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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.

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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.

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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.

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

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

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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:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/jill-biden-campaigns-for-her-husband-in-critical-swing-state-of-florida-340273/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

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

The Institute for Supply Management (ISM) said on Monday its index of national factory activity increased to a reading of 59.3 last month.

U.S. manufacturing near two-year high in October

India's factory activity expanded at its fastest pace in over a decade in October as demand and output continued to recover strongly from coronavirus-related disruptions

India's October factory growth at decade high

The COVID-19 (coronavirus pandemic) has an adverse effect on the world’s Economy and Trade. According to the reports, global economic growth is expected to see a contraction of over 3 percent in 2020.

Aviation industry is struggling globally | Is the worst over for aviation industry?

Domestic stock market indices ended higher on Monday after a volatile session led mainly by banking stocks as ICICI Bank and IndusInd Bank surged post their September quarter earnings. However, major selling was witnessed in heavyweight Reliance Industries, IT and auto stocks.

A positive trend in global markets too bolstered sentiment, though a sharp depreciation in the rupee capped the gains, traders said.

After gyrating 633.11 points in a choppy session, the 30-share BSE Sensex settled 143.51 points or 0.36 per cent higher at 39,757.58.

Similarly, the broader NSE Nifty advanced 26.75 points or 0.23 per cent to 11,669.15.

The rupee depreciated 32 paise to close at more than two-month low of 74.42 against the US dollar on Monday tracking strong American currency amid global risk aversion.

The local unit opened at 74.40 at the interbank forex market and lost further ground to touch a low of 74.45 in day trade.&nbsp;

(With inputs from agencies)

Domestic stock market indices ended higher on Monday after a volatile session led mainly by banking stocks as ICICI Bank and IndusInd Bank surged post their September quarter earnings.

Domestic stock market indices ended higher on Monday after a volatile session led mainly by banking stocks as ICICI Bank and IndusInd Bank surged post their September quarter earnings. However, major selling was witnessed in heavyweight Reliance Industries, IT and auto stocks. A positive trend in global markets too bolstered sentiment, though a sharp depreciation in the rupee capped the gains, traders said. After gyrating 633.11 points in a choppy session, the 30-share BSE Sensex settled 143.51 points or 0.36 per cent higher at 39,757.58. Similarly, the broader NSE Nifty advanced 26.75 points or 0.23 per cent to 11,669.15. The rupee depreciated 32 paise to close at more than two-month low of 74.42 against the US dollar on Monday tracking strong American currency amid global risk aversion. The local unit opened at 74.40 at the interbank forex market and lost further ground to touch a low of 74.45 in day trade. (With inputs from agencies)

Nifty ends above 11,650, Sensex up 143 points

Goods and Services Tax (GST) collections for October grossed Rs 1.05 lakh crore, the highest so far in the financial year and 10% higher than collections in the same month last year, which stood at Rs 95,379 crore.

GST collection crosses Rs 1 lakh crore mark for first time since February

The company was hit hard by a months-long lockdown imposed in late March to slow the spread of the novel coronavirus.

India's largest automakers marks strong sales in October

India's manufacturing sector activity improved for the third straight month in October with companies raising output to the greatest extent in 13 years amid robust sales growth, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 56.8 in September to 58.9 in October and pointed to the strongest improvement in the health of the sector in over a decade.

In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"Levels of new orders and output at Indian manufacturers continued to recover from the COVID-19 induced contractions seen earlier in the year, with the PMI results for October highlighting historically-sharp monthly rates of expansion," said Pollyanna De Lima, Economics Associate Director at IHS Markit.

Lima further noted that "companies were convinced that the resurgence in sales will be sustained in coming months, as indicated by a strong upturn in input buying amid restocking efforts".

Manufacturers indicated that the ongoing relaxation of COVID-19 restrictions, better market conditions and improved demand helped them to secure new work in October.

On the employment front, the compliance of government guidelines related to the COVID-19 pandemic caused a further reduction in employment. The fall was the seventh in consecutive months.

"There was disappointing news on the employment front though, with October seeing another reduction in payroll numbers.

Survey participants that noted job shedding mentioned having observed containment measures to halt the spread of the coronavirus disease 2019," Lima said.

Inflationary pressures, meanwhile, remained subdued as seen by a modest increase in input costs and only marginal rise in selling prices.

Meanwhile, hopes of an end to COVID-19 cases and the reopening of other sectors in the economy underpinned positive sentiment towards the year-ahead outlook for production.

The level of confidence was at a 50-month high. "Also, confidence towards the year-ahead outlook for production improved as firms hoped that fewer COVID-19 cases and the reopening of other businesses could boost output growth," Lima noted.

India's manufacturing sector activity improved for the third straight month in October with companies raising output to the greatest extent in 13 years amid robust sales growth, a monthly survey said on Monday.

India's manufacturing sector activity improved for the third straight month in October with companies raising output to the greatest extent in 13 years amid robust sales growth, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 56.8 in September to 58.9 in October and pointed to the strongest improvement in the health of the sector in over a decade. In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "Levels of new orders and output at Indian manufacturers continued to recover from the COVID-19 induced contractions seen earlier in the year, with the PMI results for October highlighting historically-sharp monthly rates of expansion," said Pollyanna De Lima, Economics Associate Director at IHS Markit. Lima further noted that "companies were convinced that the resurgence in sales will be sustained in coming months, as indicated by a strong upturn in input buying amid restocking efforts". Manufacturers indicated that the ongoing relaxation of COVID-19 restrictions, better market conditions and improved demand helped them to secure new work in October. On the employment front, the compliance of government guidelines related to the COVID-19 pandemic caused a further reduction in employment. The fall was the seventh in consecutive months. "There was disappointing news on the employment front though, with October seeing another reduction in payroll numbers. Survey participants that noted job shedding mentioned having observed containment measures to halt the spread of the coronavirus disease 2019," Lima said. Inflationary pressures, meanwhile, remained subdued as seen by a modest increase in input costs and only marginal rise in selling prices. Meanwhile, hopes of an end to COVID-19 cases and the reopening of other sectors in the economy underpinned positive sentiment towards the year-ahead outlook for production. The level of confidence was at a 50-month high. "Also, confidence towards the year-ahead outlook for production improved as firms hoped that fewer COVID-19 cases and the reopening of other businesses could boost output growth," Lima noted.

India's manufacturing PMI rises for 3rd straight month; output rises at quickest pace since October 2007

Amazon.com Inc has complained to India`s market regulator that its local partner Future Retail Ltd misled shareholders by incorrectly saying it was complying with its contractual obligations to the U.S. e-commerce giant, a letter seen by Reuters shows.

Amazon is locked in a bitter legal dispute with Future Group, which in August sold its retail assets to Mukesh Ambani-led Reliance Industries Ltd for $3.4 billion. The deal, Amazon alleges, breaches 2019 agreements by Future.

The tussle has strained Amazon`s ties not just with Future Retail - one of India`s top retailers - but also with Ambani, Asia`s richest man, and his Reliance group, which is fast expanding its e-commerce business and threatening companies like Amazon.

Amazon last Sunday won an injunction to halt Future`s deal with Reliance from a Singapore arbitrator both sides had agreed to use in case of disputes. The Indian retailer then said in a news release it had complied with all agreements and "cannot be held back" by the arbitration proceedings.

In the letter to the Securities &amp; Exchange Board of India (SEBI) Chairman Ajay Tyagi on Wednesday, Amazon said Future`s news release and stock exchange disclosures violated Indian regulations, urging the regulator to investigate the matter and not approve the deal.

"Such a disclosure is against public interest, misleads public shareholders ... as well as perpetuates a fraud for the benefit of the Biyanis alone," Amazon letter said, referring to Future`s promoter family led by Kishore Biyani.

A spokesman for Future Group and the Biyani family declined to comment. A Future group source denied Amazon`s allegations, saying there was no question of any fraud or misleading the public or shareholders, without elaborating.

Amazon declined to comment on its letter, the contents of which have not previously been reported. Reliance and SEBI did not respond to requests for comment.

"IRREPARABLE HARM"

Amazon says the 2019 deal, in which it invested nearly $200 million in a Future unit, had clauses saying the Indian group could not sell its retail assets to anyone on a "restricted persons" list, which included Reliance.

Reliance, which in August bought Future`s retail, wholesale and some other businesses, has said it plans to "enforce its rights and complete the (Future) transaction ... without any delay."

The faceoff comes as Jeff Bezos-led Amazon has already been battling tighter foreign investment rules and antitrust cases in India, which is one of its key growth markets where it has committed investments of $6.5 billion.

Some Indian lawyers have argued the Singapore arbitrator`s order in favour of Amazon is not automatically enforceable and would need ratification by an Indian court. But Amazon believes the order is binding, it told SEBI. The letter asks the regulator to "suspend review" of the deal.

SEBI`s action in the matter "would promote ease of doing business in India by holding listed companies accountable for their dealings," Amazon`s letter says.

Amazon says the Future-Reliance deal means the U.S. giant will lose the prospect of becoming the single largest shareholder of the Indian retailer, which has an "irreplaceable and widespread network" of more than 1,500 retail stores.

Future has argued it entered into the deal with Reliance because its retail business was severely hit during the COVID-19 pandemic and it was critical to protect all its stakeholders.

The arbitrator, V K Rajah, a former attorney general of Singapore, sided with Amazon in his Oct. 25 order, saying: "The law expects businesspersons to honour their contractual commitments."

The U.S. company told SEBI that if the Future-Reliance deal "is implemented by completely disregarding the interim (arbitration) award, it will cause irreparable harm and injury to Amazon."

Amazon.com Inc has complained to India`s market regulator that its local partner Future Retail Ltd misled shareholders by incorrectly saying it was complying with its contractual obligations to the U.

Amazon.com Inc has complained to India`s market regulator that its local partner Future Retail Ltd misled shareholders by incorrectly saying it was complying with its contractual obligations to the U.S. e-commerce giant, a letter seen by Reuters shows. Amazon is locked in a bitter legal dispute with Future Group, which in August sold its retail assets to Mukesh Ambani-led Reliance Industries Ltd for $3.4 billion. The deal, Amazon alleges, breaches 2019 agreements by Future. The tussle has strained Amazon`s ties not just with Future Retail - one of India`s top retailers - but also with Ambani, Asia`s richest man, and his Reliance group, which is fast expanding its e-commerce business and threatening companies like Amazon. Amazon last Sunday won an injunction to halt Future`s deal with Reliance from a Singapore arbitrator both sides had agreed to use in case of disputes. The Indian retailer then said in a news release it had complied with all agreements and "cannot be held back" by the arbitration proceedings. In the letter to the Securities & Exchange Board of India (SEBI) Chairman Ajay Tyagi on Wednesday, Amazon said Future`s news release and stock exchange disclosures violated Indian regulations, urging the regulator to investigate the matter and not approve the deal. "Such a disclosure is against public interest, misleads public shareholders ... as well as perpetuates a fraud for the benefit of the Biyanis alone," Amazon letter said, referring to Future`s promoter family led by Kishore Biyani. A spokesman for Future Group and the Biyani family declined to comment. A Future group source denied Amazon`s allegations, saying there was no question of any fraud or misleading the public or shareholders, without elaborating. Amazon declined to comment on its letter, the contents of which have not previously been reported. Reliance and SEBI did not respond to requests for comment. "IRREPARABLE HARM" Amazon says the 2019 deal, in which it invested nearly $200 million in a Future unit, had clauses saying the Indian group could not sell its retail assets to anyone on a "restricted persons" list, which included Reliance. Reliance, which in August bought Future`s retail, wholesale and some other businesses, has said it plans to "enforce its rights and complete the (Future) transaction ... without any delay." The faceoff comes as Jeff Bezos-led Amazon has already been battling tighter foreign investment rules and antitrust cases in India, which is one of its key growth markets where it has committed investments of $6.5 billion. Some Indian lawyers have argued the Singapore arbitrator`s order in favour of Amazon is not automatically enforceable and would need ratification by an Indian court. But Amazon believes the order is binding, it told SEBI. The letter asks the regulator to "suspend review" of the deal. SEBI`s action in the matter "would promote ease of doing business in India by holding listed companies accountable for their dealings," Amazon`s letter says. Amazon says the Future-Reliance deal means the U.S. giant will lose the prospect of becoming the single largest shareholder of the Indian retailer, which has an "irreplaceable and widespread network" of more than 1,500 retail stores. Future has argued it entered into the deal with Reliance because its retail business was severely hit during the COVID-19 pandemic and it was critical to protect all its stakeholders. The arbitrator, V K Rajah, a former attorney general of Singapore, sided with Amazon in his Oct. 25 order, saying: "The law expects businesspersons to honour their contractual commitments." The U.S. company told SEBI that if the Future-Reliance deal "is implemented by completely disregarding the interim (arbitration) award, it will cause irreparable harm and injury to Amazon."

Amazon tells India regulator its partner Future Retail is misleading public

While the rest of the US&nbsp;economy languished earlier this year, the tech industry’s biggest companies seemed immune to the downturn, surging as the country worked, learned and shopped from home.

On Thursday, as the economy is showing signs of improvement, Amazon, Apple, Alphabet and Facebook reported profits that highlighted how a recovery may provide another catalyst to help them generate a level of wealth that hasn’t been seen in a single industry in generations.

With an entrenched audience of users and the financial resources to press their leads in areas like cloud computing, e-commerce and digital advertising, the companies demonstrated again that economic malaise, upstart competitors and feisty antitrust regulators have had little effect on their bottom line.

Combined, the four companies reported a quarterly net profit of $38 billion.

Amazon reported record sales, and an almost 200% rise in profits, as the pandemic accelerated the transition to online shopping. Despite a boycott of its advertising over the summer, Facebook had another blockbuster quarter. Alphabet’s record quarterly net profit was up 59%, as marketers plowed money into advertisements for Google search and YouTube. And Apple’s sales rose even though the pandemic forced it to push back the iPhone 12’s release to October, in the current quarter.

On Tuesday, Microsoft, Amazon’s closest competitor in cloud computing, also reported its most profitable quarter, growing 30% from a year earlier.

“The scene that’s playing out fundamentally is that these tech stalwarts are gaining more market share by the day,” said Dan Ives, managing director of equity research at Wedbush Securities. “It’s ‘A Tale of Two Cities’ for this group of tech companies and everyone else.”

The results were strong despite increasing antitrust scrutiny from regulators. Last week, the Justice Department filed a lawsuit accusing Google of cementing the dominance of its search engine through anti-competitive agreements with device makers and mobile carriers. Facebook faces a possible antitrust case from the Federal Trade Commission.

The companies’ advantages are becoming more pronounced in an economy starting to dig out from the coronavirus pandemic. On Thursday, the Commerce Department said US&nbsp;economic output grew 7.4% last quarter, the fastest pace on record, but remained below where it was in the last pre-pandemic quarter.

While the rest of the US economy languished earlier this year, the tech industry’s biggest companies seemed immune to the downturn, surging as the country worked, learned and shopped from home.

While the rest of the US economy languished earlier this year, the tech industry’s biggest companies seemed immune to the downturn, surging as the country worked, learned and shopped from home. On Thursday, as the economy is showing signs of improvement, Amazon, Apple, Alphabet and Facebook reported profits that highlighted how a recovery may provide another catalyst to help them generate a level of wealth that hasn’t been seen in a single industry in generations. With an entrenched audience of users and the financial resources to press their leads in areas like cloud computing, e-commerce and digital advertising, the companies demonstrated again that economic malaise, upstart competitors and feisty antitrust regulators have had little effect on their bottom line. Combined, the four companies reported a quarterly net profit of $38 billion. Amazon reported record sales, and an almost 200% rise in profits, as the pandemic accelerated the transition to online shopping. Despite a boycott of its advertising over the summer, Facebook had another blockbuster quarter. Alphabet’s record quarterly net profit was up 59%, as marketers plowed money into advertisements for Google search and YouTube. And Apple’s sales rose even though the pandemic forced it to push back the iPhone 12’s release to October, in the current quarter. On Tuesday, Microsoft, Amazon’s closest competitor in cloud computing, also reported its most profitable quarter, growing 30% from a year earlier. “The scene that’s playing out fundamentally is that these tech stalwarts are gaining more market share by the day,” said Dan Ives, managing director of equity research at Wedbush Securities. “It’s ‘A Tale of Two Cities’ for this group of tech companies and everyone else.” The results were strong despite increasing antitrust scrutiny from regulators. Last week, the Justice Department filed a lawsuit accusing Google of cementing the dominance of its search engine through anti-competitive agreements with device makers and mobile carriers. Facebook faces a possible antitrust case from the Federal Trade Commission. The companies’ advantages are becoming more pronounced in an economy starting to dig out from the coronavirus pandemic. On Thursday, the Commerce Department said US economic output grew 7.4% last quarter, the fastest pace on record, but remained below where it was in the last pre-pandemic quarter.

Big Tech continues its surge ahead of the rest of the economy