Air freight rates are skyrocketing after the grounding of many passenger flights in Asia has left shippers scrambling to book limited spots on cargo planes as Chinese industrial production restarts, according to industry insiders.

About half of the air cargo carried worldwide normally flies in the belly of passenger jets rather than in dedicated freighters. But deep flight cuts in response to the coronavirus outbreak have made the market more dependent on freight haulers.

IndusInd Bank's promoters will hike their stake in the private sector lender by buying extra shares from the market.

The promoters of the bank —IndusInd International Holdings (IIHL) and IndusInd — plan to acquire additional shares from open market in India. This will be within the overall regulatory cap prescribed for promoter holding in private banks, the bank informed the BSE on Friday.

State Bank of India chairman Rajnish Kumar on Saturday said that the bank had received the draft scheme for the reconstruction for crisis-hit Yes Bank and a legal team was doing its due diligence on it. He said the bank would go to the Reserve Bank of India by March 9.

Speaking at a press conference, Rajnish Kumar said that SBI had been approached by many investors, who saw an opportunity in YES Bank.

US President Donald Trump has said the overall risk to the American public from deadly Coronavirus remains low.

I think at this point, … the overall risk to the American public does remain low, Trump told reporters on Friday after he visited Center for Disease Control and Prevention (CDC) headquarters in Atlanta.

China's exports contracted sharply in the first two months of the year, as the fast spreading coronavirus outbreak caused massive disruptions to business operations, global supply chains and economic activity.

Imports also fell but were better than analyst expectations.

Twenty-one people aboard a mammoth cruise ship off the California coast tested positive for the new coronavirus and 19 of them are crew members, Vice President Mike Pence announced Friday, amid evidence the vessel was the breeding ground for a deadly cluster of more than 10 cases during its previous voyage.

He said federal officials were working with California authorities around-the-clock to bring the Grand Princess, with more than 3,500 on board, to a non-commercial port over the weekend and test everyone for the virus.

The gold to silver ratio, which indicates the relative strengths of both the metals, is testing three-decade high. At present, the gold to silver ratio is 96.5, not seen since 1991. The ratio rises when silver underperforms gold. Historical data shows that whenever this ratio rises to very high levels, it never sustains and falls.

This ratio suggests how many ounces of silver can be bought with one ounce of gold. In India too, like their global peers, traders use the ratio. When they expect the ratio to rise, they buy gold and sell silver.

A day after the Reserve Bank of India imposed a moratorium on Yes Bank and superseded its Board of Directors, the Enforcement Directorate on Friday raided the Mumbai residence of its founder Rana Kapoor.

The raids were conducted in connection with a money-laundering probe against him, officials said.

Japan has asked India to reconsider the visas that have been suspended over coronavirus fears. A travel advisory issued by India earlier announced that all visas, including visas on arrival granted to nationals of Italy, Iran, South Korea, Japan before 3rd march 2020, stand suspended in the backdrop of the coronavirus outbreak.

An official said while referring to the issue, ...explained how the numbers of patients are changing and sought appropriate measures in light of the reality on the ground.

Under attack over Yes Bank crisis, Finance Minister Nirmala Sitharaman on Friday hit back Congress leader P Chidambaram, saying that exposure of the private lender to some of the very stressed corporates started before 2014 when the UPA was in power.

The exposure of Yes Bank to some of the very stressed corporates has been before 2014. These are public domain names and I am not violating any customer privacy - Anil Ambani (Group), Essel Group, DHFL, IL&FS (and) Vodafone are some of the very stressed corporate to whom Yes Bank has been exposed, she said in response to attacks by the Congress after Yes Bank was placed under one-month moratorium by the Reserve Bank of India.

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