Germany has launched a new investigation into Amazon's ties with third party traders selling on its site. Watch report.

German watchdog launches Amazon investigation | World News

The German automaker Daimler said that it had agreed to pay $25 billion to settle accusations that Mercedes-Benz cars and vans sold in the United States were programmed to cheat on emissions tests. Watch report.

Daimler settles US emissions lawsuit: VW to pay more than $25 BN in US fines

Keeping up the ho[es of survival alive the owner of WeWork has told employees yesterday that it has slashed the cash burn rate almost and a half from the end of last year and obtained a 1.1 BN dollar commitment in new financing from SoftBank.

WeWork gets $1.1 BN commitment by SoftBank | World News

VECV has bought the Volvo bus operations. They will cover the manufacture, assembly, distribution, and sale of the Volvo Buses in India, and other rights forming part of the business.

VECV acquires Volvo bus operations: Volvo bus employees to be absorbed

China has extended anti-dumping tariffs on Indian Fiber Optic Products. Tariffs to last for five years.

China puts tariff on Fiber Optic product made in India

Trouble is growing for India's low-cost air carrier Go Air as it has been put on cash and carrier model. Watch report.

Go India asked to clear daily dues: Move reflects a cash crunch

Saudi Arabia's state-owned oil major Aramco profit has plunged 73% in the second quarter of the year. Watch report.

Aramco profit dive: Profits all steeper than expected

The Asian shares made a cautious start today morning as investors kept an eye on flaring tensions between US and China. Watch report

Asian Shares | Australian shares recover Friday's losses

India's ease of doing business ranking has improved significantly but Indian companies continue to pay a high cost for compliance. Coronavirus has added more safety rules that will increase the compliance burden. Watch report.

Center, states have separate laws on business: Ease of doing business improved significantly

HSBC Holdings PLC warned its bad debt charges could blow past a previous estimate to $13 billion this year and said its profits more than halved, as the coronavirus pandemic hammered the bank's retail and corporate customers worldwide.

Fineprint: HSBC's net profit plunges 96 per cent

Rating agency Moody's has downgraded the long-term senior unsecured bonds of Rolls-Royce to "junk" status, saying that the aviation market served by the British engineering firm has weakened and could fall further.

WION Dispatch: Global aviation market weakening, Moody's downgrades Rolls-Royce

Indian two-wheeler majors Hero Moto and Bajaj Auto plan to sharply expand two-wheeler production in India. Watch this video to know more.

WION Dispatch: Indian two-wheeler majors Hero Moto, Bajaj Auto plan expansion

Australia is set to face the largest budget deficit since World War II when the federal government hands down the country's economic standing on October 6. Watch report.

Australia's biggest deficit since world war 2

US Federal Aviation of FAA has said that it plans to issue an airworthy directive for Boeing 737 Max in near future. Watch report

Boeing 737 Max woes: Plane not expected to flight before November

Amid the downturn in UAE's real estate sector and weak equity market conditions. A Dubai based real estate investment trust said that it was considering delisting. Watch report.

Emirates REIT investment trust: Dubai real estate fund

India’s auto sector will take 3-4 years to recover from this current situation. Cars and Suv's sales slumped in june due to the poor demand in market. Two wheeler sales goes down by 39 percent due to Coronavirus pandemic

Cars, Suv's sales slumped in june due to poor demands in market

Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency S&P Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level.

COVID-19 to cost global banks $2.1 trillion by the end of 2021

Boeing Co. is pulling the plug on its 747 jumbo jet. The 747 democratized global air travel in the 1970s but fell behind modern twin-engine passenger jets.

Boeing to end production of 747 jumbo jet

Dealing with economic fallout of COVID19, India has announced a sharp 54% increase in its FY21 gross borrowing target to Rs 12 lakh crore from Rs 7.8 lakh crore.

India raises FY21 gross borrowing target to Rs 12 lakh crore

The Union Finance Minister Nirmala Sitharaman on Tuesday (March 24) said that last date for the income tax return for the financial year 18-19 has been extended to June 30, 2020. The finance minister also extended Aadhar-PAN linking date.

Indian Finance Minister extends deadlines to provide relief

Apple Inc's plea to avoid paying $440 million in damages to VirnetX Inc for using the patent licensing firm's security technology without permission in features such as FaceTime video calling was denied by the US Supreme Court.

Apple Inc's plea to avoid paying $440 million in damages to VirnetX Inc for using the patent licensing firm's security technology without permission in features such as FaceTime video calling was denied by the US Supreme Court. Apple's appeal was rejected by the judges in this case which spans a decade, wherein a Texas jury had discovered in 2016 that the iPhone manufacturer had infringed VirnetX's patents, following which the patent licensing firm was awarded $302 million. The amount was increased to $439.7 million including interest and other costs. Also Read: US jury asks Apple to pay $145 million in damages to Canada's WiLan In 2010, the Nevada-based VirnetX filed a lawsuit against California-based Apple of infringing four patents for secure networks, known as virtual private networks, and secure communications links. VirnetX was adamant that Apple infringed with its FaceTime and VPN on Demand features in products such as the iPhone and iPad. The judgement against apple was upheld last year by the US Court of Appeals for the Federal Circuit in Washington. During the hearings, Apple and other tech titans requested a review of the validity of VirnetX patents by a tribunal of the US Patent and Trademark Office. Also Read: Samsung to pay $539 million to Apple for copying patented smartphone designs, features Key parts of the patents at issue, in this case, were cancelled by the Tribunal but in separate decisions issued last year, the Federal Circuit set aside certain of the tribunal's rulings which brought VirnetX closer to collecting damages from Apple. The world-renowned mobile phone manufacturer appealed to the Supreme Court, arguing that the damages should be recalculated because the specific patents VirnetX accused it of infringing with FaceTime were nearly wiped out. Also Read: Top US court rejects Samsung's appeal on patent loss to Apple In a court filing, Apple called the Federal Circuit's opposition to indulge its demands "legally wrong and grossly unfair." The company also stated that lower courts unlawfully granted requests from VirnetX and granted them compensation for damages far beyond the value of the patented invention. VirnetX issued a statement saying that "The entire damages award ... remains supported by claims that a jury - and the Federal Circuit - found valid years ago and that have not been cancelled since."

Apple appeals rejected by US Supreme Court in legal battle with VirnetX

New microprocessors have been launched by Intel Corp, a device which includes a second-generation Xeon processor for data centres and a 10nm chip for wireless 5G base stations.

New microprocessors have been launched by Intel Corp, a device which includes a second-generation Xeon processor for data centres and a 10nm chip for wireless 5G base stations. Sales of server chips have been boosted after an increase in demand from cloud-computing companies, which has resulted in strong results from Intel and its rival AMD Corp. Also Read: Apple, Intel file antitrust case against SoftBank- Owned firm over patent practices The market for server chips has been dominated by Intel's Xeon chips, but the debut of its rival EPYC processors that earned positive reviews has allowed AMD to gain ground in the business. Though the new Xeon chips afford a better performance on the dollar as compared to its previous generation, Intel is confident that the 10nm chip, P5900, will help it become the leading silicon provider in base stations by 2021. 10nm and 7nm products will be launched by Intel in 2020, while AMD has already launched several chips based on the smaller 7nm architecture. Also Read: Wall Street falls as investors cautious on trade; Intel slides 10nm chip technology sale by Intel has been facing a lot of struggles, which has cost the company its lead to rivals in the race to supply to the new data economy which includes 5G chips, 5G devices, artificial intelligence and autonomous vehicles. Though the company had intended to launch the new chip in Barcelona during the Mobile World Congress, the event was cancelled due to rising paranoia over the COVID-19 outbreak all over the world.

Intel unveils new Xeon chip, COVID-19 delays product

PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for $705 million, the companies said. The US multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China's leading consumer-focused food and beverage company.

PepsiCo Inc has agreed to buy Chinese snack brand Be & Cheery from local jujube maker Haoxiangni Health Food Co Ltd for $705 million, the companies said. The US multinational food and beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms, was an important step in its goal to become China's leading consumer-focused food and beverage company. Also Read: Pepsi Co's advertising blitz drives profit beat, solid forecast "Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that can stretch across a broad portfolio of products, through both online and offline channels," Ram Krishnan, CEO of PepsiCo Greater China, said in a statement on Sunday. "We also expect to leverage Be & Cheery's innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets." Also Read: In a bid to curb plastic pollution, Pepsi and Coca Cola sever ties with Plastics Industry Association Haoxiangni, which is based in the eastern city of Hangzhou, said in a separate filing that it had decided to sell as it wanted to focus on the jujube business. Founded in 2003, Be & Cheery is one of the largest online snack companies in China and reported revenues of about 5 billion yuan ($711.7 million) in 2019, the companies said. The transaction is subject to a Haoxiangni shareholder vote, certain regulatory approvals and other customary conditions, they said.

Chinese snack brand Be & Cheery sold to Pepsico for $705 million

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

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

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

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

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

Oil up on slowing pace of coronavirus, Venezuela sanctions

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

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

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

Though the tech giant Amazon, after much pressure, admitted that conversations recorded by virtual assistant Alexa and transcribed by humans were to check for accuracy and the information is made anonymous beforehand, Robert Frederick revealed that he always turns off his Alexa smart speaker during personal and particularly sensitive conversations.

Though the tech giant Amazon, after much pressure, admitted that conversations recorded by virtual assistant Alexa and transcribed by humans were to check for accuracy and the information is made anonymous beforehand, Robert Frederick revealed that he always turns off his Alexa smart speaker during personal and particularly sensitive conversations. Robert Frederick, a former manager at Amazon Web Services stated in an interview with BBC Panorama that 'whoever owns, collects the data, if you have access to it, and rights to data, then you are king. It's all about the data. Everything,' Amazon has responded to the backlash from this laundering with an opt-out of annotation, affording customers the ability to delete recordings they do not want on the system. Amazon Senior VP for Devices and Services Dave Limp issued a statement guaranteeing that recordings that are kept allow the system to recognise the user's voice easily over time. Ring doorbells from Amazon have also been criticized for the way they utilise data, particularly in supplying video evidence to law enforcement. [ Amazon's Alexa smart speaker (L); Amazon Ring's doorbell cameras (R) (Courtesy: AFP) ] Having spent $840 million to buy the manufacturer, Amazon defended the product by saying that the doorbells "make it convenient to speak to and see whoever is at your front door." Police forces in the US and the UK have been beneficiaries of generous donations of the Amazon Ring doorbells, including Suffolk Constabulary who were given 1,000 units. Ring cameras in the US are being used by Amazon to create digital neighbourhood watch schemes with the help of an app called "Neighbours" where residents can share footage from the cameras. Access to the app's data has also been granted to more than 900 police forces, with permission from residents to have access to camera locations and footage. Dave Limp stated that this was not a marketing ploy to exhibit the product as a surveillance device, but an effort to make the lives of Amazon's customers safer. Also Read: Amazon's slow climate action: Defying company policy, over 300 employees speak out Concerns have been raised by the Government's Surveillance Camera Commissioner for England and Wales, Tony Porter. Responding to BBC Panorama, Porter warned that the introduction of Amazon's Neighbors app to the UK would "change from being community reassurance to a state form of surveillance." "This lays a foundation for a network that quite rightly and properly causes concerns for people that don't want to live in a society that is enmeshed in surveillance," he added. "We could end up in a surveillance state and I don't know anybody that wants to live in a surveillance state," said Porter.

Former Amazon executive says he turns off Alexa when he needs privacy

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

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

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

Google goes to court over EU antitrust fines

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

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

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

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

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

World markets gain as data reassures nervous investors

Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.

Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies. Brent crude settled at $53.96 a barrel, sliding 49 cents, or 0.9 per cent, while US West Texas Intermediate (WTI) crude settled at $49.61 a barrel, losing 50 cents, or 1 per cent. Both benchmarks were at their lowest since January 2019. "I think the fear of demand destruction continues to have the market by its throat," said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. Oil slid sharply over the past two weeks on concerns over the global economic impact of China's coronavirus, which by Tuesday had claimed 427 lives, infected 20,438 in mainland China and had been detected in roughly two dozen countries. Also Read: Oil prices slip over China virus fears In early trading, it bounced higher on hopes of further output cuts from OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia. An OPEC+ committee weighed the impact on global oil demand and economic growth of the outbreak of the coronavirus at a meeting, hearing from China's envoy to the United Nations in Vienna and discussing how to respond. Sources close to the matter told Reuters that OPEC+ was considering cutting crude output by a further 500,000 barrels per day (BPD). However, the producer group could face an uphill battle to put more cuts in place so soon after the existing pact was agreed to and because of uncertainty over how long the virus crisis will last. Also read: Virus outbreak delays India's cotton exports to China "If the producer group believes the outbreak to be contained, with effects tapering out after a short period, like SARS, they have the option to stand pat and weather the lower price environment until demand returns," the global head of commodity strategy at BNP Paribas, Harry Tchilinguirian, told the Reuters Global Oil Forum. Price gains were also limited by Russian Energy Minister Alexander Novak's comments that he was uncertain it was time to tighten oil output curbs. BP finance chief Brian Gilvary told Reuters the economic impact of the coronavirus will reduce oil consumption for the whole year by 300,000 to 500,000 BPD, roughly 0.5 per cent of global demand. Goldman Sachs warned that the outbreak's impact on demand is likely to keep spot-price volatility elevated. "Oil prices are now at levels where we would expect a supply response from both OPEC and shale producers, and where China would likely seek to build crude inventories," Goldman said in a note.

Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts

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