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Beijing has pulled the break on the Ant group, which was supposed to be the world’s biggest IPO.

The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco.

But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself.

The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai.

Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets.

“Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said.

Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny. On Monday, Jack Ma was issued a summoned to a rare joint meeting. Reportedly, he met with the People's Bank of China and three other top financial regulators. They told him that the Ant group would face increased scrutiny from now on.

Why?

One, the potential of the Ant group itself. Apart from facilitating digital payments, the Ant group is also a micro-lender. After their initial success, the company ventured into wealth management and insurance. Ant group's payments product Alipay has more than one billion users.

The company issues about one-tenth of all of China's non-mortgage consumer loans. Listing the Ant group on the exchanges would have led to windfall gains for investment banks. They were expected to reap 300 million dollars in fees.

It is backed by one of the most admired entrepreneurs in the world who seems to have fallen on the wrong side of his own party. Jack Ma may have miffed the communist leadership with a statement. Last month, he had criticised China's financial regulations. Calling them "outdated”, Jack Ma said they were stifling innovation in the sector.

According to one claim, the Ant group was being seen as China's answer to America's JP Morgan - A company that could disrupt the financial sector. According to another&nbsp;claim, the big five state-owned banks have a grip on a third of the assets within the Chinese banking sector. China doesn't seem to be willing to let go of its control on the financial sector just yet. Behind the scenes, Chinese regulators have been steadily tightening their control over companies like the Ant group. And by killing the Ant IPO - they have set a message to Jack Ma. Reportedly, the Ant group now needs to comply with a new set regulations.

Beijing has pulled the break on the Ant group, which was supposed to be the world’s biggest IPO. The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame.

Beijing has pulled the break on the Ant group, which was supposed to be the world’s biggest IPO. The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco. But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself. The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai. Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets. “Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said. Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny. On Monday, Jack Ma was issued a summoned to a rare joint meeting. Reportedly, he met with the People's Bank of China and three other top financial regulators. They told him that the Ant group would face increased scrutiny from now on. Why? One, the potential of the Ant group itself. Apart from facilitating digital payments, the Ant group is also a micro-lender. After their initial success, the company ventured into wealth management and insurance. Ant group's payments product Alipay has more than one billion users. The company issues about one-tenth of all of China's non-mortgage consumer loans. Listing the Ant group on the exchanges would have led to windfall gains for investment banks. They were expected to reap 300 million dollars in fees. It is backed by one of the most admired entrepreneurs in the world who seems to have fallen on the wrong side of his own party. Jack Ma may have miffed the communist leadership with a statement. Last month, he had criticised China's financial regulations. Calling them "outdated”, Jack Ma said they were stifling innovation in the sector. According to one claim, the Ant group was being seen as China's answer to America's JP Morgan - A company that could disrupt the financial sector. According to another claim, the big five state-owned banks have a grip on a third of the assets within the Chinese banking sector. China doesn't seem to be willing to let go of its control on the financial sector just yet. Behind the scenes, Chinese regulators have been steadily tightening their control over companies like the Ant group. And by killing the Ant IPO - they have set a message to Jack Ma. Reportedly, the Ant group now needs to comply with a new set regulations.

Why is China trying to kill Jack Ma's Ant Group IPO?

China's market regulator on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms.

China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition. This is being seen as a move that will increase scrutiny on the country's e-commerce marketplaces and payment services.

The definitions it provided for internet platforms mean the new rules could apply to e-commerce sites.

The draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits, according to the statement from SAMR.

The move comes after the shock suspension last week of the planned $37 billion share market listing of Ant Group, not long after regulators warned the company its lucrative online lending business faced tighter government scrutiny.

The draft rules issued on Tuesday would look to prevent e-commerce practices such as "choose one between two", under which a marketplace restricts brands from selling on multiple platforms.

According to the statement from SAMR, the draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits.&nbsp;

SAMR is seeking reviews and feedback from the public toward the draft rules until November 30.

China's market regulator on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms. China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition.

China's market regulator on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms. China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition. This is being seen as a move that will increase scrutiny on the country's e-commerce marketplaces and payment services. The definitions it provided for internet platforms mean the new rules could apply to e-commerce sites. The draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits, according to the statement from SAMR. The move comes after the shock suspension last week of the planned $37 billion share market listing of Ant Group, not long after regulators warned the company its lucrative online lending business faced tighter government scrutiny. The draft rules issued on Tuesday would look to prevent e-commerce practices such as "choose one between two", under which a marketplace restricts brands from selling on multiple platforms. According to the statement from SAMR, the draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits. SAMR is seeking reviews and feedback from the public toward the draft rules until November 30.

China publishes draft competition rules for online platforms

India's antitrust body on Monday ordered an investigation into allegations that Alphabet Inc's Google was abusing its market position to promote its payments app as well as forcing app developers to use its in-app payment system.

India's antitrust body orders investigation into Google payments app

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy.

While Donald Trump has yet to concede and has launched several legal challenges, it is widely accepted that the Democrat will become the 46th president, removing a crucial hurdle for equity traders this year.

Observers said the focus will now be on Biden's economic and foreign policy approach, with optimism for a less tumultuous leadership following four years of the bombastic real estate tycoon.

Markets were already surging last week as it became apparent the former vice president was on course for victory and that Republicans would likely hold the Senate, allowing them to rein in any big regulatory or tax policies.

On Monday Tokyo led the gains, surging two percent, while Hong Kong, Shanghai, Sydney, Singapore, Seoul, Wellington and Taipei were all up more than one percent.

Wall Street futures also rallied, with the Dow, S&amp;P 500 and Nasdaq all seen opening more than one percent up.

Traders are now looking to Capitol Hill hoping for a fresh rescue package for the economy after lawmakers failed to hammer out anything despite months of haggling, though any new plan will not likely be as big as what would be expected from a Democrat-led Congress.

"More fiscal support is likely forthcoming," said Invesco strategists including Brian Levitt. "While it may not be the outsize fiscal package that the Democrats had envisioned, it will likely be large enough to provide an additional boost to the economic recovery.

"Paradoxically, a more modest fiscal bill may serve to extend the market and business cycles, as it would be unlikely to bring forward the inflationary pressures that presage Fed tightening and the end of cycles."

- Focus on stimulus -

However, observers said better-than-expected US jobs data on Friday could complicate moves to push a bigger spending bill through Congress, with Republicans already suggesting they would rather pass a more targeted package.

The economy added 638,000 jobs last month, far more than analysts estimated, and the unemployment rate fell one percentage point.

Senate Majority Leader Mitch McConnell said of a new stimulus: "Something smaller, rather than throwing another $3 trillion at this issue, is more appropriate."

Of the jobs numbers he said: "That, I think, clearly ought to affect what size of any rescue package we additionally do."

And Trump economic adviser Larry Kudlow added: "We’re not interested in, you know, two or three trillion.

"It would still be a targeted package to specific areas" that the White House wants, he said.

Oil prices rallied more than two percent on hopes that new economic help will give a boost to demand for the commodity, though the imposition of virus lockdowns in several countries in Europe is keeping a lid on gains.

And on currency markets, the dollar dropped against high-yielding units including the South Korean won, Australian dollar and Indonesian rupiah on expectations for a big spending bill and US rates being kept at record lows for the foreseeable future.

The Chinese yuan was sitting at its highest level since June 2018 on easing concerns about relations between Beijing and Washington.

Analysts said a new stimulus was crucial for helping the economy as coronavirus spreads rapidly through the United States, with almost 10 million people having contracted it.

"Covid has replaced election uncertainty as the major source of investor worries about equity markets," said Dennis DeBusschere at Evercore ISI. "Further positive vaccine development news would help offset some of the increase in hospitalisations and deaths."

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 2.0 percent to 24,799.22 (break)

Hong Kong - Hang Seng: UP 1.4 percent, or to 26,060.66

Shanghai - Composite: UP 1.2 percent to 3,351.56

Euro/dollar: UP at $1.1892 from $1.1872 at 2215 GMT

Dollar/yen: DOWN at 103.30 yen from 103.33 yen

Pound/dollar: UP at $1.3185 from $1.3156

Euro/pound: DOWN at 90.19 pence from 90.22 pence

West Texas Intermediate: UP 2.6 percent at $38.09 per barrel

Brent North Sea crude: UP 2.5 percent at $40.44 per barrel

New York - Dow: DOWN 0.2&nbsp;percent at 28,323.40 (close)

London - FTSE 100: FLAT at 5,910.02 (close)

&nbsp;

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy.

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy. While Donald Trump has yet to concede and has launched several legal challenges, it is widely accepted that the Democrat will become the 46th president, removing a crucial hurdle for equity traders this year. Observers said the focus will now be on Biden's economic and foreign policy approach, with optimism for a less tumultuous leadership following four years of the bombastic real estate tycoon. Markets were already surging last week as it became apparent the former vice president was on course for victory and that Republicans would likely hold the Senate, allowing them to rein in any big regulatory or tax policies. On Monday Tokyo led the gains, surging two percent, while Hong Kong, Shanghai, Sydney, Singapore, Seoul, Wellington and Taipei were all up more than one percent. Wall Street futures also rallied, with the Dow, S&P 500 and Nasdaq all seen opening more than one percent up. Traders are now looking to Capitol Hill hoping for a fresh rescue package for the economy after lawmakers failed to hammer out anything despite months of haggling, though any new plan will not likely be as big as what would be expected from a Democrat-led Congress. "More fiscal support is likely forthcoming," said Invesco strategists including Brian Levitt. "While it may not be the outsize fiscal package that the Democrats had envisioned, it will likely be large enough to provide an additional boost to the economic recovery. "Paradoxically, a more modest fiscal bill may serve to extend the market and business cycles, as it would be unlikely to bring forward the inflationary pressures that presage Fed tightening and the end of cycles." - Focus on stimulus - However, observers said better-than-expected US jobs data on Friday could complicate moves to push a bigger spending bill through Congress, with Republicans already suggesting they would rather pass a more targeted package. The economy added 638,000 jobs last month, far more than analysts estimated, and the unemployment rate fell one percentage point. Senate Majority Leader Mitch McConnell said of a new stimulus: "Something smaller, rather than throwing another $3 trillion at this issue, is more appropriate." Of the jobs numbers he said: "That, I think, clearly ought to affect what size of any rescue package we additionally do." And Trump economic adviser Larry Kudlow added: "We’re not interested in, you know, two or three trillion. "It would still be a targeted package to specific areas" that the White House wants, he said. Oil prices rallied more than two percent on hopes that new economic help will give a boost to demand for the commodity, though the imposition of virus lockdowns in several countries in Europe is keeping a lid on gains. And on currency markets, the dollar dropped against high-yielding units including the South Korean won, Australian dollar and Indonesian rupiah on expectations for a big spending bill and US rates being kept at record lows for the foreseeable future. The Chinese yuan was sitting at its highest level since June 2018 on easing concerns about relations between Beijing and Washington. Analysts said a new stimulus was crucial for helping the economy as coronavirus spreads rapidly through the United States, with almost 10 million people having contracted it. "Covid has replaced election uncertainty as the major source of investor worries about equity markets," said Dennis DeBusschere at Evercore ISI. "Further positive vaccine development news would help offset some of the increase in hospitalisations and deaths." - Key figures around 0230 GMT - Tokyo - Nikkei 225: UP 2.0 percent to 24,799.22 (break) Hong Kong - Hang Seng: UP 1.4 percent, or to 26,060.66 Shanghai - Composite: UP 1.2 percent to 3,351.56 Euro/dollar: UP at $1.1892 from $1.1872 at 2215 GMT Dollar/yen: DOWN at 103.30 yen from 103.33 yen Pound/dollar: UP at $1.3185 from $1.3156 Euro/pound: DOWN at 90.19 pence from 90.22 pence West Texas Intermediate: UP 2.6 percent at $38.09 per barrel Brent North Sea crude: UP 2.5 percent at $40.44 per barrel New York - Dow: DOWN 0.2 percent at 28,323.40 (close) London - FTSE 100: FLAT at 5,910.02 (close)

Equities rally after Biden is declared winner of US vote

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister. &nbsp;

The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40.

In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns.

"After serving in ministerial posts for nearly five years, I took the decision not to continue my duty (as finance minister) due to health issues," he said in a statement on his official Instagram account.

The post created initial confusion among Turkish officials, and it was not clear if Erdogan will approve his resignation.&nbsp;

It came just a day after Erdogan ousted central bank governor Murat Uysal, who came under sharp criticism for being unable to prevent the lira from losing roughly a third of its value against the dollar this year.

Former finance minister Naci Agbal replaced Uysal, who served in his role for only 16 months.&nbsp;

Turkish media speculated that Albayrak opposed Agbal's appointment.&nbsp;

The central bank's new governor said the bank's primary objective was to achieve and maintain price stability.

The central bank "will decisively use all policy tools in pursuit of its price stability objective," Agbal said in a statement, adding that the current situation would be reviewed ahead of the next monetary policy committee meeting on November 19.

During Albayrak's two years as finance minister, Turkey suffered a currency crisis in 2018, before hitting multiple record lows against the dollar this year.

In August, Albayrak drew ire when he downplayed the lira's sharp fall.&nbsp;

"Are you paid in dollars?" he asked in a live television interview.

"Do you have any business in dollars?" he demanded in comments that went viral on social media at the time.&nbsp;

The 42-year-old is married to Erdogan's elder daughter Esra with four children.&nbsp;

Albayrak has frequently accompanied Erdogan on foreign trips and policy meetings with world leaders.&nbsp;

Interior Minister Suleyman Soylu's resignation earlier this year was not approved by the Turkish president. Soylu remains in his post. 
&nbsp;

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister.

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister. The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40. In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns. "After serving in ministerial posts for nearly five years, I took the decision not to continue my duty (as finance minister) due to health issues," he said in a statement on his official Instagram account. The post created initial confusion among Turkish officials, and it was not clear if Erdogan will approve his resignation. It came just a day after Erdogan ousted central bank governor Murat Uysal, who came under sharp criticism for being unable to prevent the lira from losing roughly a third of its value against the dollar this year. Former finance minister Naci Agbal replaced Uysal, who served in his role for only 16 months. Turkish media speculated that Albayrak opposed Agbal's appointment. The central bank's new governor said the bank's primary objective was to achieve and maintain price stability. The central bank "will decisively use all policy tools in pursuit of its price stability objective," Agbal said in a statement, adding that the current situation would be reviewed ahead of the next monetary policy committee meeting on November 19. During Albayrak's two years as finance minister, Turkey suffered a currency crisis in 2018, before hitting multiple record lows against the dollar this year. In August, Albayrak drew ire when he downplayed the lira's sharp fall. "Are you paid in dollars?" he asked in a live television interview. "Do you have any business in dollars?" he demanded in comments that went viral on social media at the time. The 42-year-old is married to Erdogan's elder daughter Esra with four children. Albayrak has frequently accompanied Erdogan on foreign trips and policy meetings with world leaders. Interior Minister Suleyman Soylu's resignation earlier this year was not approved by the Turkish president. Soylu remains in his post.

Turkish lira rallies after Erdogan's son-in-law resigns

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices.

Sensex rallied 704 points, or 1.68 per cent to end the day at 42,597 levels. In the intra-day deals, the index hit a high of 42,645.33 levels. NSE's Nifty index, too, surpassed its previous high of 12,430.5 to settle at 12,461, up 198 points, or 1.61 per cent.

ICICI Bank, HDFC Bank, Infosys, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today. Of 30 constituents, 27 advanced and three declined.&nbsp;

Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets.

Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday.

Global markets

World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under US President-elect Joe Biden supported risk appetite.&nbsp;

E-mini futures for the S&amp;P 500 jumped more than 1.4% on Monday. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018. European stocks, too, rallied in the trade.&nbsp;

In commodities, oil prices rose more than 2 per cent, with Brent futures topping $40 a barrel.&nbsp;

(With inputs from Reuters)

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices. Sensex rallied 704 points, or 1.

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices. Sensex rallied 704 points, or 1.68 per cent to end the day at 42,597 levels. In the intra-day deals, the index hit a high of 42,645.33 levels. NSE's Nifty index, too, surpassed its previous high of 12,430.5 to settle at 12,461, up 198 points, or 1.61 per cent. ICICI Bank, HDFC Bank, Infosys, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today. Of 30 constituents, 27 advanced and three declined. Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets. Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday. Global markets World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under US President-elect Joe Biden supported risk appetite. E-mini futures for the S&P 500 jumped more than 1.4% on Monday. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018. European stocks, too, rallied in the trade. In commodities, oil prices rose more than 2 per cent, with Brent futures topping $40 a barrel. (With inputs from Reuters)

Sensex, Nifty end at lifetime closing high amid firm global cues

Richard Branson's Virgin&nbsp;Hyperloop&nbsp;has completed the world's first passenger ride on a super-high-speed levitating pod system, the company said on Sunday, a key safety test for technology it hopes will transform human and cargo transportation.

Virgin&nbsp;Hyperloop&nbsp;executives Josh Giegel, its Chief Technology Officer, and Sara Luchian, Director of Passenger Experience, reached speeds of up to 107 miles per hour (172 km per hour) at the company's DevLoop test site in Las Vegas, Nevada, the company said.

"I had the true pleasure of seeing history made before my very eyes," said Sultan Ahmed Bin Sulayem, Chairman of Virgin&nbsp;Hyperloop&nbsp;and Group Chairman and Chief Executive of DP World.

Los Angeles-based&nbsp;Hyperloop&nbsp;envisions a future where floating pods packed with passengers and cargo hurtle through vacuum tubes at 600 miles an hour (966 kph) or faster.

In a&nbsp;hyperloop&nbsp;system, which uses magnetic levitation to allow near-silent travel, a trip between New York and Washington would take just 30 minutes. That would be twice as fast as a commercial jet flight and four times faster than a high-speed train.

The company has previously run over 400 tests without human passengers at the Nevada site.

The test comes a month after Reuters first reported that Virgin&nbsp;Hyperloop&nbsp;picked the U.S. state of West Virginia to host a $500 million certification center and test track that will serve as a proving ground for its technology.

The company is working toward safety certification by 2025 and commercial operations by 2030, it has said.

Canada's Transpod and Spain's Zeleros also aim to upend traditional passenger and freight networks with similar technology they say will slash travel times, congestion, and environmental harm linked with petroleum-fueled machines.

Richard Branson's Virgin Hyperloop has completed the world's first passenger ride on a super-high-speed levitating pod system, the company said on Sunday, a key safety test for technology it hopes will transform human and cargo transportation.

Richard Branson's Virgin Hyperloop has completed the world's first passenger ride on a super-high-speed levitating pod system, the company said on Sunday, a key safety test for technology it hopes will transform human and cargo transportation. Virgin Hyperloop executives Josh Giegel, its Chief Technology Officer, and Sara Luchian, Director of Passenger Experience, reached speeds of up to 107 miles per hour (172 km per hour) at the company's DevLoop test site in Las Vegas, Nevada, the company said. "I had the true pleasure of seeing history made before my very eyes," said Sultan Ahmed Bin Sulayem, Chairman of Virgin Hyperloop and Group Chairman and Chief Executive of DP World. Los Angeles-based Hyperloop envisions a future where floating pods packed with passengers and cargo hurtle through vacuum tubes at 600 miles an hour (966 kph) or faster. In a hyperloop system, which uses magnetic levitation to allow near-silent travel, a trip between New York and Washington would take just 30 minutes. That would be twice as fast as a commercial jet flight and four times faster than a high-speed train. The company has previously run over 400 tests without human passengers at the Nevada site. The test comes a month after Reuters first reported that Virgin Hyperloop picked the U.S. state of West Virginia to host a $500 million certification center and test track that will serve as a proving ground for its technology. The company is working toward safety certification by 2025 and commercial operations by 2030, it has said. Canada's Transpod and Spain's Zeleros also aim to upend traditional passenger and freight networks with similar technology they say will slash travel times, congestion, and environmental harm linked with petroleum-fueled machines.

Virgin Hyperloop completes first successful human passenger test

According to a poll, business sentiment of Japanese manufacturers and service-sector firms was the least pessimistic in nine months in November, as the world’s third-largest economy showed signs of pulling out of a coronavirus-induced recession.

World Business Watch: Japan manufacturers less pessimistic in November

Joe Biden is returning to the White House to lead the United States in the midst of an economic crisis after beating President Donald Trump in Tuesday’s election, but a turn of events likely to conjure an eerie sense of deja vu for the Democratic former vice president.

World Business Watch: New US President to battle economic crisis

The UK government has published guidance it says will help UK firms negotiate the "ethical, legal and commercial" questions they may encounter in China, or when working with Chinese businesses, and safeguard national security concerns.

The guidance released by the Department for Digital, Culture, Media and Sport (DCMS) on Friday sets out key issues digital and tech small and medium enterprises (SMEs) should consider as they weigh the benefits and risks of commercial ventures, as well as signposting specialist sources of advice.

The DCMS notes that China is the UK's third-largest export market and the world's second-largest and fastest-growing major economy. But warns that accessing the market should be done 'safely'&nbsp;and in a way that reflects the UK's values and takes account of national security concerns.

"The latest statistics show UK-China bilateral trade has exceeded the 76 billion pound mark for the first time and our digital tech sector is the fifth biggest exporter of services in the world. But we recognise the ethical, legal and commercial questions businesses face when they work in China or with Chinese businesses, said UK Minister for Digital and Culture Caroline Dinenage.

"The UK is determined to support our businesses to engage with China in a way that reflects the UK's values and takes account of national security concerns," she said.

A new online hub, which the DCMS said has been developed in response to demand from the tech sector, will support "safe and appropriate" UK-China collaboration in digital and tech. The guidance will help SMEs to make a success of business ventures linked to China, to choose the right partners and to manage risk by taking appropriate steps.

"We welcome the government's launch of the bespoke guidance to SMEs and we look forward to working together to help digital and tech SMEs to grow safely and successfully in China," said Julian David, CEO of tech UK.

"At techUK, we recognise the massive opportunity that China presents for the UK's digital and tech businesses as well as challenges that firms face when navigating each other's unique marketplaces. To be successful and protect their operations, digital and tech businesses need to know the challenges and take the right steps to navigate them," he said.

The DCMS said that the new hub complements measures announced earlier in the year to support UK tech companies to seize trade and investment opportunities overseas.

These included a new Digital Trade Network for Asia-Pacific, which will support UK SMEs to break into the Asian market, and a new Tech Exporting Academy to provide expert advice to UK scaleups on subject areas essential to expansion, including regulation, intellectual property, and compliance.

In June, the UK government had stipulated that Chinese giant Huawei will be completely removed from the UK's 5G networks by the end of 2027 in the wake of US sanctions on the company over data privacy concerns.&nbsp;

Restrictions on Huawei operating in the 'sensitive'&nbsp;and critical parts of the UK network have also been in place.

The UK government has published guidance it says will help UK firms negotiate the "ethical, legal and commercial" questions they may encounter in China, or when working with Chinese businesses, and safeguard national security concerns.

The UK government has published guidance it says will help UK firms negotiate the "ethical, legal and commercial" questions they may encounter in China, or when working with Chinese businesses, and safeguard national security concerns. The guidance released by the Department for Digital, Culture, Media and Sport (DCMS) on Friday sets out key issues digital and tech small and medium enterprises (SMEs) should consider as they weigh the benefits and risks of commercial ventures, as well as signposting specialist sources of advice. The DCMS notes that China is the UK's third-largest export market and the world's second-largest and fastest-growing major economy. But warns that accessing the market should be done 'safely' and in a way that reflects the UK's values and takes account of national security concerns. "The latest statistics show UK-China bilateral trade has exceeded the 76 billion pound mark for the first time and our digital tech sector is the fifth biggest exporter of services in the world. But we recognise the ethical, legal and commercial questions businesses face when they work in China or with Chinese businesses, said UK Minister for Digital and Culture Caroline Dinenage. "The UK is determined to support our businesses to engage with China in a way that reflects the UK's values and takes account of national security concerns," she said. A new online hub, which the DCMS said has been developed in response to demand from the tech sector, will support "safe and appropriate" UK-China collaboration in digital and tech. The guidance will help SMEs to make a success of business ventures linked to China, to choose the right partners and to manage risk by taking appropriate steps. "We welcome the government's launch of the bespoke guidance to SMEs and we look forward to working together to help digital and tech SMEs to grow safely and successfully in China," said Julian David, CEO of tech UK. "At techUK, we recognise the massive opportunity that China presents for the UK's digital and tech businesses as well as challenges that firms face when navigating each other's unique marketplaces. To be successful and protect their operations, digital and tech businesses need to know the challenges and take the right steps to navigate them," he said. The DCMS said that the new hub complements measures announced earlier in the year to support UK tech companies to seize trade and investment opportunities overseas. These included a new Digital Trade Network for Asia-Pacific, which will support UK SMEs to break into the Asian market, and a new Tech Exporting Academy to provide expert advice to UK scaleups on subject areas essential to expansion, including regulation, intellectual property, and compliance. In June, the UK government had stipulated that Chinese giant Huawei will be completely removed from the UK's 5G networks by the end of 2027 in the wake of US sanctions on the company over data privacy concerns. Restrictions on Huawei operating in the 'sensitive' and critical parts of the UK network have also been in place.

UK creates tech hub for more 'ethical' business with China

The government on Thursday announced simplified guidelines for Business Process Outsourcing (BPO) and IT-Enabled Services (ITES) players to reduce their compliance burden for the industry and facilitate "work from home" and "work from anywhere".

The new rules for "Other Service Providers" (OSPs) would create a friendly-regime for "work from home" and "work from anywhere" while removing several reporting and other obligations for such companies.

OSPs are entities providing applications services, IT-enabled services or any kind of outsourcing services using telecom resources. The term refers to BPOs, KPOs (Knowledge Process Outsourcing), IT-ES, call centres, amongst others.

The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world, an official release said.

The new regulations would boost flexibility for these companies to adopt "work from home" and "work from anywhere" policies, a development especially relevant at a time when COVID-19 has forced IT/BPO firms to enable employees to work from home.

The new rules also do away with registration requirement for OSPs, while the BPO industry engaged in data related work has been taken out of the ambit of the said regulations.

"India's IT sector is our pride. The prowess of this sector is recognised globally. We are committed to doing everything possible to ensure a conducive environment for growth and innovation in India. Today's decisions will especially encourage young talent in the sector!," Prime Minister Narendra Modi tweeted.

An official release said that under the revamped guidelines, the requirements such as deposit of bank guarantees, requirement for static IPs, frequent reporting of obligations, publication of network diagram, and penal provisions have also been removed.

"Similarly, several other requirements, which prevented companies from adopting work from home" and "work from anywhere" policies have also been removed," the release said, adding that additional dispensations to enhance flexibility for the industry have been allowed.

"With an aim to qualitatively improve the Ease of Doing Business of the IT industry, particularly Business Process Outsourcing and IT-Enabled Services, the government has drastically simplified the Other Service Provider guidelines of the Department of Telecom. The new guidelines tremendously reduce the compliance burden of the BPO industry," the release added.

It further said that the new guidelines are aimed at removing "unnecessary bureaucratic restrictions" in order to allow the industry to focus on innovative new products and solutions.

"With this reform, the Government of India sends out a strong signal of its support to the IT industry with a view to encouraging increased investment in the sector.

"The reform will certainly unleash the potential of our talented youth by making India as a preferred destination for Information and Knowledge Outsourcing Industry and would further the vision of 'AtmaNirbhar Bharat'," the release added.

Communications and IT Minister Ravi Shankar Prasad tweeted, "Today @narendramodi Govt has taken a major reform initiative to liberalize the regulatory regime for "Other Service Provider". This will boost the IT/ ITeS/ BPO industry and create a friendly regime for Work from Home in India."

Nasscom termed the move as a bold reform for ITES/BPO players.

"These will provide several benefits... India is a global outsourcing hub and the new guidelines will promote outsourcing at scale, bringing in more work to India. With the relaxations in WFH regulations, companies will be able to tap into talent from small towns and remote parts of the country," Nasscom Senior Director and Public Policy Head Ashish Aggarwal said.

Overall, the new guidelines offer further clarity and will bring in ease of doing business, he added.

The government on Thursday announced simplified guidelines for Business Process Outsourcing (BPO) and IT-Enabled Services (ITES) players to reduce their compliance burden for the industry and facilitate "work from home" and "work from anywhere".

The government on Thursday announced simplified guidelines for Business Process Outsourcing (BPO) and IT-Enabled Services (ITES) players to reduce their compliance burden for the industry and facilitate "work from home" and "work from anywhere". The new rules for "Other Service Providers" (OSPs) would create a friendly-regime for "work from home" and "work from anywhere" while removing several reporting and other obligations for such companies. OSPs are entities providing applications services, IT-enabled services or any kind of outsourcing services using telecom resources. The term refers to BPOs, KPOs (Knowledge Process Outsourcing), IT-ES, call centres, amongst others. The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world, an official release said. The new regulations would boost flexibility for these companies to adopt "work from home" and "work from anywhere" policies, a development especially relevant at a time when COVID-19 has forced IT/BPO firms to enable employees to work from home. The new rules also do away with registration requirement for OSPs, while the BPO industry engaged in data related work has been taken out of the ambit of the said regulations. "India's IT sector is our pride. The prowess of this sector is recognised globally. We are committed to doing everything possible to ensure a conducive environment for growth and innovation in India. Today's decisions will especially encourage young talent in the sector!," Prime Minister Narendra Modi tweeted. An official release said that under the revamped guidelines, the requirements such as deposit of bank guarantees, requirement for static IPs, frequent reporting of obligations, publication of network diagram, and penal provisions have also been removed. "Similarly, several other requirements, which prevented companies from adopting work from home" and "work from anywhere" policies have also been removed," the release said, adding that additional dispensations to enhance flexibility for the industry have been allowed. "With an aim to qualitatively improve the Ease of Doing Business of the IT industry, particularly Business Process Outsourcing and IT-Enabled Services, the government has drastically simplified the Other Service Provider guidelines of the Department of Telecom. The new guidelines tremendously reduce the compliance burden of the BPO industry," the release added. It further said that the new guidelines are aimed at removing "unnecessary bureaucratic restrictions" in order to allow the industry to focus on innovative new products and solutions. "With this reform, the Government of India sends out a strong signal of its support to the IT industry with a view to encouraging increased investment in the sector. "The reform will certainly unleash the potential of our talented youth by making India as a preferred destination for Information and Knowledge Outsourcing Industry and would further the vision of 'AtmaNirbhar Bharat'," the release added. Communications and IT Minister Ravi Shankar Prasad tweeted, "Today @narendramodi Govt has taken a major reform initiative to liberalize the regulatory regime for "Other Service Provider". This will boost the IT/ ITeS/ BPO industry and create a friendly regime for Work from Home in India." Nasscom termed the move as a bold reform for ITES/BPO players. "These will provide several benefits... India is a global outsourcing hub and the new guidelines will promote outsourcing at scale, bringing in more work to India. With the relaxations in WFH regulations, companies will be able to tap into talent from small towns and remote parts of the country," Nasscom Senior Director and Public Policy Head Ashish Aggarwal said. Overall, the new guidelines offer further clarity and will bring in ease of doing business, he added.

Indian govt relaxes IT sector guidelines to facilitate 'work from home'

Bitcoin continued its weeks-long surge rising more than 8% to pass $15,000 for the first time since January 2018 amid post-election volatility.

World Business Watch: Bitcoin hits highest level since Jan 2018 amid post-election volatility

Apple has been ordered to face lawsuit by shareholders who accused CEO Tim Cook of concealing falling demand for iPhones in China, resulting in billions of dollars of investor losses.

World Business Watch: Apple to face lawsuit over CEO Tim Cook's 2018 China sales comments

Suzuki Motor Corp forecast operating profit to fall by a quarter to 160 billion yen ($1.5 billion) in the year to March as sales, including in its key Indian market, shrink amid the coronavirus pandemic.

World Business Watch: Suzuki Expects annual profit to shrink by 25% as India sales slump

Activity in India’s dominant services industry, expanded for the first time in eight months in October as demand surged.

India's services activity grows in October after months of contraction

Nikkei rises 1.1 per cent to nine-month top, South Korean index gains 1.5 per cent.

Asian shares rally to near 3-year high

China's last-minute abandonment of&nbsp;Ant&nbsp;Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite.

Global markets were stunned Tuesday when&nbsp;Ant's record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/china-envisions-a-new-hong-kong-firmly-under-its-control-340596" hreflang="en">China envisions a new Hong Kong, firmly under its control</a>

The last-minute ambush by China's regulators was seen by analysts and investors as an attempt to cut&nbsp;Ant&nbsp;founder Jack Ma and his financial services empire down to size but they expected it to eventually list in Hong Kong and Shanghai as planned.&nbsp;

The debacle has prompted head-scratching over how the IPO got so close,&nbsp;shares were to begin trading Thursday,&nbsp;only to collapse at the finish line.

Analysts say it was the culmination of an escalating rivalry between Ma,&nbsp;Ant's co-founder and the billionaire founder of Alibaba, and a state-dominated Chinese banking and regulatory system controlled by the Communist Party that has become uncomfortable with&nbsp;Ant's growing power.

Ant&nbsp;Group&nbsp;made its name via its main product Alipay, the online payments platform, and super-app that is now deeply embedded in China's economy.

But the company has also expanded into offering loans, credit, investments, and insurance to hundreds of millions of consumers and small businesses, spurring fear and jealously in a wider banking system geared more for supporting state policy and large corporations.

As global demand for the dual Hong Kong-Shanghai listing pushed the IPO toward record valuations -- potentially handing Ma and&nbsp;Ant&nbsp;Group&nbsp;even more funding, legitimacy and clout -- Chinese regulators acted.

In recent weeks, new minimum capital requirements and other restrictions on online lending were imposed to guard against "systemic risk", plugging some of the regulatory gaps that&nbsp;Ant&nbsp;Group&nbsp;had stepped through, analysts said.

"Given the magnitude of&nbsp;Ant&nbsp;Group's operations, the regulators might have felt that they did not have an appropriate handle on the flow of money being processed through&nbsp;Ant&nbsp;Group&nbsp;products," said Philippe Espinasse, a capital markets consultant and former investment banker.

Ant&nbsp;has been trying to present itself as a technology firm rather than a financial giant&nbsp;and its valuation up until now has benefited from its tech focus.

But Chinese regulators have become uncomfortable with parts of its sprawling empire - namely its lucrative online lending business which contributed almost 40% of its overall revenue in the first half of the year.

Under draft rules published on Monday, online lenders in China would have to stump up more of their own capital for loans, which is expected to hurt&nbsp;Ant's business model.&nbsp;Ant's co-lending subsidiaries Huabei and Jiebei would also no longer be allowed to sell wealth management products, analysts said.

The China Securities Regulatory Commission (CSRC) said on Wednesday that recent regulatory changes could have a "major impact" on&nbsp;Ant's business structure and profit model.

It said suspending the initial public offering (IPO) was a responsible move both for investors and markets.

Ma sounds off&nbsp;

The moves angered Ma, 56, who had stood to become Asia's richest man via the IPO.

He uncharacteristically lashed out in a speech two weeks ago, saying capital requirements were outdated and that China lacked a true "financial ecosystem".&nbsp;

Ma likened Chinese banks to "pawn shops" for requiring loan collateral and implied that they underserved smaller, younger borrowers.

Chinese public figures rarely call out the government, and the reaction was swift.

A series of commentaries in government media mouthpieces pushed back against Ma, warning of extensive risks from online lenders like&nbsp;Ant&nbsp;Group&nbsp;and vowing tighter supervision.

Things came to a head Monday when Ma and two other&nbsp;Ant&nbsp;executives were summoned to a highly unusual meeting with financial regulators.&nbsp;

Exact details of the talks remain unknown, but the next day the Shanghai exchange pulled the IPO.

Ma's critiques "didn't sit well with regulators, many of whom have been grappling with the risks of micro-lending", said Alex Capri, a research fellow at Hinrich Foundation.

"Ant&nbsp;has grown too large and too influential as a financial institution in China, something that will not be tolerated by the (ruling Communist Party)," Capri said.

Experts say a robust online lending sector is needed to meet the needs of ordinary consumers but that China has reason to fear a borrowing binge.

Bad debt in the country's chaotic financial system is a perennial risk, and regulators launched a crackdown on a growing nationwide credit addiction three years ago owing to fears of a financial meltdown.

'Awful' timing

But&nbsp;Ant&nbsp;now boasts around 500 million users of its loan and credit products, which allow consumers to take out cash loans or access revolving credit lines.

This has stoked fears of a younger digital generation with little risk awareness falling into a life-long debt spiral, said Zhang Gang, a strategist with Central China Securities.

"Because of&nbsp;Ant's scale and influence, they may dominate private lending in the future and ... (acquire) private lending companies," said Zhang, who feels tighter regulations are badly needed.

The IPO is expected to eventually go ahead after&nbsp;Ant&nbsp;complies with the new regulatory requirements, which it has vowed to do, although analysts expect the size and valuation to be lower in light of the curbs on&nbsp;Ant's businesses.

But the "awful" timing of the IPO's withdrawal could dent China's hopes of being viewed as a financial and technology force to rival the United States, said Espinasse.

Beijing is pushing its national tech champions to list on China's stock exchanges rather than in the US, partly because of an escalating bilateral rivalry.

"This potentially has significant implications, not just for homecoming listings but also for listings of Chinese tech companies more generally," Espinasse said.&nbsp;

"Ultimately, financial markets are all about trust and transparency and it looks like we don’t have that right now."

China's last-minute abandonment of Ant Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite.

China's last-minute abandonment of Ant Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite. Global markets were stunned Tuesday when Ant's record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company. Also read: China envisions a new Hong Kong, firmly under its control The last-minute ambush by China's regulators was seen by analysts and investors as an attempt to cut Ant founder Jack Ma and his financial services empire down to size but they expected it to eventually list in Hong Kong and Shanghai as planned. The debacle has prompted head-scratching over how the IPO got so close, shares were to begin trading Thursday, only to collapse at the finish line. Analysts say it was the culmination of an escalating rivalry between Ma, Ant's co-founder and the billionaire founder of Alibaba, and a state-dominated Chinese banking and regulatory system controlled by the Communist Party that has become uncomfortable with Ant's growing power. Ant Group made its name via its main product Alipay, the online payments platform, and super-app that is now deeply embedded in China's economy. But the company has also expanded into offering loans, credit, investments, and insurance to hundreds of millions of consumers and small businesses, spurring fear and jealously in a wider banking system geared more for supporting state policy and large corporations. As global demand for the dual Hong Kong-Shanghai listing pushed the IPO toward record valuations -- potentially handing Ma and Ant Group even more funding, legitimacy and clout -- Chinese regulators acted. In recent weeks, new minimum capital requirements and other restrictions on online lending were imposed to guard against "systemic risk", plugging some of the regulatory gaps that Ant Group had stepped through, analysts said. "Given the magnitude of Ant Group's operations, the regulators might have felt that they did not have an appropriate handle on the flow of money being processed through Ant Group products," said Philippe Espinasse, a capital markets consultant and former investment banker. Ant has been trying to present itself as a technology firm rather than a financial giant and its valuation up until now has benefited from its tech focus. But Chinese regulators have become uncomfortable with parts of its sprawling empire - namely its lucrative online lending business which contributed almost 40% of its overall revenue in the first half of the year. Under draft rules published on Monday, online lenders in China would have to stump up more of their own capital for loans, which is expected to hurt Ant's business model. Ant's co-lending subsidiaries Huabei and Jiebei would also no longer be allowed to sell wealth management products, analysts said. The China Securities Regulatory Commission (CSRC) said on Wednesday that recent regulatory changes could have a "major impact" on Ant's business structure and profit model. It said suspending the initial public offering (IPO) was a responsible move both for investors and markets. Ma sounds off The moves angered Ma, 56, who had stood to become Asia's richest man via the IPO. He uncharacteristically lashed out in a speech two weeks ago, saying capital requirements were outdated and that China lacked a true "financial ecosystem". Ma likened Chinese banks to "pawn shops" for requiring loan collateral and implied that they underserved smaller, younger borrowers. Chinese public figures rarely call out the government, and the reaction was swift. A series of commentaries in government media mouthpieces pushed back against Ma, warning of extensive risks from online lenders like Ant Group and vowing tighter supervision. Things came to a head Monday when Ma and two other Ant executives were summoned to a highly unusual meeting with financial regulators. Exact details of the talks remain unknown, but the next day the Shanghai exchange pulled the IPO. Ma's critiques "didn't sit well with regulators, many of whom have been grappling with the risks of micro-lending", said Alex Capri, a research fellow at Hinrich Foundation. "Ant has grown too large and too influential as a financial institution in China, something that will not be tolerated by the (ruling Communist Party)," Capri said. Experts say a robust online lending sector is needed to meet the needs of ordinary consumers but that China has reason to fear a borrowing binge. Bad debt in the country's chaotic financial system is a perennial risk, and regulators launched a crackdown on a growing nationwide credit addiction three years ago owing to fears of a financial meltdown. 'Awful' timing But Ant now boasts around 500 million users of its loan and credit products, which allow consumers to take out cash loans or access revolving credit lines. This has stoked fears of a younger digital generation with little risk awareness falling into a life-long debt spiral, said Zhang Gang, a strategist with Central China Securities. "Because of Ant's scale and influence, they may dominate private lending in the future and ... (acquire) private lending companies," said Zhang, who feels tighter regulations are badly needed. The IPO is expected to eventually go ahead after Ant complies with the new regulatory requirements, which it has vowed to do, although analysts expect the size and valuation to be lower in light of the curbs on Ant's businesses. But the "awful" timing of the IPO's withdrawal could dent China's hopes of being viewed as a financial and technology force to rival the United States, said Espinasse. Beijing is pushing its national tech champions to list on China's stock exchanges rather than in the US, partly because of an escalating bilateral rivalry. "This potentially has significant implications, not just for homecoming listings but also for listings of Chinese tech companies more generally," Espinasse said. "Ultimately, financial markets are all about trust and transparency and it looks like we don’t have that right now."

Ant Group's IPO fiasco culmination of escalating rivalry between Jack Ma and China's Communist Party

At a time, nations are still clueless about their economic future, china’s policymakers are close to setting an average annual economic growth target of around 5 per cent&nbsp;for the next five years.

A Reuters report says a blueprint for china’s five-year plan including key objectives for the next 15 years has already been laid out at last week’s meeting.

The plans include a goal to turn China into a "high income" nation by 2025 and advance it to a moderately developed nation by 2035.

This implies Chinese citizens will be earning more than $20,000 per person in the next 15 years.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/ant-groups-ipo-fiasco-culmination-of-escalating-rivalry-between-jack-ma-and-chinas-communist-party-340830" hreflang="en">Ant Group's IPO fiasco culmination of escalating rivalry between Jack Ma and China's Communist Party</a>

China’s per capita income was $10,410 in 2019 and the world bank defines “high income” countries as those with per capita gross national income of above $12,535.

However, this target made for the 14th five-year plan would be more a flexible one. The target has also taken into account external risks caused by the ongoing COVID-19 pandemic and trade wars and other rifts with the United States, the largest economy in the world. The&nbsp;

Chinese government is still in a mode of drafting detailed economic and social development goals under its five-year plan which are being guided by the top communist party leaders.

Analysts also maintain the world's second-largest economy China would need to grow real GDP by about 3.9 per cent per year between 2021 and 2025 to reach the “high income” threshold by 2025 which will also be needed to be maintained at least 4.7 per cent annual average GDP growth in 2021-35 to double real GDP by 2035.

Experts have time and again pointed out that sustaining stable growth is vital for China to bypass the “middle-income trap”, in which the economy stagnates at middle-income levels and a more flexible target could help offset rising external uncertainties caused by the pandemic and tensions with the united states.

According to current predictions China’s GDP is forecast to grow just over 2&nbsp;per cent&nbsp;this year, its weakest pace in 44 years and likely knocking its average annual growth for 2016-2020 to below its target of more than 6.5 per cent. China dropped its annual GDP target in 2020 for the first time since 2002 because of the uncertainty caused by covid-19. &nbsp; &nbsp;&nbsp;

At a time, nations are still clueless about their economic future, china’s policymakers are close to setting an average annual economic growth target of around 5 per cent for the next five years.

At a time, nations are still clueless about their economic future, china’s policymakers are close to setting an average annual economic growth target of around 5 per cent for the next five years. A Reuters report says a blueprint for china’s five-year plan including key objectives for the next 15 years has already been laid out at last week’s meeting. The plans include a goal to turn China into a "high income" nation by 2025 and advance it to a moderately developed nation by 2035. This implies Chinese citizens will be earning more than $20,000 per person in the next 15 years. Also read: Ant Group's IPO fiasco culmination of escalating rivalry between Jack Ma and China's Communist Party China’s per capita income was $10,410 in 2019 and the world bank defines “high income” countries as those with per capita gross national income of above $12,535. However, this target made for the 14th five-year plan would be more a flexible one. The target has also taken into account external risks caused by the ongoing COVID-19 pandemic and trade wars and other rifts with the United States, the largest economy in the world. The Chinese government is still in a mode of drafting detailed economic and social development goals under its five-year plan which are being guided by the top communist party leaders. Analysts also maintain the world's second-largest economy China would need to grow real GDP by about 3.9 per cent per year between 2021 and 2025 to reach the “high income” threshold by 2025 which will also be needed to be maintained at least 4.7 per cent annual average GDP growth in 2021-35 to double real GDP by 2035. Experts have time and again pointed out that sustaining stable growth is vital for China to bypass the “middle-income trap”, in which the economy stagnates at middle-income levels and a more flexible target could help offset rising external uncertainties caused by the pandemic and tensions with the united states. According to current predictions China’s GDP is forecast to grow just over 2 per cent this year, its weakest pace in 44 years and likely knocking its average annual growth for 2016-2020 to below its target of more than 6.5 per cent. China dropped its annual GDP target in 2020 for the first time since 2002 because of the uncertainty caused by covid-19.

China aims 5% GDP growth target for next five years

Low taxes. Duty-free shopping. Sandy beaches. The Communist Party even wants to put people on yachts.

China wants to turn Hainan province, an island the size of Maryland in the South China Sea, into a free-trade port and international commercial hub. The island, with 9.5 million full-time residents, is offering new incentives to transform the snowbird haven into a destination for global companies, jet-setting financiers and sophisticated shoppers alike.

China already has a place like that: Hong Kong, with 7.5 million people. But the future of the former British colony has been thrown into doubt. After last year’s pro-democracy protests, the Chinese government has brought Hong Kong to heel with a stringent national security law and a crackdown on dissenters. It is not clear whether the events have permanently damaged the longtime bastion of economic liberty.

Transforming Hainan would give China a financial and corporate Plan B. Still, copying Hong Kong will not be easy. Much of Hong Kong’s success comes from its laissez-faire regulation, independent judicial system, unfettered movement of money across its borders and the free exchange of information — liberties all lacking in the mainland.

Beijing has shown little inclination to relax its control in a way that would allow Hainan to fully match Hong Kong. Hainan also lacks Hong Kong’s educated, often worldly workforce and Hong Kong’s proximity to China’s Guangdong province manufacturing belt.

Still, in areas like shopping or luring corporate offices, Hainan is starting to compete.

“You don’t need a visa, it’s easy to get there and the COVID situation may drag on for months or a few years before they fully reopen the border with Hong Kong,” said Jean-Pierre Cabestan, a professor of political science at Hong Kong Baptist University. “What’s happening in Hainan is adding to the sense of marginalization in Hong Kong.”

Chinese officials say they want to complement Hong Kong, not replace it. And in any case, making Hainan a free-trade mecca will not be easy. Over the past few years, at least 21 free-trade zones have been introduced in places like Tianjin, Shanghai and elsewhere. Most never took off.

Efforts specific to Hainan have faltered in the past, too. Local officials have for years looked for a way to further develop the province, which is more famous in China for property booms and busts than for finance or shopping. They have repeatedly explored gambling, only to be told no each time by Beijing.

Local officials say their new campaign is different. Rather than catering to importers and exporters, they have unveiled efforts to appeal to shoppers, the wealthy and even those seeking face-lifts.

“The level of Hainan’s opening up is much greater than the mainland free-trade zones,” said Xia Feng, a professor at Hainan University who studies free-trade areas.

Shopping is a big part. New rules allow anyone from the mainland to buy about $15,000 a year worth of goods on Hainan without paying China’s usual import, sales and luxury taxes. The previous limit was only $5,000.

By contrast, tariffs and other taxes raise the price of imported cosmetics on the mainland by half.

Tourists like Xu Yang, a 33-year-old from Qingdao, have been mobbing Hainan stores for brands like Lancôme, SK-II, La Mer and Dior. Xu said Estée Lauder liquid makeup foundation costs about one-third less at the duty-free store in the Hainan capital, Haikou, than at home.

That was worth enduring the crowds of shoppers. Tourist visits jumped by nearly two-thirds after the policy changed July 1 compared with a year ago.

“It’s crazy here, and the line is so long,” Xu said.

Brands like Tiffany and Prada have opened stores in Haikou in recent weeks to reach Chinese buyers who no longer travel overseas because of the outbreak.

“Shopping in Hainan is more convenient,” Mary Liu, a Beijing resident, said as she browsed Coach handbags in Haikou.

Hainan still lacks Hong Kong’s sheen. It lacks the restaurant options of Hong Kong, Tokyo, Paris and New York. Some of the most haute luxury brands are missing. Kering, the Parisian luxury house, has opened Gucci Sunglasses and Gucci Perfume stores in the Hainan beach city of Sanya but not shops for its elite Ulysse Nardin and Girard-Perregaux watches. Kering declined to comment.

“You can imagine what shopping atmosphere there is,” said Rachel Qian, a 33-year-old Shanghai resident who took frequent shopping trips to Tokyo before the pandemic.

She is giving Hainan a pass to avoid rubbing elbows with people who will buy premium brands only to sell them elsewhere in China.

“People are not there for the fun of shopping but to make money,” she said.

In skills, too, officials are trying to overcome Hainan’s deficiencies. The central government has dispatched to the province experienced officials who have overseen successful development programs. Hainan’s governor, Shen Xiaoming, previously ran Shanghai’s free-trade zone and helped persuade Tesla to set up its first overseas car assembly plant there.

To draw skilled workers, the Hainan government bought private preschools all over the island last spring and made them public, with preferential enrollment for the children of well-educated parents who move there.

“There will be more and more high-end talent in the future,” predicted Yu Lei, a telecommunications engineer who has moved there from the city of Chongqing and has just enrolled his 3-year-old daughter in a newly public preschool.

To lure companies and the rich, Hainan officials have slashed taxes. They have cut personal and corporate taxes for some to 15%. In mainland China, high-earning individuals face a 45% income tax rate, while a wide range of corporations pay 25%.

Some wealthy individuals have rushed to set up personal companies on the island to route part of their paychecks through there and save on taxes, say those who work with them. Similarly, Chinese companies are exploring setting up subsidiaries there.

“I persuaded my customers to go there to register companies,” said Kevin Shi, a banker in Shenzhen, across the Chinese border from Hong Kong. “They are exploring how they can benefit there, and there are discussions with the government on what they can do, what they can get.”

Hainan officials hope low taxes will attract new types of business. For example, hospitals and cosmetic surgery offices could use Hainan to lure well-heeled patients who might seek residency while they recuperate. Hong Kong, with its advanced medical care, currently plays this role.

Shi said that he had taken executives from hospitals and other health care businesses to Hainan in September. A team from the European Union Chamber of Commerce in Beijing that visited the island in late September concluded that affluent Chinese may start going to Hainan instead of Hong Kong, Thailand or Europe.

Still, building Hainan as a low-tax, low-regulation haven will be a tough task. Other provinces may come to resent its low taxes and other perks and prompt the central government to push back.

Beijing is not about to give up control. In recent months, even as Hainan officials laid out their plans for the island, Beijing officials pledged to keep in place strict limits on money movement and other restrictions on daily life.

That includes some lingering tariffs. Shen, the island’s governor, said at a news conference in June that someone buying a $1.4 million yacht could save more than $500,000 in tariffs and taxes.

Zou Jiayi, a Chinese vice finance minister, threw cold water on that idea within minutes at the same event. Imported cars, buses and yachts are exempt from tariffs only if used for tourist businesses, she said.

And unlike other goods, they may not be taken back to the mainland.

Low taxes. Duty-free shopping. Sandy beaches. The Communist Party even wants to put people on yachts. China wants to turn Hainan province, an island the size of Maryland in the South China Sea, into a free-trade port and international commercial hub.

Low taxes. Duty-free shopping. Sandy beaches. The Communist Party even wants to put people on yachts. China wants to turn Hainan province, an island the size of Maryland in the South China Sea, into a free-trade port and international commercial hub. The island, with 9.5 million full-time residents, is offering new incentives to transform the snowbird haven into a destination for global companies, jet-setting financiers and sophisticated shoppers alike. China already has a place like that: Hong Kong, with 7.5 million people. But the future of the former British colony has been thrown into doubt. After last year’s pro-democracy protests, the Chinese government has brought Hong Kong to heel with a stringent national security law and a crackdown on dissenters. It is not clear whether the events have permanently damaged the longtime bastion of economic liberty. Transforming Hainan would give China a financial and corporate Plan B. Still, copying Hong Kong will not be easy. Much of Hong Kong’s success comes from its laissez-faire regulation, independent judicial system, unfettered movement of money across its borders and the free exchange of information — liberties all lacking in the mainland. Beijing has shown little inclination to relax its control in a way that would allow Hainan to fully match Hong Kong. Hainan also lacks Hong Kong’s educated, often worldly workforce and Hong Kong’s proximity to China’s Guangdong province manufacturing belt. Still, in areas like shopping or luring corporate offices, Hainan is starting to compete. “You don’t need a visa, it’s easy to get there and the COVID situation may drag on for months or a few years before they fully reopen the border with Hong Kong,” said Jean-Pierre Cabestan, a professor of political science at Hong Kong Baptist University. “What’s happening in Hainan is adding to the sense of marginalization in Hong Kong.” Chinese officials say they want to complement Hong Kong, not replace it. And in any case, making Hainan a free-trade mecca will not be easy. Over the past few years, at least 21 free-trade zones have been introduced in places like Tianjin, Shanghai and elsewhere. Most never took off. Efforts specific to Hainan have faltered in the past, too. Local officials have for years looked for a way to further develop the province, which is more famous in China for property booms and busts than for finance or shopping. They have repeatedly explored gambling, only to be told no each time by Beijing. Local officials say their new campaign is different. Rather than catering to importers and exporters, they have unveiled efforts to appeal to shoppers, the wealthy and even those seeking face-lifts. “The level of Hainan’s opening up is much greater than the mainland free-trade zones,” said Xia Feng, a professor at Hainan University who studies free-trade areas. Shopping is a big part. New rules allow anyone from the mainland to buy about $15,000 a year worth of goods on Hainan without paying China’s usual import, sales and luxury taxes. The previous limit was only $5,000. By contrast, tariffs and other taxes raise the price of imported cosmetics on the mainland by half. Tourists like Xu Yang, a 33-year-old from Qingdao, have been mobbing Hainan stores for brands like Lancôme, SK-II, La Mer and Dior. Xu said Estée Lauder liquid makeup foundation costs about one-third less at the duty-free store in the Hainan capital, Haikou, than at home. That was worth enduring the crowds of shoppers. Tourist visits jumped by nearly two-thirds after the policy changed July 1 compared with a year ago. “It’s crazy here, and the line is so long,” Xu said. Brands like Tiffany and Prada have opened stores in Haikou in recent weeks to reach Chinese buyers who no longer travel overseas because of the outbreak. “Shopping in Hainan is more convenient,” Mary Liu, a Beijing resident, said as she browsed Coach handbags in Haikou. Hainan still lacks Hong Kong’s sheen. It lacks the restaurant options of Hong Kong, Tokyo, Paris and New York. Some of the most haute luxury brands are missing. Kering, the Parisian luxury house, has opened Gucci Sunglasses and Gucci Perfume stores in the Hainan beach city of Sanya but not shops for its elite Ulysse Nardin and Girard-Perregaux watches. Kering declined to comment. “You can imagine what shopping atmosphere there is,” said Rachel Qian, a 33-year-old Shanghai resident who took frequent shopping trips to Tokyo before the pandemic. She is giving Hainan a pass to avoid rubbing elbows with people who will buy premium brands only to sell them elsewhere in China. “People are not there for the fun of shopping but to make money,” she said. In skills, too, officials are trying to overcome Hainan’s deficiencies. The central government has dispatched to the province experienced officials who have overseen successful development programs. Hainan’s governor, Shen Xiaoming, previously ran Shanghai’s free-trade zone and helped persuade Tesla to set up its first overseas car assembly plant there. To draw skilled workers, the Hainan government bought private preschools all over the island last spring and made them public, with preferential enrollment for the children of well-educated parents who move there. “There will be more and more high-end talent in the future,” predicted Yu Lei, a telecommunications engineer who has moved there from the city of Chongqing and has just enrolled his 3-year-old daughter in a newly public preschool. To lure companies and the rich, Hainan officials have slashed taxes. They have cut personal and corporate taxes for some to 15%. In mainland China, high-earning individuals face a 45% income tax rate, while a wide range of corporations pay 25%. Some wealthy individuals have rushed to set up personal companies on the island to route part of their paychecks through there and save on taxes, say those who work with them. Similarly, Chinese companies are exploring setting up subsidiaries there. “I persuaded my customers to go there to register companies,” said Kevin Shi, a banker in Shenzhen, across the Chinese border from Hong Kong. “They are exploring how they can benefit there, and there are discussions with the government on what they can do, what they can get.” Hainan officials hope low taxes will attract new types of business. For example, hospitals and cosmetic surgery offices could use Hainan to lure well-heeled patients who might seek residency while they recuperate. Hong Kong, with its advanced medical care, currently plays this role. Shi said that he had taken executives from hospitals and other health care businesses to Hainan in September. A team from the European Union Chamber of Commerce in Beijing that visited the island in late September concluded that affluent Chinese may start going to Hainan instead of Hong Kong, Thailand or Europe. Still, building Hainan as a low-tax, low-regulation haven will be a tough task. Other provinces may come to resent its low taxes and other perks and prompt the central government to push back. Beijing is not about to give up control. In recent months, even as Hainan officials laid out their plans for the island, Beijing officials pledged to keep in place strict limits on money movement and other restrictions on daily life. That includes some lingering tariffs. Shen, the island’s governor, said at a news conference in June that someone buying a $1.4 million yacht could save more than $500,000 in tariffs and taxes. Zou Jiayi, a Chinese vice finance minister, threw cold water on that idea within minutes at the same event. Imported cars, buses and yachts are exempt from tariffs only if used for tourist businesses, she said. And unlike other goods, they may not be taken back to the mainland.

China envisions a new Hong Kong, firmly under its control

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.&nbsp;

Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/alibaba-puts-india-investment-plan-on-hold-amid-china-tensions-sources-323353">Alibaba puts India investment plan on hold amid China tensions - Sources</a>

It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements.

Hong Kong's exchange also said it has postponed the IPO.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/all-about-ant-group-the-next-big-tech-ipo-338413">All about Ant group, the next Big Tech IPO</a>

The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion.&nbsp;

Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement.&nbsp;

China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth.

Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move. Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading. Also read | Alibaba puts India investment plan on hold amid China tensions - Sources It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements. Hong Kong's exchange also said it has postponed the IPO. Also read | All about Ant group, the next Big Tech IPO The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion. Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement. China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth. Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.

Alibaba's shares hit hard following shocking suspension of Ant Group's IPO

The Indian stock market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome.&nbsp;

The Sensex ended 355 points higher at 40,616 while the Nifty rose 95 points to settle at 11,908.

Domestic IT shares were carried by the rise of the dollar and additional support from pharma stocks and Reliance Industries.&nbsp;

Global markets

Share markets were whipsawed, while bonds and the dollar gained on Wednesday as results from the US presidential election proved far closer than polls had predicted, potentially leaving the outcome in doubt for days or weeks.&nbsp;

US equity futures went on a wild ride, rising then falling, climbing again as the voting seemed to favour Trump only to sag once more as the president vowed to make a Supreme Court challenge.

(With inputs from Reuters)

The Indian stock market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome. The Sensex ended 355 points higher at 40,616 while the Nifty rose 95 points to settle at 11,908.

The Indian stock market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome. The Sensex ended 355 points higher at 40,616 while the Nifty rose 95 points to settle at 11,908. Domestic IT shares were carried by the rise of the dollar and additional support from pharma stocks and Reliance Industries. Global markets Share markets were whipsawed, while bonds and the dollar gained on Wednesday as results from the US presidential election proved far closer than polls had predicted, potentially leaving the outcome in doubt for days or weeks. US equity futures went on a wild ride, rising then falling, climbing again as the voting seemed to favour Trump only to sag once more as the president vowed to make a Supreme Court challenge. (With inputs from Reuters)

Sensex ends 355 points higher, Nifty above 11,900

The Federal Reserve's rate-setting committee began meeting Wednesday, a spokesperson said, hours after polls closed in the US presidential election which remains undecided.

The Federal Open Market Committee (FOMC) is not expected to address the election in its two-day regularly scheduled meeting, nor is it predicted to change interest rates that were slashed to near-zero earlier this year as the coronavirus pandemic ravaged the US economy.

However analysts will be watching the committee's statement and Fed Chair Jerome Powell's press conference on Thursday to see if central bank leaders again make their case that the world's largest economy needs more stimulus to aid its recovery after Congress failed to pass a spending bill before the election.

"We expect the FOMC will maintain its extremely accommodative monetary policy stance at its policy meeting... holding off any new initiatives," Oxford Economics said in a research note.&nbsp;

"The overlap between the meeting and the US election and the deteriorating health situation will favor a wait-and-see approach given the uncertain fiscal policy outlook."

Also Read | <a href="https://www.wionews.com/business-economy/us-stocks-open-higher-as-markets-eye-tight-presidential-vote-340558">US stocks open higher as markets eye tight presidential vote</a>

Voters on Tuesday went to polls to decided whether to give President Donald Trump a second term in office or replace him with his Democratic challenger Joe Biden.

Results thus far show Biden ahead in electoral votes even as Trump prematurely declared victory and sought Supreme Court intervention to stop vote-counting.

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Also on the ballot were Senate races in several states, which could reconfigure the Republican-controlled body and perhaps break the months-long deadlock with Democrats over the stimulus bill.

However Democratic candidates were behind in several races, narrowing their chances of gaining control of the chamber and pushing through a stimulus package when the new Congress is inaugurated in January

The Federal Reserve's rate-setting committee began meeting Wednesday, a spokesperson said, hours after polls closed in the US presidential election which remains undecided.

The Federal Reserve's rate-setting committee began meeting Wednesday, a spokesperson said, hours after polls closed in the US presidential election which remains undecided. The Federal Open Market Committee (FOMC) is not expected to address the election in its two-day regularly scheduled meeting, nor is it predicted to change interest rates that were slashed to near-zero earlier this year as the coronavirus pandemic ravaged the US economy. However analysts will be watching the committee's statement and Fed Chair Jerome Powell's press conference on Thursday to see if central bank leaders again make their case that the world's largest economy needs more stimulus to aid its recovery after Congress failed to pass a spending bill before the election. "We expect the FOMC will maintain its extremely accommodative monetary policy stance at its policy meeting... holding off any new initiatives," Oxford Economics said in a research note. "The overlap between the meeting and the US election and the deteriorating health situation will favor a wait-and-see approach given the uncertain fiscal policy outlook." Also Read | US stocks open higher as markets eye tight presidential vote Voters on Tuesday went to polls to decided whether to give President Donald Trump a second term in office or replace him with his Democratic challenger Joe Biden. Results thus far show Biden ahead in electoral votes even as Trump prematurely declared victory and sought Supreme Court intervention to stop vote-counting. × Also on the ballot were Senate races in several states, which could reconfigure the Republican-controlled body and perhaps break the months-long deadlock with Democrats over the stimulus bill. However Democratic candidates were behind in several races, narrowing their chances of gaining control of the chamber and pushing through a stimulus package when the new Congress is inaugurated in January

Federal Reserve begins meeting as US vote yet to be decided

World stocks moved higher on Wednesday despite the US election outcome being clouded by huge uncertainty that could end up in court.

Wall Street opened with gains as both President Donald Trump and Democratic challenger Joe Biden still had a path of victory with a handful of states still up for grabs.

The Dow climbed&nbsp;0.9 percent while the broader S&amp;P 500&nbsp;rose 1.6 percent and the tech-heavy Nasdaq Composite jumped 2.7 percent.

European stock markets, which opened sharply lower after President&nbsp;Donald Trump said he would go to the Supreme Court to dispute the US vote count, turned higher in late morning deals and in afternoon trading they were all posting gains of over 1 percent.

Around 1330 GMT, London's benchmark FTSE 100 index was up 1.0 percent, while the pound fell 0.7 percent against the dollar.

In the eurozone, the Frankfurt stock market&nbsp;rose 0.9&nbsp;percent and Paris climbed 1.3 percent.

The euro was down around a tenth of a percent versus the dollar, while oil prices surged over 2 percent.

Asian indices mostly closed up but that was ahead of Trump declaring he would dispute the election.

<a href="https://www.wionews.com/world/us-election-2020-result-live-update-donald-trump-joe-biden-votes-tally-president-predictions-begins-vote-count-how-to-follow-the-2020-us-election-results-from-india-Trump-wins-Kentucky-joe-Biden-Vermont-340293">Click here for latest on US Election 2020</a>

The US election was plunged into chaos early Wednesday as Trump prematurely declared victory and sought Supreme Court intervention to stop vote-counting -- &nbsp;even as his Democratic rival Joe Biden voiced confidence in his own chances.

"With Donald Trump already claiming victory even though millions of votes are still uncounted, investors may have to belt up and brace themselves for some volatile sessions of trading ahead," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

In a divisive election cast under the shadow of the coronavirus pandemic that has claimed more than 230,000 lives in the United States, Trump appeared to have avoided a Democratic wave predicted by some polls but he still needs key states to secure another four-year term.

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&nbsp;

"The polls got it wrong," said OANDA analyst Edward Moya. "Wall Street hoped for election certainty and what they will end up getting over the next couple days is recounts and lawsuits."

Biden's White House campaign slammed Trump's threat to try to stop the election vote count as "outrageous", saying its legal team was ready to prevent such an "unprecedented" act.

'Nightmare situation'

"The US election has become a mess," said Naeem Aslam, chief market analyst at Avatrade.

"Basically, we are seeing a nightmare situation come true because now we are talking about legal battles. This uncertainty is going to keep traders on edge."

Also Read | <a href="https://www.wionews.com/photos/us-election-2020-historical-firsts-in-the-presidential-election-340498#four-consecutive-two-term-presidencies-340478">US election 2020: Historical firsts in the presidential election</a>

Aslam added that investors still saw the dollar as a safe bet amid the volatility on stock markets.

Before Wednesday's shock turn of events, world equities had rallied this week as traders piled bets on Biden winning, with opinion polls showing him with a big national lead though with slim advantages in battleground states.

While Tuesday was formally Election Day, in reality, Americans have been voting for weeks. The Covid-19 pandemic caused a huge expansion in mail-in and early voting, and nearly 100 million people had already cast their ballots.

While a failure for Biden and the Democrats would jolt markets, the general consensus is that whoever wins will still push through a major stimulus package for the struggling US economy as it battles the virus.

Key figures around 1330 GMT

New York - Dow: UP 0.9&nbsp;percent at 27,731.20

London - FTSE 100: UP 1.0 percent at 5,842.38 points

Frankfurt - DAX 30: UP 0.9 percent at 12,195.65

Paris - CAC 40: UP 1.3 percent at 4,866.88

EURO STOXX 50: UP 0.9 percent at 3,125.44

Tokyo - Nikkei 225: UP 1.7 percent at 23,695.23 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 24,886.14 (close)

Shanghai - Composite: UP 0.2 percent at 3,277.44 (close)

Euro/dollar: DOWN at $1.1701 from $1.1711 at 2115 GMT

Dollar/yen: UP at 104.48 yen from 104.52 yen

Pound/dollar: DOWN at $1.2964 from $1.3035

Euro/pound: UP at 90.25 pence from 89.82 pence

West Texas Intermediate: UP 2.3 percent at $38.53 per barrel

Brent North Sea crude: UP 2.3 percent at $40.64 per barrel

World stocks moved higher on Wednesday despite the US election outcome being clouded by huge uncertainty that could end up in court. Wall Street opened with gains as both President Donald Trump and Democratic challenger Joe Biden still had a path of victory with a handful of states still up for grabs.

World stocks moved higher on Wednesday despite the US election outcome being clouded by huge uncertainty that could end up in court. Wall Street opened with gains as both President Donald Trump and Democratic challenger Joe Biden still had a path of victory with a handful of states still up for grabs. The Dow climbed 0.9 percent while the broader S&P 500 rose 1.6 percent and the tech-heavy Nasdaq Composite jumped 2.7 percent. European stock markets, which opened sharply lower after President Donald Trump said he would go to the Supreme Court to dispute the US vote count, turned higher in late morning deals and in afternoon trading they were all posting gains of over 1 percent. Around 1330 GMT, London's benchmark FTSE 100 index was up 1.0 percent, while the pound fell 0.7 percent against the dollar. In the eurozone, the Frankfurt stock market rose 0.9 percent and Paris climbed 1.3 percent. The euro was down around a tenth of a percent versus the dollar, while oil prices surged over 2 percent. Asian indices mostly closed up but that was ahead of Trump declaring he would dispute the election. Click here for latest on US Election 2020 The US election was plunged into chaos early Wednesday as Trump prematurely declared victory and sought Supreme Court intervention to stop vote-counting -- even as his Democratic rival Joe Biden voiced confidence in his own chances. "With Donald Trump already claiming victory even though millions of votes are still uncounted, investors may have to belt up and brace themselves for some volatile sessions of trading ahead," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. In a divisive election cast under the shadow of the coronavirus pandemic that has claimed more than 230,000 lives in the United States, Trump appeared to have avoided a Democratic wave predicted by some polls but he still needs key states to secure another four-year term. × "The polls got it wrong," said OANDA analyst Edward Moya. "Wall Street hoped for election certainty and what they will end up getting over the next couple days is recounts and lawsuits." Biden's White House campaign slammed Trump's threat to try to stop the election vote count as "outrageous", saying its legal team was ready to prevent such an "unprecedented" act. 'Nightmare situation' "The US election has become a mess," said Naeem Aslam, chief market analyst at Avatrade. "Basically, we are seeing a nightmare situation come true because now we are talking about legal battles. This uncertainty is going to keep traders on edge." Also Read | US election 2020: Historical firsts in the presidential election Aslam added that investors still saw the dollar as a safe bet amid the volatility on stock markets. Before Wednesday's shock turn of events, world equities had rallied this week as traders piled bets on Biden winning, with opinion polls showing him with a big national lead though with slim advantages in battleground states. While Tuesday was formally Election Day, in reality, Americans have been voting for weeks. The Covid-19 pandemic caused a huge expansion in mail-in and early voting, and nearly 100 million people had already cast their ballots. While a failure for Biden and the Democrats would jolt markets, the general consensus is that whoever wins will still push through a major stimulus package for the struggling US economy as it battles the virus. Key figures around 1330 GMT New York - Dow: UP 0.9 percent at 27,731.20 London - FTSE 100: UP 1.0 percent at 5,842.38 points Frankfurt - DAX 30: UP 0.9 percent at 12,195.65 Paris - CAC 40: UP 1.3 percent at 4,866.88 EURO STOXX 50: UP 0.9 percent at 3,125.44 Tokyo - Nikkei 225: UP 1.7 percent at 23,695.23 (close) Hong Kong - Hang Seng: DOWN 0.2 percent at 24,886.14 (close) Shanghai - Composite: UP 0.2 percent at 3,277.44 (close) Euro/dollar: DOWN at $1.1701 from $1.1711 at 2115 GMT Dollar/yen: UP at 104.48 yen from 104.52 yen Pound/dollar: DOWN at $1.2964 from $1.3035 Euro/pound: UP at 90.25 pence from 89.82 pence West Texas Intermediate: UP 2.3 percent at $38.53 per barrel Brent North Sea crude: UP 2.3 percent at $40.64 per barrel

US stocks open higher despite US vote uncertainty

As voters turned up in huge numbers during <a href="https://www.wionews.com/world/us-election-2020-heres-how-american-leaders-are-urging-people-to-go-out-and-vote-340269">US elections</a> 2020, the markets gave the election wave a thumbs-up with the Dow ending up 2.1 per cent in Election Day session. |&nbsp;<a href="https://www.wionews.com/world/live-us-election-2020-donald-trump-joe-biden-more-than-98-million-voted-to-elect-the-next-president-340039">LIVE update: It is going to be a tight race, says Kamala Harris to US voters</a>

Watch:

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The Dow finished nearly 550 points up at 27,477.40 as the markets leaned towards Biden who has been leading the opinion polls for the past month.

The S&amp;P 500 went up 1.8 per cent to end at 3,369.11, while the Nasdaq Composite Index closed at 11,160.57.

<a href="https://www.wionews.com/world/us-elections-2020-country-entitled-to-know-who-won-on-november-3-says-trump-340238">Also Read:&nbsp;Country entitled to know who won on November 3, says Trump</a>

The markets across the world were on a high even as the dollar took a hit amid the US polls. As the markets closed, over 100 million US voters had already exercised their franchise.&nbsp;

The Dow kept its momentum as it opened up 1.3 per cent at 27,275.22. The S&amp;P 500 went up 1.0 per cent to 3,344.23, while Nasdaq Composite Index to 11,027.65. The surge in numbers come as Biden led Trump in final opinion polls even as US voters exercised their franchise.

<a href="https://www.wionews.com/world/us-election-2020-heres-how-american-leaders-are-urging-people-to-go-out-and-vote-340269">Also Read:&nbsp;Here's how American leaders are urging people to go out and vote</a>

At close, the S&amp;P 500 was up 1.8 per cent ending at 3,369.11, while the Nasdaq gained finished at 11,160.57.

On Friday, the markets had bled amid reports of surging coronavirus cases as Europe and America touched grim COVID-19 milestones.

According to Johns Hopkins University, the United States has over 9 million coronavirus cases.

As voters turned up in huge numbers during US elections 2020, the markets gave the election wave a thumbs-up with the Dow ending up 2.1 per cent in Election Day session.

As voters turned up in huge numbers during US elections 2020, the markets gave the election wave a thumbs-up with the Dow ending up 2.1 per cent in Election Day session. | LIVE update: It is going to be a tight race, says Kamala Harris to US voters Watch: The Dow finished nearly 550 points up at 27,477.40 as the markets leaned towards Biden who has been leading the opinion polls for the past month. The S&P 500 went up 1.8 per cent to end at 3,369.11, while the Nasdaq Composite Index closed at 11,160.57. Also Read: Country entitled to know who won on November 3, says Trump The markets across the world were on a high even as the dollar took a hit amid the US polls. As the markets closed, over 100 million US voters had already exercised their franchise. The Dow kept its momentum as it opened up 1.3 per cent at 27,275.22. The S&P 500 went up 1.0 per cent to 3,344.23, while Nasdaq Composite Index to 11,027.65. The surge in numbers come as Biden led Trump in final opinion polls even as US voters exercised their franchise. Also Read: Here's how American leaders are urging people to go out and vote At close, the S&P 500 was up 1.8 per cent ending at 3,369.11, while the Nasdaq gained finished at 11,160.57. On Friday, the markets had bled amid reports of surging coronavirus cases as Europe and America touched grim COVID-19 milestones. According to Johns Hopkins University, the United States has over 9 million coronavirus cases.

US elections 2020: On election day, Wall Street ends on a high; Dow up over 2%

Deutsche Bank AG&nbsp;is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.

Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president's umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president, according to two bank officials.

In meetings in recent months, a Deutsche Bank management committee that oversees reputational and other risks for the lender in the Americas region has discussed ways in which it could rid the bank of these last vestiges of the relationship, two of the three bank officials said. The bank has over the years lent Trump more than $2 billion, one of the officials said.

One idea that has come up in the meetings: sell the loans in the secondary market, two of the bank officials said. But one of the officials said that idea has not gained traction, in part because it is not clear who would want to buy the loans and the attendant problems that come with it.

While it was known that Deutsche Bank has been closely examining its relationship with Trump, including by setting up a working group in 2016 to review the bank's relationship with him, its recent eagerness to end all ties and the contours of discussions in light of the election have not been previously reported.

Deutsche Bank declined to comment. The Trump Organization did not respond to requests for comment. The White House declined to comment.

Warren's warning

The German bank, which first started lending to Trump in the late 1990s, has been dragged into congressional and other investigations into the real estate mogul-turned-politician's finances and alleged Russia connections.

The probes and the bad press, seen by one senior executive as "serious collateral damage" from the relationship, are an unwelcome distraction for the bank, the three officials said. It comes at a time when Chief Executive Christian Sewing is trying to turn Deutsche Bank around after its decades-long run at becoming a major Wall Street bank left it nursing huge losses.

Elizabeth Warren, a Democrat member of the Senate banking committee, has previously called for an investigation into Deutsche Bank over its money laundering controls and has demanded answers from the lender about its relationship with Trump and his family. She told Reuters that she intended to keep pushing for a probe in the next administration.

"You bet I'm going to continue to fight for accountability and strong enforcement of our banking laws, especially for giant institutions like Deutsche Bank," she said.

What happens next for the bank rests on the outcome of Tuesday's elections, according to the three bank officials.

If the Republican president loses, and Democrats take control of the White House and Congress, senior Deutsche Bank executives believe congressional investigations that have stalled amid a court battle over access to Trump's financial records could be rejuvenated, the three bank officials said.

In this scenario, however, Deutsche Bank executives believe they will also have more freedom to deal with the loans and end their relationship with Trump, the officials said. They hope doing so might help reduce some of the scrutiny, they said.

Different scenarios

The loans, which are against Trump's golf course in Miami, and hotels in Washington and Chicago, are such that the Trump Organization has only had to pay interest on them so far, and the entire principal is outstanding, two of the three bank officials said. They come due in 2023 and 2024, the filings show.

The businesses backing the loans face challenges. The coronavirus-driven economic slowdown has hit the travel industry, including hotels. Moreover, last month Reuters reported that Trump's plan to make money by developing houses and hotels on his golf courses, including the one involving the Deutsche Bank loan, had not panned out so far.

The Deutsche Bank executives are not unduly concerned about Trump's ability to repay the loans, given the president's personal guarantees and the time left before they come due, the three bank officials said.

If Trump is not in office, Deutsche Bank executives feel that it would be easier for them to demand repayment, foreclose if he is not able to pay it off or refinance, or try to sell the loans, according to two of the three bank officials.

Since Trump has personally guaranteed all the loans, Deutsche Bank could also seize the president's assets if he is unable to repay, two of the three bank officials said.

If Trump wins a second term, Deutsche Bank executives feel their options would be fewer, the three bank officials said. The bank wouldn't want the negative publicity inherent with seizing assets from a sitting president and would likely extend the loans until he is out of office, two of the bank officials said.

The bottom line, the three bank officials said, is that the matter won’t be resolved until well after the election.

Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.

Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter. Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president's umbrella group that is currently overseen by his two sons, according to filings made by Trump to the U.S. Office of Government Ethics in July and a senior source within the bank. The three loans, which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president, according to two bank officials. In meetings in recent months, a Deutsche Bank management committee that oversees reputational and other risks for the lender in the Americas region has discussed ways in which it could rid the bank of these last vestiges of the relationship, two of the three bank officials said. The bank has over the years lent Trump more than $2 billion, one of the officials said. One idea that has come up in the meetings: sell the loans in the secondary market, two of the bank officials said. But one of the officials said that idea has not gained traction, in part because it is not clear who would want to buy the loans and the attendant problems that come with it. While it was known that Deutsche Bank has been closely examining its relationship with Trump, including by setting up a working group in 2016 to review the bank's relationship with him, its recent eagerness to end all ties and the contours of discussions in light of the election have not been previously reported. Deutsche Bank declined to comment. The Trump Organization did not respond to requests for comment. The White House declined to comment. Warren's warning The German bank, which first started lending to Trump in the late 1990s, has been dragged into congressional and other investigations into the real estate mogul-turned-politician's finances and alleged Russia connections. The probes and the bad press, seen by one senior executive as "serious collateral damage" from the relationship, are an unwelcome distraction for the bank, the three officials said. It comes at a time when Chief Executive Christian Sewing is trying to turn Deutsche Bank around after its decades-long run at becoming a major Wall Street bank left it nursing huge losses. Elizabeth Warren, a Democrat member of the Senate banking committee, has previously called for an investigation into Deutsche Bank over its money laundering controls and has demanded answers from the lender about its relationship with Trump and his family. She told Reuters that she intended to keep pushing for a probe in the next administration. "You bet I'm going to continue to fight for accountability and strong enforcement of our banking laws, especially for giant institutions like Deutsche Bank," she said. What happens next for the bank rests on the outcome of Tuesday's elections, according to the three bank officials. If the Republican president loses, and Democrats take control of the White House and Congress, senior Deutsche Bank executives believe congressional investigations that have stalled amid a court battle over access to Trump's financial records could be rejuvenated, the three bank officials said. In this scenario, however, Deutsche Bank executives believe they will also have more freedom to deal with the loans and end their relationship with Trump, the officials said. They hope doing so might help reduce some of the scrutiny, they said. Different scenarios The loans, which are against Trump's golf course in Miami, and hotels in Washington and Chicago, are such that the Trump Organization has only had to pay interest on them so far, and the entire principal is outstanding, two of the three bank officials said. They come due in 2023 and 2024, the filings show. The businesses backing the loans face challenges. The coronavirus-driven economic slowdown has hit the travel industry, including hotels. Moreover, last month Reuters reported that Trump's plan to make money by developing houses and hotels on his golf courses, including the one involving the Deutsche Bank loan, had not panned out so far. The Deutsche Bank executives are not unduly concerned about Trump's ability to repay the loans, given the president's personal guarantees and the time left before they come due, the three bank officials said. If Trump is not in office, Deutsche Bank executives feel that it would be easier for them to demand repayment, foreclose if he is not able to pay it off or refinance, or try to sell the loans, according to two of the three bank officials. Since Trump has personally guaranteed all the loans, Deutsche Bank could also seize the president's assets if he is unable to repay, two of the three bank officials said. If Trump wins a second term, Deutsche Bank executives feel their options would be fewer, the three bank officials said. The bank wouldn't want the negative publicity inherent with seizing assets from a sitting president and would likely extend the loans until he is out of office, two of the bank officials said. The bottom line, the three bank officials said, is that the matter won’t be resolved until well after the election.

Tired of Trump, Deutsche Bank wants out but sees no good options: Sources

Domestic stock market indices ended on a higher note on Tuesday supported by the gains in financials. ICICI Bank, SBI and HDFC contributed the most, ending up to 7 per cent higher.&nbsp;

While Reliance Industries ended 1.3 per cent lower. Barring realty and media indexes, all ended in the green. Nifty Bank was the best-performing index of the day, closing 3.15 per cent higher. &nbsp;

The 30-share BSE index ended 503.55 points or 1.27 per cent higher at 40,261.13.

Similarly, the broader NSE Nifty jumped 144.35 points or 1.24 per cent to 11,813.50.

ICICI Bank was the top gainer in the Sensex pack, soaring over 6 per cent, followed by SBI, HDFC, PowerGrid, Sun Pharma, IndusInd Bank, Titan, Bajaj Auto and HDFC Bank.

On the other hand, NTPC, Reliance Industries, Nestle India, HCL Tech and Infosys were among the laggards.

Meanwhile, the rupee pared its early gains to close almost flat at 74.41 on Tuesday due to dollar buying by banks and resurging crude oil prices.

The rupee opened sharply higher at 74.34 amid heavy buying in local stock markets and raced to hit the day's high of 74.25.

(With inputs from agencies) 
&nbsp;

Domestic stock market indices ended on a higher note on Tuesday supported by the gains in financials. ICICI Bank, SBI and HDFC contributed the most, ending up to 7 per cent higher.

Domestic stock market indices ended on a higher note on Tuesday supported by the gains in financials. ICICI Bank, SBI and HDFC contributed the most, ending up to 7 per cent higher. While Reliance Industries ended 1.3 per cent lower. Barring realty and media indexes, all ended in the green. Nifty Bank was the best-performing index of the day, closing 3.15 per cent higher. The 30-share BSE index ended 503.55 points or 1.27 per cent higher at 40,261.13. Similarly, the broader NSE Nifty jumped 144.35 points or 1.24 per cent to 11,813.50. ICICI Bank was the top gainer in the Sensex pack, soaring over 6 per cent, followed by SBI, HDFC, PowerGrid, Sun Pharma, IndusInd Bank, Titan, Bajaj Auto and HDFC Bank. On the other hand, NTPC, Reliance Industries, Nestle India, HCL Tech and Infosys were among the laggards. Meanwhile, the rupee pared its early gains to close almost flat at 74.41 on Tuesday due to dollar buying by banks and resurging crude oil prices. The rupee opened sharply higher at 74.34 amid heavy buying in local stock markets and raced to hit the day's high of 74.25. (With inputs from agencies)

Market ends over 1% higher, Nifty above 11,800