It is the world's largest recession in history. HSBC's profits has plummeted 96 per cent to $192 million in April to June period.

HSBC expects total losses of upto $13 billion by the end of the year. The bank has said it will shed 35,000 jobs to focus more on Asia&nbsp;where it gets most of its business but&nbsp;Hong Kong and China remain a geopolitical sore point. 
&nbsp; 
Europe's second-largest insurer AXA has had no insurance against the pandemic. In the first six months of the year, the French insurance giant posted profits of $1.7 billion, down from $2.33 billion posted over the same period last year. Coronavirus-related property and casualty claims have deeply hurt the insurance industry.

Energy giant BP is fighting an existential crisis as the pandemic batters oil prices. The UK-based oil firm has reported a loss of $17 billion for the April to June period. Almost every part of the business was hit very hard due to lower demand during the pandemic.

German auto major BMW has gone into a tailspin. The luxury carmaker has posted a loss of nearly $800 million in the second quarter which is the worst in a decade as sales slumped 25 per cent during the lockdown period. More cars are being sold in China, but not enough to make up for sales lost due to the pandemic.

As air travel remains a health hazard most of Lufthansa's fleet is still grounded. The airline has suffered a $2 billion loss in the previous quarter. In June unable to keep up its operations anymore Lufthansa received a government bailout of $10 billion. Now, the airline like its competitors is planning to carry out massive lay-offs.

The state of airlines is indicative of what's happening in the tourism and hospitality industry. Hilton says it will be a long time before its rooms are full again. The world's second-largest hotel operator has posted a loss of $430 million in the June quarter. Hilton is planning to fire 2,000 employees.&nbsp;

Disneyland is without its rambunctious crowd which is reflective in its parent firm &nbsp;Walt Disney company's earnings. Over the last three months, the entertainment company has lost $5 billion which is a rare loss for a company that thrived on its movies, theme parks, resorts and cruise operations until the pandemic struck.

McDonald's global sales have slipped by 24 per cent in the previous quarter with operations limited to drive-thru and delivery services with 96 per cent of the company's stores operating on this model.&nbsp;

Luxury fashion house Prada has closed 70 per cent of its stores due to the pandemic since the virus outbreak the company has lost $1 billion. However, a rising e-commerce trade and reopening of some of its stores in the Asia-pacific region may cushion the fall but the rich jet-setting patrons will not step into Prada's stores anytime soon. 
&nbsp; 
The pandemic has shown De Beers that diamonds are not forever. Diamond production dropped by more than 50 per cent in the last quarter mainly due to lockdowns in South Africa as a result sales collapsed by over $1 billion.

It is the world's largest recession in history. HSBC's profits has plummeted 96 per cent to $192 million in April to June period. HSBC expects total losses of upto $13 billion by the end of the year.

It is the world's largest recession in history. HSBC's profits has plummeted 96 per cent to $192 million in April to June period. HSBC expects total losses of upto $13 billion by the end of the year. The bank has said it will shed 35,000 jobs to focus more on Asia where it gets most of its business but Hong Kong and China remain a geopolitical sore point. Europe's second-largest insurer AXA has had no insurance against the pandemic. In the first six months of the year, the French insurance giant posted profits of $1.7 billion, down from $2.33 billion posted over the same period last year. Coronavirus-related property and casualty claims have deeply hurt the insurance industry. Energy giant BP is fighting an existential crisis as the pandemic batters oil prices. The UK-based oil firm has reported a loss of $17 billion for the April to June period. Almost every part of the business was hit very hard due to lower demand during the pandemic. German auto major BMW has gone into a tailspin. The luxury carmaker has posted a loss of nearly $800 million in the second quarter which is the worst in a decade as sales slumped 25 per cent during the lockdown period. More cars are being sold in China, but not enough to make up for sales lost due to the pandemic. As air travel remains a health hazard most of Lufthansa's fleet is still grounded. The airline has suffered a $2 billion loss in the previous quarter. In June unable to keep up its operations anymore Lufthansa received a government bailout of $10 billion. Now, the airline like its competitors is planning to carry out massive lay-offs. The state of airlines is indicative of what's happening in the tourism and hospitality industry. Hilton says it will be a long time before its rooms are full again. The world's second-largest hotel operator has posted a loss of $430 million in the June quarter. Hilton is planning to fire 2,000 employees. Disneyland is without its rambunctious crowd which is reflective in its parent firm Walt Disney company's earnings. Over the last three months, the entertainment company has lost $5 billion which is a rare loss for a company that thrived on its movies, theme parks, resorts and cruise operations until the pandemic struck. McDonald's global sales have slipped by 24 per cent in the previous quarter with operations limited to drive-thru and delivery services with 96 per cent of the company's stores operating on this model. Luxury fashion house Prada has closed 70 per cent of its stores due to the pandemic since the virus outbreak the company has lost $1 billion. However, a rising e-commerce trade and reopening of some of its stores in the Asia-pacific region may cushion the fall but the rich jet-setting patrons will not step into Prada's stores anytime soon. The pandemic has shown De Beers that diamonds are not forever. Diamond production dropped by more than 50 per cent in the last quarter mainly due to lockdowns in South Africa as a result sales collapsed by over $1 billion.

Banks, insurance, airlines, tourism battered amid coronavirus pandemic

Big tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier.

The results from Apple, Amazon, Facebook and Google parent Alphabet -- ironically the same firms whose chief executives were in the spotlight at an antitrust hearing in Congress this week -- were largely better than expected.

The reports illustrated the increasing importance of social networks, digital content and connected devices which have been seen as a lifeline to pandemic-hit consumers.

Apple profits rose eight percent to $11.2 billion and revenues were up 11 percent to $59.7 billion in the three months ending June 27.

The California tech giant saw a modest increase in iPhone sales, with more significant rise for accessories and services such as its apps and digital content.

"In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," chief executive Tim Cook said.

Analyst Daniel Ives at Wedbush Securities said the results show momentum for Apple as it readies its new iPhone 12.

"The stage is setting up for a massive pent up iPhone 12 cycle heading into the fall," Ives said in a research note.&nbsp;

Amazon meanwhile said profits nearly doubled to $5.2 billion on sales that climbed 40 percent to $88.9 billion.

"This was another highly unusual quarter, and I couldn't be more proud of and grateful to our employees around the globe," said Amazon founder and chief executive Jeff Bezos.

Amid rising sales in its grocery, video and cloud computing operations, Amazon has told investors it expects to spend all its profits this year on costs related to keeping employees and customers safe during the pandemic.

"This phenomenal set of results from Amazon underlines how much shopping habits shifted during the pandemic period both in the US and around the world," Neil Saunders of the research firm GlobalData Retail said.

"Many of those changes were to Amazon's advantage as shoppers became increasingly digital and went online to fulfil their various needs."

Facebook said its profits doubled to $5.2 billion compared with the same period last year, when it paid a hefty fine to US regulators.

Revenue rose 11 percent to $18.7 billion, suggesting minimal impact from an ad boycott of the leading social network over its handling of hateful content and misinformation.

Facebook said its core social network grew to 2.7 billion while its total audience including its "family" of apps had more than 3.1 billion users.

Analyst Debra Aho Williamson of eMarketer said Facebook's ad business "was negatively affected by the global pandemic, but the impact was much less than many had expected."

Williamson said she believes Instagram "has played a major role in Facebook's ability to withstand the effects of the pandemic," even though details from the platform were not disclosed.

Alphabet reported a rare drop in revenue and profit in a quarterly update that nonetheless topped market expectations.

Profit slumped some 30 percent to $6.96 billion from a year for the online giant that relies on digital advertising for most of its income.

Revenues dipped two percent to $38 billion, as chief financial officer Ruth Porat said: "We continue to navigate through a difficult global economic environment."

Alphabet shares edged up slightly in after-market trades following the release, while the other firms showed stronger share increases.

As people hunkered down at home due to the pandemic, Alphabet saw growth in demand for entertainment content at YouTube and its online Play shop as well for cloud services being relied on increasingly for learning, work and online commerce.

In Washington on Wednesday, the CEOs of the four tech firms faced an onslaught of criticism from US lawmakers at an antitrust hearing which could lay the groundwork for tougher regulation of the major internet platforms.

"Simply put, they have too much power," said Representative David Cicilline, a Democrat from the state of Rhode Island who chairs the panel.

Cicilline said the hearing made clear that the firms "have monopoly power -- some need to be broken up, all need to be properly regulated and held accountable."

Big tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier.

Big tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier. The results from Apple, Amazon, Facebook and Google parent Alphabet -- ironically the same firms whose chief executives were in the spotlight at an antitrust hearing in Congress this week -- were largely better than expected. The reports illustrated the increasing importance of social networks, digital content and connected devices which have been seen as a lifeline to pandemic-hit consumers. Apple profits rose eight percent to $11.2 billion and revenues were up 11 percent to $59.7 billion in the three months ending June 27. The California tech giant saw a modest increase in iPhone sales, with more significant rise for accessories and services such as its apps and digital content. "In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," chief executive Tim Cook said. Analyst Daniel Ives at Wedbush Securities said the results show momentum for Apple as it readies its new iPhone 12. "The stage is setting up for a massive pent up iPhone 12 cycle heading into the fall," Ives said in a research note. Amazon meanwhile said profits nearly doubled to $5.2 billion on sales that climbed 40 percent to $88.9 billion. "This was another highly unusual quarter, and I couldn't be more proud of and grateful to our employees around the globe," said Amazon founder and chief executive Jeff Bezos. Amid rising sales in its grocery, video and cloud computing operations, Amazon has told investors it expects to spend all its profits this year on costs related to keeping employees and customers safe during the pandemic. "This phenomenal set of results from Amazon underlines how much shopping habits shifted during the pandemic period both in the US and around the world," Neil Saunders of the research firm GlobalData Retail said. "Many of those changes were to Amazon's advantage as shoppers became increasingly digital and went online to fulfil their various needs." Facebook said its profits doubled to $5.2 billion compared with the same period last year, when it paid a hefty fine to US regulators. Revenue rose 11 percent to $18.7 billion, suggesting minimal impact from an ad boycott of the leading social network over its handling of hateful content and misinformation. Facebook said its core social network grew to 2.7 billion while its total audience including its "family" of apps had more than 3.1 billion users. Analyst Debra Aho Williamson of eMarketer said Facebook's ad business "was negatively affected by the global pandemic, but the impact was much less than many had expected." Williamson said she believes Instagram "has played a major role in Facebook's ability to withstand the effects of the pandemic," even though details from the platform were not disclosed. Alphabet reported a rare drop in revenue and profit in a quarterly update that nonetheless topped market expectations. Profit slumped some 30 percent to $6.96 billion from a year for the online giant that relies on digital advertising for most of its income. Revenues dipped two percent to $38 billion, as chief financial officer Ruth Porat said: "We continue to navigate through a difficult global economic environment." Alphabet shares edged up slightly in after-market trades following the release, while the other firms showed stronger share increases. As people hunkered down at home due to the pandemic, Alphabet saw growth in demand for entertainment content at YouTube and its online Play shop as well for cloud services being relied on increasingly for learning, work and online commerce. In Washington on Wednesday, the CEOs of the four tech firms faced an onslaught of criticism from US lawmakers at an antitrust hearing which could lay the groundwork for tougher regulation of the major internet platforms. "Simply put, they have too much power," said Representative David Cicilline, a Democrat from the state of Rhode Island who chairs the panel. Cicilline said the hearing made clear that the firms "have monopoly power -- some need to be broken up, all need to be properly regulated and held accountable."

Big tech firms show robust results in pandemic-hit quarter; Amazon doubles profits

The country's largest carmaker Maruti Suzuki India on Wednesday reported first ever quarterly loss since becoming public 17 years back with a consolidated net loss of Rs 268.3 crore for the first quarter ended June 30, hit hard by coronavirus pandemic.

The auto major, which got listed way back in July 2003, had posted a consolidated net profit of Rs 1,376.8 crore in the April-June quarter of 2019-20.

Net sales declined to Rs 3,679 crore in the first quarter as against Rs 18,738.8 crore in the year-ago period, MSI said in a statement.

On a standalone basis, the company reported a net loss of Rs 249.4 crore for the first quarter ended June 30.

It had posted net profit of Rs 1,435.5 crore on standalone basis in April-June of 2019-20.

The auto major's net sales during the period under review declined to Rs 3,677.5 crore, as compared to Rs 18,735.2 crore in the year-ago period.

During the first quarter, MSI sold a total of 76,599 vehicles. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units.

The company had sold 4,02,594 units in the first quarter previous fiscal.

"Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company's history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government," MSI said.

Production and sales started in a very small way in May, it added.

The company's first priority was health, safety and wellbeing of all employees and associates across the value chain, including its customers, the auto major said.

"Hence, with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole Quarter was equivalent to just about two weeks' of regular working. The results have to be viewed in this context," it noted.

MSI stock ended 1.62 per cent down at Rs 6,185.6 on the BSE on Wednesday.

The country's largest carmaker Maruti Suzuki India on Wednesday reported first ever quarterly loss since becoming public 17 years back with a consolidated net loss of Rs 268.

The country's largest carmaker Maruti Suzuki India on Wednesday reported first ever quarterly loss since becoming public 17 years back with a consolidated net loss of Rs 268.3 crore for the first quarter ended June 30, hit hard by coronavirus pandemic. The auto major, which got listed way back in July 2003, had posted a consolidated net profit of Rs 1,376.8 crore in the April-June quarter of 2019-20. Net sales declined to Rs 3,679 crore in the first quarter as against Rs 18,738.8 crore in the year-ago period, MSI said in a statement. On a standalone basis, the company reported a net loss of Rs 249.4 crore for the first quarter ended June 30. It had posted net profit of Rs 1,435.5 crore on standalone basis in April-June of 2019-20. The auto major's net sales during the period under review declined to Rs 3,677.5 crore, as compared to Rs 18,735.2 crore in the year-ago period. During the first quarter, MSI sold a total of 76,599 vehicles. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units. The company had sold 4,02,594 units in the first quarter previous fiscal. "Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company's history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government," MSI said. Production and sales started in a very small way in May, it added. The company's first priority was health, safety and wellbeing of all employees and associates across the value chain, including its customers, the auto major said. "Hence, with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole Quarter was equivalent to just about two weeks' of regular working. The results have to be viewed in this context," it noted. MSI stock ended 1.62 per cent down at Rs 6,185.6 on the BSE on Wednesday.

COVID-19 effect: Maruti Suzuki posts first quarterly loss in 17 years

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said.

Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand.

Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed.

India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data.

Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news."

"However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters.

Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union.

Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy. Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said. Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand. Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed. India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data. Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news." "However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters. Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union. Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posts trade surplus first time in 18 years as coronavirus hits imports

As the <a href="https://www.wionews.com/world/amid-coronavirus-pandemic-china-eyes-moon-trip-with-successful-rocket-launch-296819">coronavirus </a>pandemic continues&nbsp;to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.4 billion in March on falling exports.

<a href="https://www.wionews.com/world/covid-19-russia-records-over-10000-infection-cases-for-second-consecutive-day-296791">Also Read:&nbsp;Russia records over 10,000 infection cases for second consecutive day</a>

In Britain, car sales crashed 97 per cent, the lowest since 1946 which was just after World War-II even as the country recorded 28,734 deaths in the country which is now among the worst-hit COVID-19 nations in Europe along with Italy and Spain.

The Society of Motor Manufacturers and Traders(SMMT) said new registrations for cars sold in Britain collapsed by a "precipitous" 97 per cent last month on a yearly basis to just 4,321 vehicles.

"The decline was the steepest of modern times, and is in line with similar falls across Europe, with France 88.8 percent down and the Italian market falling 97.5 percent in April," it said while informing that it was mainly due to the fact that car show showrooms remained shut in Britain as the coronavirus took a firm grip in the country.

SMMT chief executive Mike Hawes said: "A strong new car market supports a healthy economy and as Britain starts to plan for recovery, we need car retail to be in the vanguard."

Meanwhile, the Spanish government said that jobless figure rose by more than 282,000 in April as the country continued to grapple with the virus even though it has now begun reopening party of the economy.

The number of unemployed in Spain has now risen to 3.8 million even as the nation continues to be hit hard with the virus.

The government said the effect of the loss was particularly strong in the services sector and among workers with temporary contracts.

According to the country's &nbsp;National Statistics Institute (INE), the country's first quarter results showed the unemployment rate had jumped to 14.4 per cent.

As the coronavirus pandemic continues to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.

As the coronavirus pandemic continues to take a human toll, the virus has had a devastating effect on the world's economy as well with the US trade deficit widening to $44.4 billion in March on falling exports. Also Read: Russia records over 10,000 infection cases for second consecutive day In Britain, car sales crashed 97 per cent, the lowest since 1946 which was just after World War-II even as the country recorded 28,734 deaths in the country which is now among the worst-hit COVID-19 nations in Europe along with Italy and Spain. The Society of Motor Manufacturers and Traders(SMMT) said new registrations for cars sold in Britain collapsed by a "precipitous" 97 per cent last month on a yearly basis to just 4,321 vehicles. "The decline was the steepest of modern times, and is in line with similar falls across Europe, with France 88.8 percent down and the Italian market falling 97.5 percent in April," it said while informing that it was mainly due to the fact that car show showrooms remained shut in Britain as the coronavirus took a firm grip in the country. SMMT chief executive Mike Hawes said: "A strong new car market supports a healthy economy and as Britain starts to plan for recovery, we need car retail to be in the vanguard." Meanwhile, the Spanish government said that jobless figure rose by more than 282,000 in April as the country continued to grapple with the virus even though it has now begun reopening party of the economy. The number of unemployed in Spain has now risen to 3.8 million even as the nation continues to be hit hard with the virus. The government said the effect of the loss was particularly strong in the services sector and among workers with temporary contracts. According to the country's National Statistics Institute (INE), the country's first quarter results showed the unemployment rate had jumped to 14.4 per cent.

COVID-19 effect: US trade deficit widens to $44.4 billion; UK car sales crashes to 1946 level