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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' 

An Indian antitrust investigation of Amazon.com Inc and Walmart`s Flipkart has been put on hold by a court, three lawyers involved in the proceedings told Reuters on Friday.

Amazon this week challenged the investigation in a court in Bengaluru and the court has granted a stay of two months, according to a lawyer from P&amp;A Law Offices representing Amazon and two other legal counsels involved in the matter.

The Competition Commission of India (CCI) last month ordered a probe into Amazon and Flipkart over alleged violations of competition law and certain discounting practices.

"This comes as a major relief," said the Amazon counsel, who declined to be named as he was not authorised to speak to media.

The CCI did not immediately respond to a request for comment.

The CCI ordered its probe after a New Delhi-based trader group complained that the e-commerce giants were promoting select sellers and in turn hurting business for other smaller players.

Over three days of hearings in the Bengaluru court, Amazon denied the allegations and argued that CCI did not have sufficient evidence to order the probe.

A lawyer for the Indian trader group, Delhi Vyapar Mahasangh, said he would appeal against the court`s decision to put the investigation on hold.

Amazon and Flipkart have faced mounting criticism from Indian retailers which accuse them of violating local laws by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers.

The companies deny the allegations.

Last month, the trade minister said Amazon wasn`t doing India any "great favour" by announcing $1 billion in investment, laying bare the tensions with the U.S. online retailer. 
&nbsp;

An Indian antitrust investigation of Amazon.com Inc and Walmart`s Flipkart has been put on hold by a court, three lawyers involved in the proceedings told Reuters on Friday.

An Indian antitrust investigation of Amazon.com Inc and Walmart`s Flipkart has been put on hold by a court, three lawyers involved in the proceedings told Reuters on Friday. Amazon this week challenged the investigation in a court in Bengaluru and the court has granted a stay of two months, according to a lawyer from P&A Law Offices representing Amazon and two other legal counsels involved in the matter. The Competition Commission of India (CCI) last month ordered a probe into Amazon and Flipkart over alleged violations of competition law and certain discounting practices. "This comes as a major relief," said the Amazon counsel, who declined to be named as he was not authorised to speak to media. The CCI did not immediately respond to a request for comment. The CCI ordered its probe after a New Delhi-based trader group complained that the e-commerce giants were promoting select sellers and in turn hurting business for other smaller players. Over three days of hearings in the Bengaluru court, Amazon denied the allegations and argued that CCI did not have sufficient evidence to order the probe. A lawyer for the Indian trader group, Delhi Vyapar Mahasangh, said he would appeal against the court`s decision to put the investigation on hold. Amazon and Flipkart have faced mounting criticism from Indian retailers which accuse them of violating local laws by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations. Last month, the trade minister said Amazon wasn`t doing India any "great favour" by announcing $1 billion in investment, laying bare the tensions with the U.S. online retailer.

India court stalls Amazon, Flipkart antitrust probes: Report

Market benchmarks Sensex and Nifty dropped by almost half a percentage point on Friday as banking shares tumbled following the Supreme Court taking a strong note of non-compliance of its order asking telcos to pay Rs 1.47 lakh crore in statutory dues.

The 30-share BSE Sensex fell by 202.05 points or 0.49 per cent to end at 41,257.74, with 22 of its constituents closing with losses.

The broader NSE Nifty shed 61.20 points or 0.50 per cent to settle at 12,113.50 as banking, auto, FMCG and energy counters retreated.

The Supreme Court on Friday directed the top echelons of telecom firms to explain why contempt action should not be taken against them for non-compliance of its order to pay adjusted gross revenue (AGR) dues of Rs 1.47 lakh crore to the telecom department.

The order raised concerns over banks' exposure to AGR-hit telcos, mainly Vodafone Idea which reported more than Rs 6,000 crore loss for the October-December quarter.

The telecom department also withdrew its order that asked for no coercive action against telecom companies defaulting on statutory dues payment.

IndusInd Bank was the top loser among Sensex stocks, dropping by 4.38 per cent. SBI declined 2.41 per cent, HDFC Bank 1.77 per cent and Axis Bank fell by 1.5 per cent. 
Among others, auto, FMCG and power stocks also closed in the red.

Market benchmarks Sensex and Nifty dropped by almost half a percentage point on Friday as banking shares tumbled following the Supreme Court taking a strong note of non-compliance of its order asking telcos to pay Rs 1.

Market benchmarks Sensex and Nifty dropped by almost half a percentage point on Friday as banking shares tumbled following the Supreme Court taking a strong note of non-compliance of its order asking telcos to pay Rs 1.47 lakh crore in statutory dues. The 30-share BSE Sensex fell by 202.05 points or 0.49 per cent to end at 41,257.74, with 22 of its constituents closing with losses. The broader NSE Nifty shed 61.20 points or 0.50 per cent to settle at 12,113.50 as banking, auto, FMCG and energy counters retreated. The Supreme Court on Friday directed the top echelons of telecom firms to explain why contempt action should not be taken against them for non-compliance of its order to pay adjusted gross revenue (AGR) dues of Rs 1.47 lakh crore to the telecom department. The order raised concerns over banks' exposure to AGR-hit telcos, mainly Vodafone Idea which reported more than Rs 6,000 crore loss for the October-December quarter. The telecom department also withdrew its order that asked for no coercive action against telecom companies defaulting on statutory dues payment. IndusInd Bank was the top loser among Sensex stocks, dropping by 4.38 per cent. SBI declined 2.41 per cent, HDFC Bank 1.77 per cent and Axis Bank fell by 1.5 per cent. Among others, auto, FMCG and power stocks also closed in the red.

Sensex, Nifty fall for 2nd day as banking, auto stocks slide

Shares snapped two days of gains and ended lower on Thursday due to concerns related to growth after data showed a surprise drop in industrial output for December and a rise in January inflation to a six-year high.

The broader NSE <a href="https://www.wionews.com/business-economy/sensex-nifty-close-lower-on-coronavirus-worries-279832">Nifty </a>50 index closed down 0.22 per cent&nbsp;at 12,174.65 and the benchmark S&amp;P BSE <a href="https://www.wionews.com/business-economy/sensex-nifty-close-lower-on-coronavirus-worries-279832">Sensex </a>declined 0.26&nbsp;per cent&nbsp;to 41,459.79.

Annual retail inflation of the&nbsp;economy rose to 7.59&nbsp;per cent&nbsp;in January, while December industrial output contracted 0.3 per cent, after rising for the first time in three months in November.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-january-inflation-rises-to-759-per-cent-280325">India's January inflation rises to 7.59 per cent</a>

The data worried investors, already grappling with slowing growth. India's central bank has downwardly revised India's growth forecast for the first half of the next fiscal year to 5.5 per cent-6.0 per cent. The earlier projection was 5.9 per cent-6.3 per cent.

Most sectors traded negative, but the biggest drags were private-sector banks, with their main sub-index closing down 1.36 per cent.

The <a href="https://www.wionews.com/business-economy/sensex-nifty-close-lower-on-coronavirus-worries-279832">Nifty </a>financials index shed 0.73 per cent.

Among stocks, IndusInd Bank was the top laggard on the <a href="https://www.wionews.com/business-economy/sensex-nifty-close-lower-on-coronavirus-worries-279832">Nifty</a>, dropping 3.65 per cent, while Yes Bank emerged as the top gainer rising 5.68 per cent.

Shares snapped two days of gains and ended lower on Thursday due to concerns related to growth after data showed a surprise drop in industrial output for December and a rise in January inflation to a six-year high.

Shares snapped two days of gains and ended lower on Thursday due to concerns related to growth after data showed a surprise drop in industrial output for December and a rise in January inflation to a six-year high. The broader NSE Nifty 50 index closed down 0.22 per cent at 12,174.65 and the benchmark S&P BSE Sensex declined 0.26 per cent to 41,459.79. Annual retail inflation of the economy rose to 7.59 per cent in January, while December industrial output contracted 0.3 per cent, after rising for the first time in three months in November. Also read: India's January inflation rises to 7.59 per cent The data worried investors, already grappling with slowing growth. India's central bank has downwardly revised India's growth forecast for the first half of the next fiscal year to 5.5 per cent-6.0 per cent. The earlier projection was 5.9 per cent-6.3 per cent. Most sectors traded negative, but the biggest drags were private-sector banks, with their main sub-index closing down 1.36 per cent. The Nifty financials index shed 0.73 per cent. Among stocks, IndusInd Bank was the top laggard on the Nifty, dropping 3.65 per cent, while Yes Bank emerged as the top gainer rising 5.68 per cent.

Sensex, Nifty end lower on inflation, industrial output worries

Food giant <a href="https://www.wionews.com/business-economy/unilever-shares-slide-after-warning-of-sales-miss-268718">Unilever </a>is going to stop marketing its products for&nbsp;children to keep a check on rising obesity rates, the company said.

The company plans on doing it by directing its advertisements towards parents instead of children.

Also read: <a href="https://www.wionews.com/business-economy/unilever-shares-slide-after-warning-of-sales-miss-268718">Unilever shares slide after warning of sales miss</a>

"Our promise is a genuine commitment to make and market products to children responsibly," said Matt Close, executive vice president of the firm's global ice cream business.

It will no longer advertise its products by using&nbsp;influencers, celebrities or social media stars who appeal to children under 12 years of age through any media platforms.

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We’re changing the way we go about marketing and advertising our ice cream, food and drinks to children. Find out more here: <a href="https://t.co/GvdSZvGYeK">https://t.co/GvdSZvGYeK</a> <a href="https://t.co/xixkm9h9N3">pic.twitter.com/xixkm9h9N3</a>
— Unilever (@Unilever) <a href="https://twitter.com/Unilever/status/1227607960140029952?ref_src=twsrc%5Etfw">February 12, 2020</a></blockquote>
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The company which owns several ice cream brands such as&nbsp;<a href="https://www.wionews.com/business-economy/unilever-shares-slide-after-warning-of-sales-miss-268718">Ben and Jerry</a>'s, <a href="https://www.wionews.com/business-economy/unilever-shares-slide-after-warning-of-sales-miss-268718">Kwality Walls</a> and&nbsp;<a href="https://www.wionews.com/business-economy/unilever-shares-slide-after-warning-of-sales-miss-268718">Twister</a> ice cream said it will limit the use of cartoon characters in its advertising as well.

Ads for <a href="https://www.wionews.com/business-economy/unilever-shares-slide-after-warning-of-sales-miss-268718">Unilever </a>ice creams have been pulled in the past over complaints they marketed unhealthy food to children.&nbsp;By the end of 2020 every ice cream in their kids' range will have no more than 110 calories and a maximum of 12g of sugar per portion.

The <a href="https://www.wionews.com/world/world-health-organisation-warns-overseas-virus-spread-may-be-tip-of-the-iceberg-279719">World Health Organisation </a>has named childhood obesity as one of the most serious public health issues of the 21st century.

Food giant Unilever is going to stop marketing its products for children to keep a check on rising obesity rates, the company said. The company plans on doing it by directing its advertisements towards parents instead of children.

Food giant Unilever is going to stop marketing its products for children to keep a check on rising obesity rates, the company said. The company plans on doing it by directing its advertisements towards parents instead of children. Also read: Unilever shares slide after warning of sales miss "Our promise is a genuine commitment to make and market products to children responsibly," said Matt Close, executive vice president of the firm's global ice cream business. It will no longer advertise its products by using influencers, celebrities or social media stars who appeal to children under 12 years of age through any media platforms. We’re changing the way we go about marketing and advertising our ice cream, food and drinks to children. Find out more here: https://t.co/GvdSZvGYeK pic.twitter.com/xixkm9h9N3 — Unilever (@Unilever) February 12, 2020 × The company which owns several ice cream brands such as Ben and Jerry's, Kwality Walls and Twister ice cream said it will limit the use of cartoon characters in its advertising as well. Ads for Unilever ice creams have been pulled in the past over complaints they marketed unhealthy food to children. By the end of 2020 every ice cream in their kids' range will have no more than 110 calories and a maximum of 12g of sugar per portion. The World Health Organisation has named childhood obesity as one of the most serious public health issues of the 21st century.

Unilever to stop advertising ice cream for children in bid to tackle obesity

India on Wednesday exempted Nepal from refined palm and palm olein restrictions, news agency Reuters reported citing government officials.

According to the report, the government has started issuing a license to import some refined palm olein from the Himalayan nation.

The latest move comes after India put curbs on palm oil imports from Malaysia after its Prime Minister spoke against India's Citizenship Bill and abrogation of Article 370 in Jammu and Kashmir.

The report says that the move could put pressure on Indian refiners as imports from Nepal were allowed at zero duty under a regional treaty. It will also help Nepal, as refined palm oil and palm olein are its largest export earners.

The initiative is also expected to&nbsp;counter the growing influence of China in Nepal, where Chinese investments have been climbing.

Licences to import around 88,000 tonnes of refined bleached deodorised palm olein from Nepal were issued to about half a dozen importers, Reuters quoted&nbsp;a Kolkata-based official at India's Directorate General of Foreign Trade (DGFT) as saying.

Kathmandu has been urging New Delhi to allow imports of refined palm oil and palm olein.

"We have made an exception with Nepal. Refined palm oil imports are not allowed from any other country," said another DGFT official.

(With inputs from Reuters)

India on Wednesday exempted Nepal from refined palm and palm olein restrictions, news agency Reuters reported citing government officials. According to the report, the government has started issuing a license to import some refined palm olein from the Himalayan nation.

India on Wednesday exempted Nepal from refined palm and palm olein restrictions, news agency Reuters reported citing government officials. According to the report, the government has started issuing a license to import some refined palm olein from the Himalayan nation. The latest move comes after India put curbs on palm oil imports from Malaysia after its Prime Minister spoke against India's Citizenship Bill and abrogation of Article 370 in Jammu and Kashmir. The report says that the move could put pressure on Indian refiners as imports from Nepal were allowed at zero duty under a regional treaty. It will also help Nepal, as refined palm oil and palm olein are its largest export earners. The initiative is also expected to counter the growing influence of China in Nepal, where Chinese investments have been climbing. Licences to import around 88,000 tonnes of refined bleached deodorised palm olein from Nepal were issued to about half a dozen importers, Reuters quoted a Kolkata-based official at India's Directorate General of Foreign Trade (DGFT) as saying. Kathmandu has been urging New Delhi to allow imports of refined palm oil and palm olein. "We have made an exception with Nepal. Refined palm oil imports are not allowed from any other country," said another DGFT official. (With inputs from Reuters)

India allows some refined palm olein imports from Nepal amid restrictions: Report

European and Asian stock markets climbed Wednesday following a positive overnight lead from Wall Street on easing investor concerns over the economic impact of <a href="https://www.wionews.com/world/coronavirus-bats-being-sold-in-indonesias-wildlife-market-despite-warning-280332">COVID-19</a>.

While the death toll from China's <a href="https://www.wionews.com/world/coronavirus-bats-being-sold-in-indonesias-wildlife-market-despite-warning-280332">coronavirus </a>epidemic climbed past 1,100 on Wednesday, the number of new cases fell for a second straight day, raising hope the outbreak could peak later this month.

US Federal Reserve Chairman Jerome Powell on Tuesday said its assessment of the economic fallout was not as gloomy as many had expected.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-january-inflation-rises-to-759-per-cent-280325">India's January inflation rises to 7.59 per cent</a>

There are meanwhile expectations that Beijing will introduce major stimulus policies to offset economic hits.

"It's now hoped that, as far as the economy is concerned, we're just facing a bad quarter that could wipe around 1.0 per cent of full-year Chinese growth," noted Craig Erlam, senior market analyst at OANDA Europe.&nbsp;

<a href="https://www.wionews.com/business-economy/stocks-struggle-as-china-virus-sparks-fear-for-world-economy-278037">COVID-19</a> that emerged in central China spooked equity and oil markets for weeks as it spread to more than two dozen countries.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/stocks-struggle-as-china-virus-sparks-fear-for-world-economy-278037">Stocks struggle as China virus sparks fear for world economy</a>

But with economic concerns easing, Brent crude oil rallied by two percent on Wednesday while safehaven investment gold retreated.&nbsp;

"Gold is slowly losing its appeal as traders declare the end of <a href="https://www.wionews.com/business-economy/stocks-struggle-as-china-virus-sparks-fear-for-world-economy-278037">COVID-19</a> in sight," said Erlam.&nbsp;

"This may be premature but stock markets are at record highs and central banks appear relatively relaxed about the whole situation."

US planemaker Boeing however issued a stark warning Wednesday about the impact of the deadly coronavirus outbreak, saying there was "no question" it would hammer the aviation industry and the broader economy.

Major airlines have halted flights in and out of China, where a lockdown has been imposed in the worst-affected areas, while several countries have banned arrivals from China.

"You have several global airlines that have limited their traffic in and out of China, that's revenue," said Ihssane Mounir, the US plane maker's senior vice president of commercial global sales and marketing.

European and Asian stock markets climbed Wednesday following a positive overnight lead from Wall Street on easing investor concerns over the economic impact of COVID-19.

European and Asian stock markets climbed Wednesday following a positive overnight lead from Wall Street on easing investor concerns over the economic impact of COVID-19. While the death toll from China's coronavirus epidemic climbed past 1,100 on Wednesday, the number of new cases fell for a second straight day, raising hope the outbreak could peak later this month. US Federal Reserve Chairman Jerome Powell on Tuesday said its assessment of the economic fallout was not as gloomy as many had expected. Also read: India's January inflation rises to 7.59 per cent There are meanwhile expectations that Beijing will introduce major stimulus policies to offset economic hits. "It's now hoped that, as far as the economy is concerned, we're just facing a bad quarter that could wipe around 1.0 per cent of full-year Chinese growth," noted Craig Erlam, senior market analyst at OANDA Europe. COVID-19 that emerged in central China spooked equity and oil markets for weeks as it spread to more than two dozen countries. Also read: Stocks struggle as China virus sparks fear for world economy But with economic concerns easing, Brent crude oil rallied by two percent on Wednesday while safehaven investment gold retreated. "Gold is slowly losing its appeal as traders declare the end of COVID-19 in sight," said Erlam. "This may be premature but stock markets are at record highs and central banks appear relatively relaxed about the whole situation." US planemaker Boeing however issued a stark warning Wednesday about the impact of the deadly coronavirus outbreak, saying there was "no question" it would hammer the aviation industry and the broader economy. Major airlines have halted flights in and out of China, where a lockdown has been imposed in the worst-affected areas, while several countries have banned arrivals from China. "You have several global airlines that have limited their traffic in and out of China, that's revenue," said Ihssane Mounir, the US plane maker's senior vice president of commercial global sales and marketing.

Stock markets climb on easing economic concerns over coronavirus

The <a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">OPEC </a>oil cartel on Wednesday lowered its forecast for growth in global oil demand this year by nearly a fifth due to the impact of the <a href="https://www.wionews.com/world/coronavirus-bats-being-sold-in-indonesias-wildlife-market-despite-warning-280332">coronavirus </a>outbreak in China.

In its monthly report on the world's oil market, <a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">OPEC </a>said it now expects growth in global oil demand of 0.99 million barrels per day&nbsp;this year, down from the 1.22 mbd forecast last month.

"The outbreak of the coronavirus in China during the first half of 2020 is the major factor behind this downward revision," OPEC said.

Also read:&nbsp;<a href="https://www.wionews.com/world/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-279722">Oil prices fall on oversupply worries as virus hits China demand</a>

<a href="https://www.wionews.com/world/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-279722">China </a>remains in crisis mode weeks after the epidemic exploded, with much of the country shut down.

Entire cities have been quarantined and the Lunar New Year holidays were extended in a bid to contain the outbreak of what is now known as the COVID-19 virus. International airlines have also halted flights to <a href="https://www.wionews.com/world/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-279722">China</a>.

Those disruptions are expected to hit economic output and <a href="https://www.wionews.com/world/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-279722">China </a>has been a major source of growth in demand for oil in recent years.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/slippery-slope-indias-imports-from-middle-east-at-four-year-low-275412">Slippery Slope: India's Imports from Middle East at four year low</a>

"The recent outbreak of the coronavirus in China necessitated a further downward revision to the country’s oil demand growth forecast compared to last month, as transportation fuels, notably aviation fuels, are expected to be impacted" in the first half of this year.

The impact on demand for transportation fuels was exacerbated by the outbreak coinciding with the Lunar New Year holidays, when many Chinese return home to celebrate with family.

OPEC said it had also revised lower its forecast for <a href="https://www.wionews.com/world/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-279722">China</a>'s economic growth this year by 0.5 per cent&nbsp;points to 5.4 percent.

"The impact of the coronavirus outbreak on <a href="https://www.wionews.com/world/oil-prices-fall-on-oversupply-worries-as-virus-hits-china-demand-279722">China</a>’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020," it said.

The OPEC oil cartel on Wednesday lowered its forecast for growth in global oil demand this year by nearly a fifth due to the impact of the coronavirus outbreak in China.

The OPEC oil cartel on Wednesday lowered its forecast for growth in global oil demand this year by nearly a fifth due to the impact of the coronavirus outbreak in China. In its monthly report on the world's oil market, OPEC said it now expects growth in global oil demand of 0.99 million barrels per day this year, down from the 1.22 mbd forecast last month. "The outbreak of the coronavirus in China during the first half of 2020 is the major factor behind this downward revision," OPEC said. Also read: Oil prices fall on oversupply worries as virus hits China demand China remains in crisis mode weeks after the epidemic exploded, with much of the country shut down. Entire cities have been quarantined and the Lunar New Year holidays were extended in a bid to contain the outbreak of what is now known as the COVID-19 virus. International airlines have also halted flights to China. Those disruptions are expected to hit economic output and China has been a major source of growth in demand for oil in recent years. Also read: Slippery Slope: India's Imports from Middle East at four year low "The recent outbreak of the coronavirus in China necessitated a further downward revision to the country’s oil demand growth forecast compared to last month, as transportation fuels, notably aviation fuels, are expected to be impacted" in the first half of this year. The impact on demand for transportation fuels was exacerbated by the outbreak coinciding with the Lunar New Year holidays, when many Chinese return home to celebrate with family. OPEC said it had also revised lower its forecast for China's economic growth this year by 0.5 per cent points to 5.4 percent. "The impact of the coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020," it said.

OPEC chops global oil demand growth forecast over coronavirus

The <a href="https://www.wionews.com/business-economy/retail-inflation-up-at-554-in-november-industrial-production-in-october-down-by-38-267913">retail inflation</a> in January accelerated to 7.59 per cent due to higher prices of food items, government data showed on Wednesday.

In December, the consumer price index (CPI) stood at 7.35 per cent.

Figures released by the Ministry of Statistics and Programme Implementation showed that retail inflation in rural areas was at 7.73 per cent last month and 7.39 per cent in urban areas.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/indian-markets-witness-fall-on-inflation-data-in-early-trade-telecom-worries-hurt-banks-261952">Indian markets witness fall on inflation data in early trade; telecom worries hurt banks</a>

Inflation in the food basket jumped to 13.63 per cent from 14.12 per cent in December 2019. Inflation in vegetables improved to 50.19 per cent as against 60.50 per cent in December 2019.

Besides, the prices of cereals and products grew at a pace of 5.25 per cent.

The Reserve Bank of India has kept its repo rate unchanged at 5.15 per cent in its February meet despite slowing growth and revised its inflation projections.

The central bank estimates it will range between 5 and 5.4 per cent in the first half of the new fiscal year 2020-21.

Meanwhile, industrial production contracted by 0.3 per cent in December due to a decline in the manufacturing sector against 2.5 per cent growth in the same month year ago.

"The quick estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of December 2019 stands at 133.5, which is 0.3 per cent lower as compared to the level in the month of December 2018," according to an official statement.

Electricity generation dipped by 0.1 per cent as against a growth of 4.5 per cent in December 2018 while the mining sector output grew by 5.4 per cent as compared to a contraction of 1 per cent earlier.

"The cumulative growth for the period of April to December 2019 over the corresponding period of the previous year stands at 0.5 per cent," it added

The retail inflation in January accelerated to 7.59 per cent due to higher prices of food items, government data showed on Wednesday. In December, the consumer price index (CPI) stood at 7.

The retail inflation in January accelerated to 7.59 per cent due to higher prices of food items, government data showed on Wednesday. In December, the consumer price index (CPI) stood at 7.35 per cent. Figures released by the Ministry of Statistics and Programme Implementation showed that retail inflation in rural areas was at 7.73 per cent last month and 7.39 per cent in urban areas. Also read: Indian markets witness fall on inflation data in early trade; telecom worries hurt banks Inflation in the food basket jumped to 13.63 per cent from 14.12 per cent in December 2019. Inflation in vegetables improved to 50.19 per cent as against 60.50 per cent in December 2019. Besides, the prices of cereals and products grew at a pace of 5.25 per cent. The Reserve Bank of India has kept its repo rate unchanged at 5.15 per cent in its February meet despite slowing growth and revised its inflation projections. The central bank estimates it will range between 5 and 5.4 per cent in the first half of the new fiscal year 2020-21. Meanwhile, industrial production contracted by 0.3 per cent in December due to a decline in the manufacturing sector against 2.5 per cent growth in the same month year ago. "The quick estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of December 2019 stands at 133.5, which is 0.3 per cent lower as compared to the level in the month of December 2018," according to an official statement. Electricity generation dipped by 0.1 per cent as against a growth of 4.5 per cent in December 2018 while the mining sector output grew by 5.4 per cent as compared to a contraction of 1 per cent earlier. "The cumulative growth for the period of April to December 2019 over the corresponding period of the previous year stands at 0.5 per cent," it added

India's January inflation rises to 7.59 per cent

<a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung </a>Electronics&nbsp;on Tuesday unveiled a foldable smartphone shaped like a large makeup compact and put 5G mobile network capabilities into all of its other flagship devices as it strives to retain the mantle of biggest global phone company.

<a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung</a>'s second attempt at a folding phone after a delayed rollout last year comes as the South Korean firm fends off its traditional rival in the premium smartphone market, Apple Inc, along with ascendant Chinese makers such as <a href="https://www.wionews.com/business-economy/smartwatch-revwith-2-week-battery-life-and-fitness-tracking-is-huawei-watch-gt-2-really-worth-the-price-266811">Huawei </a>that have eaten into its sales in China and Europe.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-apple-prepares-from-for-virus-fallout-samsung-says-it-will-affect-first-quarter-earnings-277547">Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings</a>

<a href="https://www.wionews.com/business-economy/smartwatch-revwith-2-week-battery-life-and-fitness-tracking-is-huawei-watch-gt-2-really-worth-the-price-266811">Huawei </a>has only released its own folding phones in China, and Apple has yet to release a 5G iPhone of any kind.

Some analysts said sales of Samsung's new flagship series, the Galaxy S20 which feature as many as four powerful cameras will be slightly less than those of its predecessor, expecting foldable phones could eat into some of its sales.

<img alt="Samsung Galaxy Z Flip foldable smartphone" data-entity-type="file" data-entity-uuid="43a23b4a-3b95-4798-b757-acdfbc8aa264" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2811%29_15.jpg" />

Shares of <a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung</a>, which generated 34 per cent&nbsp;of its profit last year from the mobile business and half from its chip business, rose 0.2&nbsp;per cent in a flat wider market.

Also read: <a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung Electronics board chairman jailed on union-busting charge</a>

The Galaxy Z Flip, with folding glass, starts as a large square when closed and expands to look like most smartphones. It will start at $1,380 and be available from Friday in purple, gold and black, executives said in San Francisco.

<img alt="Attendees take photographs of the new Samsung Galaxy Z Flip foldable smartphone" data-entity-type="file" data-entity-uuid="81c72944-8c5c-4527-95db-982b3c8a9347" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2812%29_10.jpg" />

Last year's Galaxy Fold, a larger unit that folds like a book and was panned for its construction, had a plastic screen and was priced at nearly $2,000.

Samsung said its three Galaxy S20 phones will be more expensive than predecessors when they launch in March with a starting price of $999.

They will have a 5G option whereas the Z Flip is a 4G phone.

<a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung </a>was the No. 1 smartphone company overall in 2019, with 21.6 per cent&nbsp;of the global market, according to IDC. But it lost that title to&nbsp;Apple&nbsp;in the December quarter, as cheaper prices for the iPhone 11 launched in the third quarter helped the US&nbsp;firm mark its best growth since 2015.

Globally it also faces stiff competition from <a href="https://www.wionews.com/business-economy/smartwatch-revwith-2-week-battery-life-and-fitness-tracking-is-huawei-watch-gt-2-really-worth-the-price-266811">Huawei </a>Technologies Co Ltd, which was a close third in market share in the fourth quarter, although the Chinese company is caught in a US-China battle over security and technology, especially in 5G.

Samsung Electronics on Tuesday unveiled a foldable smartphone shaped like a large makeup compact and put 5G mobile network capabilities into all of its other flagship devices as it strives to retain the mantle of biggest global phone company.

Samsung Electronics on Tuesday unveiled a foldable smartphone shaped like a large makeup compact and put 5G mobile network capabilities into all of its other flagship devices as it strives to retain the mantle of biggest global phone company. Samsung's second attempt at a folding phone after a delayed rollout last year comes as the South Korean firm fends off its traditional rival in the premium smartphone market, Apple Inc, along with ascendant Chinese makers such as Huawei that have eaten into its sales in China and Europe. Also read: Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings Huawei has only released its own folding phones in China, and Apple has yet to release a 5G iPhone of any kind. Some analysts said sales of Samsung's new flagship series, the Galaxy S20 which feature as many as four powerful cameras will be slightly less than those of its predecessor, expecting foldable phones could eat into some of its sales. Shares of Samsung, which generated 34 per cent of its profit last year from the mobile business and half from its chip business, rose 0.2 per cent in a flat wider market. Also read: Samsung Electronics board chairman jailed on union-busting charge The Galaxy Z Flip, with folding glass, starts as a large square when closed and expands to look like most smartphones. It will start at $1,380 and be available from Friday in purple, gold and black, executives said in San Francisco. Last year's Galaxy Fold, a larger unit that folds like a book and was panned for its construction, had a plastic screen and was priced at nearly $2,000. Samsung said its three Galaxy S20 phones will be more expensive than predecessors when they launch in March with a starting price of $999. They will have a 5G option whereas the Z Flip is a 4G phone. Samsung was the No. 1 smartphone company overall in 2019, with 21.6 per cent of the global market, according to IDC. But it lost that title to Apple in the December quarter, as cheaper prices for the iPhone 11 launched in the third quarter helped the US firm mark its best growth since 2015. Globally it also faces stiff competition from Huawei Technologies Co Ltd, which was a close third in market share in the fourth quarter, although the Chinese company is caught in a US-China battle over security and technology, especially in 5G.

Samsung unveils compact foldable phone, 5G Galaxy S20 to fend off Apple, Huawei

Shares ended higher on Wednesday, as a slowdown in the number of <a href="https://www.wionews.com/world/petition-seeking-right-to-freedom-of-speech-gathers-momentum-as-china-fights-coronavirus-280264">coronavirus </a>cases and the US&nbsp;Federal Reserve chairman's optimistic view on the economy whetted investor appetite for riskier assets.

The broader <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">Nifty </a>ended up 0.77 per cent at 12,201.20 and the benchmark <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">Sensex </a>ended 0.85&nbsp;per cent&nbsp;higher at 41,565.90.

Also read: <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council</a>

<a href="https://www.wionews.com/world/petition-seeking-right-to-freedom-of-speech-gathers-momentum-as-china-fights-coronavirus-280264">China </a>reported its lowest number of new coronavirus cases since late January, supporting its senior medical adviser's prediction that the outbreak might be over by April.

Meanwhile, Federal Reserve Chair Jerome Powell on Tuesday said the US economy is in a good place, leading to a rise in bond yields and lifting sentiment globally.&nbsp;

In the domestic market, consumer goods giant Hindustan Unilever surged over 5&nbsp;per cent&nbsp;to a record close of 2260.35 rupees and boosted the Nifty FMCG index, up 1.88 per cent.

Financial stocks were also among top contributors to gains for the day, with the Nifty financials index gaining 0.66 per cent.

Meanwhile, Yes Bank was the day's top laggard, ending 4.5&nbsp;per cent&nbsp;lower.

Shares ended higher on Wednesday, as a slowdown in the number of coronavirus cases and the US Federal Reserve chairman's optimistic view on the economy whetted investor appetite for riskier assets.

Shares ended higher on Wednesday, as a slowdown in the number of coronavirus cases and the US Federal Reserve chairman's optimistic view on the economy whetted investor appetite for riskier assets. The broader Nifty ended up 0.77 per cent at 12,201.20 and the benchmark Sensex ended 0.85 per cent higher at 41,565.90. Also read: India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council China reported its lowest number of new coronavirus cases since late January, supporting its senior medical adviser's prediction that the outbreak might be over by April. Meanwhile, Federal Reserve Chair Jerome Powell on Tuesday said the US economy is in a good place, leading to a rise in bond yields and lifting sentiment globally. In the domestic market, consumer goods giant Hindustan Unilever surged over 5 per cent to a record close of 2260.35 rupees and boosted the Nifty FMCG index, up 1.88 per cent. Financial stocks were also among top contributors to gains for the day, with the Nifty financials index gaining 0.66 per cent. Meanwhile, Yes Bank was the day's top laggard, ending 4.5 per cent lower.

Sensex, Nifty end higher as coronavirus fears abate

In a move to challenge the dominance of Google's Play Store, China's Xiaomi, Huawei Technologies, Oppo and Vivo are reportedly joining hands to create a common platform for developers outside China to upload apps onto all of their app stores simultaneously, news agency Reuters reported quoting sources.

In a move to challenge the dominance of Google's Play Store, China's Xiaomi, Huawei Technologies, Oppo and Vivo are reportedly joining hands to create a common platform for developers outside China to upload apps onto all of their app stores simultaneously, news agency Reuters reported quoting sources. The four companies are ironing out kinks in what is known as the Global Developer Service Alliance (GDSA), the report added. The platform aims to make it easier for developers of games, music, movies and other apps to market their apps in overseas markets, according to people with knowledge of the matter. The GDSA was initially aiming to launch in March, sources said, although it is not clear how that will be affected by the recent coronavirus outbreak. A prototype website says the platform will initially cover nine "regions" including India, Indonesia and Russia. The decision comes even as China struggled to contain the social media outbursts over its fight against coronavirus. The Communist government in China, which usually has a tight grip on the social media activities of its citizens, struggled to respond after the Chinese national lashed out at the government for its slow response to coronavirus and its attempt to muffle the social media in the country. China’s social media censorship machine was tested last week when Li Wenliang, a Chinese doctor who had been reprimanded for issuing an early warning about coronavirus, died of the disease, triggering widespread outrage online. Several social media posts demanding freedom of speech cropped up moments after Dr Li's death and continued for several days before the Chinese government rushed to contain the outflow of such posts.

China's mobile giants to take on Google's Play store: Report

Google is seeking to overturn the first of three hefty <a href="https://www.wionews.com/world/google-facebook-to-pay-publishers-for-use-of-news-in-eu-205923">European Union antitrust </a>fines at Europe's second-highest court in a landmark case that could determine how EU enforcers take on US tech giants for abuse of market power.

The company will lay out its arguments against a 2.4 billion Euro fine handed out by the European Commission during a three-day hearing at the General Court. EU regulators said this <a href="https://www.wionews.com/world/eu-countries-back-copyright-reforms-aimed-at-google-facebook-198643">penalty was for Google</a>'s favouring its price comparison shopping service to the disadvantage of smaller European rivals.

The <a href="https://www.wionews.com/business-economy/eu-slams-google-with-record-242-billion-euro-fine-for-alleged-biased-search-results-17330">EU has fined Google</a> a total of 8.25 billion Euros in <a href="https://www.wionews.com/business-economy/eu-slaps-third-anti-trust-charge-on-tech-giant-google-2512">three separate cases</a>, including one involving its Android smartphone operating system. This is four times more than its rival Microsoft's EU fines of 2.2 billion Euros. Both companies' regulatory troubles in Europe have lasted a decade.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/eu-antitrust-regulators-say-they-are-investigating-googles-data-collection-265506">EU antitrust regulators investigating Google's data collection: Report</a>

Google is expected to launch a three-pronged attack against the Commission's 2017 decision which also included an order to treat competitors equally. "It is wrong on the law, the facts, and economics. Shopping ads have always helped people find the products they are looking for quickly and easily, and helped merchants to reach potential customers," Google said in a statement.

The key issue is whether self preferencing is anti-competitive and whether Amazon and eBay should be counted as Google's rivals. 
For rivals, the case centres on Google's role as a central online gatekeeper.

"Google's search service acts as a de-facto kingmaker. If you are not found, the rest cannot follow. No company should be allowed to abuse such position to promote its services at the detriment of competitors and consumers alike," said lawyer Thomas Hoppner who advises clients who are critical of Google.

"The judgement will have repercussions for a large variety of industries that depend on a judicial ranking of their services on Google Search," he said. The court ruling is likely to come next year.

In the meantime, Margrethe Vestager in her new beefed-up role as Europe's digital chief will not be idle. She is set to announce several proposals in the coming months to rein in dominant US online groups amid push back by the United States and the companies. 
&nbsp;

Google is seeking to overturn the first of three hefty European Union antitrust fines at Europe's second-highest court in a landmark case that could determine how EU enforcers take on US tech giants for abuse of market power.

Google is seeking to overturn the first of three hefty European Union antitrust fines at Europe's second-highest court in a landmark case that could determine how EU enforcers take on US tech giants for abuse of market power. The company will lay out its arguments against a 2.4 billion Euro fine handed out by the European Commission during a three-day hearing at the General Court. EU regulators said this penalty was for Google's favouring its price comparison shopping service to the disadvantage of smaller European rivals. The EU has fined Google a total of 8.25 billion Euros in three separate cases, including one involving its Android smartphone operating system. This is four times more than its rival Microsoft's EU fines of 2.2 billion Euros. Both companies' regulatory troubles in Europe have lasted a decade. Also Read: EU antitrust regulators investigating Google's data collection: Report Google is expected to launch a three-pronged attack against the Commission's 2017 decision which also included an order to treat competitors equally. "It is wrong on the law, the facts, and economics. Shopping ads have always helped people find the products they are looking for quickly and easily, and helped merchants to reach potential customers," Google said in a statement. The key issue is whether self preferencing is anti-competitive and whether Amazon and eBay should be counted as Google's rivals. For rivals, the case centres on Google's role as a central online gatekeeper. "Google's search service acts as a de-facto kingmaker. If you are not found, the rest cannot follow. No company should be allowed to abuse such position to promote its services at the detriment of competitors and consumers alike," said lawyer Thomas Hoppner who advises clients who are critical of Google. "The judgement will have repercussions for a large variety of industries that depend on a judicial ranking of their services on Google Search," he said. The court ruling is likely to come next year. In the meantime, Margrethe Vestager in her new beefed-up role as Europe's digital chief will not be idle. She is set to announce several proposals in the coming months to rein in dominant US online groups amid push back by the United States and the companies.

Google goes to court over EU antitrust fines

<a href="https://www.wionews.com/world/amazons-slow-climate-action-defying-company-policy-over-300-employees-speak-out-277288">Amazon </a>is seeking testimony from US President <a href="https://www.wionews.com/world/us-seeks-prison-term-of-7-9-years-for-trumps-longtime-adviser-roger-stone-279922">Donald Trump</a> and Defense Secretary <a href="https://www.wionews.com/world/defense-chief-esper-denies-us-troop-pullout-from-iraq-after-leaked-letter-confusion-272596">Mark Esper</a>&nbsp;on&nbsp;how the tech giant was shut out of a $10 billion US military cloud computing <a href="https://www.wionews.com/world/pentagon-looks-for-defence-to-putins-invincible-hypersonic-missiles-277593">Pentagon </a>contract.

According to court documents made public on Monday, the company wants the Trump administration to hand over documents and emails relating to the contract.

The company is gathering evidence that its fierce rival <a href="https://www.wionews.com/business-economy/growth-in-cloud-computing-business-helps-lift-microsoft-corps-quarterly-revenue-2847">Microsoft </a>won the <a href="https://www.wionews.com/business-economy/amazon-lawsuit-blames-trump-for-loss-of-pentagon-cloud-contract-267341">Joint Enterprise Defense Infrastructure Cloud</a> (JEDI) contract to upgrade the US military's computing networks lucratively.

Also read: <a href="https://www.wionews.com/business-economy/amazon-lawsuit-blames-trump-for-loss-of-pentagon-cloud-contract-267341">Amazon lawsuit blames Trump for loss of Pentagon cloud contract</a>

The company alleged that Trump ''exerted undue influence'' on the decision to deny it the $10 billion contract.

Along with Trump and Esper, Amazon seeks to depose former <a href="https://www.wionews.com/world/united-states-defence-chief-rejects-amazons-accusations-of-bias-in-cloud-contract-262268">Defense Secretary</a> James Mattis, Pentagon chief information officer Dana Deasy and four other procurement officials, court records show.

The other individuals "can testify about specific conversations he had with them," Amazon's lawyers said.

''The Department of Defense strongly opposes Amazon's effort to question some of its leaders,'' Department of Defense spokesman Lieutanant Colonel Robert Carver said.

"The request is unnecessary, burdensome and merely seeks to delay getting this important technology into the hands of our warfighters," Carver added.

Also read: <a href="https://www.wionews.com/world/united-states-defence-chief-rejects-amazons-accusations-of-bias-in-cloud-contract-262268">United States defence chief rejects Amazon's accusations of bias in cloud contract</a>

The JEDI contract is intended to give the military better access to data and technology from remote locations.

The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, will ultimately see all military branches sharing information in a system boosted by artificial intelligence.&nbsp;

An earlier court filing by <a href="https://www.wionews.com/world/united-states-defence-chief-rejects-amazons-accusations-of-bias-in-cloud-contract-262268">Amazon </a>detailed alleged errors that ended with Microsoft being chosen over its Amazon Web Services (AWS) cloud computing division, part of the technology group led by Amazon chief Jeff Bezos.

Amazon was considered the lead contender to provide technology for JEDI, with AWS dominating the cloud computing arena and the company already providing classified servers for other government outfits including the CIA.

The <a href="https://www.wionews.com/world/united-states-defence-chief-rejects-amazons-accusations-of-bias-in-cloud-contract-262268">Pentagon</a>'s mistakes in the contract were "hard to understand and impossible to assess" when separated from Trump's "repeatedly expressed determination to, in the words of the president himself, 'screw Amazon,'" court documents filed by Amazon argued.

The bid protest filed in US Court of Federal Claims urges that the rival JEDI bids be re-evaluated and a new decision reached.

The lawsuit filed by Amazon will not delay implementation of the project, a senior Pentagon official said in December.&nbsp;

Amazon is seeking testimony from US President Donald Trump and Defense Secretary Mark Esper on how the tech giant was shut out of a $10 billion US military cloud computing Pentagon contract.

Amazon is seeking testimony from US President Donald Trump and Defense Secretary Mark Esper on how the tech giant was shut out of a $10 billion US military cloud computing Pentagon contract. According to court documents made public on Monday, the company wants the Trump administration to hand over documents and emails relating to the contract. The company is gathering evidence that its fierce rival Microsoft won the Joint Enterprise Defense Infrastructure Cloud (JEDI) contract to upgrade the US military's computing networks lucratively. Also read: Amazon lawsuit blames Trump for loss of Pentagon cloud contract The company alleged that Trump ''exerted undue influence'' on the decision to deny it the $10 billion contract. Along with Trump and Esper, Amazon seeks to depose former Defense Secretary James Mattis, Pentagon chief information officer Dana Deasy and four other procurement officials, court records show. The other individuals "can testify about specific conversations he had with them," Amazon's lawyers said. ''The Department of Defense strongly opposes Amazon's effort to question some of its leaders,'' Department of Defense spokesman Lieutanant Colonel Robert Carver said. "The request is unnecessary, burdensome and merely seeks to delay getting this important technology into the hands of our warfighters," Carver added. Also read: United States defence chief rejects Amazon's accusations of bias in cloud contract The JEDI contract is intended to give the military better access to data and technology from remote locations. The 10-year contract for the Joint Enterprise Defense Infrastructure program, better known as JEDI, will ultimately see all military branches sharing information in a system boosted by artificial intelligence. An earlier court filing by Amazon detailed alleged errors that ended with Microsoft being chosen over its Amazon Web Services (AWS) cloud computing division, part of the technology group led by Amazon chief Jeff Bezos. Amazon was considered the lead contender to provide technology for JEDI, with AWS dominating the cloud computing arena and the company already providing classified servers for other government outfits including the CIA. The Pentagon's mistakes in the contract were "hard to understand and impossible to assess" when separated from Trump's "repeatedly expressed determination to, in the words of the president himself, 'screw Amazon,'" court documents filed by Amazon argued. The bid protest filed in US Court of Federal Claims urges that the rival JEDI bids be re-evaluated and a new decision reached. The lawsuit filed by Amazon will not delay implementation of the project, a senior Pentagon official said in December.

Amazon wants Trump, Esper to testify in fight for $10 billion Pentagon contract

Still turning heads and trending is a remarkable escape story of a legendary businessman-turned-international-fugitive. <a href="https://www.wionews.com/world/i-alone-organised-my-departure-from-japan-fugitive-carlos-ghosn-271734">Carlos Ghosn</a>, the Lebanese international fugitive is now working with an eminent Hollywood agent.

Formerly the CEO of <a href="https://www.wionews.com/world/i-alone-organised-my-departure-from-japan-fugitive-carlos-ghosn-271734">Nissan</a> Motor Co. Ltd., <a href="https://www.wionews.com/world/i-alone-organised-my-departure-from-japan-fugitive-carlos-ghosn-271734">Ghosn</a> has initiated a professional relationship with the legendary agent <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Michael Ovitz</a> who will aid the millionaire in closing deals with movie studios that may be eager to reconstruct his story into something worth showing on the big screen.

Also read:&nbsp;<a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Japanese lawyers of ex-Nissan chief Carlos Ghosn quit after he flees</a>

Having escaped from the juggernaut that is the Japanese judicial system and departing from one of the nation's international airports, movie and TV producers are falling over themselves to bring this intriguing story to the silver screen.

Most recent reports of the escape of the century includes an alleged collaboration of ex-special forces soldiers as well as high-level government collusions, which at first glance seems like a run-of-the-mill Bond movie without any scantily-clad femme fatale.

Reports state that <a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Ghosn</a> was extracted from Japan in a packing crate aboard a private jet with the help of a former Green Beret, and it is almost impossible to imagine all the elements of the previous sentence coming together in a real-life scenario.

Also read:&nbsp;<a href="https://www.wionews.com/world/i-alone-organised-my-departure-from-japan-fugitive-carlos-ghosn-271734">'I alone organised my departure' from Japan: Fugitive Carlos Ghosn</a>

In one of the most fascinating business capers in modern history, the Beirut Rafic Hariri International Airport saw his shocking appearance which seemed completely out of the blue.

Considered one of the world's most renowned agents, <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Michael Ovitz</a> is working as a new agent to Ghosn and has been a leading figure in the American entertainment industry since the 1970s. He has served as the former President of the Walt Disney Company and is the co-founder of the influential Creative Artists Agency (CAA).

Ovitz will help in discussing and evaluating possible proposals, as per reports from spokespersons of the former <a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Nissan Chairman</a>. Despite this public claim, projects involving <a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Ghosn</a> have yet to be confirmed.

Sealing the deal with any of the giant entertainment companies vying for his story would land him in a substantial amount of money, which the former CEO of <a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Nissan</a> might need since he lost an astounding $14 million in bail money during the intense judicial battles with Japanese authorities.

Though it cannot be said for sure whether his legal troubles cleaned out his pockets, it is impossible to believe that the man who achieved an impossible escape does not have anything more up his sleeves.&nbsp;

The tale behind his daring escape, if documented in a mini-series or a Hollywood-produced movie is something that many across the world would be excited to indulge in today, especially when one considers the fact that many features of Ghosn's tale remain shrouded in mystery.

Still turning heads and trending is a remarkable escape story of a legendary businessman-turned-international-fugitive. Carlos Ghosn, the Lebanese international fugitive is now working with an eminent Hollywood agent.

Still turning heads and trending is a remarkable escape story of a legendary businessman-turned-international-fugitive. Carlos Ghosn, the Lebanese international fugitive is now working with an eminent Hollywood agent. Formerly the CEO of Nissan Motor Co. Ltd., Ghosn has initiated a professional relationship with the legendary agent Michael Ovitz who will aid the millionaire in closing deals with movie studios that may be eager to reconstruct his story into something worth showing on the big screen. Also read: Japanese lawyers of ex-Nissan chief Carlos Ghosn quit after he flees Having escaped from the juggernaut that is the Japanese judicial system and departing from one of the nation's international airports, movie and TV producers are falling over themselves to bring this intriguing story to the silver screen. Most recent reports of the escape of the century includes an alleged collaboration of ex-special forces soldiers as well as high-level government collusions, which at first glance seems like a run-of-the-mill Bond movie without any scantily-clad femme fatale. Reports state that Ghosn was extracted from Japan in a packing crate aboard a private jet with the help of a former Green Beret, and it is almost impossible to imagine all the elements of the previous sentence coming together in a real-life scenario. Also read: 'I alone organised my departure' from Japan: Fugitive Carlos Ghosn In one of the most fascinating business capers in modern history, the Beirut Rafic Hariri International Airport saw his shocking appearance which seemed completely out of the blue. Considered one of the world's most renowned agents, Michael Ovitz is working as a new agent to Ghosn and has been a leading figure in the American entertainment industry since the 1970s. He has served as the former President of the Walt Disney Company and is the co-founder of the influential Creative Artists Agency (CAA). Ovitz will help in discussing and evaluating possible proposals, as per reports from spokespersons of the former Nissan Chairman. Despite this public claim, projects involving Ghosn have yet to be confirmed. Sealing the deal with any of the giant entertainment companies vying for his story would land him in a substantial amount of money, which the former CEO of Nissan might need since he lost an astounding $14 million in bail money during the intense judicial battles with Japanese authorities. Though it cannot be said for sure whether his legal troubles cleaned out his pockets, it is impossible to believe that the man who achieved an impossible escape does not have anything more up his sleeves. The tale behind his daring escape, if documented in a mini-series or a Hollywood-produced movie is something that many across the world would be excited to indulge in today, especially when one considers the fact that many features of Ghosn's tale remain shrouded in mystery.

Michael Ovitz to work with Carlos Ghosn; escape of the century may appear on big screens

<a href="https://www.wionews.com/world/latest-world-news-coronavirus-prompts-sony-amazon-sony-and-ericsson-to-join-barcelona-mobile-congress-exodus-280030">Amazon</a>.com Inc has begun legal action in India to quash an antitrust investigation against the company, saying it could cause "irreparable" loss and damage to its reputation, according to reports.

Legal action has been taken against India by <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Amazon</a>.com Inc. to kill the antitrust investigation being conducted against the company as it could cause irreparable damage to the reputation of the e-commerce website.

Investigation of <a href="Antitrust probe ordered against Amazon, Walmart's Flipkart in violation of competition law">Flipkart</a>, which is owned by <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Walmart </a>and <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Amazon </a>was ordered by the <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Competition Commission of India</a> (CCI) to understand the reason behind alleged violations of certain discounting practices and competition law.

Also read: <a href="https://www.wionews.com/business-economy/antitrust-probe-ordered-against-amazon-walmarts-flipkart-in-violation-of-competition-law-274073">Antitrust probe ordered against Amazon, Walmart's Flipkart in violation of competition law</a>

India's brick-and-mortar retailers have mounted criticisms against the two e-commerce platforms, the principal ones being that the US giants are violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers.

All allegations have been denied by the multi-national corporations, following which was the probe ordered by <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">CCI </a>after a New Delhi-based trader group complained that the e-commerce giants were hurting business for other smaller players by promoting select sellers on one of the world's biggest online shopping markets.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Government looks into Flipkart, Amazon festive discounts after retailer complaints</a>

The CCI ordered its probe after a New Delhi-based trader group complained that the e-commerce giants were promoting select sellers and in turn, hurting business for other smaller players in one of the world's biggest online shopping markets.

"The entire order passed by (the <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">CCI</a>) is bereft of any foundation," <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">Amazon </a>said in a February 10 filing to a court in the city of Bengaluru, rejecting the allegations levelled against the company.

"(The investigation order) suffers from non-application of mind as it appears to contain no reference to the finding of an appreciable adverse effect on competition," said <a href="https://www.wionews.com/business-economy/antitrust-probe-ordered-against-amazon-walmarts-flipkart-in-violation-of-competition-law-274073">Amazon</a>.

<a href="https://www.wionews.com/business-economy/antitrust-probe-ordered-against-amazon-walmarts-flipkart-in-violation-of-competition-law-274073">Flipkart </a>states that it was "fully compliant" with all laws in India after <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">CCI </a>ordered the probe. The trader group, Delhi Vyapar Mahasangh will defend its case to guarantee that the probe is not subdued or paused. Amazon has also been affected by stringent foreign investment rules in India.

After the launch of the probe last month, the Trade Minister of India said Amazon was not doing any favours by announcing the new 1 billion dollar investment, a statement which lay bare friction with the online US retailer.

Amazon.com Inc has begun legal action in India to quash an antitrust investigation against the company, saying it could cause "irreparable" loss and damage to its reputation, according to reports.

Amazon.com Inc has begun legal action in India to quash an antitrust investigation against the company, saying it could cause "irreparable" loss and damage to its reputation, according to reports. Legal action has been taken against India by Amazon.com Inc. to kill the antitrust investigation being conducted against the company as it could cause irreparable damage to the reputation of the e-commerce website. Investigation of Flipkart, which is owned by Walmart and Amazon was ordered by the Competition Commission of India (CCI) to understand the reason behind alleged violations of certain discounting practices and competition law. Also read: Antitrust probe ordered against Amazon, Walmart's Flipkart in violation of competition law India's brick-and-mortar retailers have mounted criticisms against the two e-commerce platforms, the principal ones being that the US giants are violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. All allegations have been denied by the multi-national corporations, following which was the probe ordered by CCI after a New Delhi-based trader group complained that the e-commerce giants were hurting business for other smaller players by promoting select sellers on one of the world's biggest online shopping markets. Also read: Government looks into Flipkart, Amazon festive discounts after retailer complaints The CCI ordered its probe after a New Delhi-based trader group complained that the e-commerce giants were promoting select sellers and in turn, hurting business for other smaller players in one of the world's biggest online shopping markets. "The entire order passed by (the CCI) is bereft of any foundation," Amazon said in a February 10 filing to a court in the city of Bengaluru, rejecting the allegations levelled against the company. "(The investigation order) suffers from non-application of mind as it appears to contain no reference to the finding of an appreciable adverse effect on competition," said Amazon. Flipkart states that it was "fully compliant" with all laws in India after CCI ordered the probe. The trader group, Delhi Vyapar Mahasangh will defend its case to guarantee that the probe is not subdued or paused. Amazon has also been affected by stringent foreign investment rules in India. After the launch of the probe last month, the Trade Minister of India said Amazon was not doing any favours by announcing the new 1 billion dollar investment, a statement which lay bare friction with the online US retailer.

Amazon and Flipkart to quash antitrust investigation; legal battles to follow

EU lawmakers overwhelmingly called on Thursday for rules to establish a common charger for all mobile device makers across Europe, a drive that iPhone maker Apple has criticised.

Members of the European Parliament voted by 582-40 for a resolution urging the European Commission, which drafts EU laws, to ensure that EU consumers are no longer obliged to buy new chargers with each new device.

The Commission should adopt new rules by July, the lawmakers' resolution said.

The resolution said voluntary agreements in the industry had significantly reduced the number of charger types but had not resulted in one common standard.

Electronic waste, the resolution said, was some 16.6 kilograms (36.6 pounds) per EU inhabitant in 2016, for a total of 12.3 million tonnes, an unnecessarily large amount.

The resolution also said wireless charging could prove beneficial by mitigating waste, but urged the Commission to adopt rules that ensured wireless chargers were able to charge many different mobile devices.

Also read: <a href="https://www.wionews.com/world/apple-may-be-forced-to-ditch-its-lightning-cable-as-european-commission-presses-for-universal-charger-275218">Apple may be forced to ditch its lightning cable as European Commission presses for universal charger</a>

A move to a common charger would affect Apple more than any other company as iPhones and most of its mobile products are powered by its Lightning cable, whereas Android devices are powered by USB-C connectors.

Apple said last week that the industry was already moving to USB-C and that regulation to force conformity would stifle innovation, harming European consumers. An abrupt switch would itself result in a mountain of e-waste, it said.

The European Commission, which acts as the executive for the EU, has been pushing for a common charger for more than a decade.

In 2009 it got four companies including Apple, Samsung, Huawei and Nokia to sign a voluntary memorandum of understanding to harmonize chargers for new models of smartphones coming into the market in 2011.

However, Commission officials say the voluntary approach is not working and the EU executive is now looking into the legislation and has included the common charger as one of the set of actions it plans for this year.

EU lawmakers overwhelmingly called on Thursday for rules to establish a common charger for all mobile device makers across Europe, a drive that iPhone maker Apple has criticised.

EU lawmakers overwhelmingly called on Thursday for rules to establish a common charger for all mobile device makers across Europe, a drive that iPhone maker Apple has criticised. Members of the European Parliament voted by 582-40 for a resolution urging the European Commission, which drafts EU laws, to ensure that EU consumers are no longer obliged to buy new chargers with each new device. The Commission should adopt new rules by July, the lawmakers' resolution said. The resolution said voluntary agreements in the industry had significantly reduced the number of charger types but had not resulted in one common standard. Electronic waste, the resolution said, was some 16.6 kilograms (36.6 pounds) per EU inhabitant in 2016, for a total of 12.3 million tonnes, an unnecessarily large amount. The resolution also said wireless charging could prove beneficial by mitigating waste, but urged the Commission to adopt rules that ensured wireless chargers were able to charge many different mobile devices. Also read: Apple may be forced to ditch its lightning cable as European Commission presses for universal charger A move to a common charger would affect Apple more than any other company as iPhones and most of its mobile products are powered by its Lightning cable, whereas Android devices are powered by USB-C connectors. Apple said last week that the industry was already moving to USB-C and that regulation to force conformity would stifle innovation, harming European consumers. An abrupt switch would itself result in a mountain of e-waste, it said. The European Commission, which acts as the executive for the EU, has been pushing for a common charger for more than a decade. In 2009 it got four companies including Apple, Samsung, Huawei and Nokia to sign a voluntary memorandum of understanding to harmonize chargers for new models of smartphones coming into the market in 2011. However, Commission officials say the voluntary approach is not working and the EU executive is now looking into the legislation and has included the common charger as one of the set of actions it plans for this year.

EU lawmakers, with eye on Apple, call for common mobile charger

Indian shares settled lower for the second straight session on Monday as worries mounted over the economic impact of the new coronavirus outbreak amid a rising death toll.

The NSE Nifty 50 index finished 0.55 per cent lower at 12,031.50 and the S&amp;P BSE Sensex fell 0.39 per cent&nbsp;to 40,979.62.

Global shares traded lower as the virus claimed over 900 lives in China`s central Hubei province as of Sunday, a death toll that has exceeded that of the SARS epidemic two decades ago.

Meanwhile, Beijing lifted some work and travel curbs, offering some reprieve to financial markets.

In the domestic market, metal stocks were the top drags, with the Nifty metals index shedding over 3 per cent.

Zee Entertainment dropped 7.73 per cent and was the top laggard, while UPL Ltd was the top gainer on the Nifty, rising 5.71 per cent.

Indian shares settled lower for the second straight session on Monday as worries mounted over the economic impact of the new coronavirus outbreak amid a rising death toll.

Indian shares settled lower for the second straight session on Monday as worries mounted over the economic impact of the new coronavirus outbreak amid a rising death toll. The NSE Nifty 50 index finished 0.55 per cent lower at 12,031.50 and the S&P BSE Sensex fell 0.39 per cent to 40,979.62. Global shares traded lower as the virus claimed over 900 lives in China`s central Hubei province as of Sunday, a death toll that has exceeded that of the SARS epidemic two decades ago. Meanwhile, Beijing lifted some work and travel curbs, offering some reprieve to financial markets. In the domestic market, metal stocks were the top drags, with the Nifty metals index shedding over 3 per cent. Zee Entertainment dropped 7.73 per cent and was the top laggard, while UPL Ltd was the top gainer on the Nifty, rising 5.71 per cent.

Sensex, Nifty close lower on coronavirus worries

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent&nbsp;in India, said Sharad Agarwal, the India Head of Lamborghini.

This growth is against the 18-20 per cent&nbsp;slowdown in the super luxury segment to which the brand belongs.

The super luxury car segment comprises players such as Rolls Royce, Bentley, Ferrari, Aston Martin and top end products from German manufacturers Mercedes, BMW and Audi.

The brand’s latest offering - Huracan EVO RWD was unveiled in Chennai at a time when the Italian carmaker considers the five Southern Indian states its largest market in India, as more than 50 per cent of their sales are from here. “Lamborghini had sold 45 cars in India in 2018, while the number increased to 52 in 2019, thus taking the Lamborghini fleet in India to over 250. While a majority of Indian users are in the age bracket of 25-45, we also have 60-year olds who drive Lamborghinis. There has been an increase in the women users over the last few years and we expect this segment to grow” Sharad told WION.

The Huracan EVO RWD is a Rear-wheel drive(RWD) variant as opposed to the earlier versions that offered 4 wheel drive(4WD). The machine delivers 610hp(449kW) of power at 8,000rpm and 560Nm of torque at 6500rpm. Weighing 1,398kgs the car can get to a top speed of 325Km/h and accelerates from 0-100km/h in 3.3seconds.&nbsp;

The brand claims that RWD takes the driver into the past, by increasing the bond between driver and machine, with less intervention from technology. The RWD system is said to be designed for purists, allows the driver to take full control of the experience and performance under dry, wet or snowy conditions. “As each car is designed for a certain set of users, it has its own capabilities. Certain models of ours use technology to assist the driver to get maximum performance, best lap speeds etc. But the EVO RWD is aimed at pure driving emotions for those who want to enjoy the experience with their own capability and driving skill” Agarwal said.&nbsp;

Given the spurt in the number of makers offering E-vehicles, Lamborghini doesn’t seem to be joining the bandwagon anytime soon, save for the future mobility concept that was displayed in 2017. ”We believe that tech in EV space is not evolved to provide the driving Dynamics and emotions&nbsp;that Lamborghinis are known for. We still see it(Electric sports car) some time away,&nbsp;as the technology is evolving and there remains a challenge whether electric can provide the same performance” Sharad added.

While the brand sees a growth of 16% in India for 2019 and expect to sell more than 50 cars this year, the Indian market only contributes 1% to the brand’s global business. However, the brand also claims to see growing demand from tier 1 and 2 cities such as Coimbatore, Madurai, Salem, Calicut, Cochin, Guwahati, Ludhiana and Chandigarh among others.

Priced at Rs. 3.22cr ex-showroom pan-India, the Huracan EVO RWD is available in 300 color options and takes 6 months and above(depending on customizations) to be delivered to the customer.

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent in India, said Sharad Agarwal, the India Head of Lamborghini.

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent in India, said Sharad Agarwal, the India Head of Lamborghini. This growth is against the 18-20 per cent slowdown in the super luxury segment to which the brand belongs. The super luxury car segment comprises players such as Rolls Royce, Bentley, Ferrari, Aston Martin and top end products from German manufacturers Mercedes, BMW and Audi. The brand’s latest offering - Huracan EVO RWD was unveiled in Chennai at a time when the Italian carmaker considers the five Southern Indian states its largest market in India, as more than 50 per cent of their sales are from here. “Lamborghini had sold 45 cars in India in 2018, while the number increased to 52 in 2019, thus taking the Lamborghini fleet in India to over 250. While a majority of Indian users are in the age bracket of 25-45, we also have 60-year olds who drive Lamborghinis. There has been an increase in the women users over the last few years and we expect this segment to grow” Sharad told WION. The Huracan EVO RWD is a Rear-wheel drive(RWD) variant as opposed to the earlier versions that offered 4 wheel drive(4WD). The machine delivers 610hp(449kW) of power at 8,000rpm and 560Nm of torque at 6500rpm. Weighing 1,398kgs the car can get to a top speed of 325Km/h and accelerates from 0-100km/h in 3.3seconds. The brand claims that RWD takes the driver into the past, by increasing the bond between driver and machine, with less intervention from technology. The RWD system is said to be designed for purists, allows the driver to take full control of the experience and performance under dry, wet or snowy conditions. “As each car is designed for a certain set of users, it has its own capabilities. Certain models of ours use technology to assist the driver to get maximum performance, best lap speeds etc. But the EVO RWD is aimed at pure driving emotions for those who want to enjoy the experience with their own capability and driving skill” Agarwal said. Given the spurt in the number of makers offering E-vehicles, Lamborghini doesn’t seem to be joining the bandwagon anytime soon, save for the future mobility concept that was displayed in 2017. ”We believe that tech in EV space is not evolved to provide the driving Dynamics and emotions that Lamborghinis are known for. We still see it(Electric sports car) some time away, as the technology is evolving and there remains a challenge whether electric can provide the same performance” Sharad added. While the brand sees a growth of 16% in India for 2019 and expect to sell more than 50 cars this year, the Indian market only contributes 1% to the brand’s global business. However, the brand also claims to see growing demand from tier 1 and 2 cities such as Coimbatore, Madurai, Salem, Calicut, Cochin, Guwahati, Ludhiana and Chandigarh among others. Priced at Rs. 3.22cr ex-showroom pan-India, the Huracan EVO RWD is available in 300 color options and takes 6 months and above(depending on customizations) to be delivered to the customer.

Despite Auto sector slowdown, Lamborghini sales up by 16% in India; Over 50% sales from Southern states 

Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through February&nbsp;16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads.

The Japanese automaker, which operates 12 vehicle and components factories in China, said it would extend its production stoppage "after considering various factors, including guidelines from local and regional governments, parts supply, and logistics.

"For the week of February&nbsp;10, we will be preparing for the return to normal operation from February&nbsp;17 and beyond," it said in a statement.

The decision extends Toyota's initial plans to suspend operations through Sunday and comes as the threat from the coronavirus crisis closes in on the global auto industry.

South Korea's Hyundai Motor and affiliate Kia Motors said on Friday that they plan to restart production at their Chinese factories on February&nbsp;17, from a previously planned February 9.

"We will take preventive measures against infection at factories," a spokeswoman said.

Also read: <a href="https://www.wionews.com/world/latest-world-news-chinese-tech-giants-launch-platforms-and-services-aimed-at-providing-verified-information-about-ncov-279244">Chinese tech giants launch platforms and services aimed at providing verified information about nCoV</a>

A growing number of carmakers, including those who do not make cars in China, are flagging the possibility that their global operations could take a hit if they cannot access parts supplies from the country, where there are transportation bans to stop the virus spreading.

Suzuki Motor Corp said it was looking at the possibility of procuring "made in China" car parts from other regions if it cannot access parts due to ongoing stoppages.

The Japanese automaker does not produce or sell any cars in China but procures some components there for its plants in India, where it controls around half of the passenger vehicle market via its local unit Maruti Suzuki India Ltd.

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Fiat Chrysler Automobiles NV on Thursday said one of its European plants could close within two to four weeks if Chinese parts suppliers cannot get back to work soon, while Hyundai Motor Co earlier this week suspended production at its South Korean plants due to a shortage of China-made parts.

Parts made in China are used in millions of vehicles assembled elsewhere, and China's Hubei province - the epicentre of the coronavirus outbreak - is a major hub for vehicle parts production and shipments.

To limit the spread of the virus, Chinese authorities have announced an extended holiday period in Hubei and 10 other provinces, which account for more than two-thirds of the country's vehicle production.

Also read: <a href="https://www.wionews.com/india-news/screening-of-passengers-arranged-at-airports-nepal-border-also-under-check-health-minister-on-coronavirus-279259">Screening passengers at airports, Nepal border also under check: Health Minister on coronavirus&nbsp;</a>

IHS Automotive projects plant closures through February&nbsp;10 would result in a 7 per cent cut in vehicle production in China for the first quarter.

In a note, its analysts said extended closures into March may result in lost production of over 1.7 million vehicles for the period, a decline of roughly one-third of pre-virus output expectations.

"If the situation lingers into mid-March, and plants in adjacent provinces are also idled, the China-wide supply chain disruption caused by parts shortages from Hubei, a major component hub, could have a wide-reaching impact," they said.

Other industry experts said suppliers had built up a cushion of parts in inventory and in-transit ahead of the long Lunar New Year holiday in late January. Those will start to run out if factories cannot get back to work next week, or if flights to and from China remain limited.

Toyota said its plants outside China were operating as normal for the moment but it has said it was also considering the possibility of manufacturing parts commonly made in China in other regions.

Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through February 16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads.

Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through February 16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads. The Japanese automaker, which operates 12 vehicle and components factories in China, said it would extend its production stoppage "after considering various factors, including guidelines from local and regional governments, parts supply, and logistics. "For the week of February 10, we will be preparing for the return to normal operation from February 17 and beyond," it said in a statement. The decision extends Toyota's initial plans to suspend operations through Sunday and comes as the threat from the coronavirus crisis closes in on the global auto industry. South Korea's Hyundai Motor and affiliate Kia Motors said on Friday that they plan to restart production at their Chinese factories on February 17, from a previously planned February 9. "We will take preventive measures against infection at factories," a spokeswoman said. Also read: Chinese tech giants launch platforms and services aimed at providing verified information about nCoV A growing number of carmakers, including those who do not make cars in China, are flagging the possibility that their global operations could take a hit if they cannot access parts supplies from the country, where there are transportation bans to stop the virus spreading. Suzuki Motor Corp said it was looking at the possibility of procuring "made in China" car parts from other regions if it cannot access parts due to ongoing stoppages. The Japanese automaker does not produce or sell any cars in China but procures some components there for its plants in India, where it controls around half of the passenger vehicle market via its local unit Maruti Suzuki India Ltd. × Fiat Chrysler Automobiles NV on Thursday said one of its European plants could close within two to four weeks if Chinese parts suppliers cannot get back to work soon, while Hyundai Motor Co earlier this week suspended production at its South Korean plants due to a shortage of China-made parts. Parts made in China are used in millions of vehicles assembled elsewhere, and China's Hubei province - the epicentre of the coronavirus outbreak - is a major hub for vehicle parts production and shipments. To limit the spread of the virus, Chinese authorities have announced an extended holiday period in Hubei and 10 other provinces, which account for more than two-thirds of the country's vehicle production. Also read: Screening passengers at airports, Nepal border also under check: Health Minister on coronavirus IHS Automotive projects plant closures through February 10 would result in a 7 per cent cut in vehicle production in China for the first quarter. In a note, its analysts said extended closures into March may result in lost production of over 1.7 million vehicles for the period, a decline of roughly one-third of pre-virus output expectations. "If the situation lingers into mid-March, and plants in adjacent provinces are also idled, the China-wide supply chain disruption caused by parts shortages from Hubei, a major component hub, could have a wide-reaching impact," they said. Other industry experts said suppliers had built up a cushion of parts in inventory and in-transit ahead of the long Lunar New Year holiday in late January. Those will start to run out if factories cannot get back to work next week, or if flights to and from China remain limited. Toyota said its plants outside China were operating as normal for the moment but it has said it was also considering the possibility of manufacturing parts commonly made in China in other regions.

Toyota keeps China plant output stopped through February 16 amid coronavirus outbreak

The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas.

Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day.

At the interbank foreign exchange market, the local currency opened on a weak note at 71.26.

During the day, the local unit lost further ground and touched a low of 71.49, before finally settling for the day at 71.40 against the US dollar, down 22 paise over its previous close.

The domestic unit had settled at 71.18 on Thursday.

On a weekly basis, the rupee lost 8 paise.

"Rupee traded weak on Friday as dollar scaled high towards 71.35, mainly on back of on weakening risk appetite amid a strong greenback ahead of US non-farm payroll data due later today," said Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 98.58.

"Volatility for the rupee in the first half of the session remained low but in the latter half the currency started to come under pressure," said Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further said on the domestic front, market participants will be keeping an eye on inflation number that will be released next week; the expectation is that the inflation could inch higher and that could further weigh on the rupee.

On the domestic market front, the 30-share BSE Sensex fell 164.18 points or 0.40 per cent to 41,141.85. The broader NSE Nifty settled lower by 39.60 points or 0.33 per cent at 12,098.35.

The 10-year Indian government bond yield was at 6.44 per cent.

Meanwhile, the global crude benchmark Brent futures fell 0.15 per cent to trade at $54.85 per barrel.

Foreign institutional investors sold equities worth Rs 560.36 crore on a net basis on Thursday, according to provisional exchange data.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2558 and for rupee/euro at 78.3804. The reference rate for rupee/British pound was fixed at 92.5195 and for rupee/100 Japanese yen at 64.82.&nbsp; 
&nbsp;

The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas.

The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas. Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day. At the interbank foreign exchange market, the local currency opened on a weak note at 71.26. During the day, the local unit lost further ground and touched a low of 71.49, before finally settling for the day at 71.40 against the US dollar, down 22 paise over its previous close. The domestic unit had settled at 71.18 on Thursday. On a weekly basis, the rupee lost 8 paise. "Rupee traded weak on Friday as dollar scaled high towards 71.35, mainly on back of on weakening risk appetite amid a strong greenback ahead of US non-farm payroll data due later today," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 98.58. "Volatility for the rupee in the first half of the session remained low but in the latter half the currency started to come under pressure," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services. Somaiyaa further said on the domestic front, market participants will be keeping an eye on inflation number that will be released next week; the expectation is that the inflation could inch higher and that could further weigh on the rupee. On the domestic market front, the 30-share BSE Sensex fell 164.18 points or 0.40 per cent to 41,141.85. The broader NSE Nifty settled lower by 39.60 points or 0.33 per cent at 12,098.35. The 10-year Indian government bond yield was at 6.44 per cent. Meanwhile, the global crude benchmark Brent futures fell 0.15 per cent to trade at $54.85 per barrel. Foreign institutional investors sold equities worth Rs 560.36 crore on a net basis on Thursday, according to provisional exchange data. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2558 and for rupee/euro at 78.3804. The reference rate for rupee/British pound was fixed at 92.5195 and for rupee/100 Japanese yen at 64.82.

Rupee slips 22 paise to 71.40 against USD on strong dollar demand

The shares ended lower as persistent coronavirus fears brought down global markets, but recorded their best week since December.

The broader NSE <a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Nifty </a>50 index fell 0.33 per cent&nbsp;to 12,098.35 and the benchmark S&amp;P BSE&nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Sensex&nbsp;</a>index ended 0.4&nbsp;per cent&nbsp;lower at 41,141.85.

Also read: <a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD</a>

However, the <a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Nifty </a>and&nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Sensex&nbsp;</a>finished the week up 1.04&nbsp;per cent&nbsp;and 1.03 per cent, respectively, their best weekly close since December&nbsp;20.

The Nifty Auto index closed down 0.95&nbsp;per cent&nbsp;and was the top drag among sectors. The Nifty financials index dropped 0.3 per cent.

Eicher Motors was the day's biggest laggard, dropping 3.21 per cent, while <a href="https://www.wionews.com/india-news/zee-entertainment-enterprises-limited-announces-the-launch-of-zee5-32864/amp">Zee Entertainment</a> was the top gainer, advancing 5.92 per cent.

The shares ended lower as persistent coronavirus fears brought down global markets, but recorded their best week since December. The broader NSE Nifty 50 index fell 0.

The shares ended lower as persistent coronavirus fears brought down global markets, but recorded their best week since December. The broader NSE Nifty 50 index fell 0.33 per cent to 12,098.35 and the benchmark S&P BSE Sensex index ended 0.4 per cent lower at 41,141.85. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD However, the Nifty and Sensex finished the week up 1.04 per cent and 1.03 per cent, respectively, their best weekly close since December 20. The Nifty Auto index closed down 0.95 per cent and was the top drag among sectors. The Nifty financials index dropped 0.3 per cent. Eicher Motors was the day's biggest laggard, dropping 3.21 per cent, while Zee Entertainment was the top gainer, advancing 5.92 per cent.

Sensex, Nifty end lower, but record best week since December

Oil prices jumped about 2 per cent on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.

Oil prices jumped about 2 per cent on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found. Also supporting oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies were considering further output cuts to counter a potential squeeze on global oil demand. The outbreak has killed nearly 500 people and is weighing on global economic activity and oil demand. The World Health Organization played down the media reports, saying there was "no known effective therapeutics" against the virus. Brent crude oil futures ended the session up $1.32, or 2.5 per cent, at $56.46 a barrel while US West Texas Intermediate (WTI) crude gained $1.14, or 2.3 per cent, to settle at $50.75. Both contracts rose more than 4 per cent during the session. Prices held gains after data showed US crude inventories rose by 3.4 million barrels in the week to January 31, compared with expectations in a poll for a rise of 2.8 million barrels. "The report probably had nothing shocking enough to ruin the momentum of the big crude comeback that we are seeing today," said Phil Flynn, an analyst at Price Futures Group in Chicago. Also Read: Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts "The main reason oil sold off as hard as it did wasn't because of what we knew; it was what we didn't know. Now, it seems like we can quantify the demand destruction and look ahead." China's Changjiang Daily newspaper reported on Tuesday that a team of researchers led by Zhejiang University Professor Li Lanjuan had found that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments. Separately, Sky News reported that a British scientist has made a significant breakthrough in the race for a vaccine by reducing part of the normal development time from two to three years to only 14 days. [ Oil Pump (Courtesy: Reuters) ] Still, refineries including China's Sinopec, Asia's top refiner, have slashed throughput as the virus cuts demand for refined fuels. Fears of a slump in global oil demand had pushed US crude and Brent futures into contango this week - a structure in which longer-dated oil futures trade at a premium that encourages traders to keep crude in storage for more profitable resale in the future. "Based on our forecast that China's GDP growth will slow to just 3 per cent year-over-year in Q1 2020 and assuming that the virus is brought under control relatively quickly, we have tentatively pencilled in a 10 per cent drop in the country's oil consumption in Q1," Capital Economics analysts said in a note on Wednesday. Falling demand for jet fuel worldwide because of the deadly coronavirus has also hit US prices for the product, which dropped to their lowest seasonally in five years, market participants said. Companies including Royal Dutch Shell and Phillips have limited business travel to China. Demand Impacted A slowdown in the global economy resulting from the outbreak is expected to reduce 2020 worldwide oil demand growth by 300,000-500,000 barrels per day (BPD), roughly 0.5 per cent of total demand, BP's Chief Financial Officer Brian Gilvary said. "The (Chinese) economy will be weakened for some time to come as quarantines, social distancing and travel restrictions remain in place," BNP Paribas analyst Harry Tchilinguirian stated. "But as financial markets are anticipatory, one can see how favourable news with potential medical solutions, or indications that we have reached a turning point in the progress of the virus outbreak, are likely to be interpreted positively." OPEC and allies led by Russia, a group known as OPEC+, considered the impact on global oil demand and economic growth from the coronavirus at a meeting on Wednesday. According to reports, Russia was not supporting a deeper oil output cut and was suggesting an extension of the current pact.

Oil prices jump 2 per cent as virus vaccine reports spur hope

Financial markets rebounded outside Asia on Tuesday following a global sell-off fueled by the deadly virus outbreak in China. Wall Street stocks were up, with the broad-based S&P 500 gaining 1.

Financial markets rebounded outside Asia on Tuesday following a global sell-off fueled by the deadly virus outbreak in China. Wall Street stocks were up, with the broad-based S&P 500 gaining 1.0 per cent and the tech-rich Nasdaq Composite Index advancing 1.4 per cent. In Europe, the main stock markets also closed with gains of close to 1.0 per cent after shedding around 2.5 per cent on Monday. The healthy US result was aided by defence contractors Lockheed Martin and United Technologies releasing healthy results that underpinned market sentiment, along with strong gains for several travel-oriented stocks, including Marriott International and Wynn Resorts. Apple stock rose 2.8 per cent after the market closed, following its announcement of record-high fourth-quarter revenue of $91.8 billion with a profit of $22 billion, according to earnings figures. The dollar gained against most other major currencies, and oil prices were higher as well. Also Read: Global Markets: China stock rally helps steady nerves, Russian rouble skids The US rally was aided by a report from the Conference Board showing US consumer confidence jumping more than expected in January. Wall Street and European markets posted losses of around two per cent on Monday fueled amid fears that the SARS-like virus outbreak in China was spreading fast. As traders sought safety, for example buying into gold, oil tanked on expectations that demand in China, the world's top consumer, will be hammered. But the improvement shows there is "some optimism that's crept into the market that maybe this coronavirus won't spread enough out of control to create a major epidemic crisis," said LBBW's Karl Haeling. Potential for further declines Neil Wilson, chief market analyst at Markets.com, warned markets to remain "open to further falls if it becomes clear that infection is spreading more rapidly, but for now, equity markets are entering a process of stabilization." China urged citizens to postpone foreign travel to curb the viral outbreak that has killed more than 100 people, as the first cases of human-to-human contagion were detected abroad. [ Beijing Stocks (Courtesy: Reuters) ] Washington also urged its citizens to "reconsider" travel plans to China, and United Airlines announced it will trim its service to the country from three US cities, citing a large drop in demand. The virus outbreak comes during the Lunar New Year break when hundreds of millions of people crisscross China and spend huge amounts of money. Analysts were concerned the crisis could become as bad as the SARS outbreak that rocked markets and the global economy 17 years ago.

World markets gain as data reassures nervous investors