Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday.

The broader NSE Nifty rose 0.62% to 10,930.40 as of 0409 GMT, while the benchmark BSE Sensex was up 0.57% at 36,909.50.

India on Monday revoked a constitutional provision giving Kashmir the authority to make its own laws, potentially stoking tension in the Himalayan region, which has been a flashpoint in ties with neighbouring Pakistan.

The move further raised investor uncertainty at a time when they are already grappling with slowing economic growth and a credit squeeze.

Investors were also awaiting the Reserve Bank of India's (RBI) policy decision on Wednesday. A Reuters poll last month showed the central bank was set to cut interest rates further as the country looks to stimulate growth and spending.

Finance minister Nirmala Sitharaman also said her department would hold talks with foreign portfolio investors (FPIs) about the tax surcharge on certain high-value investments, Mint reported.

"Domestically, the negative news flow may be behind us for the time being. There is hope in markets that the government may revive the economy and they are rallying on that hope," said Neeraj Dewan, a director at Quantum Securities.

"People are expecting the RBI to cut rates and the finance minister's statements about FPIs are also giving hope."

Banks and auto indexes led gains. The Nifty public sector banks index rose 1.5%, while the auto index was up 1%.

The IT index was flat in early trade as the rupee firmed after touching a five-month low on Monday.

Indiabulls Housing Finance led the gains among NSE stocks, rising 1.8%, while Yes Bank and IndusInd Bank rose about 1.5% each. Tata Motors rose 1.8%.

Among losers, IT heavyweight Tata Consultancy Services dropped 0.7%, while Zee Entertainment Enterprises was down 1.8%

Meanwhile, Asian peers languished after the Chinese yuan fell to a 11-year low in an escalating trade war between Beijing and Washington.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday.

Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday. The broader NSE Nifty rose 0.62% to 10,930.40 as of 0409 GMT, while the benchmark BSE Sensex was up 0.57% at 36,909.50. India on Monday revoked a constitutional provision giving Kashmir the authority to make its own laws, potentially stoking tension in the Himalayan region, which has been a flashpoint in ties with neighbouring Pakistan. The move further raised investor uncertainty at a time when they are already grappling with slowing economic growth and a credit squeeze. Investors were also awaiting the Reserve Bank of India's (RBI) policy decision on Wednesday. A Reuters poll last month showed the central bank was set to cut interest rates further as the country looks to stimulate growth and spending. Finance minister Nirmala Sitharaman also said her department would hold talks with foreign portfolio investors (FPIs) about the tax surcharge on certain high-value investments, Mint reported. "Domestically, the negative news flow may be behind us for the time being. There is hope in markets that the government may revive the economy and they are rallying on that hope," said Neeraj Dewan, a director at Quantum Securities. "People are expecting the RBI to cut rates and the finance minister's statements about FPIs are also giving hope." Banks and auto indexes led gains. The Nifty public sector banks index rose 1.5%, while the auto index was up 1%. The IT index was flat in early trade as the rupee firmed after touching a five-month low on Monday. Indiabulls Housing Finance led the gains among NSE stocks, rising 1.8%, while Yes Bank and IndusInd Bank rose about 1.5% each. Tata Motors rose 1.8%. Among losers, IT heavyweight Tata Consultancy Services dropped 0.7%, while Zee Entertainment Enterprises was down 1.8% Meanwhile, Asian peers languished after the Chinese yuan fell to a 11-year low in an escalating trade war between Beijing and Washington. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

Nifty, Sensex edge higher ahead of RBI's policy outcome

The United Nations on Monday urged both India and Pakistan to exercise restraint, saying it was concerned about the rising tensions between the two neighbours after <a href="https://www.wionews.com/india-news/article-370-revoked-shah-lauds-modi-for-unwavering-commitment-towards-ensuring-indias-unity-integrity-240935">New Delhi abrogated Article 370</a> in Jammu and Kashmir that granted special status to the state.

"We are following with concern the tense situation in the region...We urge all parties to exercise restraint," Stephane Dujarric, the spokesperson of UN Secretary-General Antonio Guterres told reporters.

"Over the past few days, the <a href="https://www.wionews.com/india-news/abrogation-of-article-370-india-briefs-unsc-envoys-tell-them-decision-aimed-at-improving-governance-240932">United Nations</a> Military Observer Group in India and Pakistan (UNMOGIP) has observed and reported an increase in military activity along the Line of Control. We are very concerned about the rise of tensions," he said.

On Monday, the BJP-led central government scrapped Article 370 of the Indian Constitution, along with Article 35 (A) in the Rajya Sabha that gave a special status to Jammu and Kashmir and barred people from the rest of the country from buying property there.

The government also passed a separate bill in the Upper House proposing to divide the border state into two Union Territories -- Jammu and Kashmir and Ladakh.

Rattled by India's decisions, Pakistan said it will exercise "all possible options" to counter the steps.

Watch: US, UN keeping close watch on Jammu and Kashmir

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-un-keeping-close-watch-on-jammu-and-kashmir-240963/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Ahead of the landmark announcement, Kashmir has been on the edge in the wake of a massive security build-up and the state government issued an advisory to Amarnath pilgrims and tourists urging them to curtail their visit.

The United Nations on Monday urged both India and Pakistan to exercise restraint, saying it was concerned about the rising tensions between the two neighbours after New Delhi abrogated Article 370 in Jammu and Kashmir that granted special status to the state.

The United Nations on Monday urged both India and Pakistan to exercise restraint, saying it was concerned about the rising tensions between the two neighbours after New Delhi abrogated Article 370 in Jammu and Kashmir that granted special status to the state. "We are following with concern the tense situation in the region...We urge all parties to exercise restraint," Stephane Dujarric, the spokesperson of UN Secretary-General Antonio Guterres told reporters. "Over the past few days, the United Nations Military Observer Group in India and Pakistan (UNMOGIP) has observed and reported an increase in military activity along the Line of Control. We are very concerned about the rise of tensions," he said. On Monday, the BJP-led central government scrapped Article 370 of the Indian Constitution, along with Article 35 (A) in the Rajya Sabha that gave a special status to Jammu and Kashmir and barred people from the rest of the country from buying property there. The government also passed a separate bill in the Upper House proposing to divide the border state into two Union Territories -- Jammu and Kashmir and Ladakh. Rattled by India's decisions, Pakistan said it will exercise "all possible options" to counter the steps. Watch: US, UN keeping close watch on Jammu and Kashmir Ahead of the landmark announcement, Kashmir has been on the edge in the wake of a massive security build-up and the state government issued an advisory to Amarnath pilgrims and tourists urging them to curtail their visit.

Article 370 revoked: United Nations urges India, Pakistan to exercise restraint

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US&nbsp;and China.

Brent prices have plunged 7.6% since their close on July 31, the day before US&nbsp;President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States, which responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day.

Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world's two biggest oil buyers will dent demand.

Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel by 0351 GMT after earlier dipping to $59.07, their lowest since January&nbsp;14.

West Texas Intermediate (WTI) crude futures rose 47 cents, or 0.9%, to $55.16 per barrel.

"The market is back short-covering and there's also some amount of profit-booking today," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta, referring to when traders with short positions, or bets on falling prices, buy back futures to lock in profits.

The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world's biggest oil importer.

"Oil prices can't shake off falling demand concerns, as China's latest escalation with devaluing the yuan and limiting US&nbsp;agricultural purchases derail hopes for a trade deal to be reached this year," said Edward Moya, senior market analyst at OANDA in New York.

Concerns that the trade conflict has entered a phase of retaliatory action was weighing down on the sentiments in the oil market, which at the moment is taking lesser notice of the Middle East tensions, analysts said.

"Despite the ongoing threat of supply disruption in the Middle East, it is clear that the US-China trade dispute is of more significant concern at the moment," Stephen Innes, managing partner at VM Markets said in a note.

Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel.

Iran's seizure of the Iraqi oil tanker had raised some concerns about potential Middle East supply disruptions.

Oil prices may find some support later this week with a preliminary Reuters poll showing US&nbsp;crude oil inventories were expected to fall for an eighth consecutive week.

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China.

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China. Brent prices have plunged 7.6% since their close on July 31, the day before US President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States, which responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day. Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world's two biggest oil buyers will dent demand. Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel by 0351 GMT after earlier dipping to $59.07, their lowest since January 14. West Texas Intermediate (WTI) crude futures rose 47 cents, or 0.9%, to $55.16 per barrel. "The market is back short-covering and there's also some amount of profit-booking today," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta, referring to when traders with short positions, or bets on falling prices, buy back futures to lock in profits. The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world's biggest oil importer. "Oil prices can't shake off falling demand concerns, as China's latest escalation with devaluing the yuan and limiting US agricultural purchases derail hopes for a trade deal to be reached this year," said Edward Moya, senior market analyst at OANDA in New York. Concerns that the trade conflict has entered a phase of retaliatory action was weighing down on the sentiments in the oil market, which at the moment is taking lesser notice of the Middle East tensions, analysts said. "Despite the ongoing threat of supply disruption in the Middle East, it is clear that the US-China trade dispute is of more significant concern at the moment," Stephen Innes, managing partner at VM Markets said in a note. Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel. Iran's seizure of the Iraqi oil tanker had raised some concerns about potential Middle East supply disruptions. Oil prices may find some support later this week with a preliminary Reuters poll showing US crude oil inventories were expected to fall for an eighth consecutive week.

Oil prices rise, escalating US-China trade war caps gains

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">China's tumbling yuan</a> steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US&nbsp;trade tensions.

The <a href="https://www.wionews.com/business-economy/chinese-yuan-falls-to-weakest-level-against-the-dollar-since-2010-240743">currency has slumped 2.3% over the past three days</a> and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan's value has become a new front in the US-China trade war.

On Monday, US&nbsp;Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows.

The People's Bank of China's firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout.

"(China is) seizing the narrative on the renminbi," said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong.

"Rather than being pressured to signal that 7 is just a psychological level, they are ... saying this is something that we control rather than markets or whatever other pressures."

The yuan dropped to the record low in offshore trade early in Asia, after Mnuchin's announcement, before bouncing to steady around 7.0642 per dollar.

The PBOC fixed the yuan midpoint, which sets the point around which the currency is allowed to trade, at 6.9683 per dollar, firmer than market expectations.

The PBOC's announcement of a sale of 30 billion yuan&nbsp;worth of yuan-denominated bills in Hong Kong also suggested the central bank was soaking up cash to prevent speculative short-selling.

The currency opened onshore trade at 7.0699 per dollar, then firmed to 7.0515 by 0310 GMT. The offshore yuan fell to as low as 7.1397 per dollar before coming back as far as 7.0596.

However, the currency's stabilisation on Tuesday was not enough assuage markets, but did halt their slide by midsession.

The Shanghai Composite Index fell over 2% to 2,733.92, touching its lowest level since February, while Hong Kong's Hang Seng Index hit it's lowest since January before paring some of the losses.

"Renminbi weakening pressure added uncertainty to the stock market and added pressure especially for financials and property companies," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong

"The PBOC is sending signals that it would like to mitigate RMB depreciation – by fixing dollar/yuan somewhat low, and by announcing to issue offshore bills," said Frances Cheung, a strategist at Westpac.

Chinese policy sources had told Reuters that the currency was allowed to slide so markets could factor in concerns over the tussle between the world's two largest economies, especially after President Donald Trump announced new tariffs last week.

"We think the most important takeaway is the risk of US-China trade war escalating further has increased," UBS Economist Tao Wang said in a note to clients.

"As the trade war escalates further and depreciation pressure on the renminbi intensifies, we expect the dollar/yuan to trade beyond 7 more often in the rest of the year."

China's tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US trade tensions.

China's tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US trade tensions. The currency has slumped 2.3% over the past three days and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan's value has become a new front in the US-China trade war. On Monday, US Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows. The People's Bank of China's firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout. "(China is) seizing the narrative on the renminbi," said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong. "Rather than being pressured to signal that 7 is just a psychological level, they are ... saying this is something that we control rather than markets or whatever other pressures." The yuan dropped to the record low in offshore trade early in Asia, after Mnuchin's announcement, before bouncing to steady around 7.0642 per dollar. The PBOC fixed the yuan midpoint, which sets the point around which the currency is allowed to trade, at 6.9683 per dollar, firmer than market expectations. The PBOC's announcement of a sale of 30 billion yuan worth of yuan-denominated bills in Hong Kong also suggested the central bank was soaking up cash to prevent speculative short-selling. The currency opened onshore trade at 7.0699 per dollar, then firmed to 7.0515 by 0310 GMT. The offshore yuan fell to as low as 7.1397 per dollar before coming back as far as 7.0596. However, the currency's stabilisation on Tuesday was not enough assuage markets, but did halt their slide by midsession. The Shanghai Composite Index fell over 2% to 2,733.92, touching its lowest level since February, while Hong Kong's Hang Seng Index hit it's lowest since January before paring some of the losses. "Renminbi weakening pressure added uncertainty to the stock market and added pressure especially for financials and property companies," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong "The PBOC is sending signals that it would like to mitigate RMB depreciation – by fixing dollar/yuan somewhat low, and by announcing to issue offshore bills," said Frances Cheung, a strategist at Westpac. Chinese policy sources had told Reuters that the currency was allowed to slide so markets could factor in concerns over the tussle between the world's two largest economies, especially after President Donald Trump announced new tariffs last week. "We think the most important takeaway is the risk of US-China trade war escalating further has increased," UBS Economist Tao Wang said in a note to clients. "As the trade war escalates further and depreciation pressure on the renminbi intensifies, we expect the dollar/yuan to trade beyond 7 more often in the rest of the year."

China's yuan steadies but stocks plunge as trade tensions grow

Amid incessant rains, Shivamogga District administration has declared a holiday on Tuesday for schools and colleges (government and aided) in three Taluks of Malnad region.

The schools and colleges will remain close in Sagar, Thirthahalli, and Hosanagara of Malnad region.

There is a flood-like situation in northern parts of Karnataka due to Maharashtra releasing huge volumes of water from its reservoirs after receiving heavy rainfall in the state.

Chief Minister BS Yediyurappa on Monday conducted an aerial survey of the flood-affected areas in north Karnataka to take stock of the situation.

The IMD has predicted widespread rainfall over Odisha, south Chhattisgarh, south Madhya Pradesh, central Maharashtra, south Konkan, Goa, Gujarat, Kerala, Karnataka, northern Andhra Pradesh, and Telangana during the coming days.

"Fairly widespread to widespread rainfall with isolated heavy to very heavy falls very likely over Odisha, south Chhattisgarh, south MP, Madhya Maharashtra, south Konkan and Goa, Gujarat region, Kerala, Karnataka and northern parts of Andhra Pradesh, and Telangana during next 4-5 days," the IMD release said.

Amid incessant rains, Shivamogga District administration has declared a holiday on Tuesday for schools and colleges (government and aided) in three Taluks of Malnad region.

Amid incessant rains, Shivamogga District administration has declared a holiday on Tuesday for schools and colleges (government and aided) in three Taluks of Malnad region. The schools and colleges will remain close in Sagar, Thirthahalli, and Hosanagara of Malnad region. There is a flood-like situation in northern parts of Karnataka due to Maharashtra releasing huge volumes of water from its reservoirs after receiving heavy rainfall in the state. Chief Minister BS Yediyurappa on Monday conducted an aerial survey of the flood-affected areas in north Karnataka to take stock of the situation. The IMD has predicted widespread rainfall over Odisha, south Chhattisgarh, south Madhya Pradesh, central Maharashtra, south Konkan, Goa, Gujarat, Kerala, Karnataka, northern Andhra Pradesh, and Telangana during the coming days. "Fairly widespread to widespread rainfall with isolated heavy to very heavy falls very likely over Odisha, south Chhattisgarh, south MP, Madhya Maharashtra, south Konkan and Goa, Gujarat region, Kerala, Karnataka and northern parts of Andhra Pradesh, and Telangana during next 4-5 days," the IMD release said.

Karnataka: School, colleges to remain closed in Shivamogga due to heavy rains

Six people died and 10 people sustained injuries after fire broke out in a multistorey building in Zakir Nagar in southeast Delhi the early hours of Tuesday.

The injured, which include two firemen have been shifted to hospital for treatment, fire department officials said.

"Five patients are in the intensive care unit (ICU), some are in the ward and one is in pediatric ICU. Everything is under control. We have specialists to look after the patients," said Dr Mala, Chief Medical Officer (CMO), Holy Family Hospital.

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<blockquote class="twitter-tweet">
Doctor Mala, Chief Medical Officer (CMO), Holy Family Hospital: 5 patients are in the intensive care unit (ICU), some are in the ward and one is in Pediatric ICU. <a href="https://twitter.com/hashtag/ZakirNagarFire?src=hash&amp;ref_src=twsrc%5Etfw">#ZakirNagarFire</a> <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> <a href="https://t.co/2oco8ENmoN">pic.twitter.com/2oco8ENmoN</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1158556322188660736?ref_src=twsrc%5Etfw">August 6, 2019</a></blockquote>
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Around 20 people were rescued from the spot.

Around seven cars and eight motorcycles gutted in the fire.

Eight fire tenders were rushed to the spot and the fire has been doused.

Six people died and 10 people sustained injuries after fire broke out in a multistorey building in Zakir Nagar in southeast Delhi the early hours of Tuesday. The injured, which include two firemen have been shifted to hospital for treatment, fire department officials said.

Six people died and 10 people sustained injuries after fire broke out in a multistorey building in Zakir Nagar in southeast Delhi the early hours of Tuesday. The injured, which include two firemen have been shifted to hospital for treatment, fire department officials said. "Five patients are in the intensive care unit (ICU), some are in the ward and one is in pediatric ICU. Everything is under control. We have specialists to look after the patients," said Dr Mala, Chief Medical Officer (CMO), Holy Family Hospital. Doctor Mala, Chief Medical Officer (CMO), Holy Family Hospital: 5 patients are in the intensive care unit (ICU), some are in the ward and one is in Pediatric ICU. #ZakirNagarFire #Delhi pic.twitter.com/2oco8ENmoN — ANI (@ANI) August 6, 2019 × Around 20 people were rescued from the spot. Around seven cars and eight motorcycles gutted in the fire. Eight fire tenders were rushed to the spot and the fire has been doused.

At least six dead, 10 injured after fire breaks out in Delhi's multistorey building

<a href="https://www.wionews.com/india-news/jk-governor-satya-pal-malik-reviews-security-as-centre-deploys-more-paramiltary-troops-240950">J&amp;K Governor Satya Pal Malik reviews security as government deploys more paramilitary troops</a>

Governor Satya Pal Malik, in a meeting held at Raj Bhavan on Monday evening, reviewed prevailing security and law and order in the state, in the aftermath of developments in the Parliament relating to Jammu and Kashmir.

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">US designates China a currency manipulator as yuan hits record low</a>

The United States on Monday formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiralling trade war in just 24 hours.

<a href="https://www.wionews.com/world/north-korea-conducts-new-launches-threatens-to-take-new-road-240949">North Korea fires two more projectiles, threatens to take 'new road'</a>

North Korea fired two unidentified projectiles into the sea off its east coast on Tuesday, the South Korean military said, as Pyongyang's foreign ministry protested that joint US-South Korea military drills violated diplomatic agreements.

<a href="https://www.wionews.com/world/trump-imposes-sanctions-on-venezuelan-governments-assets-240952">Trump imposes sanctions on Venezuelan government's assets in US</a>

US President Donald Trump has imposed sanctions on assets of the Venezuelan government, according to an executive order published on Monday.

<a href="https://www.wionews.com/world/mayor-urges-japan-to-sign-un-nuke-ban-on-hiroshima-anniversary-240960">Mayor urges Japan to sign UN nuke ban on Hiroshima anniversary</a>

The mayor of Hiroshima urged Japan to sign a landmark UN treaty banning nuclear weapons as the city Tuesday marked 74 years since being targeted in the world's first atomic attack.

J&K Governor Satya Pal Malik reviews security as government deploys more paramilitary troops Governor Satya Pal Malik, in a meeting held at Raj Bhavan on Monday evening, reviewed prevailing security and law and order in the state, in the aftermath of developments in the Parliament relating to Jammu and Kashmir.

J&K Governor Satya Pal Malik reviews security as government deploys more paramilitary troops Governor Satya Pal Malik, in a meeting held at Raj Bhavan on Monday evening, reviewed prevailing security and law and order in the state, in the aftermath of developments in the Parliament relating to Jammu and Kashmir. US designates China a currency manipulator as yuan hits record low The United States on Monday formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiralling trade war in just 24 hours. North Korea fires two more projectiles, threatens to take 'new road' North Korea fired two unidentified projectiles into the sea off its east coast on Tuesday, the South Korean military said, as Pyongyang's foreign ministry protested that joint US-South Korea military drills violated diplomatic agreements. Trump imposes sanctions on Venezuelan government's assets in US US President Donald Trump has imposed sanctions on assets of the Venezuelan government, according to an executive order published on Monday. Mayor urges Japan to sign UN nuke ban on Hiroshima anniversary The mayor of Hiroshima urged Japan to sign a landmark UN treaty banning nuclear weapons as the city Tuesday marked 74 years since being targeted in the world's first atomic attack.

News brief: Big stories of the day

In a final call to save Jet Airways, the employees of the airline will protest at Jantar Mantar here on Tuesday.

The employees will protest in order to ensure that the National Company Law Tribunal (NCLT) hears the ongoing insolvency case of the airline at 11 am on August 10.

Rohit Chaudhary, Captain in Jet Airways has started a Save Jet Airways campaign along with other flight captains and is supported by Society for Welfare of Indian Pilots (SWIP) president KS Cheema, Jet Aircraft Maintenance Engineers Welfare Association (JAMEVA) president Ashish Mohanty, among others.

Jet has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.

The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries of pilots and other staff.

In a final call to save Jet Airways, the employees of the airline will protest at Jantar Mantar here on Tuesday. The employees will protest in order to ensure that the National Company Law Tribunal (NCLT) hears the ongoing insolvency case of the airline at 11 am on August 10.

In a final call to save Jet Airways, the employees of the airline will protest at Jantar Mantar here on Tuesday. The employees will protest in order to ensure that the National Company Law Tribunal (NCLT) hears the ongoing insolvency case of the airline at 11 am on August 10. Rohit Chaudhary, Captain in Jet Airways has started a Save Jet Airways campaign along with other flight captains and is supported by Society for Welfare of Indian Pilots (SWIP) president KS Cheema, Jet Aircraft Maintenance Engineers Welfare Association (JAMEVA) president Ashish Mohanty, among others. Jet has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries of pilots and other staff.

Jet Airways employees to hold protest today amid airline crisis

Top BJP leaders, including the party's working President JP Nadda, on Monday, <a href="https://www.wionews.com/india-news/true-development-and-integration-of-jammu-and-kashmir-will-happen-now-nirmala-sitharaman-240845">hailed the central government's decision</a> to <a href="https://www.wionews.com/photos/history-of-kashmir-and-what-revoking-of-special-status-means-240878">revoke Article 370</a>, which gave special status to Jammu and Kashmir.

"This day will be marked in golden letters when <a href="https://www.wionews.com/india-news/article-370-omar-abdullah-mehbooba-mufti-detained-after-special-status-to-jammu-and-kashmir-is-revoked-240931">Articles 370 and 35A</a> of the Constitution was revoked to restore the unity and integrity of India and to connect Kashmir with the main development stream," Nadda tweeted.

Union Minister for Petroleum Dharmendra Pradhan congratulated Prime Minister Narendra Modi and Home Minister Amit Shah for their "bold step" and termed the move as the correction of "a historic wrong."

"Compliments to PM Narendra Modiji and HM Amit Shahji for taking a bold step to correct a historic wrong!" Pradhan tweeted.

"Tough resolve, patience, courage and relentless pursuit of larger goals make a leader. The dream which started from Lal Chowk in 1992 led to an incredible journey of a leader who made history today by taking this step to fulfil aspirations of people in Jammu &amp; Kashmir and Ladakh," read another tweet.

Union Minister for Railways Piyush Goyal also congratulated the Modi-Shah duo.

"Congratulations to PM Narendra Modi and HM Amit Shah for moving to revoke Article 370 from Kashmir. This will increase the unity of the nation, lead to new avenues of development in Kashmir, and will enable the people to move ahead at par with the rest of the nation towards advancement" he tweeted.

Uttarakhand Chief Minister Trivendra Singh Rawat also hailed the decision by saying, "I congratulate Narendra Modiji and Amit Shahji for their step. Today our country has become one, on this day the widows and families of the soldiers who gave up their lives defending the nation and Kashmir should feel proud."

Minister of State (MoS) Jitendra Singh, while congratulating Modi and Shah, said the BJP was completing Congress' "unfinished agenda".

"I am amazed by the behaviour of Congress. We are completing the unfinished agenda of Congress. Even Jawaharlal Nehru himself had said it once that it will be removed someday, Modi and Shah made it possible. Those who understand the situation of the people of Jammu and Kashmir will support this," Singh told ANI.

Former Union Minister and BJP leader Rajyavardhan Singh Rathore said Article 370 was a hindrance in the development of Jammu and Kashmir, adding that with it gone, the state will prosper and terrorism will stop.

Article 370 dissolves, Jammu &amp; Kashmir now a UT; Watch the top developments

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/article-370-dissolves-jammu-kashmir-now-a-ut-watch-the-top-developments-240959/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Kashmir was separated from the country because of Article 370. Because of this article, Kashmir was not growing. I would like to congratulate Prime Minister Modi, Amit Shah and everyone for this step. Gujjars living in Kashmir will get reservations and terrorism will stop," Rathore said.

On Monday, the Centre scrapped Article 370 of the Constitution that&nbsp;gives special status to Jammu and Kashmir.

Shortly after Shah tabled a resolution to this effect in Rajya Sabha, President Ram Nath Kovind came out with a notification -- The Constitution (Application to Jammu and Kashmir) Order, 2019 that will come into force immediately.

The order will supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time.

Top BJP leaders, including the party's working President JP Nadda, on Monday, hailed the central government's decision to revoke Article 370, which gave special status to Jammu and Kashmir.

Top BJP leaders, including the party's working President JP Nadda, on Monday, hailed the central government's decision to revoke Article 370, which gave special status to Jammu and Kashmir. "This day will be marked in golden letters when Articles 370 and 35A of the Constitution was revoked to restore the unity and integrity of India and to connect Kashmir with the main development stream," Nadda tweeted. Union Minister for Petroleum Dharmendra Pradhan congratulated Prime Minister Narendra Modi and Home Minister Amit Shah for their "bold step" and termed the move as the correction of "a historic wrong." "Compliments to PM Narendra Modiji and HM Amit Shahji for taking a bold step to correct a historic wrong!" Pradhan tweeted. "Tough resolve, patience, courage and relentless pursuit of larger goals make a leader. The dream which started from Lal Chowk in 1992 led to an incredible journey of a leader who made history today by taking this step to fulfil aspirations of people in Jammu & Kashmir and Ladakh," read another tweet. Union Minister for Railways Piyush Goyal also congratulated the Modi-Shah duo. "Congratulations to PM Narendra Modi and HM Amit Shah for moving to revoke Article 370 from Kashmir. This will increase the unity of the nation, lead to new avenues of development in Kashmir, and will enable the people to move ahead at par with the rest of the nation towards advancement" he tweeted. Uttarakhand Chief Minister Trivendra Singh Rawat also hailed the decision by saying, "I congratulate Narendra Modiji and Amit Shahji for their step. Today our country has become one, on this day the widows and families of the soldiers who gave up their lives defending the nation and Kashmir should feel proud." Minister of State (MoS) Jitendra Singh, while congratulating Modi and Shah, said the BJP was completing Congress' "unfinished agenda". "I am amazed by the behaviour of Congress. We are completing the unfinished agenda of Congress. Even Jawaharlal Nehru himself had said it once that it will be removed someday, Modi and Shah made it possible. Those who understand the situation of the people of Jammu and Kashmir will support this," Singh told ANI. Former Union Minister and BJP leader Rajyavardhan Singh Rathore said Article 370 was a hindrance in the development of Jammu and Kashmir, adding that with it gone, the state will prosper and terrorism will stop. Article 370 dissolves, Jammu & Kashmir now a UT; Watch the top developments "Kashmir was separated from the country because of Article 370. Because of this article, Kashmir was not growing. I would like to congratulate Prime Minister Modi, Amit Shah and everyone for this step. Gujjars living in Kashmir will get reservations and terrorism will stop," Rathore said. On Monday, the Centre scrapped Article 370 of the Constitution that gives special status to Jammu and Kashmir. Shortly after Shah tabled a resolution to this effect in Rajya Sabha, President Ram Nath Kovind came out with a notification -- The Constitution (Application to Jammu and Kashmir) Order, 2019 that will come into force immediately. The order will supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time.

Top BJP leaders hail government's decision to revoke Article 370 in J&K

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war.

Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk.

US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing.

"Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off," wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank.

"In market terms, the designation, however meretricious, will likely be seen as a further ramping up of the trade dispute and possibly leading to some reaction by China."

The Trump administration's dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest US tariffs, which are expected to further aggravate trade tensions between the world's two largest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

The Shanghai Composite Index retreated 2%.

Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%.

"Following the latest development in the US-China trade war, all the economic views and moves in the currency and equity markets are driven by a 'risk off' mentality, which in turn is boosting bonds," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities.

"The fact that US yields are falling sharply even though Federal Reserve Chairman Jerome Powell did not signal further easing explains it all."

S&amp;P 500 futures were down 0.5% in Asian trade. Wall Street's major indexes posted their biggest percentage drop of the year on Monday on concerns about the US-China trade war.

MSCI's All Country World Index, which tracks shares in 47 countries, extended last week's slide and slumped 2.5% to a two-month low on Monday.

The Chinese yuan onshore fell to an 11-year low on Tuesday, brushing 7.0699 per dollar. In a symbolic move, Beijing let the yuan breach 7-per-dollar on Monday for the first time since late 2008.

China's offshore yuan stretched the previous day's slide, weakening to 7.1288, the lowest level since international trading in the Chinese currency began in 2010. It last traded at 7.0945.

The Japanese yen, a perceived safe-haven in times of market turmoil and political tensions, touched a seven-month high of 105.520 per dollar before slipping back to 106.290.

The Swiss franc, another currency sought in times of turmoil, has gained roughly 1% against the dollar this week. It touched a six-week peak of 0.9700 franc per dollar.

Investor demand for other safe-havens such government bonds also remained high as risk aversion gathered momentum.

The 10-year US Treasury yield extended sharp falls overnight and declined to 1.672%, its lowest since October 2016.

Japan's 10-year yield fell to a three-year trough of minus 0.215%.

Brent crude oil futures plumbed a seven-month low of $59.07 per barrel as the trade war raised concerns about lower demand for commodities. Brent last traded at $59.89.

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war.

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war. Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk. US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing. "Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off," wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank. "In market terms, the designation, however meretricious, will likely be seen as a further ramping up of the trade dispute and possibly leading to some reaction by China." The Trump administration's dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest US tariffs, which are expected to further aggravate trade tensions between the world's two largest economies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January. The Shanghai Composite Index retreated 2%. Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%. "Following the latest development in the US-China trade war, all the economic views and moves in the currency and equity markets are driven by a 'risk off' mentality, which in turn is boosting bonds," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities. "The fact that US yields are falling sharply even though Federal Reserve Chairman Jerome Powell did not signal further easing explains it all." S&P 500 futures were down 0.5% in Asian trade. Wall Street's major indexes posted their biggest percentage drop of the year on Monday on concerns about the US-China trade war. MSCI's All Country World Index, which tracks shares in 47 countries, extended last week's slide and slumped 2.5% to a two-month low on Monday. The Chinese yuan onshore fell to an 11-year low on Tuesday, brushing 7.0699 per dollar. In a symbolic move, Beijing let the yuan breach 7-per-dollar on Monday for the first time since late 2008. China's offshore yuan stretched the previous day's slide, weakening to 7.1288, the lowest level since international trading in the Chinese currency began in 2010. It last traded at 7.0945. The Japanese yen, a perceived safe-haven in times of market turmoil and political tensions, touched a seven-month high of 105.520 per dollar before slipping back to 106.290. The Swiss franc, another currency sought in times of turmoil, has gained roughly 1% against the dollar this week. It touched a six-week peak of 0.9700 franc per dollar. Investor demand for other safe-havens such government bonds also remained high as risk aversion gathered momentum. The 10-year US Treasury yield extended sharp falls overnight and declined to 1.672%, its lowest since October 2016. Japan's 10-year yield fell to a three-year trough of minus 0.215%. Brent crude oil futures plumbed a seven-month low of $59.07 per barrel as the trade war raised concerns about lower demand for commodities. Brent last traded at $59.89.

Stock losses steepen as US puts yuan in crosshairs

Governor Satya Pal Malik, in a meeting held at Raj Bhavan on Monday&nbsp;evening, reviewed prevailing security and law and order in the state, in the aftermath of developments in the Parliament relating to Jammu and Kashmir.

K Vijay Kumar, KK Sharma, K Skandan, Farooq Khan-Advisors to Governor, Chief Secretary of Jammu and Kashmir BVR Subrahmanyam were present in the meeting.

The governor's meeting took place as former chief ministers of Jammu and Kashmir <a href="https://www.wionews.com/india-news/article-370-omar-abdullah-mehbooba-mufti-detained-after-special-status-to-jammu-and-kashmir-is-revoked-240931">Mehbooba Mufti and Omar Abdullah</a>, who were put under house arrest on Sunday night, were&nbsp;detained hours after resolution on <a href="https://www.wionews.com/india-news/article-370-revoked-shah-lauds-modi-for-unwavering-commitment-towards-ensuring-indias-unity-integrity-240935">scrapping of Article 370</a> was passed in the Rajya Sabha.

Other political leaders of J&amp;K including Shah Faesal, Mohammed Yousuf Tarigami, Usman Majid have also&nbsp;been put under preventive detention.

Governor was given an assessment of the prevailing situation in the state. K Vijay Kumar, K Skandan, and Farooq Khan, who have returned from Jammu after taking stock of the essential services, briefed the governor about the adequacy of essential supplies and delivery of various public services to the people including electricity, water supply and health care services in both Jammu and Kashmir regions.

The officers also stressed on the need to ensure safety of the general public and advised the administration to give due consideration to the genuine needs of people in the current scenario.

The Chief Secretary informed the Governor that there is no dearth of essential commodities in the Valley and there is sufficient stocking of the same for over three months.

&nbsp;The Indian Army and Air Force were put on high alert on Monday with the Centre set to move over 8,000 paramiltary troops to J&amp;K in view of the changed situation.

Abrogation of article 370: Here are the reactions

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-abrogation-of-article-370-here-are-the-reactions-240942/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Governor in the meeting emphasised on the need for constant alertness, preparedness and synergy among various departments and agencies to enable dealing with an emerging situation in a coordinated and effective manner.

He also reiterated the need to constantly maintain a close watch on the ground situation and underlined the importance of sustained efforts to bring peace and harmony in the society for the overall benefit of people.

Meanwhile, the Governor has appealed to the public and leaders of various social, religious and political organisations to cooperate with the government machinery in the maintenance of law and order in the state.

Governor Satya Pal Malik, in a meeting held at Raj Bhavan on Monday evening, reviewed prevailing security and law and order in the state, in the aftermath of developments in the Parliament relating to Jammu and Kashmir.

Governor Satya Pal Malik, in a meeting held at Raj Bhavan on Monday evening, reviewed prevailing security and law and order in the state, in the aftermath of developments in the Parliament relating to Jammu and Kashmir. K Vijay Kumar, KK Sharma, K Skandan, Farooq Khan-Advisors to Governor, Chief Secretary of Jammu and Kashmir BVR Subrahmanyam were present in the meeting. The governor's meeting took place as former chief ministers of Jammu and Kashmir Mehbooba Mufti and Omar Abdullah, who were put under house arrest on Sunday night, were detained hours after resolution on scrapping of Article 370 was passed in the Rajya Sabha. Other political leaders of J&K including Shah Faesal, Mohammed Yousuf Tarigami, Usman Majid have also been put under preventive detention. Governor was given an assessment of the prevailing situation in the state. K Vijay Kumar, K Skandan, and Farooq Khan, who have returned from Jammu after taking stock of the essential services, briefed the governor about the adequacy of essential supplies and delivery of various public services to the people including electricity, water supply and health care services in both Jammu and Kashmir regions. The officers also stressed on the need to ensure safety of the general public and advised the administration to give due consideration to the genuine needs of people in the current scenario. The Chief Secretary informed the Governor that there is no dearth of essential commodities in the Valley and there is sufficient stocking of the same for over three months. The Indian Army and Air Force were put on high alert on Monday with the Centre set to move over 8,000 paramiltary troops to J&K in view of the changed situation. Abrogation of article 370: Here are the reactions The Governor in the meeting emphasised on the need for constant alertness, preparedness and synergy among various departments and agencies to enable dealing with an emerging situation in a coordinated and effective manner. He also reiterated the need to constantly maintain a close watch on the ground situation and underlined the importance of sustained efforts to bring peace and harmony in the society for the overall benefit of people. Meanwhile, the Governor has appealed to the public and leaders of various social, religious and political organisations to cooperate with the government machinery in the maintenance of law and order in the state.

J&K Governor Satya Pal Malik reviews security as government deploys more paramilitary troops

The sprawling sex abuse scandal involving R&amp;B singer R&nbsp;Kelly expanded on Monday to the state of Minnesota, where charges against him include engaging in prostitution with a minor.

The new charges come days after the disgraced superstar <a href="https://www.wionews.com/entertainment/r-kelly-pleads-not-guilty-denied-bail-on-us-charges-of-sex-crimes-236551">pleaded not guilty in New York to federal charges</a> including racketeering, which allege he systematically recruited girls for sex while touring.

He faces separate federal charges linked to child pornography in his hometown Chicago.

Along with the felony count of prostitution with a minor, Kelly also faces one count of soliciting a minor for sexual purposes, the attorney's office for Hennepin County, which includes the state's most populous city of Minneapolis, announced.

County Attorney Mike Freeman told journalists the charges are related to an incident dating to July 11, 2001, when a victim under 18 years old was attempting to obtain an autograph from Kelly, known for hits such as "I Believe I Can Fly."

The 52-year-old artist gave her the autograph along with a phone number, and after she called, she was invited to his hotel, Freeman said.

When the girl arrived, "she was offered $200 to take off her clothes and dance for him," he said. "After accepting the $200, she got naked and they proceeded to dance."

Freeman, who dubbed the incident "simply not acceptable," said sexual contact occurred but not intercourse.

She was then granted VIP access to one of his concerts, which was meant to be for adults 18 and over.

It is unclear when or whether the musician, whose given name is Robert Sylvester Kelly, will appear in Minnesota to face the new charges.

Following his recent arraignment in New York, it was expected Kelly would return to Chicago, where he must attend a status hearing on September 4 in a case involving child pornography.

He was denied bond in both Chicago and New York.

Prior to his arrest in July over the federal indictments, Kelly had been out on bond in connection with state felony charges of aggravated sexual assault in Chicago's Cook County criminal court.

Kelly has a decades-long history of abuse allegations, especially of underage girls, but for years maintained a solid fan base, performed and won awards.

He began facing renewed scrutiny earlier this year upon the release of the docu-series "Surviving R. Kelly," which nabbed an Emmy nomination for outstanding informational series or special.

The sprawling sex abuse scandal involving R&B singer R Kelly expanded on Monday to the state of Minnesota, where charges against him include engaging in prostitution with a minor.

The sprawling sex abuse scandal involving R&B singer R Kelly expanded on Monday to the state of Minnesota, where charges against him include engaging in prostitution with a minor. The new charges come days after the disgraced superstar pleaded not guilty in New York to federal charges including racketeering, which allege he systematically recruited girls for sex while touring. He faces separate federal charges linked to child pornography in his hometown Chicago. Along with the felony count of prostitution with a minor, Kelly also faces one count of soliciting a minor for sexual purposes, the attorney's office for Hennepin County, which includes the state's most populous city of Minneapolis, announced. County Attorney Mike Freeman told journalists the charges are related to an incident dating to July 11, 2001, when a victim under 18 years old was attempting to obtain an autograph from Kelly, known for hits such as "I Believe I Can Fly." The 52-year-old artist gave her the autograph along with a phone number, and after she called, she was invited to his hotel, Freeman said. When the girl arrived, "she was offered $200 to take off her clothes and dance for him," he said. "After accepting the $200, she got naked and they proceeded to dance." Freeman, who dubbed the incident "simply not acceptable," said sexual contact occurred but not intercourse. She was then granted VIP access to one of his concerts, which was meant to be for adults 18 and over. It is unclear when or whether the musician, whose given name is Robert Sylvester Kelly, will appear in Minnesota to face the new charges. Following his recent arraignment in New York, it was expected Kelly would return to Chicago, where he must attend a status hearing on September 4 in a case involving child pornography. He was denied bond in both Chicago and New York. Prior to his arrest in July over the federal indictments, Kelly had been out on bond in connection with state felony charges of aggravated sexual assault in Chicago's Cook County criminal court. Kelly has a decades-long history of abuse allegations, especially of underage girls, but for years maintained a solid fan base, performed and won awards. He began facing renewed scrutiny earlier this year upon the release of the docu-series "Surviving R. Kelly," which nabbed an Emmy nomination for outstanding informational series or special.

After pleading not guilty in New York, R Kelly faces new sex abuse charges in Minnesota

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