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Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Despite the move by Washington, observers like US bank Goldman Sachs said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.

Brent crude futures were at $74.29 per barrel at 0442 GMT, up 0.3 per cent from their last close and not far off a 2019 peak of $74.52 reached on Monday.

US West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5 per cent from their last settlement.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes.

Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship-tracking and analyst data in Refinitiv.

The US government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May.

Still, many analysts expected Washington to show more leniency towards importers most exposed to Iran.

Barclay's bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets".

The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel".

The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela's oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.

Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States "seems to expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added, "that this is not necessarily the way Saudi Arabia sees it".

Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de-facto leader. The group is set to meet in June to discuss its output policy.

US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports following the US decision to end all waivers stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year", especially should OPEC end its supply restraint.

Meanwhile, the Atlantic Council said the US move would hurt Iranian citizens.

"We're going to see their currency collapse more, more unemployment, more inflation," said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the US sanctions were "not going to bring Iran back to the (nuclear) negotiating table".

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Despite the move by Washington, observers like US bank Goldman Sachs said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers. Brent crude futures were at $74.29 per barrel at 0442 GMT, up 0.3 per cent from their last close and not far off a 2019 peak of $74.52 reached on Monday. US West Texas Intermediate (WTI) crude futures hit their highest level since October 2018 at $65.95 per barrel before edging back to $65.86 by 0239 GMT, which was still up 0.5 per cent from their last settlement. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship-tracking and analyst data in Refinitiv. The US government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May. Still, many analysts expected Washington to show more leniency towards importers most exposed to Iran. Barclay's bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets". The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel". The move to tighten Iran sanctions comes amid other sanctions Washington has placed on Venezuela's oil exports and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices. Ellen Wald, non-resident senior fellow at the Global Energy Center of the Atlantic Council, said the United States "seems to expect" Saudi Arabia and the United Arab Emirates to replace the Iranian oil, but she added, "that this is not necessarily the way Saudi Arabia sees it". Saudi Arabia is the world's biggest exporter of crude oil and OPEC's de-facto leader. The group is set to meet in June to discuss its output policy. US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports following the US decision to end all waivers stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year", especially should OPEC end its supply restraint. Meanwhile, the Atlantic Council said the US move would hurt Iranian citizens. "We're going to see their currency collapse more, more unemployment, more inflation," said Barbara Slavin, director for the Future of Iran Initiative at the Atlantic Council, adding that the US sanctions were "not going to bring Iran back to the (nuclear) negotiating table".

Oil near 2019 highs as US seeks to slash Iran exports, but global supply seen ample

Automobile giant Maruti Suzuki on Tuesday launched the brand new version of its budget hatchback car Alto.&nbsp;

The New Alto comes with enhanced features and upgraded design.&nbsp;

"The customers of New Alto will witness a change in price predominantly due to factors such as additional safety features, new technology and design and compliance to BSVI regulation," the official release read.&nbsp;

Here's taking a quick look at some of the salient features of the New Alto.

Enhanced design: The New Alto comes with new grille and sharp headlamps, while the newly designed bumper and side fender accentuate its looks.&nbsp;

The version comes in stylish dual tone interiors and seats. Ergonomically designed front and rear bottle holders give it an air of practicality.

Keyless entry, Smart Play Dock: The New Alto comes with a new infotainment system called Smart Play Dock. Customers can enjoy music on the Smart Play Dock with Bluetooth. The Smart Play Dock in the New Alto transforms customer’s phone into a touch interface to access calls, music, navigation and more. Customer can also experience the convenience of keyless entry.

New safety features: The New Alto now comes with Anti-lock Braking System (ABS) and Electronic Brake Force Distribution System (EBD). ABS will help to avoid skidding by electronically controlling braking pressure. It will also help to maintain steering control when braking on slippery surfaces or when braking hard.&nbsp;

The ABS works automatically, whenever it senses that the wheels are locking up. Other standard safety features in the New Alto include Reverse Parking Sensor, Driver Airbag, Speed Alert System and Seat Belt Reminder for both driver and co-driver.

Reduction in vehicular emission: The New Alto's BS-VI compliant engine means a substantial reduction, (nearly 25%) of Nitrogen Oxides (NOx), in vehicular emission.&nbsp;

Meeting the End of Life Vehicles (ELV) obligations, the New Alto is over 95% recoverable and 85% recyclable.

The New Alto will be available from Rs 2,93,689 to Rs 3,71,709, ex-showroom price (Delhi).&nbsp; 
&nbsp;

Automobile giant Maruti Suzuki on Tuesday launched the brand new version of its budget hatchback car Alto. The New Alto comes with enhanced features and upgraded design.

Automobile giant Maruti Suzuki on Tuesday launched the brand new version of its budget hatchback car Alto. The New Alto comes with enhanced features and upgraded design. "The customers of New Alto will witness a change in price predominantly due to factors such as additional safety features, new technology and design and compliance to BSVI regulation," the official release read. Here's taking a quick look at some of the salient features of the New Alto. Enhanced design: The New Alto comes with new grille and sharp headlamps, while the newly designed bumper and side fender accentuate its looks. The version comes in stylish dual tone interiors and seats. Ergonomically designed front and rear bottle holders give it an air of practicality. Keyless entry, Smart Play Dock: The New Alto comes with a new infotainment system called Smart Play Dock. Customers can enjoy music on the Smart Play Dock with Bluetooth. The Smart Play Dock in the New Alto transforms customer’s phone into a touch interface to access calls, music, navigation and more. Customer can also experience the convenience of keyless entry. New safety features: The New Alto now comes with Anti-lock Braking System (ABS) and Electronic Brake Force Distribution System (EBD). ABS will help to avoid skidding by electronically controlling braking pressure. It will also help to maintain steering control when braking on slippery surfaces or when braking hard. The ABS works automatically, whenever it senses that the wheels are locking up. Other standard safety features in the New Alto include Reverse Parking Sensor, Driver Airbag, Speed Alert System and Seat Belt Reminder for both driver and co-driver. Reduction in vehicular emission: The New Alto's BS-VI compliant engine means a substantial reduction, (nearly 25%) of Nitrogen Oxides (NOx), in vehicular emission. Meeting the End of Life Vehicles (ELV) obligations, the New Alto is over 95% recoverable and 85% recyclable. The New Alto will be available from Rs 2,93,689 to Rs 3,71,709, ex-showroom price (Delhi).

Maruti Suzuki launches New Alto in India at Rs 2.94 lakh

The benchmark BSE Sensex rebounded over 180 points in early trade Tuesday led by gains in index heavyweights RIL, HDFC Bank and ITC, amid unabated foreign fund inflow.

The 30-share index was trading 152.78 points or 0.40 per cent higher at 38,797.96. The NSE Nifty too rose to 40.35 points or 0.35 per cent to 11,634.80.

In the previous session, the BSE bourse settled 495.10 points, or 1.26 per cent, lower at 38,645.18; while the broader Nifty tumbled 158.35 points, or 1.35 per cent, to close at 11,594.45.

Equities took a beating Monday as macroeconomic worries resurfaced. The Trump administration decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions.

However, investor sentiment turned positive in early trade Tuesday on reports that India has lined up alternate sources to make up for the likely shortfall in supplies after the US decided not to give waiver from its sanctions for buying oil from the Persian Gulf nation, traders said.

Top gainers leading the gains on Sensex were ONGC, Yes Bank, Hero MotoCorp, RIL, Sun Pharma, ITC, HDFC Bank, ICICI Bank, Coal India, ITC and Bajaj Finance, rising up to 1.97 per cent.

On the other hand, L&amp;T, TCS, NTPC, Tata Motors, PowerGrid and Tata Steel were the top losers, shedding up to 1.36 per cent.

"As we head into the week, Q4FY19 numbers will be watched closely by market participants," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, adding that 2019 general election continues to remain the crucial near term event for the market.

Voting began Tuesday for 116 Lok Sabha seats, including all constituencies in Gujarat and Kerala, with BJP president Amit Shah, Congress chief Rahul Gandhi and several Union ministers among prominent candidates in the fray.

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 73.08 crore on Monday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 68.16 crore, provisional data available with stock exchanges showed.

The rupee appreciated 9 paise to 69.58 against the US dollar in early trade. 
Brent crude futures, the global oil benchmark, was 0.36 per cent higher at USD 74.31 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade.&nbsp;

The benchmark BSE Sensex rebounded over 180 points in early trade Tuesday led by gains in index heavyweights RIL, HDFC Bank and ITC, amid unabated foreign fund inflow.

The benchmark BSE Sensex rebounded over 180 points in early trade Tuesday led by gains in index heavyweights RIL, HDFC Bank and ITC, amid unabated foreign fund inflow. The 30-share index was trading 152.78 points or 0.40 per cent higher at 38,797.96. The NSE Nifty too rose to 40.35 points or 0.35 per cent to 11,634.80. In the previous session, the BSE bourse settled 495.10 points, or 1.26 per cent, lower at 38,645.18; while the broader Nifty tumbled 158.35 points, or 1.35 per cent, to close at 11,594.45. Equities took a beating Monday as macroeconomic worries resurfaced. The Trump administration decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions. However, investor sentiment turned positive in early trade Tuesday on reports that India has lined up alternate sources to make up for the likely shortfall in supplies after the US decided not to give waiver from its sanctions for buying oil from the Persian Gulf nation, traders said. Top gainers leading the gains on Sensex were ONGC, Yes Bank, Hero MotoCorp, RIL, Sun Pharma, ITC, HDFC Bank, ICICI Bank, Coal India, ITC and Bajaj Finance, rising up to 1.97 per cent. On the other hand, L&T, TCS, NTPC, Tata Motors, PowerGrid and Tata Steel were the top losers, shedding up to 1.36 per cent. "As we head into the week, Q4FY19 numbers will be watched closely by market participants," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, adding that 2019 general election continues to remain the crucial near term event for the market. Voting began Tuesday for 116 Lok Sabha seats, including all constituencies in Gujarat and Kerala, with BJP president Amit Shah, Congress chief Rahul Gandhi and several Union ministers among prominent candidates in the fray. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 73.08 crore on Monday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 68.16 crore, provisional data available with stock exchanges showed. The rupee appreciated 9 paise to 69.58 against the US dollar in early trade. Brent crude futures, the global oil benchmark, was 0.36 per cent higher at USD 74.31 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade.

Sensex rebounds over 180 points; Nifty above 11,600

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Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market's enthusiasm.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei average eased 0.2 per cent. Many markets around the world remained shut on Monday after the long Easter weekend.

China stocks fell from a 13-month high on Monday, posting their worst session in nearly four weeks, as comments from top policymaking bodies raised investor fears that Beijing will ease up on stimulative policies after some signs of stabilisation in the world's second-largest economy.

Stocks on Wall Street hovered near break-even on Monday as the benchmark S&amp;P 500 index was about 1 per cent away from its record high hit in September, while the S&amp;P energy index led gains on higher oil prices.

Oil prices jumped more than 2 per cent the previous day to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.&nbsp;

Washington said it would eliminate in May all waivers allowing eight economies to buy Iranian oil without facing US sanctions.

International benchmark Brent crude soared 2.9 per cent to settle at $74.04 a barrel on Monday and US West Texas Intermediate crude jumped 2.7 per cent to settle at $65.70. Both indexes climbed to nearly six-month highs during the session.

US crude futures last traded at $65.78 per barrel, up 0.4 per cent on the day.

But sharp gains in oil prices have so far had a limited impact on the broader financial markets.

"Unless the WTI rises well above $70-75 per barrel, there will be limited impact on US&nbsp;Treasuries and the dollar/yen," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities.

In the currency market, the dollar index, which measures the greenback against six major currencies, eased 0.2 per cent overnight and last traded steady at 97.328. The index hit a two-week high of 97.485 on Thursday, before the start of Good Friday and the Easter weekend.

Against the Japanese yen, the dollar was largely flat at 111.96 yen, while the euro was steady to the greenback at 1.2530.

With the jump in the price of oil, one of Canada's major exports, the Canadian dollar rose 0.4 per cent against its US counterpart overnight and last traded at C$1.3352.

On Monday, the Russian rubble hit its highest level against the euro in more than a year, and a one month-peak versus the dollar, also driven by the jump in oil.

Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market's enthusiasm.

Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market's enthusiasm. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei average eased 0.2 per cent. Many markets around the world remained shut on Monday after the long Easter weekend. China stocks fell from a 13-month high on Monday, posting their worst session in nearly four weeks, as comments from top policymaking bodies raised investor fears that Beijing will ease up on stimulative policies after some signs of stabilisation in the world's second-largest economy. Stocks on Wall Street hovered near break-even on Monday as the benchmark S&P 500 index was about 1 per cent away from its record high hit in September, while the S&P energy index led gains on higher oil prices. Oil prices jumped more than 2 per cent the previous day to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports. Washington said it would eliminate in May all waivers allowing eight economies to buy Iranian oil without facing US sanctions. International benchmark Brent crude soared 2.9 per cent to settle at $74.04 a barrel on Monday and US West Texas Intermediate crude jumped 2.7 per cent to settle at $65.70. Both indexes climbed to nearly six-month highs during the session. US crude futures last traded at $65.78 per barrel, up 0.4 per cent on the day. But sharp gains in oil prices have so far had a limited impact on the broader financial markets. "Unless the WTI rises well above $70-75 per barrel, there will be limited impact on US Treasuries and the dollar/yen," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities. In the currency market, the dollar index, which measures the greenback against six major currencies, eased 0.2 per cent overnight and last traded steady at 97.328. The index hit a two-week high of 97.485 on Thursday, before the start of Good Friday and the Easter weekend. Against the Japanese yen, the dollar was largely flat at 111.96 yen, while the euro was steady to the greenback at 1.2530. With the jump in the price of oil, one of Canada's major exports, the Canadian dollar rose 0.4 per cent against its US counterpart overnight and last traded at C$1.3352. On Monday, the Russian rubble hit its highest level against the euro in more than a year, and a one month-peak versus the dollar, also driven by the jump in oil.

Asian shares steady after Easter weekend; oil hits 2019 highs

Argentine officials defended new price control measures on Monday, saying they would not damage a broader economic reform program, despite criticism by some economists that the moves went against President Mauricio Macri's free market push.

WION Wallet: Argentine government defends price controls, says they will not harm economic reforms

<a href="https://www.wionews.com/world/amazon-working-on-internet-serving-satellite-network-208049">Amazon announced</a> last Thursday that it will shut its China online store by July 18 and will no longer operate a marketplace, nor provide seller services on Amazon.cn.

The Amazon spokeswoman said that the company would continue to invest and grow in China through its Amazon Global Store, Global Selling, Kindle e-readers, and online content. Amazon Web Services, the company's cloud computing unit that sells data storage and computing power to enterprises, will also remain.

Amazon entered the Chinese market in 2004 by merging with China's e-commerce platform Joyo. In the first few years, it's operations included providing a platform for Chinese businesses to open online stores aimed at international buyers, along with selling paper books, e-books and its e-reader Kindle, and its AWS cloud computing services.

With the rise of China's local e-commerce companies, Amazon's market share in China's business to consumer (B2C) online retail platform has been continuously diluted.

"Can you fight with the equal tenacity and methods as local competitors? Are you incentivizing your team the same way that a Chinese company is? Or is there a glass ceiling for the heads of the groups? There are all these complex issues that any American companies would have a hard time in China," said Li Kaifu, the founder and CEO of Sinovation Ventures about some of the issues American companies face in China.

Ker Zheng, marketing specialist at Shenzhen-based e-commerce consultancy Azoya, told Reuters that Amazon had no major competitive advantage in China over its domestic rivals. Unless someone is searching for a very specific imported good that can't be found elsewhere, "there's no reason for a consumer to pick Amazon because they're not going to be able to ship things as fast as Tmall or JD," he said.

While Amazon's moving on, other foreign brands seem to be adapting well to the Chinese market.

Though Apple suffered a slump in its earnings report for the first quarter of 2019, it remained competent in China's high-tech market. Apple CEO Tim Cook said he is grateful for China's opening-up policy as it allows more companies to become a part of this market at the annual China Development Forum (CDF) in Beijing on March 23, 2019.

KFC, the American fast-food restaurant chain giant, has won Chinese consumers' hearts since it entered the market in the 1980s. In 30 years, the brand has opened over 6,000 stores in the Chinese mainland, making up nearly 25 per cent of the fast-food industry market share in 2015, reported China Business Network.

Dyson's founder and chief engineer, James Dyson became the richest person in the UK thanks to his company's record-high revenue in 2018, according to the Bloomberg Billionaires Index released in January. The Asia market, led by China, which made up about 50 per cent of its profit, was a great contributor in boosting its business. 
&nbsp;

Amazon announced last Thursday that it will shut its China online store by July 18 and will no longer operate a marketplace, nor provide seller services on Amazon.

Amazon announced last Thursday that it will shut its China online store by July 18 and will no longer operate a marketplace, nor provide seller services on Amazon.cn. The Amazon spokeswoman said that the company would continue to invest and grow in China through its Amazon Global Store, Global Selling, Kindle e-readers, and online content. Amazon Web Services, the company's cloud computing unit that sells data storage and computing power to enterprises, will also remain. Amazon entered the Chinese market in 2004 by merging with China's e-commerce platform Joyo. In the first few years, it's operations included providing a platform for Chinese businesses to open online stores aimed at international buyers, along with selling paper books, e-books and its e-reader Kindle, and its AWS cloud computing services. With the rise of China's local e-commerce companies, Amazon's market share in China's business to consumer (B2C) online retail platform has been continuously diluted. "Can you fight with the equal tenacity and methods as local competitors? Are you incentivizing your team the same way that a Chinese company is? Or is there a glass ceiling for the heads of the groups? There are all these complex issues that any American companies would have a hard time in China," said Li Kaifu, the founder and CEO of Sinovation Ventures about some of the issues American companies face in China. Ker Zheng, marketing specialist at Shenzhen-based e-commerce consultancy Azoya, told Reuters that Amazon had no major competitive advantage in China over its domestic rivals. Unless someone is searching for a very specific imported good that can't be found elsewhere, "there's no reason for a consumer to pick Amazon because they're not going to be able to ship things as fast as Tmall or JD," he said. While Amazon's moving on, other foreign brands seem to be adapting well to the Chinese market. Though Apple suffered a slump in its earnings report for the first quarter of 2019, it remained competent in China's high-tech market. Apple CEO Tim Cook said he is grateful for China's opening-up policy as it allows more companies to become a part of this market at the annual China Development Forum (CDF) in Beijing on March 23, 2019. KFC, the American fast-food restaurant chain giant, has won Chinese consumers' hearts since it entered the market in the 1980s. In 30 years, the brand has opened over 6,000 stores in the Chinese mainland, making up nearly 25 per cent of the fast-food industry market share in 2015, reported China Business Network. Dyson's founder and chief engineer, James Dyson became the richest person in the UK thanks to his company's record-high revenue in 2018, according to the Bloomberg Billionaires Index released in January. The Asia market, led by China, which made up about 50 per cent of its profit, was a great contributor in boosting its business.

Amazon to shut its online store in China by July 18

Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at the close of trade Tuesday on value-buying at lower levels.

The scrip jumped 9.90 per cent to close at Rs 169.90 on the BSE. During the day, it zoomed 12.19 per cent to Rs 173.45.

At the NSE, shares advanced 8.30 per cent to close at Rs 167.55.

On the traded volume front, 45.27 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day.

In the past three days, the scrip plummeted 40.94 per cent. It hit its 52-week low of Rs 132.20 on Monday.

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.

Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots. PTI

Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at the close of trade Tuesday on value-buying at lower levels. The scrip jumped 9.

Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at the close of trade Tuesday on value-buying at lower levels. The scrip jumped 9.90 per cent to close at Rs 169.90 on the BSE. During the day, it zoomed 12.19 per cent to Rs 173.45. At the NSE, shares advanced 8.30 per cent to close at Rs 167.55. On the traded volume front, 45.27 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day. In the past three days, the scrip plummeted 40.94 per cent. It hit its 52-week low of Rs 132.20 on Monday. Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots. PTI

Jet Airways shares halt three-day slide; zoom nearly 10%

Domestic stock markets on Tuesday closed in red for the second consecutive day in a row with Sensex slipping 80.30 points at 38,564.88 and Nifty shedding 18.50 points to close at 11,575.95.

The benchmark BSE Sensex rebounded over 180 points in early trade Tuesday led by gains in index heavyweights RIL, HDFC Bank and ITC, amid unabated foreign fund inflow.

The 30-share index was trading 152.78 points or 0.40 per cent higher at 38,797.96. The NSE Nifty too rose to 40.35 points or 0.35 per cent to 11,634.80.

The domestic currency appreciated 9 paise to 69.58 against the US dollar in early trade.

Domestic stock markets on Tuesday closed in red for the second consecutive day in a row with Sensex slipping 80.30 points at 38,564.88 and Nifty shedding 18.50 points to close at 11,575.

Domestic stock markets on Tuesday closed in red for the second consecutive day in a row with Sensex slipping 80.30 points at 38,564.88 and Nifty shedding 18.50 points to close at 11,575.95. The benchmark BSE Sensex rebounded over 180 points in early trade Tuesday led by gains in index heavyweights RIL, HDFC Bank and ITC, amid unabated foreign fund inflow. The 30-share index was trading 152.78 points or 0.40 per cent higher at 38,797.96. The NSE Nifty too rose to 40.35 points or 0.35 per cent to 11,634.80. The domestic currency appreciated 9 paise to 69.58 against the US dollar in early trade.

Markets end in red, Sensex sheds 80 points to close at 38,564.88

Oil prices hit their highest since November on Tuesday after <a href="https://www.wionews.com/world/us-oil-sanctions-principally-illegal-do-not-attach-any-value-to-it-iran-212672">Washington announced all waivers on imports of sanctions-hit Iranian oil</a> would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.

Despite the move, spare capacity from other suppliers such as Saudi Arabia might be able to ensure oil markets cope with a cut in Iranian exports.

<a href="https://www.wionews.com/business-economy/world-stocks-splutter-as-oil-races-to-near-six-month-high-212872">Brent crude </a>futures were at $74.67 per barrel at 0855 GMT, up 63 cents or 0.85 per cent from their last close, after hitting their highest level since November at $74.70.

US West Texas Intermediate crude futures marked their strongest since October 2018 at $66.14 per barrel, up 59 cents or 0.9 per cent from their previous settlement.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes.

Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to tanker data and industry sources.

US President Donald Trump is confident that Saudi Arabia and the United Arab Emirates will fulfil their pledges to make up the difference in oil markets, a US official told reporters.

Saudi Energy Minister Khalid al-Falih said on Monday that his country would "coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance".

Saudi Arabia is the world's top oil exporter and de facto leader of OPEC, which has led global supply cuts since the start of the year aimed at propping up crude prices.

The group is set to meet in June to discuss output policy.

Barclays bank said in a note that the US decision took many market participants by surprise and would "lead to a significant tightening of oil markets".

The move to increase pressure on Iran came amid other sanctions Washington has placed on Venezuela's oil exports.

US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year".

Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.

Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply. Despite the move, spare capacity from other suppliers such as Saudi Arabia might be able to ensure oil markets cope with a cut in Iranian exports. Brent crude futures were at $74.67 per barrel at 0855 GMT, up 63 cents or 0.85 per cent from their last close, after hitting their highest level since November at $74.70. US West Texas Intermediate crude futures marked their strongest since October 2018 at $66.14 per barrel, up 59 cents or 0.9 per cent from their previous settlement. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to tanker data and industry sources. US President Donald Trump is confident that Saudi Arabia and the United Arab Emirates will fulfil their pledges to make up the difference in oil markets, a US official told reporters. Saudi Energy Minister Khalid al-Falih said on Monday that his country would "coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance". Saudi Arabia is the world's top oil exporter and de facto leader of OPEC, which has led global supply cuts since the start of the year aimed at propping up crude prices. The group is set to meet in June to discuss output policy. Barclays bank said in a note that the US decision took many market participants by surprise and would "lead to a significant tightening of oil markets". The move to increase pressure on Iran came amid other sanctions Washington has placed on Venezuela's oil exports. US bank Goldman Sachs said an expected decline of 900,000 bpd in Iranian exports stood "versus immediately available and demonstrated spare capacity of 2.0 million bpd, which is set to grow further later this year".

Oil prices hit highest since November as US to tighten Iran sanctions

Oil prices jumped to near six-month highs on Tuesday as the <a href="https://www.wionews.com/world/us-oil-sanctions-principally-illegal-do-not-attach-any-value-to-it-iran-212672">United States tightened sanctions on Iran</a>, sending shares of energy companies higher but largely failing to help the currencies of the main crude-oil producers.

News that the US had told buyers of Iranian oil to stop purchases by May 1 or face sanctions pushed Brent towards $75 a barrel and made for a lively return from the four-day Easter break for Europe's markets.

Oil and gas shares jumped more than 1.7 per cent for their best start in six weeks, though almost every other sector suffered. So did bonds, as higher energy costs hung over profits and nudged up inflation expectations.

Foreign-exchange market volatility was still largely absent. The dollar held near a three-week high, but the usual beneficiaries of higher oil prices, the Canadian dollar and Norwegian crown, dipped to $1.33 and $8.52 respectively.

"Oil is interesting, but the interesting thing for FX is that we are not getting the usual feed-through in the petro currencies," said Saxo bank's head of FX strategy, John Hardy, adding that might be caused by questions about Chinese stimulus.

Both the Canadian dollar and the crown had gained on Monday, and the Russian rouble, another petro currency, hit its highest against the euro in more than a year its highest against the dollar in a month.

Overnight, MSCI's index of Asia-Pacific shares ended 0.1 per cent higher and Japan's Nikkei closed up 0.2 per cent. Oil and gas gains were offset by losses for airlines and other transport shares facing higher fuel costs.

The White House said after its Iran move it was working with Saudi Arabia and the United Arab Emirates to ensure oil markets were "adequately supplied," but traders had already been worried about tight supplies.

Oil prices are up nearly 50 per cent since late December, and before the re-imposition of sanctions last year Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries, at around 3 million barrels per day.

Oil prices are "not so high that it crushes manufacturing by putting energy-price inputs up, but it is producing a nice boost to oil-producing nations," said Robert Carnell, Singapore-based chief economist and head of research for the Asia Pacific at ING.

Carnell sees Brent crude's sweet spot at between $65 and $75 per barrel, "Above this, you may see some negative impact."

Sri Lanka

Sri Lanka's stock market and government bonds both fell as trading resumed after bombings had killed more than 300 people on Sunday. Tourism is likely to collapse, which would deal a serious blow to the island's economy and financial markets.

The International Monetary Fund last month extended a $1.5 billion loan to Sri Lanka into 2020, a key step in keeping foreign investors involved in what so far this year has been a top-performing frontier debt market.

In China, major benchmarks dipped in and out of negative territory amid concern that Beijing will slow the pace of policy easing after unexpectedly strong first-quarter economic data last week.

China's blue-chip stocks have surged over 30 per cent so far this year on expectations of more stimulus and hope Beijing and Washington will reach an agreement to end their nine-month trade dispute.

"We've had a fantastic run in Chinese equities year-to-date. Some profit taking is completely normal. I don't think China is changing its policy that quickly," said Stefan Hofer, chief investment strategist at LGT Bank Asia in Hong Kong.

Oil prices jumped to near six-month highs on Tuesday as the United States tightened sanctions on Iran, sending shares of energy companies higher but largely failing to help the currencies of the main crude-oil producers.

Oil prices jumped to near six-month highs on Tuesday as the United States tightened sanctions on Iran, sending shares of energy companies higher but largely failing to help the currencies of the main crude-oil producers. News that the US had told buyers of Iranian oil to stop purchases by May 1 or face sanctions pushed Brent towards $75 a barrel and made for a lively return from the four-day Easter break for Europe's markets. Oil and gas shares jumped more than 1.7 per cent for their best start in six weeks, though almost every other sector suffered. So did bonds, as higher energy costs hung over profits and nudged up inflation expectations. Foreign-exchange market volatility was still largely absent. The dollar held near a three-week high, but the usual beneficiaries of higher oil prices, the Canadian dollar and Norwegian crown, dipped to $1.33 and $8.52 respectively. "Oil is interesting, but the interesting thing for FX is that we are not getting the usual feed-through in the petro currencies," said Saxo bank's head of FX strategy, John Hardy, adding that might be caused by questions about Chinese stimulus. Both the Canadian dollar and the crown had gained on Monday, and the Russian rouble, another petro currency, hit its highest against the euro in more than a year its highest against the dollar in a month. Overnight, MSCI's index of Asia-Pacific shares ended 0.1 per cent higher and Japan's Nikkei closed up 0.2 per cent. Oil and gas gains were offset by losses for airlines and other transport shares facing higher fuel costs. The White House said after its Iran move it was working with Saudi Arabia and the United Arab Emirates to ensure oil markets were "adequately supplied," but traders had already been worried about tight supplies. Oil prices are up nearly 50 per cent since late December, and before the re-imposition of sanctions last year Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries, at around 3 million barrels per day. Oil prices are "not so high that it crushes manufacturing by putting energy-price inputs up, but it is producing a nice boost to oil-producing nations," said Robert Carnell, Singapore-based chief economist and head of research for the Asia Pacific at ING. Carnell sees Brent crude's sweet spot at between $65 and $75 per barrel, "Above this, you may see some negative impact." Sri Lanka Sri Lanka's stock market and government bonds both fell as trading resumed after bombings had killed more than 300 people on Sunday. Tourism is likely to collapse, which would deal a serious blow to the island's economy and financial markets. The International Monetary Fund last month extended a $1.5 billion loan to Sri Lanka into 2020, a key step in keeping foreign investors involved in what so far this year has been a top-performing frontier debt market. In China, major benchmarks dipped in and out of negative territory amid concern that Beijing will slow the pace of policy easing after unexpectedly strong first-quarter economic data last week. China's blue-chip stocks have surged over 30 per cent so far this year on expectations of more stimulus and hope Beijing and Washington will reach an agreement to end their nine-month trade dispute. "We've had a fantastic run in Chinese equities year-to-date. Some profit taking is completely normal. I don't think China is changing its policy that quickly," said Stefan Hofer, chief investment strategist at LGT Bank Asia in Hong Kong.

World stocks splutter as oil races to near six-month high

The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices.

The 30-share index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 per cent, to 11,651.

In the previous session Thursday, the BSE bourse settled 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80.

The stock market was closed Friday on account of Good Friday.

Yes Bank and Reliance Industries were the biggest losers in the Sensex pack, dropping up to 2.66 per cent, followed by IndusInd Bank, Bharti Airtel, Asian Paints, Kotak Bank, Tata Motors, Axis Bank, ICICI Bank, HDFC, Maruti, M&amp;M, Bajaj Finance and SBI, shedding up to 1.72 per cent.

Bucking the weak market trend, TCS, PowerGrid, HCL Tech, Infosys, HDFC Bank and NTPC rose up to 1.31 per cent.

"After a period of significant momentum ahead of the general elections, the market may take a pause in some kind of an interim profit booking," said Joseph Thomas-Head Research, Emkay Wealth Management.

The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture, he added.

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 1,038.46 crore on Thursday, and domestic institutional investors (DIIs) sold shares to the tune of Rs 337.59 crore, provisional data available with stock exchanges showed.

The rupee depreciated nearly 50 paise to 69.84 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, was 2.06 per cent higher at USD 73.84 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices.

The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices. The 30-share index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 per cent, to 11,651. In the previous session Thursday, the BSE bourse settled 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80. The stock market was closed Friday on account of Good Friday. Yes Bank and Reliance Industries were the biggest losers in the Sensex pack, dropping up to 2.66 per cent, followed by IndusInd Bank, Bharti Airtel, Asian Paints, Kotak Bank, Tata Motors, Axis Bank, ICICI Bank, HDFC, Maruti, M&M, Bajaj Finance and SBI, shedding up to 1.72 per cent. Bucking the weak market trend, TCS, PowerGrid, HCL Tech, Infosys, HDFC Bank and NTPC rose up to 1.31 per cent. "After a period of significant momentum ahead of the general elections, the market may take a pause in some kind of an interim profit booking," said Joseph Thomas-Head Research, Emkay Wealth Management. The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture, he added. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 1,038.46 crore on Thursday, and domestic institutional investors (DIIs) sold shares to the tune of Rs 337.59 crore, provisional data available with stock exchanges showed. The rupee depreciated nearly 50 paise to 69.84 against the US dollar in early trade. Brent crude futures, the global oil benchmark, was 2.06 per cent higher at USD 73.84 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

Sensex cracks over 300 points; Nifty below 11,700

Domestic air passenger traffic growth managed to remain in the green in March growing falt or 0.14 per cent, largely due to the huge capacity reduction following the troubles at Jet Airways in the month, show the monthly data released by the DGCA Monday.

The cumulative traffic of 11 domestic airlines stood at 11.59 million in March compared to 11.58 million passengers a year ago, as per the data.

The March numbers are a big setback to the industry which had been clipping at over 20 per cent for more than four years in a row. After a record run-rate in high double digits, traffic has been on a lower altitude in January when it grew 9.1 per cent, first single-digit growth in four years, and lost the momentum further in February when the incremental growth was capped at a low 5.62 per cent.

The disappointing March numbers can mostly be attributed to the troubles that Jet had been facing and the resultant spike in ticket prices across other airlines. The airline was finally grounded last week.

Jet Airways, once the second largest airline after no-frills IndiGo, lost as much as nearly half of the market share to 5.37 per cent during the month under review as against 10 per cent in the same period of last fiscal.

Together with subsidiary JetLite, the consolidated traffic of the now non-functional carrier was 6.71 lakh passengers in the month, whereas in the same period last year it had flown 15 lakh passengers on its own.

Budget carrier IndiGo continued to be the largest player with a market share of 46.9 per cent ferrying 54 lakh passengers during the month, while its closest rival SpiceJet was a distant second with 13.6 per cent of the total traffic pie carrying 15.81 million in March.

Significantly, the national carrier Air India, which has a number of aircraft on the ground for quite some time now, had the dubious distinction of cancelling the maximum number of flights or 8.94 per cent of its scheduled departures, followed by JetLite and new entrant Star Air.

The passenger load factor in March has shown falling trend compared to February due to the end of the vacation period.

SpiceJet continued its spree of highest average seat occupancy across its planes at 91.4 per cent while GoAir topped the on-time performance chart for the sixth consecutive month at 95.2 per cent.

Domestic air passenger traffic growth managed to remain in the green in March growing falt or 0.14 per cent, largely due to the huge capacity reduction following the troubles at Jet Airways in the month, show the monthly data released by the DGCA Monday.

Domestic air passenger traffic growth managed to remain in the green in March growing falt or 0.14 per cent, largely due to the huge capacity reduction following the troubles at Jet Airways in the month, show the monthly data released by the DGCA Monday. The cumulative traffic of 11 domestic airlines stood at 11.59 million in March compared to 11.58 million passengers a year ago, as per the data. The March numbers are a big setback to the industry which had been clipping at over 20 per cent for more than four years in a row. After a record run-rate in high double digits, traffic has been on a lower altitude in January when it grew 9.1 per cent, first single-digit growth in four years, and lost the momentum further in February when the incremental growth was capped at a low 5.62 per cent. The disappointing March numbers can mostly be attributed to the troubles that Jet had been facing and the resultant spike in ticket prices across other airlines. The airline was finally grounded last week. Jet Airways, once the second largest airline after no-frills IndiGo, lost as much as nearly half of the market share to 5.37 per cent during the month under review as against 10 per cent in the same period of last fiscal. Together with subsidiary JetLite, the consolidated traffic of the now non-functional carrier was 6.71 lakh passengers in the month, whereas in the same period last year it had flown 15 lakh passengers on its own. Budget carrier IndiGo continued to be the largest player with a market share of 46.9 per cent ferrying 54 lakh passengers during the month, while its closest rival SpiceJet was a distant second with 13.6 per cent of the total traffic pie carrying 15.81 million in March. Significantly, the national carrier Air India, which has a number of aircraft on the ground for quite some time now, had the dubious distinction of cancelling the maximum number of flights or 8.94 per cent of its scheduled departures, followed by JetLite and new entrant Star Air. The passenger load factor in March has shown falling trend compared to February due to the end of the vacation period. SpiceJet continued its spree of highest average seat occupancy across its planes at 91.4 per cent while GoAir topped the on-time performance chart for the sixth consecutive month at 95.2 per cent.

Air passenger traffic growth slows to a whimper in March, ending a 4-year record

A plea was filed in the Delhi High Court Monday seeking direction to the Ministry of Civil Aviation and DGCA to ensure refund or alternative mode of travel to passengers who had booked tickets with Jet Airways, which has temporarily suspended all its domestic and international flights.

The plea said the sudden suspension of air services of Jet Airways has resulted in a major crisis for the passengers who were not informed about it earlier.

The application filed by activist Bejon Kumar Misra sought direction to the Ministry of Civil Aviation and Directorate General of Civil Aviation (DGCA) to adopt prompt redressal mechanism for all affected passengers to access full refund of air tickets with reasonable compensation or arrange alternative mode of travel for them to reach their destination as an emergency exercise.

The plea is likely to come up for hearing on April 24.

The plea, filed through advocates Shashank Deo Sudhi and Shashi Bhushan, said, "It is common knowledge that all competitor airlines have exorbitantly increased their airfares and the toothless and vulnerable consumers are constrained to suffer not only in terms of money but also in terms of mental harassment of unprecedented scale."

Citing media report, it said more than Rs 360 crore of the passengers/consumers hard earned money is under threat due to non-refund of ticket value.

"The passengers have to not only purchase alternative tickets at a highly exorbitant cost but also go through lots of anxieties and mental agony. This has resulted in profiteering by other airlines at the cost of the passengers and till date no relief has been announced by the respondents (Ministry and DGCA). It is on record that such a situation was existing for more than two years, but was intentionally allowed by the authorities without any concern for passengers and other affected parties," the plea claimed.

It also said an amendment to the existing laws and appointment of an effective regulator is the need of the hour to protect the interest of passengers and regulate airfares in an open and transparent manner to avoid such events in future.

After months of uncertainty, Jet Airways announced a temporary suspension of its operations on April 17 as it failed to receive emergency funds from lenders.

A day after the airline suspended operations, hundreds of employees gathered in the national capital seeking measures to revive the carrier, which has been in operation for nearly 26 years.

Domestic lenders have invited bids for selling stake in Jet Airways. On April 18, the lenders said they were "reasonably hopeful" that the bidding process for the airline would end successfully.

A plea was filed in the Delhi High Court Monday seeking direction to the Ministry of Civil Aviation and DGCA to ensure refund or alternative mode of travel to passengers who had booked tickets with Jet Airways, which has temporarily suspended all its domestic and international flights.

A plea was filed in the Delhi High Court Monday seeking direction to the Ministry of Civil Aviation and DGCA to ensure refund or alternative mode of travel to passengers who had booked tickets with Jet Airways, which has temporarily suspended all its domestic and international flights. The plea said the sudden suspension of air services of Jet Airways has resulted in a major crisis for the passengers who were not informed about it earlier. The application filed by activist Bejon Kumar Misra sought direction to the Ministry of Civil Aviation and Directorate General of Civil Aviation (DGCA) to adopt prompt redressal mechanism for all affected passengers to access full refund of air tickets with reasonable compensation or arrange alternative mode of travel for them to reach their destination as an emergency exercise. The plea is likely to come up for hearing on April 24. The plea, filed through advocates Shashank Deo Sudhi and Shashi Bhushan, said, "It is common knowledge that all competitor airlines have exorbitantly increased their airfares and the toothless and vulnerable consumers are constrained to suffer not only in terms of money but also in terms of mental harassment of unprecedented scale." Citing media report, it said more than Rs 360 crore of the passengers/consumers hard earned money is under threat due to non-refund of ticket value. "The passengers have to not only purchase alternative tickets at a highly exorbitant cost but also go through lots of anxieties and mental agony. This has resulted in profiteering by other airlines at the cost of the passengers and till date no relief has been announced by the respondents (Ministry and DGCA). It is on record that such a situation was existing for more than two years, but was intentionally allowed by the authorities without any concern for passengers and other affected parties," the plea claimed. It also said an amendment to the existing laws and appointment of an effective regulator is the need of the hour to protect the interest of passengers and regulate airfares in an open and transparent manner to avoid such events in future. After months of uncertainty, Jet Airways announced a temporary suspension of its operations on April 17 as it failed to receive emergency funds from lenders. A day after the airline suspended operations, hundreds of employees gathered in the national capital seeking measures to revive the carrier, which has been in operation for nearly 26 years. Domestic lenders have invited bids for selling stake in Jet Airways. On April 18, the lenders said they were "reasonably hopeful" that the bidding process for the airline would end successfully.

Plea in Delhi High Court to provide refund or alternative flights to Jet Airways passengers

Domestic stock markets on Monday closed in red with BSE Sensex crashing 495.10 points to close at 38,645.18. Nifty, on the hand, sank 158.35 points to close at 11,594.45.

The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices.

The 30-share index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 per cent, to 11,651.

In the previous session Thursday, the BSE bourse settled 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80.

The stock market was closed Friday on account of Good Friday.

Domestic stock markets on Monday closed in red with BSE Sensex crashing 495.10 points to close at 38,645.18. Nifty, on the hand, sank 158.35 points to close at 11,594.

Domestic stock markets on Monday closed in red with BSE Sensex crashing 495.10 points to close at 38,645.18. Nifty, on the hand, sank 158.35 points to close at 11,594.45. The benchmark BSE Sensex cracked over 300 points in early trade Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices. The 30-share index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87 per cent, to 11,651. In the previous session Thursday, the BSE bourse settled 135.36 points, or 0.34 per cent, lower at 39,140.28. The broader Nifty slipped 34.35 points, or 0.29 per cent, to 11,752.80. The stock market was closed Friday on account of Good Friday.

Markets end in red, Sensex tanks nearly 500 points

World leaders meeting in Beijing this week for a summit on <a href="https://www.google.com/url?q=https://www.wionews.com/world/will-sign-accord-backing-chinas-belt-and-road-initiative-switzerland-210910&amp;sa=U&amp;ved=0ahUKEwjCgOfLxeDhAhULSo8KHY8PAhcQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw07d5wX_sMgOF08GS4UGgOb">China's Belt and Road </a>initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters.

The Belt and Road Initiative is a key policy of President Xi Jinping and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.

But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread Chinese influence abroad and saddle countries with unsustainable debt through nontransparent projects.

The United States has been particularly critical of Italy`s decision to sign up to the plan last month, the first for a <a href="https://www.google.com/url?q=https://www.wionews.com/world/italy-becomes-the-first-g7-nation-to-join-chinas-belt-and-road-initiative-205117&amp;sa=U&amp;ved=0ahUKEwjCgOfLxeDhAhULSo8KHY8PAhcQFggLMAI&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0cZEgFaTvKXJjeQP2vVx4Z">G7 nation</a>.

In an apparent nod to these concerns, the communique reiterates promises reached at the last summit in 2017 for sustainable financing - but adds a line on debt, which was not included the last time.

"We support collaboration among national and international financial institutions to provide diversified and sustainable financial support for projects," the draft communique reads.&nbsp;

"We encourage local currency financing, the mutual establishment of financial institutions, and a greater role of development finance in line with respective national priorities, laws, regulations and international commitments, and the agreed principles by the UNGA on debt sustainability," it added, referring to the United Nations General Assembly.

The word "green" appears in the draft seven times. It was not mentioned once in the summit communique from two years ago.

"We underline the importance of promoting green development," the draft reads. "We encourage the development of green finance including the issuance of green bonds as well as the development of green technology."

The Chinese government`s top diplomat, Wang Yi, said on Friday that the Belt and Road project is not a "geopolitical tool" or a debt crisis for participating nations, but Beijing welcomes constructive suggestions on how to address concerns over the initiative.

A total of 37 foreign leaders are due to attend the April 25-27 summit, though the United States is only sending lower-level representatives, reflecting its unease over the scheme.

The number of foreign leaders at the April 25-27 summit is up from 29 last time, mainly from China`s closest allies like Pakistan and Russia but also Italy, Switzerland and Austria.

China has repeatedly said Belt and Road are for the benefit of the whole world, and that it is committed to upholding globally accepted norms in ensuring projects are transparent and win-win for all parties.

"We emphasise the importance of the rule of law and equal opportunities for all," the draft reads.

World leaders meeting in Beijing this week for a summit on China's Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters.

World leaders meeting in Beijing this week for a summit on China's Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters. The Belt and Road Initiative is a key policy of President Xi Jinping and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending. But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread Chinese influence abroad and saddle countries with unsustainable debt through nontransparent projects. The United States has been particularly critical of Italy`s decision to sign up to the plan last month, the first for a G7 nation. In an apparent nod to these concerns, the communique reiterates promises reached at the last summit in 2017 for sustainable financing - but adds a line on debt, which was not included the last time. "We support collaboration among national and international financial institutions to provide diversified and sustainable financial support for projects," the draft communique reads. "We encourage local currency financing, the mutual establishment of financial institutions, and a greater role of development finance in line with respective national priorities, laws, regulations and international commitments, and the agreed principles by the UNGA on debt sustainability," it added, referring to the United Nations General Assembly. The word "green" appears in the draft seven times. It was not mentioned once in the summit communique from two years ago. "We underline the importance of promoting green development," the draft reads. "We encourage the development of green finance including the issuance of green bonds as well as the development of green technology." The Chinese government`s top diplomat, Wang Yi, said on Friday that the Belt and Road project is not a "geopolitical tool" or a debt crisis for participating nations, but Beijing welcomes constructive suggestions on how to address concerns over the initiative. A total of 37 foreign leaders are due to attend the April 25-27 summit, though the United States is only sending lower-level representatives, reflecting its unease over the scheme. The number of foreign leaders at the April 25-27 summit is up from 29 last time, mainly from China`s closest allies like Pakistan and Russia but also Italy, Switzerland and Austria. China has repeatedly said Belt and Road are for the benefit of the whole world, and that it is committed to upholding globally accepted norms in ensuring projects are transparent and win-win for all parties. "We emphasise the importance of the rule of law and equal opportunities for all," the draft reads.

In nod to debt concerns, China Belt and Road summit to urge sustainable financing

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are currently on hold.

Supporting the 20,000 employees of the grounded Jet Airways, the union official said that the present policies of the government need to be relooked as they have only lead to a crisis in the industry and jobs of thousands of people are at stake.

Weighted down by huge debt, majorly from the public sector banks, Kingfisher went belly-up in 2012. Jet Airways, which has a debt of Rs 8,500 crore, mostly from the government-run banks, ceased operations last Wednesday due to paucity of cash.

The abrupt closure of Jet Airways operations, for the time being, has put jobs of its over 20,000 employees.

Moreover, as many as six airlines have closed down in the last five years.

"First it was Kingfisher which folded up, and now its Jet Airways, which has stopped operations, albeit for the time being. The votaries of the privatisation, both in the government and outside, need to understand that denationalisation alone can't bring profitability and efficiency. Had it been so, the two private airlines would not have gone bust," said an Air Corporation Employees Union (ACEU) senior official.

Stating that the foremost reason for the current crisis in the aviation industry is the government's "reliance" on the private sector in achieving its ambitious Vision 2040, which has projected the country's air passenger traffic to grow to 1.1 billion per year by 2040, the union official said, "the industry is not doing well from the vision document point of view as the growth is not sustainable, healthy and even".

Calling the government to reconsider its plans of privatising Air India, which are put on the backburner for the time being, the ACEU official said even in the present crisis when Jet Airways passengers are stranded across airports globally, it is the national carrier which has come to the rescue of the passengers by announcing special fares for such passengers.

"The government can't expect such a gesture from private airlines," he said.

"If the present crisis is allowed to continue, it will lead to an unprecedented crisis in the industry leading to more and more employees being thrown out of employment. A mere glance of problems indicate that there is something seriously wrong with the policy direction," he added.

There is also a need to put brakes on 'open sky policy' besides strict enforcement of bilateral to make the business of domestic companies, including of Air India, viable, he said.

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are currently on hold.

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are currently on hold. Supporting the 20,000 employees of the grounded Jet Airways, the union official said that the present policies of the government need to be relooked as they have only lead to a crisis in the industry and jobs of thousands of people are at stake. Weighted down by huge debt, majorly from the public sector banks, Kingfisher went belly-up in 2012. Jet Airways, which has a debt of Rs 8,500 crore, mostly from the government-run banks, ceased operations last Wednesday due to paucity of cash. The abrupt closure of Jet Airways operations, for the time being, has put jobs of its over 20,000 employees. Moreover, as many as six airlines have closed down in the last five years. "First it was Kingfisher which folded up, and now its Jet Airways, which has stopped operations, albeit for the time being. The votaries of the privatisation, both in the government and outside, need to understand that denationalisation alone can't bring profitability and efficiency. Had it been so, the two private airlines would not have gone bust," said an Air Corporation Employees Union (ACEU) senior official. Stating that the foremost reason for the current crisis in the aviation industry is the government's "reliance" on the private sector in achieving its ambitious Vision 2040, which has projected the country's air passenger traffic to grow to 1.1 billion per year by 2040, the union official said, "the industry is not doing well from the vision document point of view as the growth is not sustainable, healthy and even". Calling the government to reconsider its plans of privatising Air India, which are put on the backburner for the time being, the ACEU official said even in the present crisis when Jet Airways passengers are stranded across airports globally, it is the national carrier which has come to the rescue of the passengers by announcing special fares for such passengers. "The government can't expect such a gesture from private airlines," he said. "If the present crisis is allowed to continue, it will lead to an unprecedented crisis in the industry leading to more and more employees being thrown out of employment. A mere glance of problems indicate that there is something seriously wrong with the policy direction," he added. There is also a need to put brakes on 'open sky policy' besides strict enforcement of bilateral to make the business of domestic companies, including of Air India, viable, he said.

Jet collapse: Privatisation not remedy, says Air India employees union official

PepsiCo Inc's quarterly sales and profit beat Wall Street estimates on Wednesday, as the beverage maker's advertising and marketing push helped drive sales of its snacks, sparkling waters and low-sugar sodas globally.

Shares of PepsiCo hit a record high of $125.92 in morning trading after the company said its core sales grew at the fastest pace in more than three years.

The results come as a boost for Chief Executive Officer Ramon Laguarta who took over from <a href="https://www.google.com/url?q=https://www.wionews.com/world/amazon-appoints-former-pepsico-ceo-indra-nooyi-as-director-199735&amp;sa=U&amp;ved=0ahUKEwiFgvX9_d3hAhUK6Y8KHVqFAZIQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1bKqHniB7DqOSjf0nbQFxr">Indra Nooyi </a>six months ago. Under his watch, Pepsico has spent more on advertising, raised production capacity, while tweaking its supply chain to focus more on healthier snacks and beverages.

The changes have helped Pepsi respond better to shifting consumer preferences at a time when packaged food and beverage companies are battling high transportation and labour costs while trying to find the right product mix to cater to a more health-conscious consumer.

The company has modified some of its recipes using healthier ingredients and is tinkering with product sizes and marketing to keep shoppers reaching for its products.

PepsiCo recently launched a new flavour of Cheetos under its Simply snack brand and introduced a blackberry and peach flavour for its bubbly sparkling water that was promoted by singer Michael Buble.

As a result, advertising and marketing spending rose 11 per cent, CFO Hugh Johnston told Reuters.

"It is clear evidence that the advertising that we've been putting into the market place is working ... maybe most encouragingly the Pepsi business," Johnston said.

Sales of Pepsi sodas, which include Diet Pepsi and Pepsi Zero Sugar, grew 3 per cent, driving organic sales at its North America beverage unit, its biggest revenue generator.

Lay's potato chips, Off The Eaten Path snacks and bubbly also sold well, he said.

Total organic or core sales - a keenly watched metric that strips out currency fluctuations and acquisitions - rose 5.2 per cent.

PepsiCo maintained its target of 4 per cent organic revenue growth and earnings of $5.50 per share for the year.

"With guidance unchanged, Pepsi may be in a position to increase spending behind its brands. Something we feel is strategically important and will bear fruit down the road," said Benjamin Altman, CEO of Altman Advisors, which owns PepsiCo shares.

Excluding items, PepsiCo earned 97 cents per share. Net revenue rose 2.6 per cent to $12.88 billion. Analysts were expecting a profit of 92 cents and revenue of $12.70 billion, according to Refinitiv's IBES.

PepsiCo Inc's quarterly sales and profit beat Wall Street estimates on Wednesday, as the beverage maker's advertising and marketing push helped drive sales of its snacks, sparkling waters and low-sugar sodas globally.

PepsiCo Inc's quarterly sales and profit beat Wall Street estimates on Wednesday, as the beverage maker's advertising and marketing push helped drive sales of its snacks, sparkling waters and low-sugar sodas globally. Shares of PepsiCo hit a record high of $125.92 in morning trading after the company said its core sales grew at the fastest pace in more than three years. The results come as a boost for Chief Executive Officer Ramon Laguarta who took over from Indra Nooyi six months ago. Under his watch, Pepsico has spent more on advertising, raised production capacity, while tweaking its supply chain to focus more on healthier snacks and beverages. The changes have helped Pepsi respond better to shifting consumer preferences at a time when packaged food and beverage companies are battling high transportation and labour costs while trying to find the right product mix to cater to a more health-conscious consumer. The company has modified some of its recipes using healthier ingredients and is tinkering with product sizes and marketing to keep shoppers reaching for its products. PepsiCo recently launched a new flavour of Cheetos under its Simply snack brand and introduced a blackberry and peach flavour for its bubbly sparkling water that was promoted by singer Michael Buble. As a result, advertising and marketing spending rose 11 per cent, CFO Hugh Johnston told Reuters. "It is clear evidence that the advertising that we've been putting into the market place is working ... maybe most encouragingly the Pepsi business," Johnston said. Sales of Pepsi sodas, which include Diet Pepsi and Pepsi Zero Sugar, grew 3 per cent, driving organic sales at its North America beverage unit, its biggest revenue generator. Lay's potato chips, Off The Eaten Path snacks and bubbly also sold well, he said. Total organic or core sales - a keenly watched metric that strips out currency fluctuations and acquisitions - rose 5.2 per cent. PepsiCo maintained its target of 4 per cent organic revenue growth and earnings of $5.50 per share for the year. "With guidance unchanged, Pepsi may be in a position to increase spending behind its brands. Something we feel is strategically important and will bear fruit down the road," said Benjamin Altman, CEO of Altman Advisors, which owns PepsiCo shares. Excluding items, PepsiCo earned 97 cents per share. Net revenue rose 2.6 per cent to $12.88 billion. Analysts were expecting a profit of 92 cents and revenue of $12.70 billion, according to Refinitiv's IBES.

PepsiCo results beat Wall Street estimates as new CEO's ad push lifts sales

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber Technologies Inc said on Thursday that the investment valued its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive company Denso Corp will combined invest $667 million.

Reuters had reported in March talks of the investment in ATG, which has locations in Pittsburgh, San Francisco and Toronto.

The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some investor concerns over Uber`s spending on the autonomous unit, which has topped $1 billion since the programme started in 2016.&nbsp;

The business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. The company is not even offering free rides in the robot cars to passengers, like some of its rivals are, following a fatal crash last year in Arizona involving an Uber self-driving SUV.

Uber released its IPO filing this month and is preparing to launch is "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange.&nbsp;

Uber is expected to raise $10 billion at a $90 billion to $100 billion valuation, at least an 18 per cent jump from its current $76 billion valuation.

As part of the deal, ATG becomes its own legal entity but remains under the control of Uber with its financial performance folded into Uber`s. A new ATG board will be formed, with six seats from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board.&nbsp;

Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company`s capital structure. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS).&nbsp;

A law enacted last year expands that group`s powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defence applications.

SoftBank`s investment in General Motors Co`s self-driving car unit Cruise is still under CFIUS review and is likely weeks away from a decision, even though that investment was announced more than a year ago.

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering. Uber Technologies Inc said on Thursday that the investment valued its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive company Denso Corp will combined invest $667 million. Reuters had reported in March talks of the investment in ATG, which has locations in Pittsburgh, San Francisco and Toronto. The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some investor concerns over Uber`s spending on the autonomous unit, which has topped $1 billion since the programme started in 2016. The business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. The company is not even offering free rides in the robot cars to passengers, like some of its rivals are, following a fatal crash last year in Arizona involving an Uber self-driving SUV. Uber released its IPO filing this month and is preparing to launch is "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange. Uber is expected to raise $10 billion at a $90 billion to $100 billion valuation, at least an 18 per cent jump from its current $76 billion valuation. As part of the deal, ATG becomes its own legal entity but remains under the control of Uber with its financial performance folded into Uber`s. A new ATG board will be formed, with six seats from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board. Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company`s capital structure. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS). A law enacted last year expands that group`s powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defence applications. SoftBank`s investment in General Motors Co`s self-driving car unit Cruise is still under CFIUS review and is likely weeks away from a decision, even though that investment was announced more than a year ago.

Uber lands $1 billion from SoftBank, Toyota for self-driving unit

Prime Minister Narendra Modi Friday promised traders Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers as he made a strong re-election pitch to the business community.

Modi said while his government has stood by traders in thick and thin, the opposition Congress has abused businessmen by calling all of them 'chor'&nbsp;(thieves).

Addressing a traders' convention in Delhi, he said the BJP-led NDA government in the last five years at the Centre worked to simplify lives and businesses of traders by scraping 1,500 archaic laws, simplifying processes and providing easy credit.

Traders are "backbone" of the Indian economy but had in past never got the respect they deserved, Modi said, adding that doubling the size of the economy to $5 trillion is not possible without their contribution.

"I am impressed by the hard work of traders... Their business has helped the economy bloom," he said. "I have tried to make your life and business easy in last five years."

"The country is also seeing how we have stood by you in thick and thin," Modi said.

With a household audience, the prime minister said the trading community is like weather forecaster who can anticipate future tidings.

Hitting out at the opposition Congress, the prime minister said the party has in its 70-year rule only "insulted" businessmen. "They called all businessmen chor (thieves)" without realising the contribution of the business community in the economy.

Stating that Mahatma Gandhi too came from businessmen community of banias, he said the country has seen the "insults" meted out by the Congress to traders.

After being re-elected, he said, his government will set up a National Traders' Welfare Board, bring trader credit cards and a pension scheme for small shopkeepers.

Also, the provision will be made to provide loans of up to Rs 50 lakh without collateral, the prime minister promised to traders.

Congress-led governments blamed traders for ills like price rise when it was the party's own hoarders who were black marketing commodities, he alleged.

Listing his government's achievements, he said the NDA regime has ended 1,500 archaic laws at the rate of one per day in the last five years to make doing business easier in the country.

Processes have been simplified, inspector raj largely checked and personal interference in income tax assessment removed.

"I consider you (traders) as the biggest stakeholder of the economy. Opposition parties remember you only on a special occasion," he said.

Modi said the Goods and Services Tax, which was brought in July 2017 by amalgamating 17 different central and state taxes, has made doing business transparent, ended state check-posts and resulted in doubling of registered traders.

"I do not say there may have not been mistakes (in implementing GST) but we have quickly addressed any anomalies based on suggestions from traders," he said.

Based on suggestions of traders, most daily use items are taxed at zero rates while 98 per cent of the commodities are taxed at less than 18 per cent, he said adding the process of filing tax returns under GST has also been simplified and exemption limit for small businesses doubled.

"We are continuously making this process simple," he said.

Stating that he is a 'sevak' (servant) and not a 'malik' (owner), Modi gave an account of his government achievement in five years - release of 70,000 free LPG gas connections to poor women every day, providing electricity connection to 50,000 households per day, opening of lakhs of Jan Dhan bank accounts for poor every month and 1 lakh entrepreneurs being given loan under Mudra scheme on a daily basis.

Modi said India has jumped 65 places on World Bank's ease of doing business ranking to rank 77 in the world and the target is to break into top 50 in the next 5 years.

Traders, he said, should get the credit for what they have done for the economy and not government interference.

Procedural difficulties in getting credit are being ended and loans of up to Rs 1 crore are now available in 59 minutes, he said. "We have largely succeeded in checking inspector raj."

Prime Minister Narendra Modi Friday promised traders Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers as he made a strong re-election pitch to the business community.

Prime Minister Narendra Modi Friday promised traders Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers as he made a strong re-election pitch to the business community. Modi said while his government has stood by traders in thick and thin, the opposition Congress has abused businessmen by calling all of them 'chor' (thieves). Addressing a traders' convention in Delhi, he said the BJP-led NDA government in the last five years at the Centre worked to simplify lives and businesses of traders by scraping 1,500 archaic laws, simplifying processes and providing easy credit. Traders are "backbone" of the Indian economy but had in past never got the respect they deserved, Modi said, adding that doubling the size of the economy to $5 trillion is not possible without their contribution. "I am impressed by the hard work of traders... Their business has helped the economy bloom," he said. "I have tried to make your life and business easy in last five years." "The country is also seeing how we have stood by you in thick and thin," Modi said. With a household audience, the prime minister said the trading community is like weather forecaster who can anticipate future tidings. Hitting out at the opposition Congress, the prime minister said the party has in its 70-year rule only "insulted" businessmen. "They called all businessmen chor (thieves)" without realising the contribution of the business community in the economy. Stating that Mahatma Gandhi too came from businessmen community of banias, he said the country has seen the "insults" meted out by the Congress to traders. After being re-elected, he said, his government will set up a National Traders' Welfare Board, bring trader credit cards and a pension scheme for small shopkeepers. Also, the provision will be made to provide loans of up to Rs 50 lakh without collateral, the prime minister promised to traders. Congress-led governments blamed traders for ills like price rise when it was the party's own hoarders who were black marketing commodities, he alleged. Listing his government's achievements, he said the NDA regime has ended 1,500 archaic laws at the rate of one per day in the last five years to make doing business easier in the country. Processes have been simplified, inspector raj largely checked and personal interference in income tax assessment removed. "I consider you (traders) as the biggest stakeholder of the economy. Opposition parties remember you only on a special occasion," he said. Modi said the Goods and Services Tax, which was brought in July 2017 by amalgamating 17 different central and state taxes, has made doing business transparent, ended state check-posts and resulted in doubling of registered traders. "I do not say there may have not been mistakes (in implementing GST) but we have quickly addressed any anomalies based on suggestions from traders," he said. Based on suggestions of traders, most daily use items are taxed at zero rates while 98 per cent of the commodities are taxed at less than 18 per cent, he said adding the process of filing tax returns under GST has also been simplified and exemption limit for small businesses doubled. "We are continuously making this process simple," he said. Stating that he is a 'sevak' (servant) and not a 'malik' (owner), Modi gave an account of his government achievement in five years - release of 70,000 free LPG gas connections to poor women every day, providing electricity connection to 50,000 households per day, opening of lakhs of Jan Dhan bank accounts for poor every month and 1 lakh entrepreneurs being given loan under Mudra scheme on a daily basis. Modi said India has jumped 65 places on World Bank's ease of doing business ranking to rank 77 in the world and the target is to break into top 50 in the next 5 years. Traders, he said, should get the credit for what they have done for the economy and not government interference. Procedural difficulties in getting credit are being ended and loans of up to Rs 1 crore are now available in 59 minutes, he said. "We have largely succeeded in checking inspector raj."

Modi says traders to get 50-lakh loan without collateral, credit card, pension if NDA re-elected

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber&nbsp;said on Thursday that the investment values its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive parts supplier Denso Corp will invest a combined $667 million.

Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said.

Reuters had reported in March talks of the investment in ATG.

Uber CEO Dara Khosrowshahi said that the funding "will help maintain Uber's position at the forefront of" a transforming transportation industry.

The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some of Wall Street's concerns over Uber's spending on the autonomous unit, which has topped $1.07 billion since the program started in 2016.

In its filing for an initial public offering this month, Uber cautioned that development of self-driving technology "is expensive and time-consuming and may not be successful" and the company lagged certain competitors.

The self-driving business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion.

As part of the investment, ATG becomes its own legal entity but remains under the control of Uber. A new ATG board will be formed, with six directors appointed from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board.

Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company's capital structure.

Uber is preparing to launch its "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange. It is expected to raise $10 billion at a $90 billion to $100 billion valuation.

National security concerns

The transaction is expected to close the third quarter. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS).

A law enacted last year expands that group's powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defence applications.

SoftBank's investment in General Motors Co's self-driving car unit Cruise is still under CFIUS review and is likely weeks away from any decision, even though that investment was announced nearly a year ago.

Both SoftBank and Toyota are repeat Uber investors. SoftBank took a more than 16 per cent stake in the company after investing around $8 billion last year, becoming its largest shareholder. Toyota invested in Uber in 2016 and again in August with a $500 million check to work jointly to develop self-driving cars.

The investment comes despite growing disillusion with the self-driving business, which has failed to deliver on bold promises of commercial autonomous cars, and Uber's setbacks. A crash in March 2018 involving an Uber self-driving SUV killed a pedestrian in Tempe, Arizona, and forced the company to shutter its biggest testing operation and halt autonomous driving in other cities.

Uber now has a small number of cars testing in Pittsburgh, during the day and in good weather, with two safety drivers. They do not offer rides to passengers.

The Tempe crash hurt the entire industry, say self-driving company executives, dealing a blow to public confidence in the safety of robot cars.

ATG chief scientist Raquel Urtasun said in an interview with Reuters this month it "is not clear" when self-driving cars will be deployed at a large scale, and for the next decade at least there will be a mix of robot and human-controlled cars.

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering. Uber said on Thursday that the investment values its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive parts supplier Denso Corp will invest a combined $667 million. Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said. Reuters had reported in March talks of the investment in ATG. Uber CEO Dara Khosrowshahi said that the funding "will help maintain Uber's position at the forefront of" a transforming transportation industry. The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some of Wall Street's concerns over Uber's spending on the autonomous unit, which has topped $1.07 billion since the program started in 2016. In its filing for an initial public offering this month, Uber cautioned that development of self-driving technology "is expensive and time-consuming and may not be successful" and the company lagged certain competitors. The self-driving business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. As part of the investment, ATG becomes its own legal entity but remains under the control of Uber. A new ATG board will be formed, with six directors appointed from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board. Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company's capital structure. Uber is preparing to launch its "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange. It is expected to raise $10 billion at a $90 billion to $100 billion valuation. National security concerns The transaction is expected to close the third quarter. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS). A law enacted last year expands that group's powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defence applications. SoftBank's investment in General Motors Co's self-driving car unit Cruise is still under CFIUS review and is likely weeks away from any decision, even though that investment was announced nearly a year ago. Both SoftBank and Toyota are repeat Uber investors. SoftBank took a more than 16 per cent stake in the company after investing around $8 billion last year, becoming its largest shareholder. Toyota invested in Uber in 2016 and again in August with a $500 million check to work jointly to develop self-driving cars. The investment comes despite growing disillusion with the self-driving business, which has failed to deliver on bold promises of commercial autonomous cars, and Uber's setbacks. A crash in March 2018 involving an Uber self-driving SUV killed a pedestrian in Tempe, Arizona, and forced the company to shutter its biggest testing operation and halt autonomous driving in other cities. Uber now has a small number of cars testing in Pittsburgh, during the day and in good weather, with two safety drivers. They do not offer rides to passengers. The Tempe crash hurt the entire industry, say self-driving company executives, dealing a blow to public confidence in the safety of robot cars. ATG chief scientist Raquel Urtasun said in an interview with Reuters this month it "is not clear" when self-driving cars will be deployed at a large scale, and for the next decade at least there will be a mix of robot and human-controlled cars.

Uber's self-driving unit valued at $7.25 billion in new investment

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently.

The grounding of Jet Airways flights has greatly affected the export of fresh produce to Europe.

Jet Airways had the highest capacity for Cargo. The airline had accounted for 50 per cent of exports from Mumbai to places like London, Amsterdam, Paris and Singapore.

Dubai based Emirates which has the second highest cargo capacity has in result hiked freight rates by 30 per cent to 40 per cent.

The freight rates on an average used to vary between 75 to 80 rupees per kg. But now they have risen to an excess of 100 rupees per kg.

The business community is cautious of the fact that if the status quo continues. This might have a long term impact on export volumes and price commitments.

The trouble at Jet Airways is also impacting the earnings of the hospitality industry.

The troubled airline owes a great deal of money to leading hotel chains and in-flight caterers.

Sources say&nbsp;that the suspended airline owes money to hotels like Marriott, taj, Hilton and Hyatt for crew accommodation that was booked in advance.

Air carriers don't often pay in advance. Billing cycle and room nights vary for each carrier. And bills are often sent to the companies later for payment.

&nbsp;

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently.

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently. The grounding of Jet Airways flights has greatly affected the export of fresh produce to Europe. Jet Airways had the highest capacity for Cargo. The airline had accounted for 50 per cent of exports from Mumbai to places like London, Amsterdam, Paris and Singapore. Dubai based Emirates which has the second highest cargo capacity has in result hiked freight rates by 30 per cent to 40 per cent. The freight rates on an average used to vary between 75 to 80 rupees per kg. But now they have risen to an excess of 100 rupees per kg. The business community is cautious of the fact that if the status quo continues. This might have a long term impact on export volumes and price commitments. The trouble at Jet Airways is also impacting the earnings of the hospitality industry. The troubled airline owes a great deal of money to leading hotel chains and in-flight caterers. Sources say that the suspended airline owes money to hotels like Marriott, taj, Hilton and Hyatt for crew accommodation that was booked in advance. Air carriers don't often pay in advance. Billing cycle and room nights vary for each carrier. And bills are often sent to the companies later for payment.

Jet Airways crisis seeps into allied business

India has again missed the chance to become an electricity-surplus nation by a whisker as its peak power deficit stood at 0.8 per cent and the overall energy deficit remained 0.6 per cent in 2018-19.

In its load generation balancing report (LGBR) for 2018-19, the Central Electricity Authority (CEA) had pegged overall energy and peak power surpluses at 4.6 per cent and 2.5 per cent, respectively, indicating that India would be a power-surplus country in the financial year.

In 2017 also, the CEA in its LGBR had projected that India would become a power-surplus nation in 2017-18. But, the peak power deficit was 2.1 per cent, while overall electricity deficit was 0.7 per cent across the country in that financial year.

According to the latest CEA data, during peak hours, as much as 175.52 gigawatt (GW) was supplied against demand of 177.02 GW leaving a deficit of 1.49 GW or 0.8 per cent in 2018-19.

The data showed that as much as 1,267.29 billion units (BUs) of electricity was supplied against the demand of 1,274.56 BUs leaving an overall electricity or energy deficit of 7.35 BUs or 0.6 per cent during 2018-19.

A power sector expert said, "The deficit is primarily due to discoms not being able to buy power. Their total outstanding due was Rs 40,698 crore toward power generators till January this year."

He added that India can be a power-surplus state as its installed power generation capacity is around 356 GW against the peak demand of about 177 GW.

The power generation can be doubled provided distribution companies (discoms) pay their dues promptly.

During March 2019, the overall energy deficit was 0.4 per cent. As much as 108.19 BUs of electricity was supplied against the demand of 108.66 BUs in March. The peak power deficit in the month was 0.4 per cent as 168.74 GW power was supplied against the demand of 169.46 GW.

India has again missed the chance to become an electricity-surplus nation by a whisker as its peak power deficit stood at 0.8 per cent and the overall energy deficit remained 0.

India has again missed the chance to become an electricity-surplus nation by a whisker as its peak power deficit stood at 0.8 per cent and the overall energy deficit remained 0.6 per cent in 2018-19. In its load generation balancing report (LGBR) for 2018-19, the Central Electricity Authority (CEA) had pegged overall energy and peak power surpluses at 4.6 per cent and 2.5 per cent, respectively, indicating that India would be a power-surplus country in the financial year. In 2017 also, the CEA in its LGBR had projected that India would become a power-surplus nation in 2017-18. But, the peak power deficit was 2.1 per cent, while overall electricity deficit was 0.7 per cent across the country in that financial year. According to the latest CEA data, during peak hours, as much as 175.52 gigawatt (GW) was supplied against demand of 177.02 GW leaving a deficit of 1.49 GW or 0.8 per cent in 2018-19. The data showed that as much as 1,267.29 billion units (BUs) of electricity was supplied against the demand of 1,274.56 BUs leaving an overall electricity or energy deficit of 7.35 BUs or 0.6 per cent during 2018-19. A power sector expert said, "The deficit is primarily due to discoms not being able to buy power. Their total outstanding due was Rs 40,698 crore toward power generators till January this year." He added that India can be a power-surplus state as its installed power generation capacity is around 356 GW against the peak demand of about 177 GW. The power generation can be doubled provided distribution companies (discoms) pay their dues promptly. During March 2019, the overall energy deficit was 0.4 per cent. As much as 108.19 BUs of electricity was supplied against the demand of 108.66 BUs in March. The peak power deficit in the month was 0.4 per cent as 168.74 GW power was supplied against the demand of 169.46 GW.

India still not power-surplus nation, says Central Electricity Authority data

The benchmark BSE Sensex extended its record run by rising over 200 points in early trade Thursday led by gains in index heavyweight RIL ahead of its earnings.

Investor sentiment was also boosted by unabated foreign fund inflow, experts said.

After hitting a lifetime high (intra-day) of 39,487.45, the 30-share index was trading 136.38 points or 0.35 per cent higher at 39,412.02. The NSE Nifty too soared to another record high of 11,856 in early session.

In the previous session Tuesday, the BSE bourse marked its lifetime closing high of 39,275.64. Similarly, the broader Nifty too settled at a new record closing level of 11,787.15.

According to Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management, robust foreign inflows have been the primary reason behind a steep rally in Indian markets over the last few weeks. "Earnings growth and election outcome will be key monitorables going forward."

Foreign institutional investors (FIIs) purchased equity worth Rs 1,038.58 crore on Tuesday, and domestic institutional investors (DIIs) bought equities to the tune of Rs 37.22 crore, provisional data available with stock exchanges showed.

Shares of RIL rallied over 2.30 per cent, adding more that 100 points to the gains on Sensex. The company is scheduled to release its Q4 results later in the day.

Other gainers in the Sensex pack include Tata Motors, Asian Paints, Hero MotoCorp, HDFC, ICICI Bank, Axis Bank, Maruti, TCS, HDFC Bank and HCL Tech, rising up to 2.04 per cent.

On the other hand, Yes Bank, Vedanta, SBI, Tata Steel, Bharti Airtel, IndusInd Bank and Infosys were the top losers, shedding up to 2.38 per cent.

Jet&nbsp;Airways shares sank 34 per cent on Thursday in a sign investors were sceptical about a revival, even as lenders to the carrier said they are "reasonably hopeful" the bidding process for the grounded Indian airline will end successfully.

Meanwhile, the rupee appreciated marginally to 69.60 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, was 0.08 per cent lower at US$ 71.56 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.&nbsp;

The benchmark BSE Sensex extended its record run by rising over 200 points in early trade Thursday led by gains in index heavyweight RIL ahead of its earnings. Investor sentiment was also boosted by unabated foreign fund inflow, experts said.

The benchmark BSE Sensex extended its record run by rising over 200 points in early trade Thursday led by gains in index heavyweight RIL ahead of its earnings. Investor sentiment was also boosted by unabated foreign fund inflow, experts said. After hitting a lifetime high (intra-day) of 39,487.45, the 30-share index was trading 136.38 points or 0.35 per cent higher at 39,412.02. The NSE Nifty too soared to another record high of 11,856 in early session. In the previous session Tuesday, the BSE bourse marked its lifetime closing high of 39,275.64. Similarly, the broader Nifty too settled at a new record closing level of 11,787.15. According to Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management, robust foreign inflows have been the primary reason behind a steep rally in Indian markets over the last few weeks. "Earnings growth and election outcome will be key monitorables going forward." Foreign institutional investors (FIIs) purchased equity worth Rs 1,038.58 crore on Tuesday, and domestic institutional investors (DIIs) bought equities to the tune of Rs 37.22 crore, provisional data available with stock exchanges showed. Shares of RIL rallied over 2.30 per cent, adding more that 100 points to the gains on Sensex. The company is scheduled to release its Q4 results later in the day. Other gainers in the Sensex pack include Tata Motors, Asian Paints, Hero MotoCorp, HDFC, ICICI Bank, Axis Bank, Maruti, TCS, HDFC Bank and HCL Tech, rising up to 2.04 per cent. On the other hand, Yes Bank, Vedanta, SBI, Tata Steel, Bharti Airtel, IndusInd Bank and Infosys were the top losers, shedding up to 2.38 per cent. Jet Airways shares sank 34 per cent on Thursday in a sign investors were sceptical about a revival, even as lenders to the carrier said they are "reasonably hopeful" the bidding process for the grounded Indian airline will end successfully. Meanwhile, the rupee appreciated marginally to 69.60 against the US dollar in early trade. Brent crude futures, the global oil benchmark, was 0.08 per cent lower at US$ 71.56 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the red in early trade.

Sensex extends record run, jumps over 200 points; RIL up 2%

It is impossible to say that India witnessed seven per cent growth without any job creation or increase in employment opportunities, said&nbsp;Amitabh Kant, Chief Executive Officer, NITI Aayog on Wednesday.&nbsp;

"It is absolutely impossible to say that seven per cent of growth happened without any job creation or increase in employment opportunities. If one looks at our analysis, the number of schemes launched, and keeping all the other factors in mind, there has been a continuous process of job creation," Kant told reporters.

"Our country`s ambition should be of achieving 10 per cent growth when we will reach this level we will be able to lift up a maximum number of people above the poverty line," he added.

The government`s focus was to improve the growth rate, he further said.&nbsp;

"If West Bengal and Karnataka say that jobs have been created in their respective states, then how it is possible that there is no employment generation?" Kant asked.&nbsp;

"I am not looking after the issue of jet airways so, I cannot comment on that," he said when asked about the recent Jet Airways crisis.

An SBI-led consortium has taken over the debt-ridden airlines after chairman and founder Naresh Goyal, stepped down from the Board on March 25.&nbsp;

Burdened with high operating costs and a huge debt, the airline has been facing the biggest crisis in its history.&nbsp;

It is impossible to say that India witnessed seven per cent growth without any job creation or increase in employment opportunities, said Amitabh Kant, Chief Executive Officer, NITI Aayog on Wednesday.

It is impossible to say that India witnessed seven per cent growth without any job creation or increase in employment opportunities, said Amitabh Kant, Chief Executive Officer, NITI Aayog on Wednesday. "It is absolutely impossible to say that seven per cent of growth happened without any job creation or increase in employment opportunities. If one looks at our analysis, the number of schemes launched, and keeping all the other factors in mind, there has been a continuous process of job creation," Kant told reporters. "Our country`s ambition should be of achieving 10 per cent growth when we will reach this level we will be able to lift up a maximum number of people above the poverty line," he added. The government`s focus was to improve the growth rate, he further said. "If West Bengal and Karnataka say that jobs have been created in their respective states, then how it is possible that there is no employment generation?" Kant asked. "I am not looking after the issue of jet airways so, I cannot comment on that," he said when asked about the recent Jet Airways crisis. An SBI-led consortium has taken over the debt-ridden airlines after chairman and founder Naresh Goyal, stepped down from the Board on March 25. Burdened with high operating costs and a huge debt, the airline has been facing the biggest crisis in its history.

7% growth rate impossible without creating jobs: NITI Aayog CEO

Jet Airways lenders Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations.

The announcement from the lenders came early morning ahead of market opening.

"The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," a statement said.

A consortium of 26 lenders led by State Bank of India (SBI), with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors. 
"Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," it said.

Banks on Wednesday rejected an immediate Rs 400 crore demand of Jet Airways compelling it to ground operations.&nbsp;

Jet Airways lenders Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations.

Jet Airways lenders Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations. The announcement from the lenders came early morning ahead of market opening. "The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," a statement said. A consortium of 26 lenders led by State Bank of India (SBI), with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors. "Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," it said. Banks on Wednesday rejected an immediate Rs 400 crore demand of Jet Airways compelling it to ground operations.

Jet Airways: Lenders reasonably hopeful of successful bidding process for stake sale