JP Morgan Chase plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to reports. The bank intends to notify affected employees on February 6. The consumer unit, which houses the deposit, credit card, home, and auto lending businesses, contributes to nearly half the firm&rsquo;s revenue. Banks around the world have cut thousands of jobs as they slash costs to weather a slowing economy and adapt to shifts in consumer behavior and in digital technology.&nbsp;

JP Morgan Chase plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to reports. The bank intends to notify affected employees on February 6. The consumer unit, which houses the deposit, credit card, home, and auto lending businesses, contributes to nearly half the firm’s revenue. Banks around the world have cut thousands of jobs as they slash costs to weather a slowing economy and adapt to shifts in consumer behavior and in digital technology.

Indian equity benchmarks fell more than 4% on Wednesday&nbsp;following weak Asian peers as coronavirus&nbsp;cases continue to rise.
The Sensex&nbsp;closed 1,200 points down and the Nifty fell 4% to end the trade at 8,253. Tech Mahindra, Kotak&nbsp;Mahindra&nbsp;Bank, Axis Bank, TCS and UPL were top five market draggers.
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Indian equities opened lower on Wednesday following weak Asian peers and Dow futures.
At 9:25 am, the Sensex&nbsp;was 348 points down at 29,120 and the NSE&nbsp;Nifty fell 1.29% to trade below 8,500.
Kotak&nbsp;Bank, ONGC, Adani&nbsp;Ports, BPCL and Tech Mahindra&nbsp;were the top losers. Whereas, IndusInd&nbsp;Bank, Britannia, Cipla, Nestle and Hindustan Unilever were the top five gainers.&nbsp;

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.

In a big relief to consumers, the prices of non-subsidised LPG&nbsp;cylinders have been slashed by up to ₹65, according to the Indian Oil Corporation&nbsp;monthly revision issued on Wednesday.&nbsp;As per India Oil, an LPG cylinder will cost ₹744 in Delhi from April 1, down from ₹805.5 earlier.&nbsp;LPG prices have been slashed considering over 55% decline in global crude oil prices.

Global industrialist Lakshmi Mittal on Tuesday said that his companies in India have committed ₹100 crore to the PM CARES fund&nbsp;for the ongoing Covid-19 relief efforts. Additionally, Mittal said that his companies' operations are contributing through supporting daily meals of over 5,000 as well as providing food kits to more than 30,000 people. His companies are also augmenting ambulance services and preparing care centres in location close to production facilities.

PVR Cinemas, India's largest multiplex chain has decided to inform landlords that they would be invoking 'force majeure' clause in its rental contract to not pay rent for the entire period of shutdown across the country, the Times of India reported. Reliance Retail too may invoke the same clause. 'Act of God' clause comes into effect during unprecedented circumstances.

Indian equity markets closed Tuesday with strong gains following Asian peers as investor sentiment turned positive after China reported rebound in manufacturing data.
The Sensex&nbsp;closed over a thousand points high at 29,468 and Nifty surged 3.82% to close the day near 8,600.
BPCL, Britannia, GAIL, ONGC&nbsp;and UPL were the top Nifty gainers.&nbsp;

The central government employees due to retire on March 31, will superannuate on that day only, the Personnel Ministry said on Tuesday. In view of the unprecedented situation arising out of the countrywide lockdown declared by the government consequent to the outbreak of Covid-19, it is clarified that the central government employees who are attaining the age of superannuation on March 31, 2020, shall retire from central government services irrespective of whether they are working from home or office, it said.

The government on Tuesday sharply cut interest rates on small savings scheme by up to 1.4% for April-June quarter after the RBI reduced repo rate to its lowest since 2004. As per the revised rates, the PPF&nbsp;will fetch an interest rate of 7.1%, down from 7.9% earlier.&nbsp;The government slashed the National Savings Certificate (NSC) rate from 7.9% to 6.8%. The rate on Kisan Vikas Patra has been slashed from 7.6% earlier to 6.9%.
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The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic. This indicates serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. The UN&nbsp;said that in recent days, advanced economies and China have put together massive government packages.&nbsp;This represents an unprecedented response to an unprecedented crisis, which will reduce the extent of the shock physically, economically and psychologically, the report said.

The government has identified at least 500 entities in the field of diagnostics, drugs, ventilators, protection gear, disinfecting systems,etc, as an effort to map coronavirus disease related technology capabilities in start-ups.&nbsp;The manufacturing capacity of the first indigenous kit developed by a Pune-based start up is being scaled up to produce nearly one lakh kits per week, a statement by health ministry, quoted by the Hindustan Times said. A manufacturing facility for indigenous development of ventilators, testing kits, imaging equipment and ultrasound and high end radiology equipment has been set up in Vishakhapatnam where manufacturing will start in the first week of April, said the health ministry in the statement.
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Fugitive Vijay&nbsp;Mallya on Tuesday urged the Indian authorities once again to consider the 100% payment of his loan amount. Mallya, who is wanted in India on alleged ₹9,000 crore fraud&nbsp;also said all his companies have effectively ceased operations and manufacturing following the lockdown in India.&nbsp;He sought government help and said, "We are not sending employees home and paying the idle cost. Government has to help.&rdquo;

Bharti Enterprises on Tuesday has committed over ₹100 crore to support the combat against coronavirus&nbsp;pandemic.&nbsp;A large portion of the corpus will be immediately contributed to the PM CARES Fund. The balance amount is being directed towards sourcing of masks and other key equipment for the doctors, healthcare workers and essential services personnel. The company mentioned that over a million N-95 masks are being procured and will be made available on an immediate basis.

Day after the Telecom Regulatory Authority of India (TRAI) requested telecom companies to take steps to ensure prepaid users do not face hardship in the time of lockdown, BSNL and Airtel decided to offer free validity extension and talk time.&nbsp;BSNL&nbsp;announced&nbsp;free-of-cost extension of validity for prepaid users up to April 20 and provided ₹10 free talk time for all such subscribers who reach zero balance during the lockdown period.&nbsp;Airtel&nbsp;has also announced that it would not restrict incoming services until April 17 for prepaid users and would provide ₹10 talktime for 80 million subscribers.

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.

The World Bank estimates that the cornavirus outbreak will cause economic growth to slow significantly this year in China and other East Asian-Pacific countries, throwing millions into poverty. Under a worse-case scenario, the region could suffer its sharpest downturn since a devastating currency crisis more than two decades ago, the bank said in a forecast released Monday. World Bank's report projects that growth in the region would slow to 2.1% this year from 5.8% in 2019 under a 'baseline' forecast in which economic recovery takes hold this summer. More than 11 million people could fall into poverty in the region in this scenario, the bank said.

American Airlines, the world's biggest carrier in terms of passengers, is seeking $12bn as a bailout from the US government to help it through the Covid-19 crisis.&nbsp;The funds were allocated to the airline in the $2.2tn economic stimulus package approved by the US government last week. American Airlines hopes the financial support means pay cuts and involuntary furloughs can be avoided.&nbsp;The carrier says there will be reduced flight schedules over the next few months and the company will therefore offer enhanced voluntary leave and early retirement options to its staff.

Equities on Tuesday opened&nbsp;higher&nbsp;following positive global cues. At 9:20 am, the Sensex&nbsp;was 493 points in green at 28,933 and the NSE Nifty rose 1.92% to trade at 8,440.
Hindalco, Vedanta, JSW&nbsp;Steel, Tata&nbsp;Steel and BPCL&nbsp;were the top Nifty movers. Metal stocks were the biggest gainers as the Nifty Metal surged close to 3.5%.
The Indian rupee was also trading 11 paise&nbsp;higher at 75.48 against the greenback.

Indian stock markets plunged on Monday following weak global markets due to rising coronavirus&nbsp;cases. The BSE&nbsp;Sensex&nbsp;ended the day 1,375 points down at 28,440 and the broader Nifty closed the trade after falling 4.38%.
Bajaj&nbsp;Finance, HDFC, Kotak&nbsp;Bank,&nbsp;HDFC&nbsp;Bank and Tata&nbsp;Steel were the top five Nifty losers. At 4 pm, the rupee was trading almost a per cent lower at 75.57 against the US dollar.

JP Morgan to cut hundreds of jobs across consumer unit

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