India on Wednesday decided to lift the nearly six-month-old ban on export of onions in a bid to protect the interests of farmers, as prices are likely to fall sharply, due to bumper rabi crop. Wholesale prices of onions have more than halved in the last five weeks, according to data compiled by a government agency. India is the world's biggest onion exporter.

India on Wednesday decided to lift the nearly six-month-old ban on export of onions in a bid to protect the interests of farmers, as prices are likely to fall sharply, due to bumper rabi crop. Wholesale prices of onions have more than halved in the last five weeks, according to data compiled by a government agency. India is the world's biggest onion exporter.

British Airways is expected to announce a suspension of about 36,000 of its employees, BBC News reported on Wednesday. The airline has reached a broad deal with Unite union, a British trade union, that will include suspension of jobs of 80% of the airline's cabin crew, ground staff, engineers and those working at head office, BBC reported, adding that no staff were expected to be made redundant. British Airways had earlier announced&nbsp;to temporarily suspending flights from Gatwick Airport, Britain&rsquo;s second-busiest airport, as the aviation sector reels under the coronavirus crisis.

During an interaction with Union Commerce and Industry Minister&nbsp;Piyush Goyal,&nbsp;export industry representatives have said that if the government does not find a way soon to re-open manufacturing units under lockdown, Indian products will lose their international markets to China, which has resumed production post the&nbsp;coronavirus&nbsp;outbreak. The industry players demanded resumption with some 50% manpower or even less, so that the industry is not hard hit, the Indian Express reported.&nbsp;Exporters also sought financial sops to pay wages, citing liquidity crunch with businesses being hit by the outbreak.

Asian stock markets fell on Wednesday as investors contemplating the prospect of lengthy lockdowns as the coronavirus continues its deadly sweep across the planet. Tokyo&rsquo;s Nikkei 225 index fell 4.5% on Wednesday, and the Kospi index in South Korea fell 3.9%. The Hang Seng index in Hong Kong dropped 2.2%. The Shanghai Composite index in mainland China fell 0.6%.

US President Donald Trump on Tuesday said he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month it would raise exports after a production-cut agreement among top producers flopped in early March.

China on Tuesday said its official manufacturing PMI for March came in at 52.&nbsp;In February, the official manufacturing PMI plunged to a&nbsp;record low of 35.7.&nbsp;PMI readings below 50 signify a contraction, while figures above that level indicate an expansion.&nbsp;China&rsquo;s manufacturing activity slowed dramatically earlier this year as the government instituted large-scale lockdowns and quarantines to contain the spread of coronavirus.

International Monetary Fund Managing Director&nbsp;Kristalina Georgieva&nbsp;on Monday said&nbsp;that the world will face a recession that could be as bad as the 2008 economic meltdown, or even worse.&nbsp;However, the&nbsp;IMF expects recovery in 2021. Speaking at a conference call of G20 nations,&nbsp;Kristalina&nbsp;said that to get there, it is paramount to prioritise containment and strengthen health systems everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be, she added.
&nbsp;

JP Morgan Chase on Wednesday told employees it will temporarily close about 20% of its branches and reduce staffing in response to the coronavirus pandemic.&nbsp;The biggest US bank said that non-teller personnel including financial advisers and mortgage bankers could work from home starting March 19. It will also reduce the hours of operation of branches that are open.

After collapsing about 40% in the last two weeks, crude oil prices rose on Friday as&nbsp;US President Donald Trump hinted that he may intervene in the price war between Saudi Arabia and Russia. The US WTI crude rose&nbsp;3.7% to $26.14 a barrel and Brent crude futures&nbsp;climbed 2% to $29.04 per barrel.

US space agency NASA said it is temporarily closing two rocket production facilities starting Friday after an employee working at one of the sites tested positive for coronavirus. There is a rising number of Covid-19 cases in the local areas where the facilities are located.&nbsp;The closure could affect the agency&rsquo;s plans to send Americans to the moon by 2024.

Walmart plans to hire 1.5 lakh people to meet increased demand during the coronavirus crisis and will pay out $365 million in bonuses, the US retail giant said. The hiring drive comes as travel restrictions and lockdown measures in various US states and cities to curb the spread of the virus have led people to stock up on basic foodstuffs and order more online. Amazon has also announced plans to recruit an additional 1 lakh workers in the United States to cope with the surge in internet shopping.
&nbsp;

The Indian rupee on Thursday fell 90 paise to record low of 75.12 against the US dollar. The dollar has begun its relentless climb against major currencies as investors are selling what they can to keep their money in dollars due to&nbsp;wild financial market volatility and worries over tightening liquidity triggered by the coronavirus pandemic. The dollar index is hovering around a three-year high level. Sterling crashed near the lowest since 1985 against the greenback. The Australian dollar plunged to a 17-year low, while the New Zealand dollar crashed to an 11-year low as investors dumped riskier assets. The euro initially rose after the ECB announced a stimulus package, but the currency pair erased gains later.

Even as most central banks are providing stimulus to help curb the adverse economic impact due to coronavirus&nbsp;pandemic, panic among global investors does not seem to reduce. Investors contemplate months of economic hardship with countries around the world in lockdown to prevent the spread of Covid-19, which has now infected more than 2 lakh people and killed almost 9,000. US markets have hit circuit breakers four times in the last two weeks. Dow Jones closed below 20,000 on Wednesday.&nbsp;The New York Stock Exchange will temporarily close floor trading and move to fully electronic trading from Monday after a trader and a NYSE employee tested positive for COVID-19.&nbsp;The pan-European&nbsp;Stoxx 600&nbsp;closed down 4% despite multi-billion stimulus. Japan&rsquo;s Nikkei 225 index gave up 0.7%, while in South Korea, the Kospi sank 6.5%. Hong Kong&rsquo;s Hang Seng index slipped 4% and the Shanghai Composite index shed 1.9%. Australia&rsquo;s S&amp;P ASX/200 declined 2.3%. Indian markets have shed more than 30% from the beginning of 2020.

The pound on Wednesday fell to its lowest level against the dollar in over three decades on the shocks caused by the coronavirus.&nbsp;Sterling fell as much as 1.9% to&nbsp;$1.18 against the US dollar, close to its 1985 levels.&nbsp;The&nbsp;currency pair&rsquo;s sell-off was primarily driven by&nbsp;investor fears that&nbsp;the&nbsp;worst is yet to&nbsp;come for&nbsp;the&nbsp;UK&nbsp;as&nbsp;coronavirus cases rise. Investors considered&nbsp;the&nbsp;government&rsquo;s measures as&nbsp;being inadequate&nbsp;to&nbsp;contain the&nbsp;spread of&nbsp;the&nbsp;coronavirus. Sterling has also suffered due to heightened global demand for the greenback.

Asia-Pacific economic growth for the year will more than halve to less than 3% as the global economy enters a recession, according to S&amp;P Global Ratings.&nbsp;An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific, the ratings agency said.&nbsp;The agency's estimate of permanent income losses is likely to at least double to more than $400 billion. S&amp;P lowered its growth forecast for China, India, and Japan for 2020 to 2.9%, 5.2%, and negative 1.2%, respectively.

The Philippine Stock Exchange has suspended trading starting Tuesday to ensure the safety of employees and traders in light of the escalating cases of the coronavirus disease. On Monday, the country&rsquo;s benchmark PSE Composite Index plunged almost 8%. The&nbsp;Philippines has reported 142 confirmed coronavirus cases as of Monday noon, according to its Health Department.

Faced with a growing economic shutdown from the global coronavirus pandemic, the US Federal Reserve announced drastic emergency measures to shore up confidence and keep the financial sector running. The Fed on Sunday made its second emergency rate cut in less than two weeks, cutting the benchmark borrowing rate to a range of 0-0.25 percent, where it was during the 2008 global financial crisis. The US central bank pledged to keep rates there "until it is confident that the economy has weathered recent events." President Donald Trump, who has been critical of the Fed for not acting more aggressively, praised the move.

Beijing-based businesses are asked to provide individual support of at least 3,080 yuan&nbsp;or $440&nbsp;a month for employees stranded in Hubei and are unable to work,&nbsp;the Chinese capital&rsquo;s municipal government announced late Wednesday. Businesses contributing to the government&rsquo;s social insurance plan can apply for subsidies to cover half of the payout, CNBC&nbsp;reported.

Air passenger traffic in China plunged 84.5% year-over-year in February to 8.34 million trips,&nbsp;according to the country&rsquo;s aviation authority. The civil aviation industry lost $3.5 billion in February alone, of which airlines lost $3.03 billion, the largest single-month loss on record, according to the Civil Aviation Administration of China.

As the&nbsp;coronavirus-led death toll surged, Italy has tightened its nationwide lockdown further. The government has ordered&nbsp;that supermarkets and pharmacies will be the only retailers to remain open in Italy. However, public services remain in place and industrial production is allowed to continue on condition that companies adopt safety measures to protect workers.

Auto sales in China plunged 79% in February as the&nbsp;coronavirus outbreak hit demand, data from the country's largest auto industry association showed on Thursday.&nbsp;This is,&nbsp;reportedly, their biggest ever monthly decline.&nbsp;The world's biggest auto market has been badly hurt due the outbreak that has killed more than 3,100 people in the country.

Govt decides to lift ban on onion exports

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