China's top anti-corruption body has opened an investigation against property tycoon Ren Zhiqiang, who has been highly critical of the government's handling of the coronavirus crisis. The state's Central Commission for Discipline Inspection accused&nbsp;the magnate&nbsp;of serious violations of discipline and the law.&nbsp;Hong Kong-based newspaper South China Morning Post reported on Tuesday that the magnate's friends say they have lost contact with Zhiqiang&nbsp;since March 12 after an article he wrote criticizing the way in which Chinese government responded to the outbreak was widely shared online.&nbsp;Zhiqiang&nbsp;had described the Covid-19 crisis as a 'crisis of governance'&nbsp;and said that the lack of freedom of press and expression in the country further exacerbated the situation caused by the outbreak.
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About 40 crore workers in India working in the informal economy are at risk of falling deeper into poverty during the COVID-19 pandemic crisis. The International Labour Organisation has said in a report on Wednesday that the COVID-19 pandemic is affecting 2.7 billion workers globally due to lockdowns, IANS has reported. In India almost 90% of people work in the informal economy. Without appropriate policy measures, workers face a high risk of falling into poverty, the report said.

Germany&rsquo;s Cabinet on Wednesday approved legislation that will make it easier for authorities to prevent foreign takeovers of strategically important companies. The plans pre-date the coronavirus crisis, but come as the German government has vowed to 'stand by local companies' in the face of investors who might now hope to acquire firms cheaply. The new rules, which require parliamentary approval, will lower the threshold for examining and blocking potential takeovers. Authorities will be able to examine whether an acquisition will lead to a 'foreseeable impairment' of public order or security, rather than an 'actual threat' to it at present.

Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organization said Wednesday. Warning that the numbers would be "ugly", the apex trade body said world trade is expected to fall by between 13 per cent and 32 per cent in 2020.&nbsp;There were a wide range of possibilities for how trade would be hit by the 'unprecedented' health crisis.&nbsp;However, WTO chief Roberto Azevedo warned the downturn 'may well be the deepest economic recession or downturn of our lifetimes'.&nbsp;

With the coronavirus pandemic affecting the economy, the Centre&nbsp;is making efforts to ease pressure on small business enterprises. And in this regard, the Income Tax Department has issued a notice ordering the issuance all pending tax-refunds pf&nbsp;up to&nbsp;₹5 lakh&nbsp;with immediate effect. This relaxation will benefit around 14 lakh tax payers. The notice also cleared the issuance of all pending GST&nbsp;and Custom refunds benefitting&nbsp;1 lakh business entities including MSME. Approximately, ₹18,000 crore will be refunded.

The Indian industry requires an immediate stimulus package of ₹9-10 lakh crore, which would account for 4-5% of the country's GDP, to recover from the impact of the coronavirus crisis and the ongoing nationwide lockdown, according to a survey by FICCI.&nbsp;The debt-to-GDP ratio of India is manageable, it added. This money has to be injected for relief and rehabilitation across all levels of the economy,&nbsp;it said. The survey also suggested that all tax payments including GST payments should be deferred by six months without inviting any penalty.

The government may come out with another big package to address the demand and supply side issues facing the country, news agency IANS&nbsp;reported.&nbsp;The report added that the next economic stimulus package would be bigger than the ₹1.7 lakh&nbsp;crore worth of schemes announced by Finance Minister Nirmala Sitharaman last month. The next set of stimulus may focus on concerns of India Inc and the SME segments, and in particular a relief package for the travel and aviation sectors bearing the maximum brunt of present lockdown.&nbsp;

Goldman Sachs has revised India's growth forecast to 1.6% downgrading it by over 400 basis points. The report also predicted that 25% of activity in India will be wiped out due to the lockdown. Goldman Sachs also predicted that the&nbsp;RBI will further reduce the interest rates by 50 basis points.

The Covid-19 pandemic is all set to derail the growth momentum of affordable housing in 2020, a report by Anarock Property Consultants said. This will be one of the worst-affected segments. As many as 6.1 lakh affordable units were under construction across top 7 cities when the lockdown was announced. This is over 39% of the total 15.62 lakh under-construction units in the top 7 cities, the highest share of all budget categories.
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Budget hotel chain Oyo has pledged to offer free accommodation to coronavirus frontline workers and foreigners who are stranded overseas. Selected sites from Oyo's international network of hotels and homestays would be designated to house health-care professionals, police and army staff working on the frontlines of the outbreak, including in the&nbsp;US and&nbsp;India.

Soon after opening in red on Wednesday, the Indian equity markets rose sharply to trade higher. At 9:45 am, the Sensex was 456 points higher at 30,523 and the Nifty rallied 1.53% to trade above 8,900.
GAIL, M&amp;M, HUL, Cipla and Sun Pharma were the top five Nifty gainers. Whereas, ITC, TCS, Bharti&nbsp;Airtel, NTPC and Shree&nbsp;Cements were the top losers.

The prices of rice have hit a 7-year high due to the&nbsp;coronavirus&nbsp;outbreak as importers rush to stockpile the grain while exporters curb shipments. According to the Thai Rice Exporters Association,&nbsp;price of the industry benchmark rose 12% from March 25 to April 1. The rise in prices is due to expectations of higher demand for Thai rice after fellow top exporters - India&nbsp;and&nbsp;Vietnam -- face export disruptions. In India,&nbsp;rice traders have stopped signing new export contracts as labour shortages and logistical disruptions hamper the delivery of existing contracts,&nbsp;Reuters reported,&nbsp;citing industry officials.

Tesla&nbsp;will cut pay for all of its employees and will furlough all hourly workers until May 4, when it intends to resume production of electric cars, the&nbsp;CNBC&nbsp;reported on Tuesday.&nbsp;The pay reductions are expected to be in place until the end of the second quarter. Health orders, implemented to curb the spread of Covid-19, forced Elon Musk&rsquo;s electric car company to wind down production at its main vehicle assembly plant in California.

State Bank of India on Tuesday lowered its savings deposit rates by 25 basis points to 2.75%, citing adequate liquidity. The cut will be effective from April&nbsp;15.&nbsp;SBI had lowered its savings bank interest rate to 3% in March. The bank also announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 35bps across all tenures. With this, the one-year MCLR comes down to 7.40% from 7.75% with effect from April 10.

Most Indian states witnessed a decline in revenue of between 30% to 60% for March, and are estimating a bigger dip in April, reported Hindustan Times.&nbsp;The fall in revenue may lead to a delay in disbursement of salaries to the state government employees, and payments to external borrowers, including government institutions, the report mentioned. Two major sources of income for the states are value added tax (VAT) on petroleum products and excise duty on liquor. While fuel pumps are open through the lockdown period, demand has fallen drastically because only emergency services vehicles are allowed to be on the roads. Liquor shops have been shut since the lockdown was imposed.

International Air Transport Association on Tuesday predicted that some 25 million jobs are at risk globally with airline shutdown due to Covid-19 crisis.&nbsp;Out of the 25 million jobs at risk, 11.2 million are in Asia-Pacific, 5.6 million in Europe and 2.9 million in Latin America. In the same scenario, airlines are expected to see full year passenger revenues fall by $252 billion or 44% in 2020 compared to the previous&nbsp;year.
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Budget airline IndiGo on Tuesday said that it is in the process of operating more than 30 relief flights 'free of cost' to aide the centre's efforts in curbing Covid-19. Accordingly, the airline has been allowed by the government to carry cargo in their planes to ferry food, medicine and medical equipment in the country's battle against the pandemic. These flights are being operated by the company at its own cost, the airline said.

Indian equity markets on Tuesday posted their biggest ever one-day gain in absolute terms.&nbsp;
The Sensex&nbsp;surged 2,476 points to close above 30,000 mark and the Nifty spiked 8.76% or 708 points to close near 8,800.
IndusInd Bank, Axis Bank, Grasim, Dr Reddy&nbsp;and&nbsp;HUL&nbsp;were the top five Nifty movers, rose up to 25%.&nbsp;Volatility index slipped 6% to close at a one-month low.
The Indian rupee was 33 paise higher at 75.63 against the US dollar.

Indian stock markets surged on Tuesday in line with Asian peers, on signs of a slowdown in coronavirus-related deaths globally.
At 2 pm, the Sensex&nbsp;was 2,139 points higher at 29,730 and the Nifty was trading near 8,692, surging 7.53%.
IndusInd&nbsp;Bank was the biggest index mover, trading almost 20% higher. M&amp;M, Axis Bank, Sun Pharma&nbsp;and&nbsp;HCL&nbsp;Tech were the other top gainers.
The rupee was 23 paise&nbsp;high at 75.96 against the US dollar.

The National Highways Authority of India on Monday said that it has accomplished construction of 3,979 km of national highways in the financial year 2019-20. According to the state-run company, this is the highest ever highway construction achieved by it in a financial year. The NHAI&nbsp;had constructed&nbsp;3,380 km in the FY 2018-19

Markets trade flat, IT and select Autos see gains

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