antitrust fines European Aluminium welcomed the move, calling for an urgent launch of anti-dumping duties. "In the past year, production lines and entire plants closed, with significant job losses as a result. We ask the EU to be proactive rather than wait until it is too late," Gerd Götz, director general of European Aluminium, said in a statement. Aluminium extrusions from China are already subject to anti-dumping duties in the United States, Canada, Australia and Vietnam, the statement added. Aluminium extrusions are used for engine blocks and chassis in autos, to house coaxial cables for electronics and as building facades in construction. Also read: European Union slaps anti-dumping duty on steel imports from China Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, who previously led aluminium anti-dumping negotiations with the United States, said his department opposed the EU investigation and was studying it. "It will further increase global trade protectionism. We will organise related companies to actively respond to the complaint," said Wen, who is also an independent non-executive director at China's top aluminium extruder China Zhongwang Holdings Ltd. Members of European Aluminium include Norsk Hydro, Rio Tinto and Alcoa. They are battling a weak market impacted by a lack of demand, including from the auto sector.

European Union launches anti-dumping investigation on China aluminium products

China will help companies resume production as soon as possible, the vice governor of the central bank said on Saturday.

The world's second-biggest economy has been hit by a fast-spreading <a href="https://www.wionews.com/world/covid-19-143-new-deaths-reported-in-china-as-toll-rises-to-1523-280766">coronavirus </a>epidemic that has killed more than 1,500 people.

<a href="https://www.wionews.com/world/covid-19-143-new-deaths-reported-in-china-as-toll-rises-to-1523-280766">COVID-19: 143 new deaths reported in China as toll rises to 1,523</a>

Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, told a news conference <a href="https://www.wionews.com/world/covid-19-143-new-deaths-reported-in-china-as-toll-rises-to-1523-280766">China </a>would accelerate lending and credit support for key investment projects, while supporting small and private firms hit by the virus outbreak.

Separately, Xuan Changneng, vice head of the country's foreign exchange regulator, told the briefing <a href="https://www.wionews.com/world/covid-19-143-new-deaths-reported-in-china-as-toll-rises-to-1523-280766">China </a>was expected to maintain a small current account surplus and keep a basic balance in international payments.

China will help companies resume production as soon as possible, the vice governor of the central bank said on Saturday. The world's second-biggest economy has been hit by a fast-spreading coronavirus epidemic that has killed more than 1,500 people.

China will help companies resume production as soon as possible, the vice governor of the central bank said on Saturday. The world's second-biggest economy has been hit by a fast-spreading coronavirus epidemic that has killed more than 1,500 people. COVID-19: 143 new deaths reported in China as toll rises to 1,523 Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, told a news conference China would accelerate lending and credit support for key investment projects, while supporting small and private firms hit by the virus outbreak. Separately, Xuan Changneng, vice head of the country's foreign exchange regulator, told the briefing China was expected to maintain a small current account surplus and keep a basic balance in international payments.

China says to support firms to resume production as soon as possible

Vodafone Idea Ltd said on Saturday it was assessing how much it would pay the Indian government as part of dues owed and said it proposed making a payment in the next few days.

India ordered mobile carriers on Friday to immediately pay billions of dollars in dues after the Supreme Court threatened the companies and officials with contempt proceedings for failing to implement an earlier ruling.

The move threatens the survival of Vodafone Idea, a joint venture between Britain`s Vodafone Group Plc and India`s Idea Cellular, as the unit is saddled with about $3.9 billion in overdue payments.

"The Company is currently assessing the amount that it will be able to pay to DoT (Department of Telecommunications) towards the dues calculated," Vodafone said in a statement. "The Company proposes to pay the amount so assessed in the next few days."

Vodafone did not give details of the amount it was likely to pay. A company spokesman declined to provide details on funding for the payment.

Underscoring its vulnerability, the company said its ability to continue essentially hinged on the Supreme Court granting it permission to discuss issues like timelines for payments with the government.

Analysts have increasingly called into doubt the viability of Vodafone Idea. Vodafone Group has said it has no plans to commit any more equity into India and the Indian telco has clocked losses in the last six quarters due to intense competition.

"Recent developments raise serious concerns about Vodafone Idea`s survival," Rajiv Sharma, analyst with SBI Cap Securities, said in a note on Friday.

Some analysts predict that India`s large market will likely have only two telecom players - Airtel and Reliance Jio, which is backed by Asia`s richest man, Mukesh Ambani - if the government does not intervene to provide some relief.

"We believe this makes duopoly almost certain in the absence of government intervention. Chances of government intervention are slim, but it cannot be ruled out," Pranav Kshatriya of Edelweiss said.

Bharti Airtel said on Friday it would pay 100 billion rupees to the government by Thursday, while it would pay the rest before the next Supreme Court hearing on March 17.

"We see this event as a net positive for Bharti Airtel (Bharti) as although it will have to pay 356 billion rupees towards liabilities, the decimation of (a) weak operator will significantly enhance its market share," Kshatriya said.

Vodafone Idea Ltd said on Saturday it was assessing how much it would pay the Indian government as part of dues owed and said it proposed making a payment in the next few days.

Vodafone Idea Ltd said on Saturday it was assessing how much it would pay the Indian government as part of dues owed and said it proposed making a payment in the next few days. India ordered mobile carriers on Friday to immediately pay billions of dollars in dues after the Supreme Court threatened the companies and officials with contempt proceedings for failing to implement an earlier ruling. The move threatens the survival of Vodafone Idea, a joint venture between Britain`s Vodafone Group Plc and India`s Idea Cellular, as the unit is saddled with about $3.9 billion in overdue payments. "The Company is currently assessing the amount that it will be able to pay to DoT (Department of Telecommunications) towards the dues calculated," Vodafone said in a statement. "The Company proposes to pay the amount so assessed in the next few days." Vodafone did not give details of the amount it was likely to pay. A company spokesman declined to provide details on funding for the payment. Underscoring its vulnerability, the company said its ability to continue essentially hinged on the Supreme Court granting it permission to discuss issues like timelines for payments with the government. Analysts have increasingly called into doubt the viability of Vodafone Idea. Vodafone Group has said it has no plans to commit any more equity into India and the Indian telco has clocked losses in the last six quarters due to intense competition. "Recent developments raise serious concerns about Vodafone Idea`s survival," Rajiv Sharma, analyst with SBI Cap Securities, said in a note on Friday. Some analysts predict that India`s large market will likely have only two telecom players - Airtel and Reliance Jio, which is backed by Asia`s richest man, Mukesh Ambani - if the government does not intervene to provide some relief. "We believe this makes duopoly almost certain in the absence of government intervention. Chances of government intervention are slim, but it cannot be ruled out," Pranav Kshatriya of Edelweiss said. Bharti Airtel said on Friday it would pay 100 billion rupees to the government by Thursday, while it would pay the rest before the next Supreme Court hearing on March 17. "We see this event as a net positive for Bharti Airtel (Bharti) as although it will have to pay 356 billion rupees towards liabilities, the decimation of (a) weak operator will significantly enhance its market share," Kshatriya said.

Currently assessing the amount; will make payment in next few days: Vodafone

RBI Governor Shaktikanta Das said that RBI&nbsp;will have internal discussions in case there are any issues arising out of the <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Supreme Court</a>'s order regarding <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Adjusted Gross Revenue</a> (AGR) dues.

In a judgement on Friday, the apex court&nbsp;had threatened contempt proceedings against <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Bharti Airtel</a>, <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Vodafone Idea </a>and other telecom firms for failing to comply with its order to pay an estimated Rs 1.47 lakh crore in past dues.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">DoT asks telcos to clear dues by midnight, withdraws 'no coercive action against defaulters'&nbsp;</a>

Das did not offer any specific comments about the order, which might have ramifications on banks in terms of their exposure to the financially-stressed telecom companies.

When asked about the order, Das said it would be internally deliberated upon, if at all there are issues arising out of it.

On Friday, <a href="https://www.wionews.com/business-economy/state-bank-of-india-gets-sealed-bid-for-jet-airways-from-etihad-217565">State Bank of India</a> (SBI) Chairman Rajnish Kumar said it was incumbent on telecom companies to find money and that it would be safe to presume that they would have made some arrangements for it by now.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea&nbsp;</a>

His remarks came hours after the apex court order on the <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">AGR&nbsp;</a>dues matter.

On January 16, the Supreme Court of India had&nbsp;dismissed review petitions filed by&nbsp;Bharti Airtel, Vodafone Idea and Reliance Communications (RCom)&nbsp;challenging its judgement in the <a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Adjusted Gross Revenue</a> (AGR) case.&nbsp;

RBI Governor Shaktikanta Das said that RBI will have internal discussions in case there are any issues arising out of the Supreme Court's order regarding Adjusted Gross Revenue (AGR) dues.

RBI Governor Shaktikanta Das said that RBI will have internal discussions in case there are any issues arising out of the Supreme Court's order regarding Adjusted Gross Revenue (AGR) dues. In a judgement on Friday, the apex court had threatened contempt proceedings against Bharti Airtel, Vodafone Idea and other telecom firms for failing to comply with its order to pay an estimated Rs 1.47 lakh crore in past dues. Also read: DoT asks telcos to clear dues by midnight, withdraws 'no coercive action against defaulters' Das did not offer any specific comments about the order, which might have ramifications on banks in terms of their exposure to the financially-stressed telecom companies. When asked about the order, Das said it would be internally deliberated upon, if at all there are issues arising out of it. On Friday, State Bank of India (SBI) Chairman Rajnish Kumar said it was incumbent on telecom companies to find money and that it would be safe to presume that they would have made some arrangements for it by now. Also read: Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea His remarks came hours after the apex court order on the AGR dues matter. On January 16, the Supreme Court of India had dismissed review petitions filed by Bharti Airtel, Vodafone Idea and Reliance Communications (RCom) challenging its judgement in the Adjusted Gross Revenue (AGR) case.

'Will discuss internally if any issues arise out of it': RBI governor on Supreme Court's order on AGR case

After Supreme Court rap, the Department of Telecommunications has ordered firms such as Bharti Airtel and Vodafone Idea to clear dues before Friday midnight.

The DoT, which faced the ire of the Supreme Court for putting on hold recovery of dues from telecom companies, started issuing circle or zone-wise demand notices to firms, an order seen by PTI said.

The order asked telcos to clear dues by 11.59 pm Friday.

Earlier in the day, the telecom department has withdrawn its order that asked for no coercive action against telecom companies defaulting on statutory dues payment after the Supreme Court on Friday took a strong view of non-compliance with its order.

Also read: <a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea&nbsp;</a>

Sources said that the DoT withdrew its order earlier today.

The department's move came after the Supreme Court directed the managing directors and directors of telcos and other firms to explain why contempt action be not taken against them for non-compliance of its order to pay adjusted gross revenue (AGR) of Rs 1.47 lakh crore to the Department of Telecommunications.

Taking strong note of the non-compliance of its order, a bench of Justice Arun Mishra, Justice S Abdul Nazeer and Justice M R Shah expressed anguish over the order passed by DoT's desk officer, staying the effect of its verdict in AGR matter.&nbsp;

After Supreme Court rap, the Department of Telecommunications has ordered firms such as Bharti Airtel and Vodafone Idea to clear dues before Friday midnight. The DoT, which faced the ire of the Supreme Court for putting on hold recovery of dues from telecom companies, started issuing circle or zone-wise demand notices to firms, an order seen by PTI said.

After Supreme Court rap, the Department of Telecommunications has ordered firms such as Bharti Airtel and Vodafone Idea to clear dues before Friday midnight. The DoT, which faced the ire of the Supreme Court for putting on hold recovery of dues from telecom companies, started issuing circle or zone-wise demand notices to firms, an order seen by PTI said. The order asked telcos to clear dues by 11.59 pm Friday. Earlier in the day, the telecom department has withdrawn its order that asked for no coercive action against telecom companies defaulting on statutory dues payment after the Supreme Court on Friday took a strong view of non-compliance with its order. Also read: Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea Sources said that the DoT withdrew its order earlier today. The department's move came after the Supreme Court directed the managing directors and directors of telcos and other firms to explain why contempt action be not taken against them for non-compliance of its order to pay adjusted gross revenue (AGR) of Rs 1.47 lakh crore to the Department of Telecommunications. Taking strong note of the non-compliance of its order, a bench of Justice Arun Mishra, Justice S Abdul Nazeer and Justice M R Shah expressed anguish over the order passed by DoT's desk officer, staying the effect of its verdict in AGR matter.

DoT asks telcos to clear dues by midnight, withdraws 'no coercive action against defaulters' 