India confirmed on Thursday its first patient of coronavirus infection, isolating a male patient in the southern state of Kerala. The patient studied in a university in Wuhan, the Chinese city from where the virus infection spread, and he “his stable at the moment and is being closely monitored,” said a government press release.

The death toll in China from the new coronavirus rose to 170 on Thursday, with 7,711 confirmed cases, as repatriation flights for foreign nationals continued.

According to the daily report of the National Health Commission, updated at 00.00 (local time) the number of patients in serious condition stands at 1,370, while 124 people have recovered and were discharged.

On Wednesday, 38 deaths were registered and 1,737 confirmed cases were added with 131 patients in serious condition and another 21 people cured, Efe news reported.

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Even as the threat from coronavirus looms, no Chinese company is expected to pull out of the Auto Expo 2020, to be held in Greater Noida from February 7. This assurance was given by the Society of Indian Automobile Manufacturers (Siam), which said it is taking adequate precautions at the venue in accordance with the instructions of the health ministry.

Some of the measures include a full medical team and thermal screenings. Siam representatives met ministry officials and local administration on Wednesday to discuss the measures to be taken during the auto expo. While Siam did not disclose any information on number of Chinese delegation to attend, things discussed at the meeting and others, Rajan Wadhera, president of Siam, said, “We have gone through the advisory issued by the ministry of health and are taking adequate precautions.”

Sources said over two dozen top officials from various companies were planning to participate in the event, besides a group of journalists.

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The EU will not ban Chinese telecom giant Huawei in Europe, a top official said on Tuesday, despite intense pressure from Washington to shun the company over spying fears.

The European Commission, the EU’s executive arm, will officially unveil its recommendations on Wednesday, but commissioner Thierry Breton told MEPs that Brussels will choose tight scrutiny over any blanket ban.

“It is not a question of discrimination it is a question of laying down rules. They will be strict, they will be demanding and of course we will welcome in Europe all operators who are willing to apply them,” he said.

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Tata Motors’ strategy of adopting a very competitive pricing for the Nexon EV will prompt its rivals — Maruti Suzuki India as well as Mahindra and Mahindra (M&M) — to package their offerings in a manner that attracts buyers.

High pricing of electric vehicles (EVs) has been a key deterrent for buyers. With a price starting from Rs 13.99 lakh to Rs 15.99 lakh, the Nexon is the first EV offering in the mass sports utility vehicle (SUV) segment.

M&M is set to unveil its electric compact SUV version of the XUV300, while Maruti will be taking wraps off the electric variant of the Wagon R at the Auto Expo next month.

Earlier this month, MG Motors launched its EV vehicle, the ZS. Over the next two years, Tata Motors will introduce four more EV models, including two SUVs, a sedan and a hatchback, as it seeks to be in the leadership position. Here you can also read Budget2020 News

Hong Kong stocks plunged Wednesday as investors in the city returned from their Lunar New Year break to a global panic over the deadly coronavirus, though most other Asian markets were lifted by bargain-buying after recent losses.

Healthy US data reinforced hopes for the global economic outlook and supported a rally across US and European markets, which provided a strong lead for Asia, while a record earnings report from Apple also helped the mood.

Still, the focus remains on developments in the virus outbreak — which has now killed at least 132 people and infected more people in China than SARS did 17 years ago — and concerns about the impact on the world economy.

Among the worst-hit sectors on global trading floors are firms linked to travel and tourism, as big-spending Chinese tourists stay at home with Beijing clamping down on people’s movement. Here you can also read Budget2020 News

With barely a few days left for the NDA (National Democratic Alliance) government to present the Union Budget proposals for financial year 2020-21 (FY21), most domestic and foreign brokerages look forward to credible steps to prop-up growth and provide some relief to the individual income-tax payers in terms of a cut in tax rates.

Here are some of the key things on the wish list of leading brokerages.

Morgan Stanley

We expect the budget to: (a) focus on credible fiscal numbers and gradual consolidation, (b) continue to favour investment-driven growth with redistributive spending likely to remain in line with nominal GDP growth, (c) provide strong intent to raise additional resources through strategic divestment and asset monetization, and (d) provide a credible medium-term fiscal consolidation plan and improve the health of the public sector balance sheet.

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On 1st of February, Finance Minister Nirmala Sitharaman will present the Union Budget for Financial Year 2020-21. It will be the first full Budget of Narendra Modi’s second term as Prime Minister. The economy was in the news for most of last year, not for positive reasons. Every Budget presents challenges to the government, but some are more challenging than others. This Budget comes at a particularly difficult time for the Indian economy and is keenly awaited to see how the government will try to defeat the economic challenges that face the country.What will be the biggest challenges facing the finance minister in the Budget? How will the Budget tackle the jobs crisis? Can the government spend its way out of trouble? And what is going in favour of the government?A K Bhattacharya answers these questions and more in this Business Standard special podcast.

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Considering the current stage of inequality in the country, it is time for India to reintroduce wealth tax in the Union Budget 2020 and also focus on redistribution of wealth, Nobel laureate Abhijit V Banerjee said on Monday.

“Given the amount of inequality now, wealth tax is completely sensible and more redistribution is required,” he said at the Tata Steel Kolkata Literary Meet. India had passed the Wealth Tax Act, 1957 which was levied on an individual, a Hindu Undivided Family and a Corporate entity on its valuation, which was repealed in April 2016.

However, Banerjee remained skeptical about the current government’s enthusiasm to introduce it.

Responding to a question about his views on the Centre’s disinvestment drive, Banerjee said, “I would love to sell out the prestigious PSUs.”

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Budget 2020: Indian Private Equity and Venture Capital Association (IVCA) has requested the Union Government to bring in tax parity for the listed and unlisted shares and allow the category 1 Alternative Investment Funds (AIF) to invest in Non Banking Finance Companies (NBFC).

The association said that currently there is a considerable benefit on investing in listed shares than unlisted shares in terms of taxes levied. In order to further channelize domestic and foreign risk capital, there is a need for complete tax parity for investments in listed and unlisted securities.

As compared to domestic investors, Long Term Capital Gains (LTCG) earned by foreign investors in private companies attract taxation at a concessional rate of 10 per cent while domestic VC & PE investments taxed at 20 per cent (for LTCG) with an enhanced surcharge of 37 per cent.

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South Korea on Friday confirmed its second case of the SARS-like virus that has killed at least 25 in China, as concerns mount about a wider outbreak.

Several nations including the US have stepped up checks on airport passengers to detect the coronavirus, which first emerged in the central Chinese city of Wuhan.

The virus has caused alarm in China and abroad because of its genetic similarities to Severe Acute Respiratory Syndrome (SARS), which killed nearly 650 people across mainland China and Hong Kong in 2002-2003.

On Friday, Seoul’s health ministry said a South Korean man in his 50s started experiencing symptoms while working in Wuhan on Jan 10.

He was tested upon returning to the country earlier this week, and was confirmed to be South Korea’s second case of the virus on Thursday, the ministry added.

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