On Monday, Dubai Ruler Mohammed bin Rashid Al-Maktoum announced the Emirates Development Bank is allocating 30 billion dirhams ($8.17 billion) to support companies regarded as a priority for the UAE economy.

According to a statement carried by WAM, the programme will benefit about 13,500 companies in industrial sectors, in turn creating 25,000 jobs.

Launched to support the UAE’s “Operation 300bn,” this 10-year strategy looks to expand the country’s industrial output, raising its contribution to GDP to 300 billion dirhams by 2031.

Sultan Al-Jaber, chairman, EDB, said, “The new EDB strategy will help accelerate industrial development and the adoption of advanced technology through dedicated financing programmes and will also provide dedicated investment funds that will support entrepreneurs, start-ups and SMEs.”&nbsp;

“EDB will prioritise creating partnerships with UAE banks to give small and medium-sized industrial companies access to financial services, and in increasing its direct financing by 73 per cent in 2021 for priority sectors,” added UAE minister.&nbsp;

The bank is also set to launch a one billion dirhams investment fund for start-ups and SMEs in 2022.

(With inputs from agencies)

On Monday, Dubai Ruler Mohammed bin Rashid Al-Maktoum announced the Emirates Development Bank is allocating 30 billion dirhams ($8.17 billion) to support companies regarded as a priority for the UAE economy.

On Monday, Dubai Ruler Mohammed bin Rashid Al-Maktoum announced the Emirates Development Bank is allocating 30 billion dirhams ($8.17 billion) to support companies regarded as a priority for the UAE economy. According to a statement carried by WAM, the programme will benefit about 13,500 companies in industrial sectors, in turn creating 25,000 jobs. Launched to support the UAE’s “Operation 300bn,” this 10-year strategy looks to expand the country’s industrial output, raising its contribution to GDP to 300 billion dirhams by 2031. Sultan Al-Jaber, chairman, EDB, said, “The new EDB strategy will help accelerate industrial development and the adoption of advanced technology through dedicated financing programmes and will also provide dedicated investment funds that will support entrepreneurs, start-ups and SMEs.” “EDB will prioritise creating partnerships with UAE banks to give small and medium-sized industrial companies access to financial services, and in increasing its direct financing by 73 per cent in 2021 for priority sectors,” added UAE minister. The bank is also set to launch a one billion dirhams investment fund for start-ups and SMEs in 2022. (With inputs from agencies)

UAE announces $8.2bn stimulus for industrial sector

Japanese big manufacturers’ sentiment improved to pre-pandemic levels in the first quarter as companies planned to increase capital expenditure this year.

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WeWork is now in talks with BowX Acquisition Corp, a blank-check company that raised $420 million in August,

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The Turkish lira stood at 8.0990 per dollar in Asia, down 11 per cent from its close on Friday. At one point the lira fell by as much as 14.9 per cent to 8.4850

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Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. 
 
The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. 
 
Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. 
 
The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. 
 
The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. 
 
Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. 
 
Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. 
 
"Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. 
 
"We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." 
 
Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. 
 
Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. 
 
The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. 
 
Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. 
 
Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. 
 
The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. "Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan downgrades fourth-quarter GDP as companies scale back spending

WhatsApp once again has landed in trouble for privacy concerns. Regulators have now eyed the contact sharing policy of WhatsApp and told the firm that this will not be allowed and is against the laws.

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The day the military seized power in Myanmar three weeks ago, Phyu delved into her company's emergency funds and gave her staff a one-month advance on their salaries.&nbsp;

Phyu, who runs a market research firm, saw trouble ahead then, but isn’t sure how she'll pay her three staff next month.&nbsp;Ahead of payday on Friday, the first since the February 1 coup, a cloud is hanging over Myanmar's fragile economy.&nbsp;

Its kyat currency is depreciating, businesses are paralysed and banks are in disarray, and for all the support for street protests and strikes against the junta, the disruption is nudging the economy closer to a breakdown.&nbsp;

Also Read: <a href="https://www.wionews.com/south-asia/after-coup-japan-mulls-halting-new-assistance-projects-to-myanmar-366205">After coup, Japan mulls halting new assistance projects to Myanmar</a>

"I predicted things could get worse so I paid them their salary in advance on that day," said Phyu, who declined to provide her full name.&nbsp;

"I'm now thinking how to do March salaries if things continue to go this way or get worse. In the worst scenario, I can still pay them in cash."&nbsp;

Hundreds of thousands of people have rallied for weeks across Myanmar, in a groundswell of anger at the military's overthrow of the elected government of Aung San Suu Kyi, its curbs on the internet and the arrest of hundreds of activists.&nbsp;

The anti-coup movement's calls for people not to go to work has caused big disruption, holding up crucial processes like import and export permits, salary payments and bank transfers.&nbsp;

Also Read: <a href="https://www.wionews.com/south-asia/pro-military-supporters-clash-with-protesters-in-myanmars-yangon-366165">Pro-military supporters clash with protesters in Myanmar's Yangon</a>

Myanmar relies overwhelmingly on imports for its fuel, but supplies are running low, industry sources say, with some oil import terminals no longer operating.&nbsp;

Its nascent garment manufacturing sector, a key source of income for rural families, faces disruption in raw materials imports and the export of clothing, including orders from major western brands.&nbsp;

Some businesses have already been forced to slash wages.&nbsp;

The day the military seized power in Myanmar three weeks ago, Phyu delved into her company's emergency funds and gave her staff a one-month advance on their salaries.

The day the military seized power in Myanmar three weeks ago, Phyu delved into her company's emergency funds and gave her staff a one-month advance on their salaries. Phyu, who runs a market research firm, saw trouble ahead then, but isn’t sure how she'll pay her three staff next month. Ahead of payday on Friday, the first since the February 1 coup, a cloud is hanging over Myanmar's fragile economy. Its kyat currency is depreciating, businesses are paralysed and banks are in disarray, and for all the support for street protests and strikes against the junta, the disruption is nudging the economy closer to a breakdown. Also Read: After coup, Japan mulls halting new assistance projects to Myanmar "I predicted things could get worse so I paid them their salary in advance on that day," said Phyu, who declined to provide her full name. "I'm now thinking how to do March salaries if things continue to go this way or get worse. In the worst scenario, I can still pay them in cash." Hundreds of thousands of people have rallied for weeks across Myanmar, in a groundswell of anger at the military's overthrow of the elected government of Aung San Suu Kyi, its curbs on the internet and the arrest of hundreds of activists. The anti-coup movement's calls for people not to go to work has caused big disruption, holding up crucial processes like import and export permits, salary payments and bank transfers. Also Read: Pro-military supporters clash with protesters in Myanmar's Yangon Myanmar relies overwhelmingly on imports for its fuel, but supplies are running low, industry sources say, with some oil import terminals no longer operating. Its nascent garment manufacturing sector, a key source of income for rural families, faces disruption in raw materials imports and the export of clothing, including orders from major western brands. Some businesses have already been forced to slash wages.

Coup chaos leaves employers fretting over paying staff in Myanmar

German business morale slumped to a six-month low in January as a second wave of COVID-19 halted an economic recovery

German economy likely subdued in coming weeks

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings.&nbsp;

Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

This would include a ban on transacting directly via foreign exchanges.

Seven million investors hold cryptocurrencies in India worth more than one billion dollars.&nbsp;The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament.

Does this mean the end of the road for cryptocurrencies in India?&nbsp;

Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger.

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That drives — all types of cryptocurrencies.

An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017.

Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it.&nbsp;

MasterCard and Visa have opened their payments network for some cryptocurrencies.&nbsp;

Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin.

The company bought more 1.5 billion dollars worth of bitcoin.

It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system.

India cannot afford to ignore this shift but it needs a legal framework first.

(With inputs from agencies)

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament. This would include a ban on transacting directly via foreign exchanges. Seven million investors hold cryptocurrencies in India worth more than one billion dollars. The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament. Does this mean the end of the road for cryptocurrencies in India? Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger. Also Read | Archaeologists unearth 'world's oldest' beer brewery in Egypt That drives — all types of cryptocurrencies. An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017. Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it. MasterCard and Visa have opened their payments network for some cryptocurrencies. Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin. The company bought more 1.5 billion dollars worth of bitcoin. It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system. India cannot afford to ignore this shift but it needs a legal framework first. (With inputs from agencies)

India mulls Bitcoin ban, existing investors to get transition period

As Democrats and Republicans spent months last fall arguing over how to rescue the economy, one provision drew widespread support from lawmakers: reviving the Paycheck Protection Program, the government’s marquee effort to help small businesses weather the pandemic.

The Senate Republican leader, Sen. Mitch McConnell of Kentucky, called the lending program “a bipartisan slam dunk.” House Democrats included an extension and expansion of the program in aid packages in the summer and the fall. And Treasury economists said in December that the program might have saved nearly 19 million jobs.

Yet there is dissent from one notable contingent: Academic economists who have studied the program have concluded that it has saved relatively few jobs and that, at a cost of more than half a trillion dollars, it has been far less efficient than other government efforts to help the economy.

“A very large chunk of the benefit went to a very small share of the firms, and those were probably the firms least in need,” said David Autor, a Massachusetts Institute of Technology economist who led one study.

The divergence in views over the program’s economic payoff stems in part from ambiguity about its goals: saving jobs or saving businesses.

Using different methodology than the Treasury economists, Autor says the Paycheck Protection Program saved 1.4 million to 3.2 million jobs. Other researchers have offered broadly similar estimates.

Given the program’s cost, saving jobs on that scale doesn’t necessarily qualify as a success. Unemployment benefits also provide income, at far less expense, and programs like food assistance and aid to state and local governments pack a larger economic punch, according to many assessments.

And because the paycheck program was designed to reach as many businesses as possible, much of the money went to companies that were at little risk of laying off workers, or that would have brought them back quickly even without the help.

“It’s just a really inefficient use of funds,” said Eric Zwick, an economist at the University of Chicago’s business school who has studied the program.

Many policy experts on Wall Street and in Washington — as well as businesses and banks on Main Streets across the country — say the program’s merits should be assessed instead on what it did to save businesses. On that basis, they say, it helped prevent a greater calamity and fostered economic healing.

“A major goal was to keep these businesses alive so that when the economy started to recover and then the economy reopened, there would be businesses around to hire unemployed workers,” said Michael R. Strain, an economist at the American Enterprise Institute, a conservative think tank. Preliminary evidence suggests that the program has succeeded by that metric, he said.

Many Democrats on Capitol Hill, along with some advocates for small-business relief in think tanks and lobbying shops around Washington, say lawmakers should move on to a more focused and efficient method for supporting small businesses until widespread vaccination fully reopens the economy.

Congress created the Paycheck Protection Program in March as businesses shut down early in the pandemic. The program sought to stem layoffs by providing forgivable, low-interest loans to help pay employees even if they weren’t working.

The effort, administered by banks, got off to a slow start. But over time, loans began to reach more businesses, in part because of changes that broadened access and loosened restrictions on spending the money.

One beneficiary was Schuchart, a Seattle-based general contractor with more than 100 employees. On April 7, after more than two weeks with little revenue — and after initially failing to get a PPP loan through Wells Fargo, its longtime bank — executives moved to begin furloughs the next day.

“We were discussing, what’s our next plan?” said Christian Geismann, the company’s chief financial officer. “And our next plan was not a good one. It was the ‘hitting the red button’ kind of plan for our people.”

Instead, Geismann got a call from Washington Trust Bank, a much smaller institution that he had contacted a day earlier. Schuchart had been approved for a loan of nearly $2.7 million. Instead of announcing layoffs, the company told its employees their jobs were safe.

“I felt like I was floating, because there was so much bad news that had happened over the past month,” Geismann said. “Here was something, finally, we could all celebrate.”

Anecdotes like Geismann’s, however, aren’t straightforward to interpret. Perhaps Schuchart and companies like it would have found another way to make ends meet, or would have rehired workers quickly once construction projects resumed.

Economists have tried to answer that question using data. Autor compared companies with just under 500 employees — which could qualify for the program’s original version — with those just above that size, which could not. If the loans were a big help, then the smaller companies should have retained many more of their workers. Instead, Autor found little difference between the two groups.

But some economists argue that such research understates the program’s effect because it fails to focus on the smallest businesses, which were less likely to have large cash reserves or other financing.

One paper, based on a survey of businesses in Oakland, California, found that those receiving PPP loans were 20.5% more likely to say they expected to survive six months — but that the relatively greater optimism was limited to businesses with fewer than five employees.

Robert Bartlett, one of the Oakland study’s authors, said economists like Autor might be right that PPP saved fewer jobs than hoped. “But for these small businesses, I think it helped them keep their doors open,” he said. “I’m convinced of that.” Many of those businesses, he noted, are in poor neighborhoods or are owned by racial or ethnic minorities.

In reviving the program in December, Congress aimed at the companies that would benefit most. Only businesses with fewer than 300 employees can apply for a second round of aid — the ceiling remains 500 employees for companies seeking initial loans — and money was set aside for very small businesses and those in low- and moderate-income neighborhoods.

But the program is still open to businesses that have suffered in the pandemic but aren’t necessarily at risk of layoffs or bankruptcy.

Schuchart, the Seattle contractor, is one of them. Business has bounced back since last spring, but it remains below normal. The company avoided layoffs in 2020, and doesn’t expect job cuts this year. But it has applied for a second PPP loan, which Geismann said would allow it to invest in the business.

As Democrats and Republicans spent months last fall arguing over how to rescue the economy, one provision drew widespread support from lawmakers: reviving the Paycheck Protection Program, the government’s marquee effort to help small businesses weather the pandemic.

As Democrats and Republicans spent months last fall arguing over how to rescue the economy, one provision drew widespread support from lawmakers: reviving the Paycheck Protection Program, the government’s marquee effort to help small businesses weather the pandemic. The Senate Republican leader, Sen. Mitch McConnell of Kentucky, called the lending program “a bipartisan slam dunk.” House Democrats included an extension and expansion of the program in aid packages in the summer and the fall. And Treasury economists said in December that the program might have saved nearly 19 million jobs. Yet there is dissent from one notable contingent: Academic economists who have studied the program have concluded that it has saved relatively few jobs and that, at a cost of more than half a trillion dollars, it has been far less efficient than other government efforts to help the economy. “A very large chunk of the benefit went to a very small share of the firms, and those were probably the firms least in need,” said David Autor, a Massachusetts Institute of Technology economist who led one study. The divergence in views over the program’s economic payoff stems in part from ambiguity about its goals: saving jobs or saving businesses. Using different methodology than the Treasury economists, Autor says the Paycheck Protection Program saved 1.4 million to 3.2 million jobs. Other researchers have offered broadly similar estimates. Given the program’s cost, saving jobs on that scale doesn’t necessarily qualify as a success. Unemployment benefits also provide income, at far less expense, and programs like food assistance and aid to state and local governments pack a larger economic punch, according to many assessments. And because the paycheck program was designed to reach as many businesses as possible, much of the money went to companies that were at little risk of laying off workers, or that would have brought them back quickly even without the help. “It’s just a really inefficient use of funds,” said Eric Zwick, an economist at the University of Chicago’s business school who has studied the program. Many policy experts on Wall Street and in Washington — as well as businesses and banks on Main Streets across the country — say the program’s merits should be assessed instead on what it did to save businesses. On that basis, they say, it helped prevent a greater calamity and fostered economic healing. “A major goal was to keep these businesses alive so that when the economy started to recover and then the economy reopened, there would be businesses around to hire unemployed workers,” said Michael R. Strain, an economist at the American Enterprise Institute, a conservative think tank. Preliminary evidence suggests that the program has succeeded by that metric, he said. Many Democrats on Capitol Hill, along with some advocates for small-business relief in think tanks and lobbying shops around Washington, say lawmakers should move on to a more focused and efficient method for supporting small businesses until widespread vaccination fully reopens the economy. Congress created the Paycheck Protection Program in March as businesses shut down early in the pandemic. The program sought to stem layoffs by providing forgivable, low-interest loans to help pay employees even if they weren’t working. The effort, administered by banks, got off to a slow start. But over time, loans began to reach more businesses, in part because of changes that broadened access and loosened restrictions on spending the money. One beneficiary was Schuchart, a Seattle-based general contractor with more than 100 employees. On April 7, after more than two weeks with little revenue — and after initially failing to get a PPP loan through Wells Fargo, its longtime bank — executives moved to begin furloughs the next day. “We were discussing, what’s our next plan?” said Christian Geismann, the company’s chief financial officer. “And our next plan was not a good one. It was the ‘hitting the red button’ kind of plan for our people.” Instead, Geismann got a call from Washington Trust Bank, a much smaller institution that he had contacted a day earlier. Schuchart had been approved for a loan of nearly $2.7 million. Instead of announcing layoffs, the company told its employees their jobs were safe. “I felt like I was floating, because there was so much bad news that had happened over the past month,” Geismann said. “Here was something, finally, we could all celebrate.” Anecdotes like Geismann’s, however, aren’t straightforward to interpret. Perhaps Schuchart and companies like it would have found another way to make ends meet, or would have rehired workers quickly once construction projects resumed. Economists have tried to answer that question using data. Autor compared companies with just under 500 employees — which could qualify for the program’s original version — with those just above that size, which could not. If the loans were a big help, then the smaller companies should have retained many more of their workers. Instead, Autor found little difference between the two groups. But some economists argue that such research understates the program’s effect because it fails to focus on the smallest businesses, which were less likely to have large cash reserves or other financing. One paper, based on a survey of businesses in Oakland, California, found that those receiving PPP loans were 20.5% more likely to say they expected to survive six months — but that the relatively greater optimism was limited to businesses with fewer than five employees. Robert Bartlett, one of the Oakland study’s authors, said economists like Autor might be right that PPP saved fewer jobs than hoped. “But for these small businesses, I think it helped them keep their doors open,” he said. “I’m convinced of that.” Many of those businesses, he noted, are in poor neighborhoods or are owned by racial or ethnic minorities. In reviving the program in December, Congress aimed at the companies that would benefit most. Only businesses with fewer than 300 employees can apply for a second round of aid — the ceiling remains 500 employees for companies seeking initial loans — and money was set aside for very small businesses and those in low- and moderate-income neighborhoods. But the program is still open to businesses that have suffered in the pandemic but aren’t necessarily at risk of layoffs or bankruptcy. Schuchart, the Seattle contractor, is one of them. Business has bounced back since last spring, but it remains below normal. The company avoided layoffs in 2020, and doesn’t expect job cuts this year. But it has applied for a second PPP loan, which Geismann said would allow it to invest in the business.

$500 billion in aid to small businesses: How much did it help?

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation. The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8.

The fall has come amid growing concerns that bitcoin was one of financial market price bubbles. In addition to this, there have been fears that US President Joe Biden's administration could try to regulate cryptocurrency.

During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.

"I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the U.S. Federal Reserve.

Also Read | <a href="https://www.wionews.com/business-economy/sensex-crosses-historic-50000-mark-358239">Sensex crosses historic 50,000-mark</a>

Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact.

"The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take.

"We do think it's probably still just a lapse in momentum rather than a sea change, though," he said.

(With Reuters inputs)

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation.

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation. The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8. The fall has come amid growing concerns that bitcoin was one of financial market price bubbles. In addition to this, there have been fears that US President Joe Biden's administration could try to regulate cryptocurrency. During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities. "I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the U.S. Federal Reserve. Also Read | Sensex crosses historic 50,000-mark Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact. "The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take. "We do think it's probably still just a lapse in momentum rather than a sea change, though," he said. (With Reuters inputs)

Bitcoin falls 10 per cent to a 10-day low

Italian chef Marco Manili is demoralised, the Spazio Caffe restaurant where he works in Rome is struggling to get by and now the government has collapsed into crisis. He says it is difficult to understand how people will be able to keep going if the government goes into free-fall.

Small businesses cry for help, no time for government crisis

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma. 
 
The announcement came more than a month after Chinese regulators abruptly suspended Ant`s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country`s antitrust authorities said they had launched a probe into Ma`s e-commerce conglomerate Alibaba Group Holding Ltd. 
 
Chinese regulators and Communist Party officials have set about reining in Ma`s sprawling financial empire after he publicly criticized the country`s regulatory system in October for stifling innovation. 
 
Regulators have urged Ant to rectify financial regulatory violations, including in its credit, insurance and wealth management businesses, and overhaul its credit rating business to protect personal information, People`s Bank of China (PBOC) Vice Governor Pan Gongsheng said on Sunday. 
 
Pan`s comments stopped short of calling for a breakup of Ant, yet pointed to significant operational restructuring. Ant should set up a separate holding company to ensure capital adequacy and regulatory compliance, Pan said. 
 
Ant should also be fully licensed to operate its personal credit business, and be more transparent about its third-party payment transactions and not engage in unfair competition, Pan added. 
 
Ant said in a statement it would establish a "rectification" working group and fully implement regulatory requirements. 
 
Ma was advised by the Chinese government to stay in the country, Bloomberg News has reported, citing a person familiar with the matter. Ma could not be reached for comment. 
 
Pan said Ant representatives met on Saturday with officials from the PBOC and other Chinese banking, securities and foreign exchange regulators. 
 
During the meeting, regulators pointed out Ant`s issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrage, the use of its market advantage to squeeze out competitors, and harming consumers` legal interests, according to Pan. 
 
Ant was launched in 2004 and is 33% owned by Alibaba. Its Alipay app dominates digital payments in China, with more than 730 million monthly users. The Hangzhou-based company also built an empire connecting China`s borrowers and lenders, securing short-term loans within minutes. It was poised to be valued at more than $300 billion in its stock market debut. 
 
Last month, China issued draft rules aimed at preventing monopolistic behaviour by internet firms, and the Politburo this month vowed to strengthen anti-monopoly efforts in 2021 and rein in "disorderly capital expansion." 
 
China also warned internet giants this month to brace for increased scrutiny, as it slapped fines and announced probes into mergers involving Alibaba and Tencent Holdings Ltd.

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma.

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma. The announcement came more than a month after Chinese regulators abruptly suspended Ant`s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country`s antitrust authorities said they had launched a probe into Ma`s e-commerce conglomerate Alibaba Group Holding Ltd. Chinese regulators and Communist Party officials have set about reining in Ma`s sprawling financial empire after he publicly criticized the country`s regulatory system in October for stifling innovation. Regulators have urged Ant to rectify financial regulatory violations, including in its credit, insurance and wealth management businesses, and overhaul its credit rating business to protect personal information, People`s Bank of China (PBOC) Vice Governor Pan Gongsheng said on Sunday. Pan`s comments stopped short of calling for a breakup of Ant, yet pointed to significant operational restructuring. Ant should set up a separate holding company to ensure capital adequacy and regulatory compliance, Pan said. Ant should also be fully licensed to operate its personal credit business, and be more transparent about its third-party payment transactions and not engage in unfair competition, Pan added. Ant said in a statement it would establish a "rectification" working group and fully implement regulatory requirements. Ma was advised by the Chinese government to stay in the country, Bloomberg News has reported, citing a person familiar with the matter. Ma could not be reached for comment. Pan said Ant representatives met on Saturday with officials from the PBOC and other Chinese banking, securities and foreign exchange regulators. During the meeting, regulators pointed out Ant`s issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrage, the use of its market advantage to squeeze out competitors, and harming consumers` legal interests, according to Pan. Ant was launched in 2004 and is 33% owned by Alibaba. Its Alipay app dominates digital payments in China, with more than 730 million monthly users. The Hangzhou-based company also built an empire connecting China`s borrowers and lenders, securing short-term loans within minutes. It was poised to be valued at more than $300 billion in its stock market debut. Last month, China issued draft rules aimed at preventing monopolistic behaviour by internet firms, and the Politburo this month vowed to strengthen anti-monopoly efforts in 2021 and rein in "disorderly capital expansion." China also warned internet giants this month to brace for increased scrutiny, as it slapped fines and announced probes into mergers involving Alibaba and Tencent Holdings Ltd.

China pushes Ant Group overhaul in latest crackdown on Jack Ma

Shares of Tesla ended sharply lower in their S&P 500 debut Monday, with losses accelerating after news of potential future competition from Apple.

Tesla tumbles 6.5% from record high in S&P 500 debut

British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology.&nbsp;

"Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases," AstraZeneca chief executive Pascal Soriot said in a statement, announcing the year's biggest deal in the pharma sector.

"We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients," he said.

Both boards have agreed to the cash-and-stock deal, which values Alexion at $175 a share, a premium of 45 percent to the Boston-based company's closing price on Friday.

Since taking the helm at AstraZeneca in 2012, Soriot has pushed the group into lucrative treatments such as cancer therapies, and the Alexion takeover will give it more heft in areas such as treating blood disorders.

Along with researchers from the University of Oxford, AstraZeneca has developed an effective Covid-19 vaccine which the UK government plans to use as the lynchpin of its inoculation drive, after first rolling out another vaccine by Pfizer/BioNTech.

But approval of the AstraZeneca/Oxford drug has been held up after queries over its initial trial results.&nbsp; 
On Tuesday, the UK partners became the first Covid-19 vaccine makers to publish final-stage clinical trial data in a scientific journal, clearing a key hurdle.

The new acquisition is expected to close in the third quarter of 2021, and Alexion shareholders will own 15 percent of the combined company.

"This transaction marks the start of an exciting new chapter for Alexion," Alexion chief executive Ludwig Hantson said.

"We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics," he said.

British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology.

British pharmaceuticals group AstraZeneca, which is finalising a vaccine against Covid-19, said Saturday it was buying US biotech firm Alexion for $39 billion to boost its work on immunology. "Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases," AstraZeneca chief executive Pascal Soriot said in a statement, announcing the year's biggest deal in the pharma sector. "We look forward to welcoming our new colleagues at Alexion so that we can together build on our combined expertise in immunology and precision medicines to drive innovation that delivers life-changing medicines for more patients," he said. Both boards have agreed to the cash-and-stock deal, which values Alexion at $175 a share, a premium of 45 percent to the Boston-based company's closing price on Friday. Since taking the helm at AstraZeneca in 2012, Soriot has pushed the group into lucrative treatments such as cancer therapies, and the Alexion takeover will give it more heft in areas such as treating blood disorders. Along with researchers from the University of Oxford, AstraZeneca has developed an effective Covid-19 vaccine which the UK government plans to use as the lynchpin of its inoculation drive, after first rolling out another vaccine by Pfizer/BioNTech. But approval of the AstraZeneca/Oxford drug has been held up after queries over its initial trial results. On Tuesday, the UK partners became the first Covid-19 vaccine makers to publish final-stage clinical trial data in a scientific journal, clearing a key hurdle. The new acquisition is expected to close in the third quarter of 2021, and Alexion shareholders will own 15 percent of the combined company. "This transaction marks the start of an exciting new chapter for Alexion," Alexion chief executive Ludwig Hantson said. "We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics," he said.

AstraZeneca to buy US biotech firm Alexion for USD 39 billion 

The grounding came after more evidence emerged indicating that the aircraft's key flight control software played a part in the two deadly crashes.

Boeing 737 Max resumes flights in US after 20-months

Britain’s government is urging businesses to make final preparations for a new trading relationship with the EU from January.

Time for final preparations for EU, UK tells firms

Diwali 2020 is just around the corner and as the country prepares to welcome the festive times, stock exchanges are gearing up for Muhurat Trading. Stock exchanges open for one hour on the day of Diwali for a symbolic trade that goes on for around an hour. The usual hustle-bustle and aggressive investor behaviour is seldom seen in this symbolic trading hour. It is believed by many that if you trade stocks during Muhurat trading, good luck follows you for the rest of the year till next Diwali. Here are few key things you need to know about Muhurat Trading 2020

When is Muhurat Trading this year?

It is usually held in the most auspicious hour on the day of Diwali. This year Diwali is falling on November 14. The Muhurat Trading will be carried out between 6:15 pm to 7:15 pm on the day

Who decides the time of the Muhurat trading?

Stock exchanges specify the time. During this hour, live trading takes place.

 
What is the schedule of Muhurat Trading 2020 session?

Here is how the time around Muhurat Trading is allotted

5.45 pm to 6 pm: Block deal session 
6 pm to 6.08 pm: Pre-opening 
6.15 pm to 7.15 pm: Muhurat trading 
6.20 pm to 7.05 pm: Periodic call auction 
7.15 pm to 7.30 pm: Closing session

Trade modification cut-off time is till 7:45 pm

How does market behave during Muhurat Trading?&nbsp;

Historically, markets have remained positive during the symbolic trading session. However, trading volume has been low. Stock movements tend to below as well.

Diwali 2020 is just around the corner and as the country prepares to welcome the festive times, stock exchanges are gearing up for Muhurat Trading. Stock exchanges open for one hour on the day of Diwali for a symbolic trade that goes on for around an hour.

Diwali 2020 is just around the corner and as the country prepares to welcome the festive times, stock exchanges are gearing up for Muhurat Trading. Stock exchanges open for one hour on the day of Diwali for a symbolic trade that goes on for around an hour. The usual hustle-bustle and aggressive investor behaviour is seldom seen in this symbolic trading hour. It is believed by many that if you trade stocks during Muhurat trading, good luck follows you for the rest of the year till next Diwali. Here are few key things you need to know about Muhurat Trading 2020 When is Muhurat Trading this year? It is usually held in the most auspicious hour on the day of Diwali. This year Diwali is falling on November 14. The Muhurat Trading will be carried out between 6:15 pm to 7:15 pm on the day Who decides the time of the Muhurat trading? Stock exchanges specify the time. During this hour, live trading takes place. What is the schedule of Muhurat Trading 2020 session? Here is how the time around Muhurat Trading is allotted 5.45 pm to 6 pm: Block deal session 6 pm to 6.08 pm: Pre-opening 6.15 pm to 7.15 pm: Muhurat trading 6.20 pm to 7.05 pm: Periodic call auction 7.15 pm to 7.30 pm: Closing session Trade modification cut-off time is till 7:45 pm How does market behave during Muhurat Trading? Historically, markets have remained positive during the symbolic trading session. However, trading volume has been low. Stock movements tend to below as well.

Diwali 2020 Muhurat Trading: Here is what you need to know

The UK government has published guidance it says will help UK firms negotiate the "ethical, legal and commercial" questions they may encounter in China, or when working with Chinese businesses, and safeguard national security concerns.

The guidance released by the Department for Digital, Culture, Media and Sport (DCMS) on Friday sets out key issues digital and tech small and medium enterprises (SMEs) should consider as they weigh the benefits and risks of commercial ventures, as well as signposting specialist sources of advice.

The DCMS notes that China is the UK's third-largest export market and the world's second-largest and fastest-growing major economy. But warns that accessing the market should be done 'safely'&nbsp;and in a way that reflects the UK's values and takes account of national security concerns.

"The latest statistics show UK-China bilateral trade has exceeded the 76 billion pound mark for the first time and our digital tech sector is the fifth biggest exporter of services in the world. But we recognise the ethical, legal and commercial questions businesses face when they work in China or with Chinese businesses, said UK Minister for Digital and Culture Caroline Dinenage.

"The UK is determined to support our businesses to engage with China in a way that reflects the UK's values and takes account of national security concerns," she said.

A new online hub, which the DCMS said has been developed in response to demand from the tech sector, will support "safe and appropriate" UK-China collaboration in digital and tech. The guidance will help SMEs to make a success of business ventures linked to China, to choose the right partners and to manage risk by taking appropriate steps.

"We welcome the government's launch of the bespoke guidance to SMEs and we look forward to working together to help digital and tech SMEs to grow safely and successfully in China," said Julian David, CEO of tech UK.

"At techUK, we recognise the massive opportunity that China presents for the UK's digital and tech businesses as well as challenges that firms face when navigating each other's unique marketplaces. To be successful and protect their operations, digital and tech businesses need to know the challenges and take the right steps to navigate them," he said.

The DCMS said that the new hub complements measures announced earlier in the year to support UK tech companies to seize trade and investment opportunities overseas.

These included a new Digital Trade Network for Asia-Pacific, which will support UK SMEs to break into the Asian market, and a new Tech Exporting Academy to provide expert advice to UK scaleups on subject areas essential to expansion, including regulation, intellectual property, and compliance.

In June, the UK government had stipulated that Chinese giant Huawei will be completely removed from the UK's 5G networks by the end of 2027 in the wake of US sanctions on the company over data privacy concerns.&nbsp;

Restrictions on Huawei operating in the 'sensitive'&nbsp;and critical parts of the UK network have also been in place.

The UK government has published guidance it says will help UK firms negotiate the "ethical, legal and commercial" questions they may encounter in China, or when working with Chinese businesses, and safeguard national security concerns.

The UK government has published guidance it says will help UK firms negotiate the "ethical, legal and commercial" questions they may encounter in China, or when working with Chinese businesses, and safeguard national security concerns. The guidance released by the Department for Digital, Culture, Media and Sport (DCMS) on Friday sets out key issues digital and tech small and medium enterprises (SMEs) should consider as they weigh the benefits and risks of commercial ventures, as well as signposting specialist sources of advice. The DCMS notes that China is the UK's third-largest export market and the world's second-largest and fastest-growing major economy. But warns that accessing the market should be done 'safely' and in a way that reflects the UK's values and takes account of national security concerns. "The latest statistics show UK-China bilateral trade has exceeded the 76 billion pound mark for the first time and our digital tech sector is the fifth biggest exporter of services in the world. But we recognise the ethical, legal and commercial questions businesses face when they work in China or with Chinese businesses, said UK Minister for Digital and Culture Caroline Dinenage. "The UK is determined to support our businesses to engage with China in a way that reflects the UK's values and takes account of national security concerns," she said. A new online hub, which the DCMS said has been developed in response to demand from the tech sector, will support "safe and appropriate" UK-China collaboration in digital and tech. The guidance will help SMEs to make a success of business ventures linked to China, to choose the right partners and to manage risk by taking appropriate steps. "We welcome the government's launch of the bespoke guidance to SMEs and we look forward to working together to help digital and tech SMEs to grow safely and successfully in China," said Julian David, CEO of tech UK. "At techUK, we recognise the massive opportunity that China presents for the UK's digital and tech businesses as well as challenges that firms face when navigating each other's unique marketplaces. To be successful and protect their operations, digital and tech businesses need to know the challenges and take the right steps to navigate them," he said. The DCMS said that the new hub complements measures announced earlier in the year to support UK tech companies to seize trade and investment opportunities overseas. These included a new Digital Trade Network for Asia-Pacific, which will support UK SMEs to break into the Asian market, and a new Tech Exporting Academy to provide expert advice to UK scaleups on subject areas essential to expansion, including regulation, intellectual property, and compliance. In June, the UK government had stipulated that Chinese giant Huawei will be completely removed from the UK's 5G networks by the end of 2027 in the wake of US sanctions on the company over data privacy concerns. Restrictions on Huawei operating in the 'sensitive' and critical parts of the UK network have also been in place.

UK creates tech hub for more 'ethical' business with China

Reforms which take effect in March 2021 will allow foreign workers the right to change jobs by transferring sponsorship to new employers.

Saudi Arabia reforms its Kafala system for foreign workers

The COVID-19 (coronavirus pandemic) has an adverse effect on the world’s Economy and Trade. According to the reports, global economic growth is expected to see a contraction of over 3 percent in 2020.

Aviation industry is struggling globally | Is the worst over for aviation industry?

When the coronavirus pandemic shuttered offices around the United States in March, many companies told their employees that it would be only a short hiatus away from headquarters.

Workers, they said, would be back in their cubicles within a matter of weeks. Weeks turned into September. Then September turned into January. And now, with the virus still surging in some parts of the country, a growing number of employers are delaying return-to-office dates once again, to the summer of 2021 at the earliest.

Google was one of the first to announce that July 2021 was its return-to-office date. Uber, Slack and Airbnb soon jumped on the bandwagon. In the past week, Microsoft, Target, Ford Motor Co. and The New York Times said they, too, had postponed the return of in-person work to next summer and acknowledged the inevitable: The pandemic isn’t going away anytime soon.

“Let’s just bite the bullet,” said Joan Burke, the chief people officer of DocuSign in San Francisco. In August, her company, which manages electronic document signatures, decided it would allow its 5,200 employees to work from home until June 2021.

“We’re still in a place where this is evolving,” she said. “None of us have all the answers.”

Many more companies are expected to delay their return-to-office dates to keep workers safe. And workers said they were in no rush to go back, with 73% of U.S. employees fearing that being in their workplace could pose a risk to their personal health and safety, according to a study by Wakefield Research commissioned by Envoy, a workplace technology company.

More companies are also saying that they will institute permanent work-from-home policies so employees do not ever have to come into the office again.

In May, Facebook was one of the first to announce that it would allow many employees to work remotely even after the pandemic. Twitter, Coinbase and Shopify have also said they would do so. On Friday, Microsoft announced it would also be part of that shift.

The elongating timelines and changing policies add up to a continued balancing act for companies as the coronavirus shatters work norms and upends assumptions about where workers need to be to achieve maximum productivity. Employers are also under pressure to be as open as possible about their intentions so that workers can plan ahead with their lives.

The postponement of return dates is a “psychological blow for those who expected this to be a transition phase,” said Tsedal Neeley, a Harvard Business School professor who studies remote work. “The reality is hitting that, ‘There won’t be a vaccine as I expected very quickly. This is going to be my life, and I’d better learn how to do this.’”

Neeley likened the situation to waiting at an airport terminal for a flight that is continually delayed. With the new dates announced, she said, people can finally start adjusting from a temporary “grinning and bear it” approach to a permanent shift.

Successful companies “have begun to think about long-term strategy rather than ‘Let’s just survive our crisis,’” she said.

Much of corporate America is now following the lead of Silicon Valley tech companies like Google and Facebook. They were among those that allowed employees to work from home even before the pandemic hit in full force in March. Since then, Facebook has set the tone in planning for permanent remote work, while Google established the July 2021 target date for returning to the office.

“I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months,” Google’s chief executive, Sundar Pichai, wrote in an email to employees about the July 2021 date.

Other employers soon emulated the tech giants, also citing worker flexibility as a key factor in pushing their return-to-office dates to next summer.

Burke, the DocuSign executive, said announcing the June 2021 return date to employees prompted a “collective sigh of relief inside the company” because it put an end to the incremental postponements and uncertainty of when they would be expected to return.

Remote work has been productive, she said, and people like not having to commute. But a mix of in-person and remote is probably the most popular option for employees when life returns to normal, she said, because they also miss the social interaction of an office space.

Zoom “is not the same thing, and it’s exhausting,” Burke said. “By 7 o’clock last night, I was Zoomed out.”

Other companies that have delayed their returns to the office until next summer often face a more complicated decision because their workforces are not just made up of white-collar engineers, unlike those of internet companies.

Ford said last week that its decision to hold off on back in-person office work through June 2021 would apply to its roughly 32,000 employees in North America who are already working remotely. The company, which has about 188,000 employees, said the policy does not apply to factory staff.

When Target announced its decision to let some employees continue to work at home through June 2021 in a letter to staff last week, it said it would apply just to employees at its headquarters in Minneapolis. The company said a small number of employees who rely on the headquarters facilities would continue to work on-site. In-store employees will work in retail stores as usual.

Some companies that have already tried bringing employees back to the office have grappled with safety concerns. Last month, Goldman Sachs and JPMorgan Chase sent send some workers back home after employees who had returned to the office tested positive for the virus.

When the coronavirus pandemic shuttered offices around the United States in March, many companies told their employees that it would be only a short hiatus away from headquarters.

When the coronavirus pandemic shuttered offices around the United States in March, many companies told their employees that it would be only a short hiatus away from headquarters. Workers, they said, would be back in their cubicles within a matter of weeks. Weeks turned into September. Then September turned into January. And now, with the virus still surging in some parts of the country, a growing number of employers are delaying return-to-office dates once again, to the summer of 2021 at the earliest. Google was one of the first to announce that July 2021 was its return-to-office date. Uber, Slack and Airbnb soon jumped on the bandwagon. In the past week, Microsoft, Target, Ford Motor Co. and The New York Times said they, too, had postponed the return of in-person work to next summer and acknowledged the inevitable: The pandemic isn’t going away anytime soon. “Let’s just bite the bullet,” said Joan Burke, the chief people officer of DocuSign in San Francisco. In August, her company, which manages electronic document signatures, decided it would allow its 5,200 employees to work from home until June 2021. “We’re still in a place where this is evolving,” she said. “None of us have all the answers.” Many more companies are expected to delay their return-to-office dates to keep workers safe. And workers said they were in no rush to go back, with 73% of U.S. employees fearing that being in their workplace could pose a risk to their personal health and safety, according to a study by Wakefield Research commissioned by Envoy, a workplace technology company. More companies are also saying that they will institute permanent work-from-home policies so employees do not ever have to come into the office again. In May, Facebook was one of the first to announce that it would allow many employees to work remotely even after the pandemic. Twitter, Coinbase and Shopify have also said they would do so. On Friday, Microsoft announced it would also be part of that shift. The elongating timelines and changing policies add up to a continued balancing act for companies as the coronavirus shatters work norms and upends assumptions about where workers need to be to achieve maximum productivity. Employers are also under pressure to be as open as possible about their intentions so that workers can plan ahead with their lives. The postponement of return dates is a “psychological blow for those who expected this to be a transition phase,” said Tsedal Neeley, a Harvard Business School professor who studies remote work. “The reality is hitting that, ‘There won’t be a vaccine as I expected very quickly. This is going to be my life, and I’d better learn how to do this.’” Neeley likened the situation to waiting at an airport terminal for a flight that is continually delayed. With the new dates announced, she said, people can finally start adjusting from a temporary “grinning and bear it” approach to a permanent shift. Successful companies “have begun to think about long-term strategy rather than ‘Let’s just survive our crisis,’” she said. Much of corporate America is now following the lead of Silicon Valley tech companies like Google and Facebook. They were among those that allowed employees to work from home even before the pandemic hit in full force in March. Since then, Facebook has set the tone in planning for permanent remote work, while Google established the July 2021 target date for returning to the office. “I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months,” Google’s chief executive, Sundar Pichai, wrote in an email to employees about the July 2021 date. Other employers soon emulated the tech giants, also citing worker flexibility as a key factor in pushing their return-to-office dates to next summer. Burke, the DocuSign executive, said announcing the June 2021 return date to employees prompted a “collective sigh of relief inside the company” because it put an end to the incremental postponements and uncertainty of when they would be expected to return. Remote work has been productive, she said, and people like not having to commute. But a mix of in-person and remote is probably the most popular option for employees when life returns to normal, she said, because they also miss the social interaction of an office space. Zoom “is not the same thing, and it’s exhausting,” Burke said. “By 7 o’clock last night, I was Zoomed out.” Other companies that have delayed their returns to the office until next summer often face a more complicated decision because their workforces are not just made up of white-collar engineers, unlike those of internet companies. Ford said last week that its decision to hold off on back in-person office work through June 2021 would apply to its roughly 32,000 employees in North America who are already working remotely. The company, which has about 188,000 employees, said the policy does not apply to factory staff. When Target announced its decision to let some employees continue to work at home through June 2021 in a letter to staff last week, it said it would apply just to employees at its headquarters in Minneapolis. The company said a small number of employees who rely on the headquarters facilities would continue to work on-site. In-store employees will work in retail stores as usual. Some companies that have already tried bringing employees back to the office have grappled with safety concerns. Last month, Goldman Sachs and JPMorgan Chase sent send some workers back home after employees who had returned to the office tested positive for the virus.

July is the new January: More companies delay return to the office

The carrier announced on October 6th a restructuring plan that should hopefully keep the airline afloat and running for years to come with an equity injection.

AirAsia X announces restructuring plan amid crisis

Britain’s financial watchdog said on Tuesday it would ban the sale to retail investors of products tracking the price of cryptoassets like Bitcoin, arguing that most people lost money on them.

UK watchdog bans Bitcoin-based products for retail investors

JPMorgan Chase is close to paying almost $1 billion to resolve government investigations into the alleged manipulation of metal and Treasurys markets

JP Morgan set to pay $1 billion in spoofing penalty

Watch today in 'World Business Watch': German airline Lufthansa announce further cuts to its fleet & workforce worth $1.3 Billion.

German airline Lufthansa announce further cuts to its fleet & workforce

Airbus has stepped up warnings of compulsory layoffs as air travel fails to recover as quickly as expected from the coronavirus crisis.

Airbus warns of compulsory layoffs as air travel fails to recover

LVMH has denied Tiffany’s accusation that it is trying to negotiate a lower price

French govt asked LVMH to postpone luxury deal

According to Fitch Arm, India’s economy is projected to contract 11.8% on the year in the current fiscal year beginning from April.

Indian economy projected to contract 11.8% in FY 21: Fitch Arm

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic.&nbsp;

The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The announcement will be made soon, he added.

Speaking at the 60th Annual Convention of industry body Society of Indian Automobile Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala Sitharaman on GST issues."

Commenting vehicle scrappage policy, Union minister said that central government has received all inputs from stakeholders. "Announcement on the scrappage policy will be made soon," Javadekar added.

(With inputs from agencies)

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles.

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The announcement will be made soon, he added. Speaking at the 60th Annual Convention of industry body Society of Indian Automobile Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala Sitharaman on GST issues." Commenting vehicle scrappage policy, Union minister said that central government has received all inputs from stakeholders. "Announcement on the scrappage policy will be made soon," Javadekar added. (With inputs from agencies)

Govt looking at GST rate cut for automobile sector 

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