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The stage was set for the big-bang entry of Chinese auto players in India. It couldn't have been a better debut for the Great Wall Motors of China, but the Coronavirus scare can slowdown the Chinese automakers' drive in India, and there are a couple of them this time.&nbsp;

China's largest SUV maker, Great Wall Motors, is preparing for the debut of its India operations at the upcoming 2020 Auto Expo that will be held at Greater Noida from February 7 to 12. But the fear of Coronavirus epidemic getting worse is making Chinese automakers nervous too.

More than 20 per cent of the Expo’s 40,000 square meter exhibition area is for China’s companies. Chinese automakers are compensating for the absence of big Indian automakers from the biennial show including German carmakers BMW and Audi, Japanese auto giants Honda and Toyota and even American carmaker Ford.&nbsp;

Feeling the likely impact on the auto extravaganza, representatives from the society of Indian automobile manufacturers are meeting health ministry officials to check on any extra precautions to be taken and arrangements to be made for the smooth functioning of Auto Expo including the need for thermal screenings, if required.&nbsp;

Another Chinese automaker MG Motors, that has already made a debut in the Indian market with its Hector SUV and an electric SUV, could also be impacted by the Coronavirus scare. Though none of its executives is coming from China, many of the officials working in India are concerned about the health of friends and relatives back home.&nbsp;

The Coronavirus scare, if continues, can impact the medium to long term plans of the companies, as well as, the decision making at the Chinese headquarter can slow down.&nbsp;

The scale of Coronavirus is still not clear and can be compared to the post-tsunami damage of 2011 to Japanese automakers in India. The automakers were sourcing components from their Japanese plants back then and shutting down of Japanese plants post-tsunami had disturbed the production schedule of the Japanese automakers for weeks together.

Analysts say the next few days are very crucial as the extent of Coronavirus damage will be clear and will further determine its impact on Chinese automakers.&nbsp;

&nbsp;

The stage was set for the big-bang entry of Chinese auto players in India. It couldn't have been a better debut for the Great Wall Motors of China, but the Coronavirus scare can slowdown the Chinese automakers' drive in India, and there are a couple of them this time.

The stage was set for the big-bang entry of Chinese auto players in India. It couldn't have been a better debut for the Great Wall Motors of China, but the Coronavirus scare can slowdown the Chinese automakers' drive in India, and there are a couple of them this time. China's largest SUV maker, Great Wall Motors, is preparing for the debut of its India operations at the upcoming 2020 Auto Expo that will be held at Greater Noida from February 7 to 12. But the fear of Coronavirus epidemic getting worse is making Chinese automakers nervous too. More than 20 per cent of the Expo’s 40,000 square meter exhibition area is for China’s companies. Chinese automakers are compensating for the absence of big Indian automakers from the biennial show including German carmakers BMW and Audi, Japanese auto giants Honda and Toyota and even American carmaker Ford. Feeling the likely impact on the auto extravaganza, representatives from the society of Indian automobile manufacturers are meeting health ministry officials to check on any extra precautions to be taken and arrangements to be made for the smooth functioning of Auto Expo including the need for thermal screenings, if required. Another Chinese automaker MG Motors, that has already made a debut in the Indian market with its Hector SUV and an electric SUV, could also be impacted by the Coronavirus scare. Though none of its executives is coming from China, many of the officials working in India are concerned about the health of friends and relatives back home. The Coronavirus scare, if continues, can impact the medium to long term plans of the companies, as well as, the decision making at the Chinese headquarter can slow down. The scale of Coronavirus is still not clear and can be compared to the post-tsunami damage of 2011 to Japanese automakers in India. The automakers were sourcing components from their Japanese plants back then and shutting down of Japanese plants post-tsunami had disturbed the production schedule of the Japanese automakers for weeks together. Analysts say the next few days are very crucial as the extent of Coronavirus damage will be clear and will further determine its impact on Chinese automakers.

Auto Expo 2020: Chinese automakers brace for impact of Coronavirus

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21.

The BSE S&amp;P Sensex closed 232 points higher at 41,199 while the Nifty 50 ticked up by 74 points at 12,130.

Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the green with Nifty FMCG lifting up by 1.3 per cent, metal by 0.9 per cent and auto by 0.8 per cent.

Among stocks, Tata Motors advanced by 6.8 per cent to Rs 188.10 per share. Bajaj Finance jumped over 5 per cent after its third-quarter earnings beat analyst expectations.

FMCG majors Nestle India moved up by 2.8 per cent each while JSW Steel was up by 2.3 per cent. The other prominent gainers included Bajaj Finserv, Adani Ports, Power Grid Corporation and Infosys.

However, Eicher Motors dipped by 4.5 per cent. Yes Bank, Dr Reddy's, Tata Consultancy Services and HDFC too closed in the red.

Meanwhile, Asian shares erased earlier gains and slipped into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fueled fears about the economic impact of the outbreak.

Hong Kong shares fell by 2.82 per cent, led by declines in financial services, real estate and consumer goods companies. But Japan's Nikkei stock index advanced by 0.71 per cent and South Korea's Kospi also added 0.39 per cent. Markets in China were closed for a holiday.

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21.

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21. The BSE S&P Sensex closed 232 points higher at 41,199 while the Nifty 50 ticked up by 74 points at 12,130. Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the green with Nifty FMCG lifting up by 1.3 per cent, metal by 0.9 per cent and auto by 0.8 per cent. Among stocks, Tata Motors advanced by 6.8 per cent to Rs 188.10 per share. Bajaj Finance jumped over 5 per cent after its third-quarter earnings beat analyst expectations. FMCG majors Nestle India moved up by 2.8 per cent each while JSW Steel was up by 2.3 per cent. The other prominent gainers included Bajaj Finserv, Adani Ports, Power Grid Corporation and Infosys. However, Eicher Motors dipped by 4.5 per cent. Yes Bank, Dr Reddy's, Tata Consultancy Services and HDFC too closed in the red. Meanwhile, Asian shares erased earlier gains and slipped into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fueled fears about the economic impact of the outbreak. Hong Kong shares fell by 2.82 per cent, led by declines in financial services, real estate and consumer goods companies. But Japan's Nikkei stock index advanced by 0.71 per cent and South Korea's Kospi also added 0.39 per cent. Markets in China were closed for a holiday.

Nifty closes at 12,130, Tata Motors top performer

Oil futures were set for a sixth day of losses as the death toll from a virus in China rose, but the heavy sell-off of recent sessions was curbed by output outages in Libya and OPEC comments designed to calm demand fears.

Oil futures were set for a sixth day of losses as the death toll from a virus in China rose, but the heavy sell-off of recent sessions was curbed by output outages in Libya and OPEC comments designed to calm demand fears. Brent crude was down 51 cents at $58.81 a barrel at 0925 GMT, having hit a three-month low of $58.50 on Monday as the virus outbreak triggered a global sell-off of riskier assets. US West Texas Intermediate was down 32 cents at $52.82 a barrel, after slipping to its lowest since early October in the previous session at $52.13. Both contracts are on track for their worst monthly falls since May. The United States and other countries warned against travel to China as the coronavirus death toll rose to more than 100 and after the virus was detected in more than a dozen countries outside China. Oil investors are concerned that travel advisories, other restrictions and any sizable impact on growth in China and elsewhere will dampen demand for crude and related products against a backdrop of plentiful supply. Also Read: Oil prices slip over China virus fears Japan, one of the world's top oil buyers, warned about the risks to its economy from the virus, and Asian stock markets continued to suffer. As the oil price fell below that seen during a December meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, Saudi Arabia said on Monday the group could respond to any changes in demand. Saudi and other OPEC producers, however, sought to downplay demand concerns resulting from the virus outbreak. The group known as OPEC+ agreed in December to widen their supply cuts by 500,000 barrels per day (BPD) to 1.7 million BPD until the end of March. While markets wait for an update on China's oil demand, one eye is on Libya where output is down by nearly 75 per cent to just below 300,000 BPD amid the most extensive oil blockade for years. "Markets need to get a proper assessment of oil demand in China," said Olivier Jakob of consultancy Petromatrix. "And as long as Libya continues to be shut, OPEC probably does not need to do anything."

Oil rout extends to sixth day as China virus death toll rises

Barclays said on Tuesday oil prices will be impacted by $2 per barrel on the potential economic fallout from the coronavirus outbreak in China. More than 100 people have died and over 4,000 cases of the new virus have been confirmed in China, leading authorities to increase preventive measures, impose travel restrictions and also extend the Lunar New Year holidays to limit the spread of the virus.

Barclays said on Tuesday oil prices will be impacted by $2 per barrel on the potential economic fallout from the coronavirus outbreak in China. More than 100 people have died and over 4,000 cases of the new virus have been confirmed in China, leading authorities to increase preventive measures, impose travel restrictions and also extend the Lunar New Year holidays to limit the spread of the virus. The bank sees a $2 per barrel downside to their full-year Brent and WTI forecasts of $62 per barrel and $57 per barrel, respectively. Compounding the effects of the spillover to economic growth from China and the region, Barclays expects transitory oil demand erosion of about 0.6-0.8 million barrels per day (mb/d) in the first quarter of this year or 0.2 mb/d for the full year. "If air passenger traffic in China declined by half in the first quarter of 2020, it would likely lead to a 300,000 barrels per day year on year decline in jet-kerosene demand from China," the bank said adding the fall in road transport would likely be less severe than in the past given reduced reliance on buses. Also Read: Oil prices slide 2% over glut forecast, China virus worries Barclays expects the Organisation of the Petroleum Exporting Countries (OPEC) and other allies to step in and take further measures to keep the markets tight, in case the fall in demand is more acute. Oil prices have been down for the last six sessions, but the bank said that the market reaction was likely overdone. Barclays said the actual economic fallout from the coronavirus could be less severe than the 2003 SARS outbreak, given that the new virus seems less lethal than SARS so far and the measures taken by Chinese authorities. The bank said the geopolitical risks to global supplies remain high as US-Iran tensions could continue to gradually escalate and oil production in Libya could fall further if the blockade of key infrastructure facilities continues. Brent crude prices are currently trading around $59 per barrel and US WTI at around at $53 per barrel.

Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand

Stocks markets tumbled worldwide on Monday as investor worries about the potential economic <a href="https://www.wionews.com/business-economy/oil-slips-to-62-heads-for-weekly-loss-on-china-virus-concerns-276358">impact of the coronavirus</a> drove up prices of safe-haven assets such as the Japanese yen and government debt.

China's yuan slid to a 2020 low and commodity-linked currencies such as the Australian dollar fell on <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">mounting concern about the coronavirus</a>. The yen was the main beneficiary, though its move higher was limited. Crude prices dropped below $60 a barrel for the first time in nearly three months, while gold prices surged 1 per cent to nearly a three-week high before paring gains.

Benchmark US&nbsp;Treasury yields fell to lows last seen in early October while the yield on 10-year German bunds, the eurozone benchmark, fell to the lowest in almost two months. Key indexes for British, French and German <a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">equity markets slid</a> more than 2 per cent, as did pan-European markets. Stocks on Wall Street fell more than 1 per cent.

Major markets in Asia, including China, Hong Kong, Taiwan, South Korea, Singapore and Australia, were closed on Monday. MSCI's gauge of stocks across the globe shed 1.62 per cent to a three-week low, while its emerging market index lost 1.59 per cent. The broad FTSEurofirst 300 index in Europe closed down 2.26 per cent at 1,619.00, while the pan-European STOXX 600 index fell by the same amount.

More than 97 per cent of stocks in the STOXX 600 fell, with many tumbling from record highs. The rout wiped about 180 billion euros ($198.3 billion) of market capitalisation from the index. US stocks fell a bit less. The Dow Jones Industrial Average fell 453.93 points, or 1.57 per cent, to 28,535.8. The S&amp;P 500 lost 51.84 points, or 1.57 per cent, to 3,243.63 and the Nasdaq Composite dropped 175.60 points, or 1.89 per cent, to 9,139.31.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/equities-and-oil-tank-plunge-as-deadly-coronavirus-triggers-panic-276900">Equities and oil tank plunge as deadly coronavirus triggers panic</a>

The Nasdaq had its biggest one-day decline since August 23 while for the Dow it was the biggest since October 2, closing lower for a fifth straight day in its longest losing streak since a five-day decline ending last August. The S&amp;P 500 also posted its biggest daily drop since October 2.

Wall Street was overdue for a correction, said David Kelly, chief global strategist at JPMorgan Funds in New York. "We have a slow and steady economy, a giddy and fast market and eventually those two things have to meet in the middle somewhere," he added.

The benchmark S&amp;P 500 rose more than 12 per cent from the end of September to an all-time high last week. "The market was due for a fall and coronavirus is a perfect case of an unknown. An increase in uncertainty causes the market to fall but the real question here does it affect the global economy?" he said.

Still, the potential for the virus to spread exponentially was cause for concern, said Matt Weller, global head of market research at GAIN Capital in Grand Rapids, Michigan. Whether the virus scales to epidemic proportions "remains to be seen, but certainly that's not priced into markets," he said.

China extended its Lunar New Year holiday and the Shanghai stock exchange said it will reopen February 3. More big businesses in China shut down and told staff to work from home as the death toll rose to 81. The Nikkei share average in Tokyo slumped 2.03 per cent, its biggest percentage fall since August, with tourism shares hard hit.

Infections could continue to rise, China's National Health Commission said on Sunday. The total number of confirmed cases in China rose to 2,835. Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York said investors are scared that the virus could lead to an economic slowdown but at the moment the market has overreacted.

"The market has been waiting for some sort of sell-off to develop after a roughly 30 per cent year and for a reason for it to happen," Pavlik said. Oil prices fell about 2 per cent after earlier sliding more than 3 per cent.

Brent crude slid $1.37 a barrel to settle down at $59.32, its lowest since late October and the biggest intra-day fall since January 8. US crude fell $1.05 to settle at $53.14 a barrel. US Treasury prices advanced, pushing their yield lower. Benchmark 10-year Treasury notes rose 23/32 in price to yield 1.6012 per cent.

The benchmark 10-year Bund yield fell 5 bps to -0.414 per cent. Yields on tax-exempt municipal slid to all-time lows. The new 10-year MMD AAA GO yield of 1.18 per cent slid below the previous record low of 1.21 per cent set last August.

In the currency market, the dollar index rose 0.08 per cent, with the euro down 0.05 per cent to $1.1018. The yen strengthened 0.36 per cent versus the greenback at 108.89 per dollar. US gold futures settled 0.3 per cent higher at $1,577.4 an ounce, as spot gold climbed to $1,586.43 earlier in the session, the highest level since January 8. 
&nbsp;

Stocks markets tumbled worldwide on Monday as investor worries about the potential economic impact of the coronavirus drove up prices of safe-haven assets such as the Japanese yen and government debt.

Stocks markets tumbled worldwide on Monday as investor worries about the potential economic impact of the coronavirus drove up prices of safe-haven assets such as the Japanese yen and government debt. China's yuan slid to a 2020 low and commodity-linked currencies such as the Australian dollar fell on mounting concern about the coronavirus. The yen was the main beneficiary, though its move higher was limited. Crude prices dropped below $60 a barrel for the first time in nearly three months, while gold prices surged 1 per cent to nearly a three-week high before paring gains. Benchmark US Treasury yields fell to lows last seen in early October while the yield on 10-year German bunds, the eurozone benchmark, fell to the lowest in almost two months. Key indexes for British, French and German equity markets slid more than 2 per cent, as did pan-European markets. Stocks on Wall Street fell more than 1 per cent. Major markets in Asia, including China, Hong Kong, Taiwan, South Korea, Singapore and Australia, were closed on Monday. MSCI's gauge of stocks across the globe shed 1.62 per cent to a three-week low, while its emerging market index lost 1.59 per cent. The broad FTSEurofirst 300 index in Europe closed down 2.26 per cent at 1,619.00, while the pan-European STOXX 600 index fell by the same amount. More than 97 per cent of stocks in the STOXX 600 fell, with many tumbling from record highs. The rout wiped about 180 billion euros ($198.3 billion) of market capitalisation from the index. US stocks fell a bit less. The Dow Jones Industrial Average fell 453.93 points, or 1.57 per cent, to 28,535.8. The S&P 500 lost 51.84 points, or 1.57 per cent, to 3,243.63 and the Nasdaq Composite dropped 175.60 points, or 1.89 per cent, to 9,139.31. Also Read: Equities and oil tank plunge as deadly coronavirus triggers panic The Nasdaq had its biggest one-day decline since August 23 while for the Dow it was the biggest since October 2, closing lower for a fifth straight day in its longest losing streak since a five-day decline ending last August. The S&P 500 also posted its biggest daily drop since October 2. Wall Street was overdue for a correction, said David Kelly, chief global strategist at JPMorgan Funds in New York. "We have a slow and steady economy, a giddy and fast market and eventually those two things have to meet in the middle somewhere," he added. The benchmark S&P 500 rose more than 12 per cent from the end of September to an all-time high last week. "The market was due for a fall and coronavirus is a perfect case of an unknown. An increase in uncertainty causes the market to fall but the real question here does it affect the global economy?" he said. Still, the potential for the virus to spread exponentially was cause for concern, said Matt Weller, global head of market research at GAIN Capital in Grand Rapids, Michigan. Whether the virus scales to epidemic proportions "remains to be seen, but certainly that's not priced into markets," he said. China extended its Lunar New Year holiday and the Shanghai stock exchange said it will reopen February 3. More big businesses in China shut down and told staff to work from home as the death toll rose to 81. The Nikkei share average in Tokyo slumped 2.03 per cent, its biggest percentage fall since August, with tourism shares hard hit. Infections could continue to rise, China's National Health Commission said on Sunday. The total number of confirmed cases in China rose to 2,835. Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York said investors are scared that the virus could lead to an economic slowdown but at the moment the market has overreacted. "The market has been waiting for some sort of sell-off to develop after a roughly 30 per cent year and for a reason for it to happen," Pavlik said. Oil prices fell about 2 per cent after earlier sliding more than 3 per cent. Brent crude slid $1.37 a barrel to settle down at $59.32, its lowest since late October and the biggest intra-day fall since January 8. US crude fell $1.05 to settle at $53.14 a barrel. US Treasury prices advanced, pushing their yield lower. Benchmark 10-year Treasury notes rose 23/32 in price to yield 1.6012 per cent. The benchmark 10-year Bund yield fell 5 bps to -0.414 per cent. Yields on tax-exempt municipal slid to all-time lows. The new 10-year MMD AAA GO yield of 1.18 per cent slid below the previous record low of 1.21 per cent set last August. In the currency market, the dollar index rose 0.08 per cent, with the euro down 0.05 per cent to $1.1018. The yen strengthened 0.36 per cent versus the greenback at 108.89 per dollar. US gold futures settled 0.3 per cent higher at $1,577.4 an ounce, as spot gold climbed to $1,586.43 earlier in the session, the highest level since January 8.

Global stocks slide to two-week low on China virus fears, safe havens gain

European aerospace giant <a href="https://www.wionews.com/business-economy/airbus-defence-unit-sees-cash-challenge-adopts-efficiency-plan-254715">Airbus </a>said Tuesday that it has reached an "agreement in principle" with French, British and <a href="https://www.wionews.com/world/us-top-court-sides-with-trump-on-immigrant-welfare-benefits-276959">US</a> authorities over corruption investigations, which might help it avoid expensive litigation.

Airbus has been the subject of corruption probes in all three countries and said it released the statement in response to press reports.

The Financial Times reported Monday that Airbus, which employs 134,000 staff and contributes significantly to the economic output of its major backers <a href="https://www.wionews.com/business-%26-economy/airbus-set-to-close-deal-for-majority-stake-in-bombardier-cseries-143078">France</a> and <a href="https://www.wionews.com/world/coronavirus-outbreak-deadly-virus-continues-to-spread-outside-china-276966">Germany</a>, might have to pay more than 3.0 billion euros&nbsp; to settle the corruption probes.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airbus-beats-goal-with-863-jet-deliveries-in-2019-ousts-boeing-from-top-spot-271445">Airbus beats goal with 863 jet deliveries in 2019, ousts Boeing from top spot</a>

The affair began as an internal investigation and was a factor in a more than year-long executive shake-up at Airbus that ended in April 2019 when Guillaume Faury replaced Tom Enders as chief executive.

The <a href="https://www.wionews.com/world/eu-not-to-ban-huawei-in-europe-but-to-impose-strict-rules-european-commissioner-breton-277078">United Kingdom</a>'s Serious Fraud Office (SFO) and its French equivalent, the PNF, told AFP Tuesday that they would not comment on the statement or report.

"These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the <a href="https://www.wionews.com/business-economy/us-imposes-record-75-billion-tariffs-on-european-union-256583">US</a> International Traffic in Arms Regulations," Airbus said.

"They remain subject to approval by French and UK courts and (the) US court and regulator."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sale-of-120-jets-worth-11-billion-finalised-airbus-188085">Sale of 120 jets worth $11 billion finalised: Airbus</a>

The amount of the potential settlement is roughly equivalent to the group's 2018 net profit.

Airbus is to release its 2019 results on February 13, when the company may provide more detail on the affair's potential cost.

"For legal reasons, Airbus cannot make any comments on the details of its discussions with the investigating authorities," the statement said.

Airbus has been under investigation for financial irregularities in France and Britain, having approached the authorities itself in 2016.

The US also launched a probe into the company later.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airbus-ups-estimate-of-20-year-demand-for-new-planes-250372">Airbus ups estimate of 20-year demand for new planes</a>

In 2013, Airbus found irregularities, notably in commission levels, in some transactions carried out by its Strategy and Marketing Organization unit.

Commercial agents for some transactions had not been identified to government export aid agencies.

Meanwhile, US authorities suspect that Airbus did not obtain necessary approval for the export of some military equipment that contained US components.

Airbus manufactures civilian and military aircraft from drones and helicopters to long-haul airliners, along with rockets, satellites and communications systems.

The procedure launched by Airbus in France should allow it to negotiate the amount of possible fines without prolonged legal proceedings that could make the final bill much higher.

The strategy has already been used by British engine maker <a href="https://www.wionews.com/business-%26-economy/rolls-royce-soars-as-ceo-east-sets-ambitious-mid-term-goals-144599">Rolls-Royce</a>, which was ordered in early 2017 to pay 763 million euros to Brazilian, British and US authorities in connection with corruption that it had itself reported to the SFO in late 2012.

<hr />

European aerospace giant Airbus said Tuesday that it has reached an "agreement in principle" with French, British and US authorities over corruption investigations, which might help it avoid expensive litigation.

European aerospace giant Airbus said Tuesday that it has reached an "agreement in principle" with French, British and US authorities over corruption investigations, which might help it avoid expensive litigation. Airbus has been the subject of corruption probes in all three countries and said it released the statement in response to press reports. The Financial Times reported Monday that Airbus, which employs 134,000 staff and contributes significantly to the economic output of its major backers France and Germany, might have to pay more than 3.0 billion euros to settle the corruption probes. Also read: Airbus beats goal with 863 jet deliveries in 2019, ousts Boeing from top spot The affair began as an internal investigation and was a factor in a more than year-long executive shake-up at Airbus that ended in April 2019 when Guillaume Faury replaced Tom Enders as chief executive. The United Kingdom's Serious Fraud Office (SFO) and its French equivalent, the PNF, told AFP Tuesday that they would not comment on the statement or report. "These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the US International Traffic in Arms Regulations," Airbus said. "They remain subject to approval by French and UK courts and (the) US court and regulator." Also read: Sale of 120 jets worth $11 billion finalised: Airbus The amount of the potential settlement is roughly equivalent to the group's 2018 net profit. Airbus is to release its 2019 results on February 13, when the company may provide more detail on the affair's potential cost. "For legal reasons, Airbus cannot make any comments on the details of its discussions with the investigating authorities," the statement said. Airbus has been under investigation for financial irregularities in France and Britain, having approached the authorities itself in 2016. The US also launched a probe into the company later. Also read: Airbus ups estimate of 20-year demand for new planes In 2013, Airbus found irregularities, notably in commission levels, in some transactions carried out by its Strategy and Marketing Organization unit. Commercial agents for some transactions had not been identified to government export aid agencies. Meanwhile, US authorities suspect that Airbus did not obtain necessary approval for the export of some military equipment that contained US components. Airbus manufactures civilian and military aircraft from drones and helicopters to long-haul airliners, along with rockets, satellites and communications systems. The procedure launched by Airbus in France should allow it to negotiate the amount of possible fines without prolonged legal proceedings that could make the final bill much higher. The strategy has already been used by British engine maker Rolls-Royce, which was ordered in early 2017 to pay 763 million euros to Brazilian, British and US authorities in connection with corruption that it had itself reported to the SFO in late 2012.

Airbus strikes anti-corruption deals with France, UK, US

Tension continued to mount in China as <a href="https://www.wionews.com/india-news/coronavirus-debuts-in-india-possible-cases-registered-nationwide-infected-thai-national-dead-in-kolkata-277047">death toll due to the deadly virus</a> crossed 100 on Tuesday. Health authorities around the world are taking action to prevent a global epidemic as the virus continues to spread, with cases reported in Australia, France, the United States, and seven Asian countries besides China.

Global health scares like the coronavirus have a tendency to impact the global economy. Trade, tourism and manufacturing often become the first casualties of such outbreaks.

On Monday, the United States' Dow Jones suffered its worst drop since October and closed at 450 points down.

The travel industry stocks were among the worst affected tech companies with manufacturing plants in China also recorded a bad day.

The Asian markets are also doing badly on account of the virus as Japan's Nikkei dropped more than 100 points while the Shanghai index in China was trading more than 2 per cent down.

China Tourism will be the worst hit by this tragedy, especially since this is the peak holiday season in China on account of the Lunar New Year.

Tourist sites like Disneyland, the forbidden city and some parts of the great wall have been closed which add up to the woes of tourists.

Internal travel too has taken a big hit. Railway authorities across China are posting a huge drop in passengers.

In Beijing, there was a 67 per cent fall in the number of passengers while in Shanghai which is a global financial hub, it was 66 per cent.

With 1.4 billion people, China is the world's largest market and the world's biggest workforce.

So the consumption of non-essential goods will take a hit in the short-run.

Also, the lockdown has frozen economic activities in parts of the country.

Many factories in Hubei province have been shut down; the city of Wuhan which has completely been locked down is a major transportation and industrial hub.

The SARS outbreak in 2003 provides a relative standpoint to analyse the coronavirus outbreak.

Back then, the medical emergency shaved almost 2 per cent off the country's quarterly GDP growth.

This time, most economists seem to agree that the impact will be large, but relatively short-lived.

China drives one-third of the global economic growth so a major health scare in China was bound to have ripples across the world.

Southeast Asian countries like Cambodia, Vietnam, Thailand and Malaysia are heavily dependent on Chinese tourists but with China banning overseas group tours over the weekend, these countries will suffer in the short-run.

The tech industry in South Korea and Japan the European automobile industry and mineral industry in India and Australia are also vulnerable. These industries depend on china for manufacturing their goods.

In terms of recovery, it will depend on various factors including, how quickly a vaccine can be developed?; How effective will be China's lockdown?; and will more cases be reported across the world.

The SARS epidemic 17-years back cost the economy 40 billion dollars.

Meanwhile, In India, both Nifty and Sensex opened in the green, but soon lost their gains.

On Tuesday, the Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86.

Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world.

The Nifty metals index hit a more than 1-month low before ending down 2.39%.

&nbsp;

Tension continued to mount in China as death toll due to the deadly virus crossed 100 on Tuesday. Health authorities around the world are taking action to prevent a global epidemic as the virus continues to spread, with cases reported in Australia, France, the United States, and seven Asian countries besides China.

Tension continued to mount in China as death toll due to the deadly virus crossed 100 on Tuesday. Health authorities around the world are taking action to prevent a global epidemic as the virus continues to spread, with cases reported in Australia, France, the United States, and seven Asian countries besides China. Global health scares like the coronavirus have a tendency to impact the global economy. Trade, tourism and manufacturing often become the first casualties of such outbreaks. On Monday, the United States' Dow Jones suffered its worst drop since October and closed at 450 points down. The travel industry stocks were among the worst affected tech companies with manufacturing plants in China also recorded a bad day. The Asian markets are also doing badly on account of the virus as Japan's Nikkei dropped more than 100 points while the Shanghai index in China was trading more than 2 per cent down. China Tourism will be the worst hit by this tragedy, especially since this is the peak holiday season in China on account of the Lunar New Year. Tourist sites like Disneyland, the forbidden city and some parts of the great wall have been closed which add up to the woes of tourists. Internal travel too has taken a big hit. Railway authorities across China are posting a huge drop in passengers. In Beijing, there was a 67 per cent fall in the number of passengers while in Shanghai which is a global financial hub, it was 66 per cent. With 1.4 billion people, China is the world's largest market and the world's biggest workforce. So the consumption of non-essential goods will take a hit in the short-run. Also, the lockdown has frozen economic activities in parts of the country. Many factories in Hubei province have been shut down; the city of Wuhan which has completely been locked down is a major transportation and industrial hub. The SARS outbreak in 2003 provides a relative standpoint to analyse the coronavirus outbreak. Back then, the medical emergency shaved almost 2 per cent off the country's quarterly GDP growth. This time, most economists seem to agree that the impact will be large, but relatively short-lived. China drives one-third of the global economic growth so a major health scare in China was bound to have ripples across the world. Southeast Asian countries like Cambodia, Vietnam, Thailand and Malaysia are heavily dependent on Chinese tourists but with China banning overseas group tours over the weekend, these countries will suffer in the short-run. The tech industry in South Korea and Japan the European automobile industry and mineral industry in India and Australia are also vulnerable. These industries depend on china for manufacturing their goods. In terms of recovery, it will depend on various factors including, how quickly a vaccine can be developed?; How effective will be China's lockdown?; and will more cases be reported across the world. The SARS epidemic 17-years back cost the economy 40 billion dollars. Meanwhile, In India, both Nifty and Sensex opened in the green, but soon lost their gains. On Tuesday, the Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world. The Nifty metals index hit a more than 1-month low before ending down 2.39%.

Coronavirus outbreak: Global health scares and its impact on economy

&nbsp;Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak.

The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity.

The Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86.

Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world.

The Nifty metals index hit a more than 1-month low before ending down 2.39%.

Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5% decline. Tata Steel Ltd fell 3.5%, while JSW Steel shed 2.9%.

Maruti Suzuki India Ltd fell 2.1% after its December-quarter profit missed analysts' estimates.

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak.

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak. The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity. The Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world. The Nifty metals index hit a more than 1-month low before ending down 2.39%. Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5% decline. Tata Steel Ltd fell 3.5%, while JSW Steel shed 2.9%. Maruti Suzuki India Ltd fell 2.1% after its December-quarter profit missed analysts' estimates.

Nifty, Sensex fall for second day as China virus fears persist

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the <a href="https://www.wionews.com/business-economy/nifty-sensex-close-higher-banking-stocks-shine-276382">economic impact</a> of the coronavirus outbreak.

The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity.

The Nifty closed down 0.52 per cent at 12,055.80, while the <a href="https://www.wionews.com/business-economy/equity-indices-edge-up-infosys-profit-jumps-by-4-pc-on-good-q3-results-273855">Sensex </a>lost 0.46 per cent to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world.

<img alt="A broker reacts while trading at his computer terminal" data-entity-type="file" data-entity-uuid="9501bb08-ee85-48a5-b5f2-b6abff1db1d5" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-28T165434.462.jpg" /> 
[&nbsp;A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Courtesy: Reuters) ]

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/equity-indices-flat-auto-and-financial-majors-gain-marginally-277006">Equity indices flat, auto and financial majors gain marginally</a>

The Nifty metals index hit a more than 1-month low before ending down 2.39 per cent. Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5 per cent decline. Tata Steel Ltd fell 3.5 per cent, while JSW Steel shed 2.9 per cent. 
Maruti Suzuki India Ltd fell 2.1 per cent after its December-quarter profit missed analysts' estimates. 
&nbsp;

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak. The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity. The Nifty closed down 0.52 per cent at 12,055.80, while the Sensex lost 0.46 per cent to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world. [ A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Courtesy: Reuters) ] Also Read: Equity indices flat, auto and financial majors gain marginally The Nifty metals index hit a more than 1-month low before ending down 2.39 per cent. Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5 per cent decline. Tata Steel Ltd fell 3.5 per cent, while JSW Steel shed 2.9 per cent. Maruti Suzuki India Ltd fell 2.1 per cent after its December-quarter profit missed analysts' estimates.

India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel.

Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals.

India in 1999 signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa).

The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas.

The deal was, however, renegotiated in 2015 leading to about a 50% cut in prices for India, which agreed to buy an extra 1 million tonnes per annum (mtpa) of the super-cooled gas from Qatar.

"The current formula of benchmarking gas prices with crude oil is not correct," the minister, Dharmendra Pradhan, said after meeting industry officials including Qatar's energy minister, Saad Sherida al-Kaabi, and Indian state-owned oil company officials.

"India believes that there should be independent pricing formula for gas ... We have to find a formula between the current practices and other international prices," Pradhan told reporters.

Kaabi said Qatar would not renegotiate pricing under the existing contracts and was ready to supply more gas to meet India's growing demand for gas.

"We are not renegotiating contracts, we stick with contracts - both sides - and we look for additional new contacts and volumes to comply with requirements from India," Kaabi told reporters.

Prime Minister Narendra Modi has said India needed to increase the share of natural gas in its energy mix to 15% by 2030 from 6.5% now.

Indian officials at the meeting said the negotiations had only started and could go on for some time.

"There is a plenty of gas supplies in the market and India is a big market, where demand for gas will continue to rise," said one gas firm official.

"Our negotiations continued for about a year before they agreed on changing the formula in 2015."

This official said India wanted prices to be brought down to about $5 per million British thermal unit compared with about $8-$8.5 per unit currently sourced under the long-term Qatari deals.

India is a leading buyer of Qatari LNG. Supplies from Qatar under the long-term deals account for about 40% of overall Indian gas imports.

Pradhan said the government and Indian state-owned companies had put forward their views to the visiting Qatar delegation highlighting "availability, accessibility and affordability" of natural gas.

Kaabi, who is also the chief executive of Qatar Petroleum, was accompanied by the chief executive of Qatar Gas, Sheikh Khalid bin Khalifa Al Thani.

Qatar is the world's largest supplier of liquefied natural gas (LNG) and wants to boost its production of LNG to 126 mtpa by 2027.

India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel.

India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel. Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals. India in 1999 signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa). The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas. The deal was, however, renegotiated in 2015 leading to about a 50% cut in prices for India, which agreed to buy an extra 1 million tonnes per annum (mtpa) of the super-cooled gas from Qatar. "The current formula of benchmarking gas prices with crude oil is not correct," the minister, Dharmendra Pradhan, said after meeting industry officials including Qatar's energy minister, Saad Sherida al-Kaabi, and Indian state-owned oil company officials. "India believes that there should be independent pricing formula for gas ... We have to find a formula between the current practices and other international prices," Pradhan told reporters. Kaabi said Qatar would not renegotiate pricing under the existing contracts and was ready to supply more gas to meet India's growing demand for gas. "We are not renegotiating contracts, we stick with contracts - both sides - and we look for additional new contacts and volumes to comply with requirements from India," Kaabi told reporters. Prime Minister Narendra Modi has said India needed to increase the share of natural gas in its energy mix to 15% by 2030 from 6.5% now. Indian officials at the meeting said the negotiations had only started and could go on for some time. "There is a plenty of gas supplies in the market and India is a big market, where demand for gas will continue to rise," said one gas firm official. "Our negotiations continued for about a year before they agreed on changing the formula in 2015." This official said India wanted prices to be brought down to about $5 per million British thermal unit compared with about $8-$8.5 per unit currently sourced under the long-term Qatari deals. India is a leading buyer of Qatari LNG. Supplies from Qatar under the long-term deals account for about 40% of overall Indian gas imports. Pradhan said the government and Indian state-owned companies had put forward their views to the visiting Qatar delegation highlighting "availability, accessibility and affordability" of natural gas. Kaabi, who is also the chief executive of Qatar Petroleum, was accompanied by the chief executive of Qatar Gas, Sheikh Khalid bin Khalifa Al Thani. Qatar is the world's largest supplier of liquefied natural gas (LNG) and wants to boost its production of LNG to 126 mtpa by 2027.

India wants to delink Qatar gas supply deals from crude

Jindal Defence on Monday said it has partnered with Brazil-based Taurus Armas to foray into small arms manufacturing in India.

Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana. While Jindal Defence will hold 51 per cent equity stake, Taurus Armas would have the rest 49 per cent, the company said in a statement.

"The JV company will manufacture small arms in India based on the transfer of technology from Taurus to achieve localisation of production in accordance with the defence procurement procedures," the OP Jindal Group firm said.

This partnership aims to maximise existing domestic opportunities in the small arms manufacturing sector and provide significant support to the ongoing and future modernisation plans of the armed forces, particularly the Indian Army, para-military, and state police forces, the company said.

"To further strengthen the make in India vision, our collaboration with Taurus Armas will support self-reliance in strategic small arms manufacturing. The JV envisages creation of world-class infrastructure along with adoption of best manufacturing practices to achieve perfection in design and engineering, and achieve high quality standards," Jindal Defence Promoter Abhyuday Jindal said.

He further said that the move is in sync with the government's vision of greater private sector participation in defence hardware manufacturing.

The joint venture agreement was signed on Monday at first Brazil-India Defence industry dialogue of the India-Brazil Business Forum (IBBF), organised by the Ministry of External Affairs in association with CII, Assocham, and Ficci.

Jindal Defence on Monday said it has partnered with Brazil-based Taurus Armas to foray into small arms manufacturing in India. Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana.

Jindal Defence on Monday said it has partnered with Brazil-based Taurus Armas to foray into small arms manufacturing in India. Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana. While Jindal Defence will hold 51 per cent equity stake, Taurus Armas would have the rest 49 per cent, the company said in a statement. "The JV company will manufacture small arms in India based on the transfer of technology from Taurus to achieve localisation of production in accordance with the defence procurement procedures," the OP Jindal Group firm said. This partnership aims to maximise existing domestic opportunities in the small arms manufacturing sector and provide significant support to the ongoing and future modernisation plans of the armed forces, particularly the Indian Army, para-military, and state police forces, the company said. "To further strengthen the make in India vision, our collaboration with Taurus Armas will support self-reliance in strategic small arms manufacturing. The JV envisages creation of world-class infrastructure along with adoption of best manufacturing practices to achieve perfection in design and engineering, and achieve high quality standards," Jindal Defence Promoter Abhyuday Jindal said. He further said that the move is in sync with the government's vision of greater private sector participation in defence hardware manufacturing. The joint venture agreement was signed on Monday at first Brazil-India Defence industry dialogue of the India-Brazil Business Forum (IBBF), organised by the Ministry of External Affairs in association with CII, Assocham, and Ficci.

Jindal Defence partners with Brazil's Taurus Armas for arms manufacturing

India's monthly<a href="https://www.wionews.com/business-economy/amid-the-palm-oil-import-row-malaysias-top-refiner-says-it-will-buy-more-indian-sugar-276186"> palm oil imports from Malaysia</a> is expected to hit the lowest level in January in nearly nine years, news agency Reuters reported citing traders and refiners.

The latest development comes as India curbed on palm oil imports from Malaysia after the southeast Asian country's prime minister the recent policies of India including abrogation of Article 370 and Citizenship Amendment Act.

According to the report, India is set to import less than 70,000 tonnes of palm oil from Malaysia in January which is the lowest since April 2011 and significantly lower than the 253,889 tonnes it imported in January 2019.

The report also added that the imports could be negligible at less than 10,000 tonnes in February as almost every Indian buyer has switched to Indonesia.

In 2019, India imported 4.4 million tonnes of palm oil from Malaysia, with average monthly imports of 367,459 tonnes, Malaysian Palm Oil Board (MPOB) data showed.

After Malaysia, Indonesia is the world's biggest producer of palm oil.

Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir.

New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same.&nbsp;

The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read.

Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat.

(With inputs from Reuters)

 
&nbsp;

India's monthly palm oil imports from Malaysia is expected to hit the lowest level in January in nearly nine years, news agency Reuters reported citing traders and refiners.

India's monthly palm oil imports from Malaysia is expected to hit the lowest level in January in nearly nine years, news agency Reuters reported citing traders and refiners. The latest development comes as India curbed on palm oil imports from Malaysia after the southeast Asian country's prime minister the recent policies of India including abrogation of Article 370 and Citizenship Amendment Act. According to the report, India is set to import less than 70,000 tonnes of palm oil from Malaysia in January which is the lowest since April 2011 and significantly lower than the 253,889 tonnes it imported in January 2019. The report also added that the imports could be negligible at less than 10,000 tonnes in February as almost every Indian buyer has switched to Indonesia. In 2019, India imported 4.4 million tonnes of palm oil from Malaysia, with average monthly imports of 367,459 tonnes, Malaysian Palm Oil Board (MPOB) data showed. After Malaysia, Indonesia is the world's biggest producer of palm oil. Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir. New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same. The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read. Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat. (With inputs from Reuters)

India's January palm oil imports from Malaysia could hit nine-year low: Report

World stock markets and oil prices plunged Monday, as panicking investors bolted for safer assets after China warned that the spread of a deadly coronavirus was accelerating.

China extended its biggest national holiday to buy time in the fight against a viral epidemic and neighbouring Mongolia closed its border, after the death toll spiked to 81 despite unprecedented quarantine measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/world-economy-at-its-weakest-pace-since-global-financial-crisis-international-monetary-fund-256126">World economy at its weakest pace since global financial crisis: International Monetary Fund</a>

Approaching the half-way stage in Europe, Frankfurt sank 2.3 percent, London dived 2.5 percent and Paris shed 2.4 percent, as fears mounted over the overall impact on the global economy.

Benchmark oil prices tanked 3.5 percent with trade slammed by concerns over demand from the world's top energy consumer China, but haven assets like gold and the yen rallied.

Major panic

"Market participants in Europe have grave concerns about coronavirus," said Ava Trade analyst Naeem Aslam.

"The bottom line is that the virus has become deadly and it has caused a major panic in markets."

Also read: <a href="https://www.wionews.com/business-economy/sensex-logs-second-worst-day-in-four-months-as-china-virus-fears-spread-276891">Sensex logs second worst day in four months as China virus fears spread</a>

Chinese President <a href="https://www.wionews.com/world/china-can-win-the-battle-against-coronavirus-epidemic-presidnet-xi-jinping-276528">Xi Jinping</a> warned over the weekend that China was facing a "grave situation" given the "accelerating spread" of the new SARS-like virus that has infected nearly 1,300 people across the country.

As the number of people infected affected worldwide approached 3,000, analysts said there were growing fears the crisis could become as bad as the <a href="https://www.wionews.com/india-news/wuhan-coronavirus-dos-and-donts-symptoms-276479">Severe Acute Respiratory Syndrome </a>(SARS) outbreak that hammered Asian markets in 2003.

"Coronavirus fears have gripped the markets .. as all the major European equity benchmarks are nursing big losses," said analyst David Madden at trading firm CMC Markets UK.

"Stocks that are connected to China are feeling the pain ... as traders are afraid the health crisis will curtail economic activity."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/european-stocks-sink-as-virus-sparks-investor-panic-276892">European stocks sink as coronavirus sparks investor panic</a>

The outbreak has led <a href="https://www.wionews.com/world/coronavirus-outbreak-china-reports-2744-confirmed-cases-of-80-deaths-276738">China</a> to lock down the epicentre of the disease, Wuhan,&nbsp;a city of 11 million people,&nbsp;while imposing tight travel restrictions on a number of other cities including Beijing.

The move comes during the Lunar New Year holiday when hundreds of millions of people criss-cross the country and spend billions of dollars.

The government decided late Sunday it would extend the holiday and related school closures beyond January 30 end date to "reduce population flows", state media said.

Most Asian markets were closed for the <a href="https://www.wionews.com/world/paris-cancels-lunar-new-year-parade-due-to-chinas-viral-outbreak-276669">Lunar New Year</a> break, but Tokyo was open and fell two percent. Bangkok plunged nearly three percent on worries about the Thai travel sector.

Also read:&nbsp;<a href="https://www.wionews.com/world/paris-cancels-lunar-new-year-parade-due-to-chinas-viral-outbreak-276669">Paris cancels Lunar New Year parade due to China's viral outbreak</a>

The flight to safety saw the yen rally against the dollar, with the unit now up more than one percent from eight-month lows touched earlier this year.

Gold, another go-to asset in times of turmoil and uncertainty, is heading back towards $1,600 per ounce and the six-year peaks touched at the start of January.

While the main focus is on the spread of the virus, traders will also be keeping an eye on the release of earnings this week from top companies including <a href="https://www.wionews.com/entertainment/apples-morning-show-will-deal-with-chaos-left-behind-in-new-season-275542">Apple</a>, <a href="https://www.wionews.com/india-news/now-trump-brags-about-beating-pm-modi-on-facebook-276206">Facebook </a>and <a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung</a>.

The oil market had already tumbled more than six percent last week owing to concerns about the effects on demand in China, which is the world's number two economy after the United States.

World stock markets and oil prices plunged Monday, as panicking investors bolted for safer assets after China warned that the spread of a deadly coronavirus was accelerating.

World stock markets and oil prices plunged Monday, as panicking investors bolted for safer assets after China warned that the spread of a deadly coronavirus was accelerating. China extended its biggest national holiday to buy time in the fight against a viral epidemic and neighbouring Mongolia closed its border, after the death toll spiked to 81 despite unprecedented quarantine measures. Also read: World economy at its weakest pace since global financial crisis: International Monetary Fund Approaching the half-way stage in Europe, Frankfurt sank 2.3 percent, London dived 2.5 percent and Paris shed 2.4 percent, as fears mounted over the overall impact on the global economy. Benchmark oil prices tanked 3.5 percent with trade slammed by concerns over demand from the world's top energy consumer China, but haven assets like gold and the yen rallied. Major panic "Market participants in Europe have grave concerns about coronavirus," said Ava Trade analyst Naeem Aslam. "The bottom line is that the virus has become deadly and it has caused a major panic in markets." Also read: Sensex logs second worst day in four months as China virus fears spread Chinese President Xi Jinping warned over the weekend that China was facing a "grave situation" given the "accelerating spread" of the new SARS-like virus that has infected nearly 1,300 people across the country. As the number of people infected affected worldwide approached 3,000, analysts said there were growing fears the crisis could become as bad as the Severe Acute Respiratory Syndrome (SARS) outbreak that hammered Asian markets in 2003. "Coronavirus fears have gripped the markets .. as all the major European equity benchmarks are nursing big losses," said analyst David Madden at trading firm CMC Markets UK. "Stocks that are connected to China are feeling the pain ... as traders are afraid the health crisis will curtail economic activity." Also read: European stocks sink as coronavirus sparks investor panic The outbreak has led China to lock down the epicentre of the disease, Wuhan, a city of 11 million people, while imposing tight travel restrictions on a number of other cities including Beijing. The move comes during the Lunar New Year holiday when hundreds of millions of people criss-cross the country and spend billions of dollars. The government decided late Sunday it would extend the holiday and related school closures beyond January 30 end date to "reduce population flows", state media said. Most Asian markets were closed for the Lunar New Year break, but Tokyo was open and fell two percent. Bangkok plunged nearly three percent on worries about the Thai travel sector. Also read: Paris cancels Lunar New Year parade due to China's viral outbreak The flight to safety saw the yen rally against the dollar, with the unit now up more than one percent from eight-month lows touched earlier this year. Gold, another go-to asset in times of turmoil and uncertainty, is heading back towards $1,600 per ounce and the six-year peaks touched at the start of January. While the main focus is on the spread of the virus, traders will also be keeping an eye on the release of earnings this week from top companies including Apple, Facebook and Samsung. The oil market had already tumbled more than six percent last week owing to concerns about the effects on demand in China, which is the world's number two economy after the United States.

Equities and oil tank plunge as deadly coronavirus triggers panic

<a href="https://www.wionews.com/world/europe-trip-to-get-costlier-as-schengen-visa-fee-hiked-to-eu80-from-february-2-274424">Europe</a>'s main equity markets plunged at the open on Monday, mirroring losses elsewhere on investor panic over the deadly&nbsp;<a href="https://www.wionews.com/world/coronavirus-outbreak-china-reports-2744-confirmed-cases-of-80-deaths-276738">coronavirus</a>.

In initial trades, <a href="https://www.wionews.com/india-news/london-braces-for-republic-day-protest-by-pakistan-backed-groups-276458">London</a>'s benchmark FTSE 100 index of major blue-chip companies sank 1.6 per cent to 7,468.72 points compared with the close on Friday.

In the eurozone, <a href="https://www.wionews.com/business-economy/deutsche-bank-predicts-meagre-growth-due-to-low-rates-267435">Frankfurt</a>'s DAX 30 index also lost 1.6 percent to 13,359.03 points and the <a href="https://www.wionews.com/world/paris-cancels-lunar-new-year-parade-due-to-chinas-viral-outbreak-276669">Paris</a> CAC 40 dived 1.7 per cent to 5,923.36.

Also read:<a href="https://www.wionews.com/world/world-economy-at-its-weakest-pace-since-global-financial-crisis-international-monetary-fund-256126"> World economy at its weakest pace since global financial crisis: International Monetary Fund</a>

"Market participants in Europe have grave concerns about&nbsp;coronavirus&nbsp;as the death toll increased to 80&nbsp;and more than 2,700 victims infected in China," said Ava Trade analyst Naeem Aslam.

He added: "The bottom line is that the virus has become deadly and it has caused a major panic in markets."

<a href="https://www.wionews.com/india-news/wuhan-coronavirus-dos-and-donts-symptoms-276479">Also read:Wuhan coronavirus: Dos and don'ts, symptoms&nbsp;</a>

The outbreak of the&nbsp;coronavirus&nbsp;has led <a href="https://www.wionews.com/world/coronavirus-outbreak-china-reports-2744-confirmed-cases-of-80-deaths-276738">China</a> to lock down the epicentre of the disease, <a href="https://www.wionews.com/india-news/wuhan-coronavirus-dos-and-donts-symptoms-276479">Wuhan</a>,&nbsp;a city of 11 million people, while also imposing tight travel restrictions on a number of other cities including Beijing.

Europe's main equity markets plunged at the open on Monday, mirroring losses elsewhere on investor panic over the deadly coronavirus. In initial trades, London's benchmark FTSE 100 index of major blue-chip companies sank 1.

Europe's main equity markets plunged at the open on Monday, mirroring losses elsewhere on investor panic over the deadly coronavirus. In initial trades, London's benchmark FTSE 100 index of major blue-chip companies sank 1.6 per cent to 7,468.72 points compared with the close on Friday. In the eurozone, Frankfurt's DAX 30 index also lost 1.6 percent to 13,359.03 points and the Paris CAC 40 dived 1.7 per cent to 5,923.36. Also read: World economy at its weakest pace since global financial crisis: International Monetary Fund "Market participants in Europe have grave concerns about coronavirus as the death toll increased to 80 and more than 2,700 victims infected in China," said Ava Trade analyst Naeem Aslam. He added: "The bottom line is that the virus has become deadly and it has caused a major panic in markets." Also read:Wuhan coronavirus: Dos and don'ts, symptoms The outbreak of the coronavirus has led China to lock down the epicentre of the disease, Wuhan, a city of 11 million people, while also imposing tight travel restrictions on a number of other cities including Beijing.

European stocks sink as coronavirus sparks investor panic

Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China.

At close, the BSE gauge Sensex was 458.07 points, or 1.10 per cent, down at 41,155.12. Intra-day, the index cracked nearly 500 points.

Likewise, the broader NSE Nifty ended 129.25 points, or 1.06 per cent, down at 12,119.

On the Sensex chart, Tata Steel was the top loser, dropping 4.31 per cent, followed by IndusInd Bank, HDFC Bank, SBI, PowerGrid and HDFC.

Of the Sensex constituents, 21 ended in the red and 9 in the green.

In contrast, M&amp;M, UltraTech Cement, Tech Mahindra, ICICI Bank and Axis Bank rose up to 1.63 per cent.

Sectorally, BSE metal index crashed 3.25 per cent, followed by telecom, power, finance, bankex and FMCG indices.

On the other hand, healthcare index emerged as the sole gainer.

Broader BSE midcap slipped 0.40 per cent, while smallcap index closed marginally higher.

On the currency front, the Indian rupee depreciated by 11 paise to 71.44 per US dollar.

Global crude oil benchmark Brent crude futures dropped 3.24 per cent to USD 57.95 per barrel.

Sending shockwaves across the globe, the deadly coronavirus virus, which causes pneumonia-like illness, has already killed 80 people and infected more than 2,700 others in China.

Financial markets across the world are increasingly turning volatile on concerns over the global economic impact of the virus, analysts said.

Many financial markets were closed in Asia for Lunar New Year holidays.

Japan's Nikkei sank over 2 per cent. Stock exchanges in Europe too opened significantly lower.

S Ranganathan, Head of Research at LKP Securities, said, "Coronavirus outbreak in China took a toll on Indian Equities as well today as financials and metals bore the brunt of the selling. Except for select pharmaceutical stocks which held fort and gained the broader markets traded weak."

Indian markets opened in red following subdued global peers as negative news of virus outbreak continued to worry markets globally amid holiday season in China.

During the afternoon session, the selling further intensified primarily in large-cap segment as sentiments remained muted on back of news that India's corporate and income tax collection for the current year is likely to fall for the first time amid a sharp fall in economic growth and cut in corporate tax rates, Narendra Solanki, Head

Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares &amp; Stock Brokers, said.

Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China.

Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China. At close, the BSE gauge Sensex was 458.07 points, or 1.10 per cent, down at 41,155.12. Intra-day, the index cracked nearly 500 points. Likewise, the broader NSE Nifty ended 129.25 points, or 1.06 per cent, down at 12,119. On the Sensex chart, Tata Steel was the top loser, dropping 4.31 per cent, followed by IndusInd Bank, HDFC Bank, SBI, PowerGrid and HDFC. Of the Sensex constituents, 21 ended in the red and 9 in the green. In contrast, M&M, UltraTech Cement, Tech Mahindra, ICICI Bank and Axis Bank rose up to 1.63 per cent. Sectorally, BSE metal index crashed 3.25 per cent, followed by telecom, power, finance, bankex and FMCG indices. On the other hand, healthcare index emerged as the sole gainer. Broader BSE midcap slipped 0.40 per cent, while smallcap index closed marginally higher. On the currency front, the Indian rupee depreciated by 11 paise to 71.44 per US dollar. Global crude oil benchmark Brent crude futures dropped 3.24 per cent to USD 57.95 per barrel. Sending shockwaves across the globe, the deadly coronavirus virus, which causes pneumonia-like illness, has already killed 80 people and infected more than 2,700 others in China. Financial markets across the world are increasingly turning volatile on concerns over the global economic impact of the virus, analysts said. Many financial markets were closed in Asia for Lunar New Year holidays. Japan's Nikkei sank over 2 per cent. Stock exchanges in Europe too opened significantly lower. S Ranganathan, Head of Research at LKP Securities, said, "Coronavirus outbreak in China took a toll on Indian Equities as well today as financials and metals bore the brunt of the selling. Except for select pharmaceutical stocks which held fort and gained the broader markets traded weak." Indian markets opened in red following subdued global peers as negative news of virus outbreak continued to worry markets globally amid holiday season in China. During the afternoon session, the selling further intensified primarily in large-cap segment as sentiments remained muted on back of news that India's corporate and income tax collection for the current year is likely to fall for the first time amid a sharp fall in economic growth and cut in corporate tax rates, Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, said.

Sensex logs second worst day in four months as China virus fears spread

Swiss food giant <a href="https://www.wionews.com/business-economy/nestle-sheds-skincare-brands-253231">Nestle</a> on Monday bulked up its medical nutrition business by buying Allergan's&nbsp; Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins, and sugars.

Financial terms of the transaction were not disclosed. Zenpep had sales of $237 million in 2018.

Allergan's sale of Zenpep, for people with Exocrine Pancreatic Insufficiency (EPI), comes in conjunction with the ongoing regulatory approval process of AbbVie's $63 billion takeover of the Irish-domiciled drugmaker, AbbVie said in a separate statement.

Nestle Chief Executive <a href="https://www.wionews.com/world/billionaire-loreal-heiress-bettencourt-dies-aged-94-20530">Mark Schneider</a>, who also gets Allergan product Viokace, another pancreatic enzyme preparation, in the deal, is bulking up on nutrition products that combine properties of medicine and food as the Swiss company expands in areas where growth may outpace its mainstream food business.

"This is a significant opportunity for our business in the United States to add a complementary product to our existing range of nutrition products that support food ingestion, digestion, and absorption," said Greg Behar, head of Nestle Health Science‮ ‬in a statement.

"Nestle's acquisition of Zenpep is a strategic decision that will enhance our growing medical nutrition portfolio."

Nestle said its purchase would be finalized in tandem with the AbbVie-Allergan deal's completion, which regulators have made contingent on the divestment of some products.

Swiss food giant Nestle on Monday bulked up its medical nutrition business by buying Allergan's Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins, and sugars.

Swiss food giant Nestle on Monday bulked up its medical nutrition business by buying Allergan's Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins, and sugars. Financial terms of the transaction were not disclosed. Zenpep had sales of $237 million in 2018. Allergan's sale of Zenpep, for people with Exocrine Pancreatic Insufficiency (EPI), comes in conjunction with the ongoing regulatory approval process of AbbVie's $63 billion takeover of the Irish-domiciled drugmaker, AbbVie said in a separate statement. Nestle Chief Executive Mark Schneider, who also gets Allergan product Viokace, another pancreatic enzyme preparation, in the deal, is bulking up on nutrition products that combine properties of medicine and food as the Swiss company expands in areas where growth may outpace its mainstream food business. "This is a significant opportunity for our business in the United States to add a complementary product to our existing range of nutrition products that support food ingestion, digestion, and absorption," said Greg Behar, head of Nestle Health Science‮ ‬in a statement. "Nestle's acquisition of Zenpep is a strategic decision that will enhance our growing medical nutrition portfolio." Nestle said its purchase would be finalized in tandem with the AbbVie-Allergan deal's completion, which regulators have made contingent on the divestment of some products.

Nestle buys Allergan business to expand in medical nutrition

Embattled plane manufacturer Boeing's largest twin-engine jet, Boeing 777X has completed its maiden test flight

Boeing 777X, world's largest twin-engine jet and more efficient than the existing 777 mini jumbos, is a crucial project for the aircraft manufacturing company.

Boeing concluded the maiden test flight near Seattle on saturday after it was postponed twice last week due to unfavourable weather.

The jet is expected to enter service from 2021 with emirates being the largest purchaser so far.

The jet's engine is reportedly as big as the entire fuselage of the 737 Max. The jet also boasts of foldable wing-tips which means 777X can be parked in the same bays as the earlier jets.

The jet is called the 7779 but is better known by its codename 777X.

The successful test comes at a much-needed time for Boeing which has been falling behind its European counterparts.&nbsp;

The 777-X will be a direct competitor to Airbus A350-1000 which seats 360 passengers.

Both these jets are reflective of a big change in the aviation industry as plane manufacturers are moving away from the typical 4-engine jets to the modern twin-engine ones.

Embattled plane manufacturer Boeing's largest twin-engine jet, Boeing 777X has completed its maiden test flight Boeing 777X, world's largest twin-engine jet and more efficient than the existing 777 mini jumbos, is a crucial project for the aircraft manufacturing company.

Embattled plane manufacturer Boeing's largest twin-engine jet, Boeing 777X has completed its maiden test flight Boeing 777X, world's largest twin-engine jet and more efficient than the existing 777 mini jumbos, is a crucial project for the aircraft manufacturing company. Boeing concluded the maiden test flight near Seattle on saturday after it was postponed twice last week due to unfavourable weather. The jet is expected to enter service from 2021 with emirates being the largest purchaser so far. The jet's engine is reportedly as big as the entire fuselage of the 737 Max. The jet also boasts of foldable wing-tips which means 777X can be parked in the same bays as the earlier jets. The jet is called the 7779 but is better known by its codename 777X. The successful test comes at a much-needed time for Boeing which has been falling behind its European counterparts. The 777-X will be a direct competitor to Airbus A350-1000 which seats 360 passengers. Both these jets are reflective of a big change in the aviation industry as plane manufacturers are moving away from the typical 4-engine jets to the modern twin-engine ones.

Boeing 777X completes maiden test flight

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

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

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

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

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

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

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

Delta fined $50,000 for discriminating against Muslim passengers

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

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

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

India likely to raise import duties on more than 50 items

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

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

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

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

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

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

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

Gold prices ease after WHO tempers coronavirus fears

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nifty, Sensex close higher, banking stocks shine