Today's top business news: Sony withdraws from mobile conference; Domestic auto industry on the edge and more

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Segway-like vehicles were also used by the police to keep an eye on the large crowd on Marina Beach.

4:50 p.m.

Sensex decreases with increasing coronavirus severity

A view of the BSE building in Mumbai. file

A view of the BSE building in Mumbai. file

| Photo Credit:
PTI

Comparative market value Sensex closed Monday at 162 points, driven by strong sales, particularly in auto and metal stocks, as investors continued to assess the severity of the corona virus outbreak and its economic impact. PTI reported.

Market sentiment continued to be concerned about the Chinese coronavirus' impact on the economy as the surge in accident numbers that exceeded the SARS outbreak triggered alarm bells about its severity, & stockbroker said.

4:15 p.m.

Sony withdraws from the Mobile World Conference

Today's top business news: Sony withdraws from mobile conference; Domestic auto industry on the edge and more

Sony Corp. was the fifth company to conclude this month's international telecommunications conference in Barcelona on Monday due to concerns about the corona virus. Reuters reported.

The event, the Mobile World Congress, which attracts more than 100,000 visitors, takes place from February 24-27.

Sony announced that the kick-off event for the conference would be video. "Because we attach great importance to the safety and well-being of our customers, partners, media and employees, we made the difficult decision to withdraw from the exhibition and participation in the MWC 2020 in Barcelona, ​​Spain," it says in a statement.

3:50 p.m.

Ghosn strives to release internal documents

File photo of ex-Nissan CEO Carlos Ghosn.

File photo of ex-Nissan CEO Carlos Ghosn.

| Photo credit: Bijoy Ghosh

Before a Dutch court, the lawyers of Carlos Ghosn, the fleeting former automobile manager, pleaded for the release of internal documents related to his release from Nissan Motor and Mitsubishi Motors.

The hearing on Monday before the Amsterdam District Court was the first public hearing in this case. Ghosn is claiming damages of 15 million euros from car manufacturers who have violated Dutch labor laws.

"Nissan and Mitsubishi have publicly shamed Ghosn," lawyer Roeland de Mol told the court. "Your reports and allegations were never brought to Ghosn. There was no due process. "

3:20 p.m.

According to Anurag Thakur, the government has no plans to give the finance commission permanent status

Anurag Thakur. file

The government has no plans to give the finance commission permanent status, union minister Anurag Singh Thakur said on Monday: PTI reported.

"No, the Indian government is not considering a proposal to give the Finance Commission permanent status," the Minister of State for Finance said in a written response to the House of Commons.

The core tasks of the Finance Commission include assessing the financial condition of the Union and the governments of the states, recommending the distribution of taxes between them and establishing the principles for the distribution of these taxes among the states.

2:50 p.m.

China rejects Foxconn's request to restart production

File photo.

File photo.

Contract manufacturer Foxconn was unable to resume production at its factory in Shenzhen, south China, which was closed due to the outbreak of the corona virus, said a person who had direct knowledge of the matter Reuters on Monday.

The authorities of the Shenzhen production center will check the plant again later this week to ensure that the necessary anti-virus measures have been taken. The employees should not return to work on Tuesday.

2:15 p.m.

Auto industry on the rise from corona virus effects on component supply from China: SIAM

Sales in the Christmas season were better than last year. We hope that this will remain so from November to December, says SIAM President Rajan Wadhera.

Sales in the Christmas season were better than last year. We hope that this will remain so from November to December, says SIAM President Rajan Wadhera.

The Indian automotive industry is concerned about the outbreak of the corona virus, which is affecting the supply of components from China. However, a clear picture will only emerge in the next few days after the factories in China reopened, the Society of Indian Automobile Manufacturers announced on Monday.

SIAM said it would gather information and data from its members over the next few days to understand if and to what extent disruptions could occur.

When asked about the problem by Maruti Suzuki, CEO and CEO of Coronavirus, he said PTI"Nobody knows at the moment."

1:40 p.m.

Britain declares corona virus to be a serious public health threat

Britain said Monday that the new corona virus poses a serious and immediate public health threat, a move that gives the government additional powers to combat the spread of the virus. Reuters reported.

"The Secretary of State said that the appearance or transmission of a novel corona virus is a serious and immediate threat to public health," said the Ministry of Health.

1:10 p.m.

Today's top business news: Sony withdraws from mobile conference; Domestic auto industry on the edge and more

Notes from Switzerland, Italy and Norway

  • The Zurich airport operator's income drops by CHF 20,000 per day due to the corona virus if 28 flights a week to and from China are canceled. Sonntagszeitung reported.
  • "Health comes first," Health Minister Roberto Speranza said in an interview with Corriere della Sera on Sunday, confirming that Italy will block flights to and from China due to the coronavirus emergency. He added that the ban was not applied to cargo flights that carried goods.
  • Norwegian consumer prices rose sharply in January from a year earlier, official data showed on Monday, and strengthened the krona before a speech by the central bank governor on February 13.

12:30 PM

Airlines are faced with cutbacks in their growth estimates

Image for illustration only.

Image for illustration only.

Asian airlines are facing "drastic" cuts in their planned growth due to the corona virus crisis, warned an industry group and added melancholy to an already impoverished Singapore Airshow as more companies cut back on Monday Reuters reported.

More than 70 exhibitors, including major US defense companies Lockheed Martin Corp and Raytheon Co, have raised concerns about the new corona virus.

SIA Engineering Company Ltd and GE Aviation announced on Monday that due to the heightened alert, they had postponed plans to break ground on Tuesday for a new engine overhaul facility in Singapore.

The General Authority for Military Industries in Saudi Arabia withdrew from the show late Sunday, raising concerns about the corona virus.

11:50 a.m.

Samsung plans to restart its TV factory in China

File photo.

File photo.

| Photo Credit:
Reuters

The South Korean electronics giant plans to resume its TV production in Tianjin, China on February 17. Reuters reported.

A company spokesman said the announcement was in line with government guidelines.

11:25 a.m.

Trade between India and the United States in favor of Washington

Today's top business news: Sony withdraws from mobile conference; Domestic auto industry on the edge and more

A sudden surge in energy imports from New Delhi boosts bilateral trade between India and the United States in favor of Washington, said Mukesh Aghi, president of the US India Strategic and Partnership Forum (USISPF).

“Three years ago it was almost zero. Starting at the $ 6 billion cross last year, this is expected to cost $ 10 billion this fiscal year. So momentum is moving in favor of the United States, ”said Aghi PTI,

10:55 am

The rupee rises against the US dollar in early trading

Image for illustration only.

Image for illustration only.

| Photo credit: PTI

The Indian rupee rose against the US dollar in early trading on Monday as the easing in crude oil prices and the weaker US dollar gave the local currency a boost. PTI reported.

On interbank currencies, the rupee opened at 71.36, continued to gain ground and hit a high of 71.32 against the US dollar, an increase of 8 paise versus the previous close.

10:35 a.m.

Inflation is expected to have reached an almost six-year high in January

Representative picture.

Representative picture.

| Photo Credit:
AP

Retail inflation is likely to have peaked at almost six years in January as food prices in a Reuters Survey.

The survey consensus of more than 40 economists from February 5 to 7 showed that annual consumer price inflation in India is expected to rise to 7.40% in January, a touch of over 7.35% in December and the highest since May 2014.

While almost half of the economists surveyed forecast price pressure eased in January, no one expected it to be within the RBI's medium-term target range of 2% to 6%, suggesting a significant drop in inflation is unlikely in the coming months.

9.55 a.m.

Sensex drops over 150 points

A view of the BSE building in Mumbai. file

A view of the BSE building in Mumbai. file

| Photo Credit:
PTI

Market benchmark Sensex dropped over 150 points in the opening session on Monday, tracking losses in global stocks amid growing concerns about the corona virus outbreak. PTI reported.

On a net basis, foreign institutional investors bought GBP 161.93 billion in shares, while domestic institutional investors sold GBP 178.59 billion in shares on Friday.

9.45 a.m.

Government. plans 5% stake in Steel Authority of India Ltd. for sale

Steel Authority of India Ltd. logo (SAIL). file

Steel Authority of India Ltd. logo (SAIL). file

| Photo Credit:
Reuters

The government plans to acquire 5% of the shares in the Steel Authority of India Ltd. (SAIL) to sell through a sales offer that could bring about 1,000 crore to the treasury, said an official.

Officials from the Ministry of Investment and Public Asset Management (DIPAM) and the Ministry of Steel are planning road shows in Singapore and Hong Kong to sell the SAIL stake. However, the Hong Kong roadshow could be canceled due to a coronavirus outbreak.

9:30 AM

Under pressure from Elliott, SoftBank expects a sharp quarterly drop in earnings

Today's top business news: Sony withdraws from mobile conference; Domestic auto industry on the edge and more

The Japanese SoftBank group is expected to report a profit decline in the past quarter, increasing concerns about the ability to secure funding for a second vision fund and giving the Elliott Management activist fund more scope for restructuring.

The emergence of Elliott, one of the most powerful activist investors in the world, as a prominent SoftBank shareholder is likely to illustrate the difficulties of the Japanese conglomerate after its strained bet on the office sharing startup WeWork.

9.10 a.m.

Government open to further consolidation of banks as needed: Anurag Thakur

Anurag Thakur. file

New Delhi The government is open to further bank consolidation as needed, said Minister of State for Finance Anurag Singh Thakur.

As of April, this exercise will create six banks of global size and reduce the number of public sector banks from 27 in 2017 to 12.