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Indian shares closed near record highs on Thursday after Washington and Beijing signed the first phase of a trade deal, though weakness in metal and mining stocks capped gains.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-hits-42000-for-first-time-nifty-at-a-record-high-274544">Sensex hits 42,000 for first time, Nifty at a record high</a>

The NSE Nifty 50 Index ended 0.1 per cent&nbsp;higher at 12,355.5, while the S&amp;P BSE Sensex index settled 0.14 per cent&nbsp;higher at 41,932.56. The Nifty and Sensex had earlier in the day hit record highs of 12,389.05 and 42,059.45, respectively.

Automaker Eicher Motors Ltd was the top gainer on the Nifty, climbing 4.42 per cent&nbsp;on its best day in three months.

Nestle&nbsp;India&nbsp;Ltd, the maker of Maggi noodles and Kit-Kat chocolates, rose 3.33 per cent&nbsp;to an all-time closing high.

The Nifty Metal Index fell 1.25 per cent&nbsp;and weighed on the benchmark indexes, as a number of sore spots in the Sino-US&nbsp;deal left investors worried that the pact would not substantially boost metals demand.

Gas marketing company GAIL (India) Ltd fell 2.2 per cent&nbsp;and was the biggest percentage loser on the Nifty.

Indian shares closed near record highs on Thursday after Washington and Beijing signed the first phase of a trade deal, though weakness in metal and mining stocks capped gains.

Indian shares closed near record highs on Thursday after Washington and Beijing signed the first phase of a trade deal, though weakness in metal and mining stocks capped gains. Also read: Sensex hits 42,000 for first time, Nifty at a record high The NSE Nifty 50 Index ended 0.1 per cent higher at 12,355.5, while the S&P BSE Sensex index settled 0.14 per cent higher at 41,932.56. The Nifty and Sensex had earlier in the day hit record highs of 12,389.05 and 42,059.45, respectively. Automaker Eicher Motors Ltd was the top gainer on the Nifty, climbing 4.42 per cent on its best day in three months. Nestle India Ltd, the maker of Maggi noodles and Kit-Kat chocolates, rose 3.33 per cent to an all-time closing high. The Nifty Metal Index fell 1.25 per cent and weighed on the benchmark indexes, as a number of sore spots in the Sino-US deal left investors worried that the pact would not substantially boost metals demand. Gas marketing company GAIL (India) Ltd fell 2.2 per cent and was the biggest percentage loser on the Nifty.

Nifty, Sensex settle near record highs after US-China trade deal

Malaysia is talking to the Indian government and trade officials in a bid to resolve concerns over <a href="https://www.wionews.com/india-news/malaysian-pm-expresses-concern-after-india-puts-curbs-on-palm-oil-imports-274231">New Delhi's new palm oil import restrictions</a>, a minister in Kuala Lumpur said on Thursday amid a trade spat between the countries.

India's Hindu nationalist government has repeatedly objected to Malaysian Prime Minister Mahathir Mohamad speaking out against recent policies which critics say discriminate against Muslims. Malaysia is a Muslim-majority nation.

India, the world's biggest buyer of edible oils, <a href="https://www.wionews.com/business-economy/india-puts-curbs-on-palm-oil-imports-from-malaysia-following-pm-mahathir-mohamad-caa-remark-273134">last week placed curbs on imports of refined palm oil</a> and has informally asked traders to stop importing all kinds of palm oil from Malaysia, the world's second-biggest producer and exporter of palm oil.

Reuters reported on Wednesday, citing sources, that New Delhi could also restrict imports of petroleum, aluminium ingots, liquefied natural gas, computer parts and microprocessors from Malaysia.

However, India's Commerce Minister Piyush Goyal on Thursday said New Delhi had not imposed any curbs on imports from Malaysia and Turkey, and that the government was not contemplating any restrictions on the two countries.

"This year, we foresee more challenges in some of our major markets," Teresa Kok, Malaysia's primary industries minister who is in charge of palm oil, told an industry conference, referring to India's new palm import rules.

Kok said the Indian high commissioner, the ambassador in Malaysia, was one of the people she was in touch with over the issue. 
It is "important for us to engage with them further through diplomatic channels and stakeholders," she told reporters on the sidelines of the event. "We will continue to engage."

In some good news for Malaysian palm sellers, Bangladesh's farm minister told Reuters his country was open to buying more from Malaysia if it offers competitive rates.

The South Asian country buys mainly from Indonesia, which is expected to be the biggest beneficiary of the Malaysia-India dispute.

Mahathir, the 94-year-old premier who is vocal on issues concerning the Muslim world, ignored a question from Reuters on the spat with India on the sidelines of a separate event on Thursday.

On Tuesday, he said Malaysia was concerned about the palm oil curbs but indicated he would continue to speak out against "wrong things" even if it costs his country financially.

Last month, he criticised India's new religion-based citizenship laws, which critics say discriminate against Muslims, and its policies in the Muslim-majority region of Kashmir which is also claimed by Pakistan.

India was Malaysia's biggest buyer of palm oil in 2019, buying 4.4 million tonnes. In 2020, purchases could fall below 1 million tonnes if relations do not improve, Indian traders say.

To make up for the potential loss, Malaysian officials say they are trying to sell more to countries such as Pakistan, the Philippines, Myanmar, Vietnam, Ethiopia, Saudi Arabia, Egypt, Algeria, Jordan, Kazakhstan and Uzbekistan.

But replacing a massive buyer like India will not be easy, and there have been calls for both countries to talk it outputting aside any "personal or diplomatic ego".

The other concern for Malaysia is that following the signing of an initial trade deal between the United States and China on Wednesday, China could buy more soy oil from the United States and less Malaysian palm oil. 
&nbsp;

Malaysia is talking to the Indian government and trade officials in a bid to resolve concerns over New Delhi's new palm oil import restrictions, a minister in Kuala Lumpur said on Thursday amid a trade spat between the countries.

Malaysia is talking to the Indian government and trade officials in a bid to resolve concerns over New Delhi's new palm oil import restrictions, a minister in Kuala Lumpur said on Thursday amid a trade spat between the countries. India's Hindu nationalist government has repeatedly objected to Malaysian Prime Minister Mahathir Mohamad speaking out against recent policies which critics say discriminate against Muslims. Malaysia is a Muslim-majority nation. India, the world's biggest buyer of edible oils, last week placed curbs on imports of refined palm oil and has informally asked traders to stop importing all kinds of palm oil from Malaysia, the world's second-biggest producer and exporter of palm oil. Reuters reported on Wednesday, citing sources, that New Delhi could also restrict imports of petroleum, aluminium ingots, liquefied natural gas, computer parts and microprocessors from Malaysia. However, India's Commerce Minister Piyush Goyal on Thursday said New Delhi had not imposed any curbs on imports from Malaysia and Turkey, and that the government was not contemplating any restrictions on the two countries. "This year, we foresee more challenges in some of our major markets," Teresa Kok, Malaysia's primary industries minister who is in charge of palm oil, told an industry conference, referring to India's new palm import rules. Kok said the Indian high commissioner, the ambassador in Malaysia, was one of the people she was in touch with over the issue. It is "important for us to engage with them further through diplomatic channels and stakeholders," she told reporters on the sidelines of the event. "We will continue to engage." In some good news for Malaysian palm sellers, Bangladesh's farm minister told Reuters his country was open to buying more from Malaysia if it offers competitive rates. The South Asian country buys mainly from Indonesia, which is expected to be the biggest beneficiary of the Malaysia-India dispute. Mahathir, the 94-year-old premier who is vocal on issues concerning the Muslim world, ignored a question from Reuters on the spat with India on the sidelines of a separate event on Thursday. On Tuesday, he said Malaysia was concerned about the palm oil curbs but indicated he would continue to speak out against "wrong things" even if it costs his country financially. Last month, he criticised India's new religion-based citizenship laws, which critics say discriminate against Muslims, and its policies in the Muslim-majority region of Kashmir which is also claimed by Pakistan. India was Malaysia's biggest buyer of palm oil in 2019, buying 4.4 million tonnes. In 2020, purchases could fall below 1 million tonnes if relations do not improve, Indian traders say. To make up for the potential loss, Malaysian officials say they are trying to sell more to countries such as Pakistan, the Philippines, Myanmar, Vietnam, Ethiopia, Saudi Arabia, Egypt, Algeria, Jordan, Kazakhstan and Uzbekistan. But replacing a massive buyer like India will not be easy, and there have been calls for both countries to talk it outputting aside any "personal or diplomatic ego". The other concern for Malaysia is that following the signing of an initial trade deal between the United States and China on Wednesday, China could buy more soy oil from the United States and less Malaysian palm oil.

As wider trade dispute looms, Malaysia talks to India over palm curbs

Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-to-new-high-after-iran-attacks-us-bases-in-iraq-272812">Also Read: Oil prices surge to new high after Iran attacks US bases in Iraq</a>

Also putting pressure on prices was a report from OPEC saying it saw lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record.

Brent crude was down 8 cents at $64.41 per barrel by 1257 GMT. U.S. West Texas Intermediate crude futures were down 3 cents at $58.21 a barrel.

US&nbsp;Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a US-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday.

"A pickup with global demand for crude may struggle as US-Chinese tensions linger after some hard line stances from the Trump administration," said Edward Moya, analyst at brokerage OANDA.

"Financial markets are disappointed that the Trump administration ... signalled tariffs will remain in place until after the 2020 US&nbsp;Presidential election, depending on whether China comes through on their promises with the Phase 1 agreement."

US&nbsp;President Donald Trump is due to sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House on Wednesday. That agreement is expected to include provisions for China to buy up to $50 billion more in US&nbsp;energy supplies.

U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw.

The United States, whose output has soared in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report.

US&nbsp;liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting US&nbsp;demand of 21.34 million bpd, OPEC said.

"The continued accommodative monetary policies, coupled with an improvement in financial markets, could provide further support to ongoing increases in non-OPEC supply," OPEC said.

OPEC and some non-OPEC allies such as Russia have been curbing production to prevent an oil glut and support oil prices above $60 per barrel. Their current deal expires in March.

"The collaboration between OPEC and non-OPEC producing countries remains essential in maintaining stability in the oil market," OPEC said.

Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase.

Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase. Also Read: Oil prices surge to new high after Iran attacks US bases in Iraq Also putting pressure on prices was a report from OPEC saying it saw lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record. Brent crude was down 8 cents at $64.41 per barrel by 1257 GMT. U.S. West Texas Intermediate crude futures were down 3 cents at $58.21 a barrel. US Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a US-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday. "A pickup with global demand for crude may struggle as US-Chinese tensions linger after some hard line stances from the Trump administration," said Edward Moya, analyst at brokerage OANDA. "Financial markets are disappointed that the Trump administration ... signalled tariffs will remain in place until after the 2020 US Presidential election, depending on whether China comes through on their promises with the Phase 1 agreement." US President Donald Trump is due to sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House on Wednesday. That agreement is expected to include provisions for China to buy up to $50 billion more in US energy supplies. U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw. The United States, whose output has soared in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report. US liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting US demand of 21.34 million bpd, OPEC said. "The continued accommodative monetary policies, coupled with an improvement in financial markets, could provide further support to ongoing increases in non-OPEC supply," OPEC said. OPEC and some non-OPEC allies such as Russia have been curbing production to prevent an oil glut and support oil prices above $60 per barrel. Their current deal expires in March. "The collaboration between OPEC and non-OPEC producing countries remains essential in maintaining stability in the oil market," OPEC said.

Oil prices slip over US-China trade deal concern

Asia equities extended a global rally on Tuesday, with the US decision to no longer designate China a currency manipulator a further sign of easing tensions between the economic titans.

The Treasury announcement came days before the two sides are due to sign off on the first part of a wider trade agreement that has helped fan a rally in world markets.

It also led to a sell-off in safe-haven assets with the yen at a seven-month low and gold down almost one per cent, while oil was also struggling with the <a href="https://www.wionews.com/opinions/wion-edit-us-iran-conflict-whats-next-273195">US-Iran</a> flare-up seemingly in the rear window for investors.

Asia was given a firm lead from Wall Street, where all three main indexes ended higher with the Nasdaq and S&amp;P 500 hitting fresh records on reports the US was about to remove the manipulator label from China.

<a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> accused Beijing in August of weakening its yuan currency "to steal our business and factories", re-stating a long-standing grievance.&nbsp;

But soon after the end of trade on Monday, the Treasury said in its semi-annual report to Congress that the unit had strengthened and Beijing was no longer keeping it artificially weak.

The yuan jumped more than one per cent at one point Tuesday before easing slightly. The currency is up more than four per cent from an 11-year low touched in September.&nbsp;

"The yuan is the purest and best barometer to gauge the market's view on <a href="https://www.wionews.com/opinions/us-china-trade-conflict-lack-of-trust-hobbling-the-ability-to-reach-a-deal-198533">US-China</a> trade tension," said AxiTrader's Stephen Innes. "With the yuan strengthening ahead of the 'phase one' deal signing, it's indicating the potential for further improvement in trade relations."

The US reversal of China's status as a manipulator "is a most precise and definitive de-escalation of trade tension to date and provides a less congested road as we pivot to phase two of the broader trade agreement", he added.

<a href="https://www.wionews.com/sports/more-tokyo-olympic-events-rescheduled-due-to-heat-concern-266444">Tokyo</a> was among the biggest gainers, rising 0.7 per cent by the break as the dollar advanced against the yen owing to a rush out of safety giving a boost to Japan's exporters.

Hong Kong and Shanghai both gained 0.2 per cent, while Singapore put on 0.3 per cent and Seoul 0.7 per cent.

Sydney was up 0.6 per cent, Wellington and Taipei both gained 0.5 per cent and Jakarta put on 0.2 per cent.

Improving confidence also hit gold, which is a popular go-to asset in times of turmoil. The yellow metal last week broke $1,600 for the first time in seven years on the Iran crisis but the lowering of expectations for a conflict with the US has seen it tumble more than four per cent from its recent high.

The improving China-US outlook saw it drop by 0.9 per cent on Tuesday.

As well as Wednesday's signing, investors are also looking forward to corporate earnings season, which kicks off in earnest this week with the release of reports from top banks including Citibank, Goldman Sachs, and JP Morgan.

"Our expectation is a solid earnings season nothing extraordinary but nothing really terrible," Kristina Hooper, chief global market strategist at Invesco told Bloomberg TV.&nbsp;

"The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lacklustre earnings season."

Asia equities extended a global rally on Tuesday, with the US decision to no longer designate China a currency manipulator a further sign of easing tensions between the economic titans.

Asia equities extended a global rally on Tuesday, with the US decision to no longer designate China a currency manipulator a further sign of easing tensions between the economic titans. The Treasury announcement came days before the two sides are due to sign off on the first part of a wider trade agreement that has helped fan a rally in world markets. It also led to a sell-off in safe-haven assets with the yen at a seven-month low and gold down almost one per cent, while oil was also struggling with the US-Iran flare-up seemingly in the rear window for investors. Asia was given a firm lead from Wall Street, where all three main indexes ended higher with the Nasdaq and S&P 500 hitting fresh records on reports the US was about to remove the manipulator label from China. Donald Trump accused Beijing in August of weakening its yuan currency "to steal our business and factories", re-stating a long-standing grievance. But soon after the end of trade on Monday, the Treasury said in its semi-annual report to Congress that the unit had strengthened and Beijing was no longer keeping it artificially weak. The yuan jumped more than one per cent at one point Tuesday before easing slightly. The currency is up more than four per cent from an 11-year low touched in September. "The yuan is the purest and best barometer to gauge the market's view on US-China trade tension," said AxiTrader's Stephen Innes. "With the yuan strengthening ahead of the 'phase one' deal signing, it's indicating the potential for further improvement in trade relations." The US reversal of China's status as a manipulator "is a most precise and definitive de-escalation of trade tension to date and provides a less congested road as we pivot to phase two of the broader trade agreement", he added. Tokyo was among the biggest gainers, rising 0.7 per cent by the break as the dollar advanced against the yen owing to a rush out of safety giving a boost to Japan's exporters. Hong Kong and Shanghai both gained 0.2 per cent, while Singapore put on 0.3 per cent and Seoul 0.7 per cent. Sydney was up 0.6 per cent, Wellington and Taipei both gained 0.5 per cent and Jakarta put on 0.2 per cent. Improving confidence also hit gold, which is a popular go-to asset in times of turmoil. The yellow metal last week broke $1,600 for the first time in seven years on the Iran crisis but the lowering of expectations for a conflict with the US has seen it tumble more than four per cent from its recent high. The improving China-US outlook saw it drop by 0.9 per cent on Tuesday. As well as Wednesday's signing, investors are also looking forward to corporate earnings season, which kicks off in earnest this week with the release of reports from top banks including Citibank, Goldman Sachs, and JP Morgan. "Our expectation is a solid earnings season nothing extraordinary but nothing really terrible," Kristina Hooper, chief global market strategist at Invesco told Bloomberg TV. "The environment is so accommodative that it really is supportive of risk assets, including equities, even if we have a lacklustre earnings season."

Asian markets, yuan rise as US-China tensions ease further

The partnership between <a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664">Renault</a> and Nissan is "not dead", the alliance's president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal.

Jean-Dominique Senard said that reports <a href="https://www.wionews.com/business-economy/japanese-auto-major-nissan-orders-drastic-spending-cuts-271085">Nissan</a> is mulling plans for a possible break-away had "no connection to the current situation of the alliance".

"The Renault-Nissan alliance is not dead! Soon we will show you why," he said in an interview with Belgian daily L'Echo published Tuesday.

"I ask myself, where does this sort of information come from? I am not sure it comes from a place of goodwill," Senard said.

Britain's Financial Times, citing "several people with knowledge of the matter", said on Monday that senior executives at the scandal-hit Japanese automaker were speeding up work on secret plans for a potential divorce with French partner Renault.

In early trading in Tokyo on Tuesday, Nissan fell 1.77 percent, while Renault stocks finished 2.8 percent lower in Paris.

The reports come after former alliance chief <a href="https://www.wionews.com/world/carlos-ghosn-rearrested-in-japan-over-fresh-allegations-185576">Ghosn</a> jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges.

His shock arrival in his native Lebanon prompted outrage from the Japanese government as well as from Nissan.

Ghosn alleges the charges against him were cooked up by disgruntled Nissan executives opposed to his plans to more closely align the Japanese firm with its French partner.

At a press conference in Lebanon last week, he slammed the state of the alliance he once led, saying it had been gutted and left directionless.

The 20-year partnership between <a href="https://www.wionews.com/business-economy/renault-nissan-to-work-with-googles-waymo-on-driverless-cars-report-195389">Nissan and Renault</a>, whose alliance is based on cross-shareholdings without a joint structure, has been badly shaken by the scandal.

But Senard said the alliance was "nowhere near" the point of collapse and insisted its leaders were busy "recreating its original spirit" and planning future investments.

On Tuesday, a Nissan spokeswoman declined to comment, saying: "We don't comment on speculation."

A source close to the company told AFP the leaks probably came from "a few disgruntled souls" inside Nissan who wanted to "vent their frustration", adding that rebuilding trust between the two firms "will take time".

The partnership between Renault and Nissan is "not dead", the alliance's president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal.

The partnership between Renault and Nissan is "not dead", the alliance's president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal. Jean-Dominique Senard said that reports Nissan is mulling plans for a possible break-away had "no connection to the current situation of the alliance". "The Renault-Nissan alliance is not dead! Soon we will show you why," he said in an interview with Belgian daily L'Echo published Tuesday. "I ask myself, where does this sort of information come from? I am not sure it comes from a place of goodwill," Senard said. Britain's Financial Times, citing "several people with knowledge of the matter", said on Monday that senior executives at the scandal-hit Japanese automaker were speeding up work on secret plans for a potential divorce with French partner Renault. In early trading in Tokyo on Tuesday, Nissan fell 1.77 percent, while Renault stocks finished 2.8 percent lower in Paris. The reports come after former alliance chief Ghosn jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges. His shock arrival in his native Lebanon prompted outrage from the Japanese government as well as from Nissan. Ghosn alleges the charges against him were cooked up by disgruntled Nissan executives opposed to his plans to more closely align the Japanese firm with its French partner. At a press conference in Lebanon last week, he slammed the state of the alliance he once led, saying it had been gutted and left directionless. The 20-year partnership between Nissan and Renault, whose alliance is based on cross-shareholdings without a joint structure, has been badly shaken by the scandal. But Senard said the alliance was "nowhere near" the point of collapse and insisted its leaders were busy "recreating its original spirit" and planning future investments. On Tuesday, a Nissan spokeswoman declined to comment, saying: "We don't comment on speculation." A source close to the company told AFP the leaks probably came from "a few disgruntled souls" inside Nissan who wanted to "vent their frustration", adding that rebuilding trust between the two firms "will take time".

Renault-Nissan president denies reports of potential split

India's main stock indexes closed at record highs on Monday as the expected signing of a Phase 1 <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">China-US</a>&nbsp;trade deal and strong results from IT bellwether <a href="https://www.wionews.com/business-economy/equity-indices-edge-up-infosys-profit-jumps-by-4-pc-on-good-q3-results-273855">Infosys Ltd</a> helped boost sentiment.

<a href="https://www.wionews.com/business-economy/equity-indices-edge-up-infosys-profit-jumps-by-4-pc-on-good-q3-results-273855">Also read:&nbsp;Equity indices edge up, Infosys profit jumps by 4 % on good Q3 results</a>

Investors awaited retail inflation data for December, due later in the day. At an expected 6.20 percent&nbsp;according to a Reuters poll, inflation is set to hit its highest in more than five years.

"Rising inflation after December has been priced in by the market because toward the end of the year (2019) we had seen upticks in inflation," said Anand James, chief market strategist at Geojit Financial Services.

The Nifty 50 Index ended 0.59&nbsp;percent higher at 12,329.55, while the benchmark S&amp;P BSE&nbsp;Sensex&nbsp;Index jumped 0.62&nbsp;percent&nbsp;to 41,859.69.

Both indexes had touched intraday all-time peaks at 12,337.75 and 41,889.63, respectively, earlier in the session.

Infosys' shares ended 4.8&nbsp;percent higher, making it the biggest gainer on the Nifty after the IT bellwether beat quarterly profit estimates and cleared its top executives of financial misconduct allegations. The Nifty IT index closed 1.67&nbsp;percent higher.

<a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Yes Bank Ltd</a> ended 5.92&nbsp;percent&nbsp;lower and led the losses on the Nifty.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Board member at Yes Bank quits, cites governance concerns</a>

The private sector lender on Friday rejected a $1.2 billion investment from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings and launched a $1.4 billion share sale.

Shares of <a href="https://www.wionews.com/business-economy/indian-markets-steady-in-early-trade-ahead-of-cabinet-meeting-inflation-figures-261732">Britannia Industries</a> and <a href="https://www.wionews.com/business-economy/indias-consumer-goods-growth-slows-as-rural-demand-cools-nielsen-236908">Hindustan Unilever Ltd</a> gained 1.85&nbsp;percent&nbsp;and 2.1 percent.

<a href="https://www.wionews.com/business-economy/sensex-crashes-by-788-points-on-us-iran-tensions-banks-and-auto-companies-bleed-272541">IndusInd Bank</a> Ltd ended 3.25&nbsp;percent&nbsp;higher ahead of its quarterly results on Tuesday and was the second-biggest gainer on the Nifty.

India's main stock indexes closed at record highs on Monday as the expected signing of a Phase 1 China-US trade deal and strong results from IT bellwether Infosys Ltd helped boost sentiment.

India's main stock indexes closed at record highs on Monday as the expected signing of a Phase 1 China-US trade deal and strong results from IT bellwether Infosys Ltd helped boost sentiment. Also read: Equity indices edge up, Infosys profit jumps by 4 % on good Q3 results Investors awaited retail inflation data for December, due later in the day. At an expected 6.20 percent according to a Reuters poll, inflation is set to hit its highest in more than five years. "Rising inflation after December has been priced in by the market because toward the end of the year (2019) we had seen upticks in inflation," said Anand James, chief market strategist at Geojit Financial Services. The Nifty 50 Index ended 0.59 percent higher at 12,329.55, while the benchmark S&P BSE Sensex Index jumped 0.62 percent to 41,859.69. Both indexes had touched intraday all-time peaks at 12,337.75 and 41,889.63, respectively, earlier in the session. Infosys' shares ended 4.8 percent higher, making it the biggest gainer on the Nifty after the IT bellwether beat quarterly profit estimates and cleared its top executives of financial misconduct allegations. The Nifty IT index closed 1.67 percent higher. Yes Bank Ltd ended 5.92 percent lower and led the losses on the Nifty. Also read: Board member at Yes Bank quits, cites governance concerns The private sector lender on Friday rejected a $1.2 billion investment from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings and launched a $1.4 billion share sale. Shares of Britannia Industries and Hindustan Unilever Ltd gained 1.85 percent and 2.1 percent. IndusInd Bank Ltd ended 3.25 percent higher ahead of its quarterly results on Tuesday and was the second-biggest gainer on the Nifty.

Nifty, Sensex end on record highs on Infosys, US-China trade deal optimism

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.7 lakh fresh jobs created in 2019.

The report has based the estimates on the payrolls data generated by EPFO(employees provident fund organisation).

<a href="https://www.wionews.com/india-news/india-is-witnessing-temporary-effects-of-global-slowdown-amit-shah-270648">Also Read: India is witnessing temporary effects of global slowdown, says Amit Shah&nbsp;</a>

The report comes at a time when there is news of US retailer Walmart and Indian start-up OYO laying off employees while Walmart has fired over 56 senior executives, OYO is letting go of at least 20 per cent of its workforce.

OYO hospitality chain, in an internal mail to its staff in India and South Asia has reportedly said it plans to downsize its manpower as part of an ongoing business restructuring. Reports said OYO is sacking about 2,400 of its roughly 10,000 employees in India.&nbsp;

In fact, People immigrating within the country for business reasons are expected to send less money back home especially in the poorer Indian states, according to the SBI research report. The report states that there is a decline in remittances in a few states like Assam and Rajasthan which reflects downsizing of contractual labourers.

Poor job creation is also likely to raise difficulties with India facing the highest unemployment rate in 45 years.

The GDP growth in Asia’s third-largest economy is likely to be just 5 per cent in this financial year which is a 11-year low.

Another report released last year pointed to one of the worst job losses in the recent times in the public sector. The two biggest listed public sector employers, State Bank of India and coal India have reduced their workforce by 4.4 per cent and 2.6 per cent last year.

India's retail inflation touched 7.39% in July 2014, according to Refinitiv data leading to more headaches for the consumer already hit by high vegetable prices and slow growth.

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.7 lakh fresh jobs created in 2019. The report has based the estimates on the payrolls data generated by EPFO(employees provident fund organisation). Also Read: India is witnessing temporary effects of global slowdown, says Amit Shah The report comes at a time when there is news of US retailer Walmart and Indian start-up OYO laying off employees while Walmart has fired over 56 senior executives, OYO is letting go of at least 20 per cent of its workforce. OYO hospitality chain, in an internal mail to its staff in India and South Asia has reportedly said it plans to downsize its manpower as part of an ongoing business restructuring. Reports said OYO is sacking about 2,400 of its roughly 10,000 employees in India. In fact, People immigrating within the country for business reasons are expected to send less money back home especially in the poorer Indian states, according to the SBI research report. The report states that there is a decline in remittances in a few states like Assam and Rajasthan which reflects downsizing of contractual labourers. Poor job creation is also likely to raise difficulties with India facing the highest unemployment rate in 45 years. The GDP growth in Asia’s third-largest economy is likely to be just 5 per cent in this financial year which is a 11-year low. Another report released last year pointed to one of the worst job losses in the recent times in the public sector. The two biggest listed public sector employers, State Bank of India and coal India have reduced their workforce by 4.4 per cent and 2.6 per cent last year. India's retail inflation touched 7.39% in July 2014, according to Refinitiv data leading to more headaches for the consumer already hit by high vegetable prices and slow growth.

Slowdown in India expected to hit job sector: SBI report

India's anti-trust chief on Tuesday said that big e-commerce companies should offer massive discounts and urged them to disclose their <a href="https://www.wionews.com/business-economy/antitrust-probe-ordered-against-amazon-walmarts-flipkart-in-violation-of-competition-law-274073">discount policies on their websites </a>to have a more transparent system.

"If you are absolutely clean, come out, put it (details) on your website. So that everybody knows and there is nothing opaque," news agency Reuters quoted&nbsp;Ashok Kumar Gupta, chairman of the Competition Commission of India (CCI) as saying.

"Otherwise there will be complaints, we will inquire - why do you want to subject yourself to this type of investigation if you are open about it," Gupta also said.

Gupta further said that there is no problem in giving discounts you are not among the main players of the market, but, once a firm acquires "market power, you cannot continue with these practices becaus eyou will start hurting incumbent players".

He then stressed on openness about discounting policies and said that&nbsp;how companies use customers' data is essential.

The latest comments come ahead of &nbsp;<a href="https://www.wionews.com/business-economy/amazon-boss-jeff-bezos-to-face-protests-from-traders-during-india-trip-273640">Amazon CEO Jeff Bezos' visit to India</a> which expected to face several protests by brick-and-mortar retailers.

According to a report, protests by the&nbsp;country's small business owners are planned against Bezos in 300 cities to step up their campaign against what they see as unfair business practices.

In particular, the shopkeepers accuse the two US giants of indulging in heavy discounts and giving preferential treatment to select sellers which is a violation of India's foreign investment rules. The companies deny any wrongdoing.

In Reuters' report, Gupta also said there was nothing wrong in giving discounts if you were an insignificant player, but "once you acquire market power, you cannot continue with these practices because you will start hurting the incumbent players."

Bezos will likely participate in an Amazon event in New Delhi, sources have said. He has also sought meetings with the prime minister and other government officials, according to one source.

Amazon has committed $5.5 billion in India investments, while Walmart in 2018 pumped in $16 billion to buy a majority stake in Flipkart, its biggest deal.

The CCI has said India is the world's fastest-growing e-commerce market, expected to grow at an annual rate of 51% between 2017 and 2020. It estimates the sector will generate revenues of $120 billion this year.

On Monday,&nbsp;an investigation against Amazon.com Inc and&nbsp;<a href="https://www.wionews.com/business-economy/walmart-sacks-around-50-executives-in-india-restructuring-sources-273864">Walmar</a>t's Flipkart was ordered over alleged violations of competition law.

The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some "preferred sellers" and in turn hurting business for other, smaller sellers.

(With inputs from Reuters)

&nbsp;

&nbsp;

India's anti-trust chief on Tuesday said that big e-commerce companies should offer massive discounts and urged them to disclose their discount policies on their websites to have a more transparent system.

India's anti-trust chief on Tuesday said that big e-commerce companies should offer massive discounts and urged them to disclose their discount policies on their websites to have a more transparent system. "If you are absolutely clean, come out, put it (details) on your website. So that everybody knows and there is nothing opaque," news agency Reuters quoted Ashok Kumar Gupta, chairman of the Competition Commission of India (CCI) as saying. "Otherwise there will be complaints, we will inquire - why do you want to subject yourself to this type of investigation if you are open about it," Gupta also said. Gupta further said that there is no problem in giving discounts you are not among the main players of the market, but, once a firm acquires "market power, you cannot continue with these practices becaus eyou will start hurting incumbent players". He then stressed on openness about discounting policies and said that how companies use customers' data is essential. The latest comments come ahead of Amazon CEO Jeff Bezos' visit to India which expected to face several protests by brick-and-mortar retailers. According to a report, protests by the country's small business owners are planned against Bezos in 300 cities to step up their campaign against what they see as unfair business practices. In particular, the shopkeepers accuse the two US giants of indulging in heavy discounts and giving preferential treatment to select sellers which is a violation of India's foreign investment rules. The companies deny any wrongdoing. In Reuters' report, Gupta also said there was nothing wrong in giving discounts if you were an insignificant player, but "once you acquire market power, you cannot continue with these practices because you will start hurting the incumbent players." Bezos will likely participate in an Amazon event in New Delhi, sources have said. He has also sought meetings with the prime minister and other government officials, according to one source. Amazon has committed $5.5 billion in India investments, while Walmart in 2018 pumped in $16 billion to buy a majority stake in Flipkart, its biggest deal. The CCI has said India is the world's fastest-growing e-commerce market, expected to grow at an annual rate of 51% between 2017 and 2020. It estimates the sector will generate revenues of $120 billion this year. On Monday, an investigation against Amazon.com Inc and Walmart's Flipkart was ordered over alleged violations of competition law. The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some "preferred sellers" and in turn hurting business for other, smaller sellers. (With inputs from Reuters)

'E-commerce firms shouldn't offer heavy discounts': Antitrust chief says ahead Amazon CEO Bezos' visit

Indian shares settled higher for a fourth straight session on Tuesday and marked record closing levels, with conglomerate <a href="https://www.wionews.com/business-economy/sensex-nifty-edge-higher-in-rangebound-trade-gail-power-grid-rise-270934">ITC Ltd </a>and motorcycle maker <a href="https://www.wionews.com/business-economy/sensex-nifty-close-on-positive-note-led-by-metals-and-banks-267902">Hero MotoCorp</a>&nbsp;leading gains.

The NSE Nifty 50 Index ended 0.27 per cent higher at 12,362.30, while the S&amp;P BSE&nbsp;Sensex&nbsp;index&nbsp;added 0.22 per cent to close at 41,952.63.

Broader Asian shares touched fresh peaks on Tuesday amid signs of improving relations between the <a href="https://www.wionews.com/world/us-secretary-of-state-mike-pompeo-warns-silicon-valley-on-china-ahead-of-trade-pact-274102">United States</a> and <a href="https://www.wionews.com/opinions/china-united-states-relations-and-the-thucydides-trap-192673">China</a>, as the two countries prepare to sign a preliminary trade deal on Wednesday.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/asian-shares-rise-ahead-of-us-china-phase-one-trade-deal-273851">Asian shares rise ahead of US-China 'phase one' trade deal</a>

In domestic markets, shares of ITC Ltd rose nearly 2 per cent and were among the top gainers on both NSE and BSE, while Hero MotoCorp added 2.2 per cent.

The Nifty Media index closed up 2.1 per cent, with shares of TV18 Broadcast&nbsp;surging over 16 per cent after the company posted a strong set of quarterly numbers.

Among decliners, <a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Yes Bank&nbsp;</a>tumbled over 13% and IndusInd Bank&nbsp;slipped 4.51 per cent.

Indian shares settled higher for a fourth straight session on Tuesday and marked record closing levels, with conglomerate ITC Ltd and motorcycle maker Hero MotoCorp leading gains.

Indian shares settled higher for a fourth straight session on Tuesday and marked record closing levels, with conglomerate ITC Ltd and motorcycle maker Hero MotoCorp leading gains. The NSE Nifty 50 Index ended 0.27 per cent higher at 12,362.30, while the S&P BSE Sensex index added 0.22 per cent to close at 41,952.63. Broader Asian shares touched fresh peaks on Tuesday amid signs of improving relations between the United States and China, as the two countries prepare to sign a preliminary trade deal on Wednesday. Also read: Asian shares rise ahead of US-China 'phase one' trade deal In domestic markets, shares of ITC Ltd rose nearly 2 per cent and were among the top gainers on both NSE and BSE, while Hero MotoCorp added 2.2 per cent. The Nifty Media index closed up 2.1 per cent, with shares of TV18 Broadcast surging over 16 per cent after the company posted a strong set of quarterly numbers. Among decliners, Yes Bank tumbled over 13% and IndusInd Bank slipped 4.51 per cent.

Nifty, Sensex close at record highs

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.

"In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said.

The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20.

The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014.&nbsp;

"Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said.

A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP.

"The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said.

Migration has been an important livelihood for the poor and non-poor of the country in the last years.&nbsp;

People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra.

New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said.&nbsp;

"These migrants have been making significant financial contributions to their families in their places of origin," it said.

The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent.

This slow growth in productivity manifests in low wage growth, it said.

It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. 
 
(With inputs from agencies)

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019. According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers. "In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said. The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20. The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014. "Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said. A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP. "The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said. Migration has been an important livelihood for the poor and non-poor of the country in the last years. People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra. New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said. "These migrants have been making significant financial contributions to their families in their places of origin," it said. The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent. This slow growth in productivity manifests in low wage growth, it said. It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. (With inputs from agencies)

Financial year 2020 to see fewer jobs compared to 2019: SBI report

Equity benchmark indices traded with a positive note during early hours on Monday as global investors waited for US President <a href="https://www.wionews.com/world/us-china-agree-to-semi-annual-talks-aimed-at-reforms-resolving-disputes-273673">Donald Trump</a> and Chinese officials to sign the long-awaited phase one trade deal later this week. 
 
The market sentiment got a further boost with oil prices lowering as fears of conflict between the <a href="https://www.wionews.com/world/trump-warns-iran-against-massacre-as-protests-erupt-over-downing-of-ukrainian-airplane-273670">United States and Iran</a> eased. At 10:15 am, the <a href="https://www.wionews.com/business-economy/nifty-sensex-headed-for-weekly-gain-as-mideast-tensions-ease-273346">BSE S&amp;P Sensex</a> was up by 215 points to 41,814 while the Nifty 50 ticked up by 55 points at 12,312. 
 
Except for Nifty auto, all sectoral indices were in the positive zone. <a href="https://www.wionews.com/business-economy/nifty-sensex-end-higher-on-cooling-oil-prices-273384">Nifty IT</a> gained by 1.36 per cent, pharma by 0.87 per cent and FMCG by 0.77 per cent. 
 
Among stocks, <a href="https://www.wionews.com/business-economy/sensex-nifty-surge-as-easing-middle-east-tensions-steady-crude-prices-273111">Infosys</a> rose by 4.15 per cent after the IT major reported 11 per cent jump in consolidated net profit for the quarter ended December 2019 (Q3 FY20) to Rs 4,457 crore from Rs 4,019 crore quarter-on-quarter due to higher other income and lower other expenses. The year-on-year profit growth was 23.5 per cent. 
 
Wipro gained by 1.4 per cent while <a href="https://www.wionews.com/business-economy/sensex-jumps-634-points-as-us-iran-tensions-ease-auto-and-realty-stocks-gain-273229">HCL Technologies</a> was up by 1.3 per cent. Sun Pharma, Cipla and Dr Reddy's ticked up by 2 per cent, 1.2 per cent and 1 per cent respectively. The other prominent winners were Britannia, Hindustan Lever and Kotak Mahindra Bank. 
 
However, Yes Bank plunged by 4.8 per cent to Rs 42.60 per share as reports said that co-promoter Rana Kapoor, and his family-run firms Yes Capital India and Morgan Credits have exited the bank, thus losing all control and voting rights. 
 
The other losers included Tata Motors, Eicher Motors, Maruti, JSW Steel, Hindalco and Adani Ports. 
 
Meanwhile, <a href="https://www.wionews.com/business-economy/global-markets-stocks-march-back-to-record-highs-as-middle-east-tensions-ease-273438">Asian stock markets</a> traded on a subdued note ahead of the expected signing on a <a href="https://www.wionews.com/business-economy/asian-shares-rise-ahead-of-us-china-phase-one-trade-deal-273851">US-China trade deal</a>, though talks on a phase two package are likely to drag on for months. 
 
The Shanghai Composite fell by 0.36 per cent while Hong Kong's Hang Seng index rose 0.28 per cent and South Korea's Kospi also rose by 0.56 per cent. Japan's markets were closed for a holiday. 
 
Meanwhile, oil prices consolidated with <a href="https://www.wionews.com/business-economy/oil-edges-above-65-as-middle-east-concerns-support-273441">Brent crude</a> futures down by 12 cents at 64.86 dollars a barrel while US crude eased by 14 cents to 58.90 dollars a barrel.

Equity benchmark indices traded with a positive note during early hours on Monday as global investors waited for US President Donald Trump and Chinese officials to sign the long-awaited phase one trade deal later this week.

Equity benchmark indices traded with a positive note during early hours on Monday as global investors waited for US President Donald Trump and Chinese officials to sign the long-awaited phase one trade deal later this week. The market sentiment got a further boost with oil prices lowering as fears of conflict between the United States and Iran eased. At 10:15 am, the BSE S&P Sensex was up by 215 points to 41,814 while the Nifty 50 ticked up by 55 points at 12,312. Except for Nifty auto, all sectoral indices were in the positive zone. Nifty IT gained by 1.36 per cent, pharma by 0.87 per cent and FMCG by 0.77 per cent. Among stocks, Infosys rose by 4.15 per cent after the IT major reported 11 per cent jump in consolidated net profit for the quarter ended December 2019 (Q3 FY20) to Rs 4,457 crore from Rs 4,019 crore quarter-on-quarter due to higher other income and lower other expenses. The year-on-year profit growth was 23.5 per cent. Wipro gained by 1.4 per cent while HCL Technologies was up by 1.3 per cent. Sun Pharma, Cipla and Dr Reddy's ticked up by 2 per cent, 1.2 per cent and 1 per cent respectively. The other prominent winners were Britannia, Hindustan Lever and Kotak Mahindra Bank. However, Yes Bank plunged by 4.8 per cent to Rs 42.60 per share as reports said that co-promoter Rana Kapoor, and his family-run firms Yes Capital India and Morgan Credits have exited the bank, thus losing all control and voting rights. The other losers included Tata Motors, Eicher Motors, Maruti, JSW Steel, Hindalco and Adani Ports. Meanwhile, Asian stock markets traded on a subdued note ahead of the expected signing on a US-China trade deal, though talks on a phase two package are likely to drag on for months. The Shanghai Composite fell by 0.36 per cent while Hong Kong's Hang Seng index rose 0.28 per cent and South Korea's Kospi also rose by 0.56 per cent. Japan's markets were closed for a holiday. Meanwhile, oil prices consolidated with Brent crude futures down by 12 cents at 64.86 dollars a barrel while US crude eased by 14 cents to 58.90 dollars a barrel.

Equity indices edge up, Infosys profit jumps by 4 % on good Q3 results

<a href="https://www.wionews.com/business-economy/ford-india-introduces-brand-new-premium-suv-endeavour-at-rs-2819-lakh-198952">Ford Motor Co</a>'s&nbsp;China&nbsp;vehicle&nbsp;sales&nbsp;fell for a&nbsp;third&nbsp;consecutive&nbsp;year, by 26.1 percent, as it battles a prolonged overall&nbsp;sales&nbsp;decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility&nbsp;vehicles.

The <a href="https://www.wionews.com/world/trump-says-china-has-agreed-to-cut-tariffs-on-us-made-cars-181113">US&nbsp;</a>automaker delivered 146,473&nbsp;vehicles in&nbsp;<a href="https://www.wionews.com/business-economy/china-fines-ford-joint-venture-citing-anti-monopoly-law-224439">China</a>&nbsp;in the fourth quarter, down 14.7 percent year-on-year, Ford said in a statement. In total, it sold 567,854&nbsp;vehicles over 2019.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/china-fines-ford-joint-venture-citing-anti-monopoly-law-224439">China fines Ford joint venture, citing anti-monopoly law</a>

Ford has been trying to revive&nbsp;sales&nbsp;in&nbsp;China&nbsp;after its business began slumping in late 2017.&nbsp;

Sales&nbsp;sank 37&nbsp;percent in 2018, after a 6 percent decline in 2017.

Anning Chen, president and chief executive of Ford Greater&nbsp;China, said that while 2019 was a "challenging"&nbsp;year&nbsp;for the automaker, it saw its market share in the high-to-premium segment stabilise and its&nbsp;sales&nbsp;decline in the value segment start to narrow in the second-half of the&nbsp;year.

"The pressure from the external environment and downward trend of the industry volume will continue in 2020, and we will put more efforts into strengthening our product lineup with more customer-centric products and customer experiences to mitigate the external pressure and improve dealers' profitability."

The automaker plans to launch more than 30 new models in&nbsp;China&nbsp;over the next three&nbsp;years of which over a&nbsp;third&nbsp;will be <a href="https://www.wionews.com/business-economy/chinas-miao-wei-no-significant-cut-in-new-energy-vehicle-subsidies-in-2020-273646">electric&nbsp;vehicles</a>. It has also said it would localise management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners.

New models it launched in the fourth quarter include a new Ford Escape version - for which the automaker said orders received so far have been much higher than expected - and the Lincoln Corsair, the first localized Lincoln model in&nbsp;China.

In&nbsp;China, Ford makes cars through a joint venture with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC). It has also said it would partner Zotye Automobile Co Ltd to sell lower priced cars.

Its larger US&nbsp;rival <a href="https://www.wionews.com/business-economy/gm-workers-struggle-with-daily-expenses-as-long-strike-continues-255454">General Motors</a> Co last week said its&nbsp;sales&nbsp;in&nbsp;China&nbsp;fell 15&nbsp;percent from a&nbsp;year&nbsp;earlier to 3.09 million&nbsp;vehicles in 2019, its second&nbsp;year&nbsp;of decline.

China's <a href="https://www.wionews.com/business-economy/china-auto-sales-slump-continues-in-april-218327">auto market</a> is set to contract by 2 percent in 2020 for the&nbsp;third&nbsp;year&nbsp;of decline, the&nbsp;China&nbsp;Association of Automobile Manufacturers (CAAM) forecast, due to a weaker economy and trade dispute with the United States.

Over 28 million&nbsp;vehicles were sold in 2018, down 3&nbsp;percent from the prior&nbsp;year, while 2019&nbsp;sales&nbsp;are likely to have declined 8&nbsp;percent from the prior&nbsp;year, CAAM said.

Ford Motor Co's China vehicle sales fell for a third consecutive year, by 26.1 percent, as it battles a prolonged overall sales decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility vehicles.

Ford Motor Co's China vehicle sales fell for a third consecutive year, by 26.1 percent, as it battles a prolonged overall sales decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility vehicles. The US automaker delivered 146,473 vehicles in China in the fourth quarter, down 14.7 percent year-on-year, Ford said in a statement. In total, it sold 567,854 vehicles over 2019. Also read: China fines Ford joint venture, citing anti-monopoly law Ford has been trying to revive sales in China after its business began slumping in late 2017. Sales sank 37 percent in 2018, after a 6 percent decline in 2017. Anning Chen, president and chief executive of Ford Greater China, said that while 2019 was a "challenging" year for the automaker, it saw its market share in the high-to-premium segment stabilise and its sales decline in the value segment start to narrow in the second-half of the year. "The pressure from the external environment and downward trend of the industry volume will continue in 2020, and we will put more efforts into strengthening our product lineup with more customer-centric products and customer experiences to mitigate the external pressure and improve dealers' profitability." The automaker plans to launch more than 30 new models in China over the next three years of which over a third will be electric vehicles. It has also said it would localise management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners. New models it launched in the fourth quarter include a new Ford Escape version - for which the automaker said orders received so far have been much higher than expected - and the Lincoln Corsair, the first localized Lincoln model in China. In China, Ford makes cars through a joint venture with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC). It has also said it would partner Zotye Automobile Co Ltd to sell lower priced cars. Its larger US rival General Motors Co last week said its sales in China fell 15 percent from a year earlier to 3.09 million vehicles in 2019, its second year of decline. China's auto market is set to contract by 2 percent in 2020 for the third year of decline, the China Association of Automobile Manufacturers (CAAM) forecast, due to a weaker economy and trade dispute with the United States. Over 28 million vehicles were sold in 2018, down 3 percent from the prior year, while 2019 sales are likely to have declined 8 percent from the prior year, CAAM said.

Ford's vehicle sales in China tumble for third consecutive year

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on <a href="https://www.wionews.com/world/details-of-us-china-deal-to-be-published-after-signing-white-house-273483">Phase One</a>&nbsp;China-US&nbsp;trade deal, although markets have yet to see the details of the agreement.

<a href="https://www.wionews.com/business-economy/nifty-sensex-headed-for-weekly-gain-as-mideast-tensions-ease-273346">MSCI's broadest index</a> of Asia-Pacific shares outside Japan was 0.47 per cent&nbsp;higher, touching its highest point since June 2018. Japanese markets were closed for a holiday.

South Korea's trade-sensitive Kospi added 0.73 per cent&nbsp;and Hong Kong's Hang Seng was up 0.74 per cent, while Taiwan shares added 0.6 per cent&nbsp;in the first trading day after Taiwanese re-elected President <a href="https://www.wionews.com/world/hong-kongs-strengths-as-global-financial-hub-intact-despite-protests-carrie-lam-273828">Tsai Ing-wen</a> by a landslide on Saturday.

Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019.

The benchmark <a href="https://www.wionews.com/business-economy/sensex-jumps-634-points-as-us-iran-tensions-ease-auto-and-realty-stocks-gain-273229">Shanghai Composite Index</a> ended the morning session up just 0.06 per cent.

Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter.

Japan's <a href="https://www.wionews.com/business-economy/asian-shares-erase-losses-as-mideast-tensions-ease-oil-ticks-up-273093">Nikkei</a> was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting US&nbsp;military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities.

E-Mini futures for the <a href="https://www.wionews.com/business-economy/global-markets-stocks-march-back-to-record-highs-as-middle-east-tensions-ease-273438">S&amp;P 500</a> edged up 0.28 per cent, to be just off all-time highs.

The main event of the week will be the signing of the Phase One&nbsp;trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony.

"A calmer geopolitical backdrop and the signing of the US‑China Phase One&nbsp;agreement is, on balance, favourable for global growth," said Joseph Capurso, an FX strategist at CBA.

"However, the 86-page Phase One&nbsp;<a href="https://www.wionews.com/world/chinas-vice-premier-liu-to-sign-us-trade-deal-next-week-in-washington-273242">agreement</a> has not yet been made public.&nbsp;There are doubts how comprehensive the deal is, and whether the Phase One&nbsp;agreement will be implemented in full by both governments."

Washington has reserved the right to reimpose tariffs if it judges China is not abiding by the deal.

"If there is any surprise from the Phase One&nbsp;deal&nbsp;that may actually cause some kind of volatility," said Tommy Xie, economist and head of greater China research at OCBC in Singapore.

"People are really focused on whether China is really committed to purchasing additional $200 billion in goods and services from the US&nbsp;over the next two years, there's not much commitment from China yet."

Xie said China's fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw close scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures.

<a href="https://www.wionews.com/business-economy/sp-500-snaps-win-streak-as-middle-east-tensions-push-down-wall-street-272037">Wall Street</a> slipped and bonds rallied on Friday when data showed US&nbsp;nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft.

"This is the perfect employment report for the Fed to continue to run the economy 'hot', as views on the natural rate of unemployment continue to drop," said Alan Ruskin, Deutsche Bank's global head of FX strategy. "This is perfect for risky assets."&nbsp;

On Monday, the euro gained 0.06 per cent&nbsp;to $1.1126, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance.

The dollar was firm on the yen at 109.61 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months.

Against a basket of currencies, the dollar was stuck at 97.357, well within the recent trading range of 96.355 to 97.817.

The pound dipped 0.18 per cent&nbsp;to $1.3035 after <a href="https://www.wionews.com/business-economy/bank-of-england-sam-woods-warns-financial-sector-may-crackdown-273799">Bank of England</a> policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in the growth data.

Spot gold slipped 0.37 per cent to $1,556.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of <a href="https://www.wionews.com/world/do-not-kill-your-protesters-us-president-trump-to-iranian-authorities-273818">Iran-US&nbsp;tensions</a>.

Oil prices were slightly firmer after suffering the first weekly loss since late November.&nbsp;

<a href="https://www.wionews.com/business-economy/oil-edges-above-65-as-middle-east-concerns-support-273441">Brent crude</a> futures were up 6 cents at $65.04 a barrel, while US&nbsp;crude added 10 cents to $59.14 a barrel.

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on Phase One China-US trade deal, although markets have yet to see the details of the agreement.

Asian shares rose to new 19-month highs on Monday ahead of the expected signing on Phase One China-US trade deal, although markets have yet to see the details of the agreement. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.47 per cent higher, touching its highest point since June 2018. Japanese markets were closed for a holiday. South Korea's trade-sensitive Kospi added 0.73 per cent and Hong Kong's Hang Seng was up 0.74 per cent, while Taiwan shares added 0.6 per cent in the first trading day after Taiwanese re-elected President Tsai Ing-wen by a landslide on Saturday. Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019. The benchmark Shanghai Composite Index ended the morning session up just 0.06 per cent. Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter. Japan's Nikkei was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting US military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities. E-Mini futures for the S&P 500 edged up 0.28 per cent, to be just off all-time highs. The main event of the week will be the signing of the Phase One trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony. "A calmer geopolitical backdrop and the signing of the US‑China Phase One agreement is, on balance, favourable for global growth," said Joseph Capurso, an FX strategist at CBA. "However, the 86-page Phase One agreement has not yet been made public. There are doubts how comprehensive the deal is, and whether the Phase One agreement will be implemented in full by both governments." Washington has reserved the right to reimpose tariffs if it judges China is not abiding by the deal. "If there is any surprise from the Phase One deal that may actually cause some kind of volatility," said Tommy Xie, economist and head of greater China research at OCBC in Singapore. "People are really focused on whether China is really committed to purchasing additional $200 billion in goods and services from the US over the next two years, there's not much commitment from China yet." Xie said China's fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw close scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures. Wall Street slipped and bonds rallied on Friday when data showed US nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft. "This is the perfect employment report for the Fed to continue to run the economy 'hot', as views on the natural rate of unemployment continue to drop," said Alan Ruskin, Deutsche Bank's global head of FX strategy. "This is perfect for risky assets." On Monday, the euro gained 0.06 per cent to $1.1126, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance. The dollar was firm on the yen at 109.61 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months. Against a basket of currencies, the dollar was stuck at 97.357, well within the recent trading range of 96.355 to 97.817. The pound dipped 0.18 per cent to $1.3035 after Bank of England policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an "imminent and significant" improvement in the growth data. Spot gold slipped 0.37 per cent to $1,556.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of Iran-US tensions. Oil prices were slightly firmer after suffering the first weekly loss since late November. Brent crude futures were up 6 cents at $65.04 a barrel, while US crude added 10 cents to $59.14 a barrel.

Asian shares rise ahead of US-China 'phase one' trade deal

Over 400,000 people in Germany will lose their jobs by 2030 due to the country's <a href="http://wionews.com/business-economy/electric-cars-on-indian-roads-by-2030-india-to-get-lithium-for-batteries-from-bolivia-206942">shift to electric vehicles</a>, local media reported on Monday.

According to the report, around 88,000 jobs will be at risk in engines and transmissions' production alone, Germany' daily reported citing a National Platform for the Future of Mobility (NPM), an advisory council for the government.

According to the report, 410,000 people will lose their jobs in total by the end of this decade.

The report also said that the NPM group is working to form a strategy to ensure minimum people lose their jobs. The group has called for strategic personnel planning and urged for an employment agency, training providers and companies to work together to stem losses.

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Electric cars' engines are made of fewer parts and require less maintenance than a combustion engine. While at least 1,200 parts are installed in a combustion engine, only about 200 are needed for an electric car, the report said while explaining reasons behind the job layoffs.

Vehicle production will be further automated and will not be sufficient to support the current level of jobs, the local newspaper said, citing NPM's Chairman Henning Kagermann.

In 2018, employment in the car industry in Germany reached 834,000, its highest since 1991.

Amid the climate change debates, the European Union is pushing towards reducing the carbon dioxide emissions resulting in countries adapting plans to launch electric vehicles.

In 2019, the German carmaker Volkswagen had also said it would cut as many as 4,000 jobs in Germany as part of their digital transition.

"We are making the company fit for the digital age in a sustainable way," VW brand Chief Operating Officer Ralf Brandstaetter had said in a statement.&nbsp;

Over 400,000 people in Germany will lose their jobs by 2030 due to the country's shift to electric vehicles, local media reported on Monday. According to the report, around 88,000 jobs will be at risk in engines and transmissions' production alone, Germany' daily reported citing a National Platform for the Future of Mobility (NPM), an advisory council for the government.

Over 400,000 people in Germany will lose their jobs by 2030 due to the country's shift to electric vehicles, local media reported on Monday. According to the report, around 88,000 jobs will be at risk in engines and transmissions' production alone, Germany' daily reported citing a National Platform for the Future of Mobility (NPM), an advisory council for the government. According to the report, 410,000 people will lose their jobs in total by the end of this decade. The report also said that the NPM group is working to form a strategy to ensure minimum people lose their jobs. The group has called for strategic personnel planning and urged for an employment agency, training providers and companies to work together to stem losses. Watch | Highlights from WION E-Mobility Summit × Electric cars' engines are made of fewer parts and require less maintenance than a combustion engine. While at least 1,200 parts are installed in a combustion engine, only about 200 are needed for an electric car, the report said while explaining reasons behind the job layoffs. Vehicle production will be further automated and will not be sufficient to support the current level of jobs, the local newspaper said, citing NPM's Chairman Henning Kagermann. In 2018, employment in the car industry in Germany reached 834,000, its highest since 1991. Amid the climate change debates, the European Union is pushing towards reducing the carbon dioxide emissions resulting in countries adapting plans to launch electric vehicles. In 2019, the German carmaker Volkswagen had also said it would cut as many as 4,000 jobs in Germany as part of their digital transition. "We are making the company fit for the digital age in a sustainable way," VW brand Chief Operating Officer Ralf Brandstaetter had said in a statement.

In Germany, over 400,000 jobs at risk in switch to electric cars: Report

India ordered an investigation of Amazon.com Inc and <a href="https://www.wionews.com/business-economy/walmart-sacks-around-50-executives-in-india-restructuring-sources-273864">Walmar</a>t's Flipkart on Monday over alleged violations of competition law in the latest setback for <a href="https://www.wionews.com/business-economy/india-looks-into-flipkart-amazon-festive-discounts-after-retailer-complaints-256043">US e-commerce giants operating</a> in the country.

The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some "preferred sellers" and in turn hurting business for other, smaller sellers.

Flipkart is "fully compliant" with all laws and is currently reviewing the CCI order, Senior Vice President Rajneesh Kumar said.

Amazon did not respond to a request for immediate comment. <a href="https://www.wionews.com/business-economy/amazon-boss-jeff-bezos-to-face-protests-from-traders-during-india-trip-273640">Amazon boss Jeff Bezos </a>is expected to visit India for potential meetings with government officials this week.

The complaint against the two companies was filed by Delhi Vyapar Mahasangh, a group representing small- and medium-sized businesses. They alleged that several of Amazon and Flipkart`s preferred sellers were affiliated with, or controlled by, the companies themselves, either directly or indirectly.

In its 11-page order, the CCI noted four alleged anti-competitive practices: exclusive launch of mobile phones by the e-commerce firms, promoting preferred sellers on their websites, deep discounting practices and prioritising some seller listings over others.

"Exclusive launch (of mobile phones) coupled with preferential treatment to a few sellers and the discounting practices create an ecosystem that may lead to an appreciable adverse effect on competition," the order said.

The CCI said its investigation unit should complete the probe within 60 days, but typically such cases have taken far longer.

Walmart in 2018 invested $16 billion to buy a majority stake in India's Flipkart, its biggest-ever deal.

The CCI probe will be the latest setback for the US companies that were last year hit with more stringent foreign investment rules.

Some of the allegations reviewed by the CCI have been long levelled against both companies.

Indian brick-and-mortar traders allege Amazon and Flipkart violate the country`s foreign investment rules and burn billions of dollars to offer steep discounts that hurt smaller traders. The two companies say they are in compliance with all rules.

In a recent study, the CCI said India's was the fastest-growing e-commerce market with revenue this year expected to reach $120 billion, triple its size in 2017.

"The e-commerce sector is plagued with several issues, any adverse action by the CCI could scuttle the growth of the sector," said Ram Kumar Poornachandran, competition law lead at law firm TT&amp;A. 
&nbsp;

India ordered an investigation of Amazon.com Inc and Walmart's Flipkart on Monday over alleged violations of competition law in the latest setback for US e-commerce giants operating in the country.

India ordered an investigation of Amazon.com Inc and Walmart's Flipkart on Monday over alleged violations of competition law in the latest setback for US e-commerce giants operating in the country. The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some "preferred sellers" and in turn hurting business for other, smaller sellers. Flipkart is "fully compliant" with all laws and is currently reviewing the CCI order, Senior Vice President Rajneesh Kumar said. Amazon did not respond to a request for immediate comment. Amazon boss Jeff Bezos is expected to visit India for potential meetings with government officials this week. The complaint against the two companies was filed by Delhi Vyapar Mahasangh, a group representing small- and medium-sized businesses. They alleged that several of Amazon and Flipkart`s preferred sellers were affiliated with, or controlled by, the companies themselves, either directly or indirectly. In its 11-page order, the CCI noted four alleged anti-competitive practices: exclusive launch of mobile phones by the e-commerce firms, promoting preferred sellers on their websites, deep discounting practices and prioritising some seller listings over others. "Exclusive launch (of mobile phones) coupled with preferential treatment to a few sellers and the discounting practices create an ecosystem that may lead to an appreciable adverse effect on competition," the order said. The CCI said its investigation unit should complete the probe within 60 days, but typically such cases have taken far longer. Walmart in 2018 invested $16 billion to buy a majority stake in India's Flipkart, its biggest-ever deal. The CCI probe will be the latest setback for the US companies that were last year hit with more stringent foreign investment rules. Some of the allegations reviewed by the CCI have been long levelled against both companies. Indian brick-and-mortar traders allege Amazon and Flipkart violate the country`s foreign investment rules and burn billions of dollars to offer steep discounts that hurt smaller traders. The two companies say they are in compliance with all rules. In a recent study, the CCI said India's was the fastest-growing e-commerce market with revenue this year expected to reach $120 billion, triple its size in 2017. "The e-commerce sector is plagued with several issues, any adverse action by the CCI could scuttle the growth of the sector," said Ram Kumar Poornachandran, competition law lead at law firm TT&A.

Antitrust probe ordered against Amazon, Walmart's Flipkart in violation of competition law

India's retail inflation rose to 7.35 per cent in December the highest in more than five years, triggering further growth concerns in the country amid a slowing economy.

The pick-up in inflation rate was mainly driven by rising food prices.

On February 1, Finance Minister Nirmala Sitharaman will present the annual budget for this year. According to a report, it&nbsp;budget is widely expected to increase spending on infrastructure and cut taxes.

The Reserve Bank of India (RBI) will hold its next policy review from February&nbsp;4 to 6.

Annual retail inflation in December remained above the RBI's medium-target of 4% for the third straight month, and also above the 5.54% posted in November and higher than the 6.20% forecast in a Reuters poll of economists.

Retail inflation had touched 7.39% in July 2014, according to Refinitiv data.

Retail food prices, which make up nearly half of India's inflation basket, increased 14.12% in December from a year earlier, against 10.01% in November. Some vegetable prices, including prices of onions that are a staple in Indian cooking, have increased more than four-fold since June.

The RBI cut its policy repo rate by 135 basis points last year before holding in December while warning against rising inflationary pressures.

Meanwhile, the government and central government have downwardly revised growth forecasts to an 11-year low of 5% for the current fiscal year ending in March.

(With inputs from Reuters)

India's retail inflation rose to 7.35 per cent in December the highest in more than five years, triggering further growth concerns in the country amid a slowing economy.

India's retail inflation rose to 7.35 per cent in December the highest in more than five years, triggering further growth concerns in the country amid a slowing economy. The pick-up in inflation rate was mainly driven by rising food prices. On February 1, Finance Minister Nirmala Sitharaman will present the annual budget for this year. According to a report, it budget is widely expected to increase spending on infrastructure and cut taxes. The Reserve Bank of India (RBI) will hold its next policy review from February 4 to 6. Annual retail inflation in December remained above the RBI's medium-target of 4% for the third straight month, and also above the 5.54% posted in November and higher than the 6.20% forecast in a Reuters poll of economists. Retail inflation had touched 7.39% in July 2014, according to Refinitiv data. Retail food prices, which make up nearly half of India's inflation basket, increased 14.12% in December from a year earlier, against 10.01% in November. Some vegetable prices, including prices of onions that are a staple in Indian cooking, have increased more than four-fold since June. The RBI cut its policy repo rate by 135 basis points last year before holding in December while warning against rising inflationary pressures. Meanwhile, the government and central government have downwardly revised growth forecasts to an 11-year low of 5% for the current fiscal year ending in March. (With inputs from Reuters)

Owing to rising food prices, India's December retail inflation surges to 7.35%

The US-based technology company, Kodak is set to launch its official Android smart TVs in India next month, the company's official distributor announced during the Consumer Electronics Show 2020.

While the company is already selling tv in India, Kodak HD LED TVs will mark the its entry to the Indian smart tv market which is already dominated by bigger players like, Xiaomi and Samsung.

According to reports, these Kodak's smart TVs will launch by February 2020 and will run on Android Pie.

It will be loaded with smart tv features like built-in Chromecast and the price range is expected to compete with Xiaomi's range.

The company is yet to reveal more information on the project.

In 2019,&nbsp;Kodak had&nbsp;launched KODAK 32FHDXPRO, KODAK 40 FHDXPRO, KODAK 43FHDXPRO and KODAK 50FHDXPRO TVs in India.

The KXPRO series from Kodak has been its flagship TV series until now in India.

The latest boom in the smart TV business comes due to the high penetration of internet and&nbsp;flourishing e-commerce in India. 
&nbsp;

&nbsp; 
&nbsp;

The US-based technology company, Kodak is set to launch its official Android smart TVs in India next month, the company's official distributor announced during the Consumer Electronics Show 2020.

The US-based technology company, Kodak is set to launch its official Android smart TVs in India next month, the company's official distributor announced during the Consumer Electronics Show 2020. While the company is already selling tv in India, Kodak HD LED TVs will mark the its entry to the Indian smart tv market which is already dominated by bigger players like, Xiaomi and Samsung. According to reports, these Kodak's smart TVs will launch by February 2020 and will run on Android Pie. It will be loaded with smart tv features like built-in Chromecast and the price range is expected to compete with Xiaomi's range. The company is yet to reveal more information on the project. In 2019, Kodak had launched KODAK 32FHDXPRO, KODAK 40 FHDXPRO, KODAK 43FHDXPRO and KODAK 50FHDXPRO TVs in India. The KXPRO series from Kodak has been its flagship TV series until now in India. The latest boom in the smart TV business comes due to the high penetration of internet and flourishing e-commerce in India.

Kodak to launch Android smart TV in India

The iconic British Aston Martin car may be sold to a Chinese company, according to reports.

China Geely Automobile is in talks with Aston Martin officials to put together a deal, various media reports said.

<a href="https://www.wionews.com/business-economy/aston-martin-launches-first-suv-hopeful-of-a-turnaround-263381">Also Read:&nbsp;Aston Martin launches first SUV, hopeful of a turnaround</a>

A report said the owner of Racing Point Formula One team&nbsp;Lawrence Stroll is also in talks with the car British company, but it could not be confirmed.

After the news became public, Aston Martin shares jumped on Monday rising over two per cent in the London stock exchange.

The car which is famously used in James Bond movies reported third-quarter losses and warned that profits for 2019 would be halved.

<a href="https://www.wionews.com/entertainment/aston-martin-built-for-james-bond-heading-to-auction-226695">Read:&nbsp;Aston Martin built for James Bond heading to auction</a>

However, both Aston Martin and &nbsp;Geely Automobile Holding haven't officially confirmed the takeover even as media reports circulated the Chinese company's was conducting due diligence.

Geely chairman Li Shufu has stakes in &nbsp;Mercedes-Benz parent Daimler. Geely also owns Volvo. Daimler owns five per cent stake in Aston Martin.

Last week, the 107-year old British car company had issued a second profit warning over its "very disappointing" sales. The shares of the company went into a tailspin after the profit warning falling nearly 16 per cent.

The iconic British Aston Martin car may be sold to a Chinese company, according to reports. China Geely Automobile is in talks with Aston Martin officials to put together a deal, various media reports said.

The iconic British Aston Martin car may be sold to a Chinese company, according to reports. China Geely Automobile is in talks with Aston Martin officials to put together a deal, various media reports said. Also Read: Aston Martin launches first SUV, hopeful of a turnaround A report said the owner of Racing Point Formula One team Lawrence Stroll is also in talks with the car British company, but it could not be confirmed. After the news became public, Aston Martin shares jumped on Monday rising over two per cent in the London stock exchange. The car which is famously used in James Bond movies reported third-quarter losses and warned that profits for 2019 would be halved. Read: Aston Martin built for James Bond heading to auction However, both Aston Martin and Geely Automobile Holding haven't officially confirmed the takeover even as media reports circulated the Chinese company's was conducting due diligence. Geely chairman Li Shufu has stakes in Mercedes-Benz parent Daimler. Geely also owns Volvo. Daimler owns five per cent stake in Aston Martin. Last week, the 107-year old British car company had issued a second profit warning over its "very disappointing" sales. The shares of the company went into a tailspin after the profit warning falling nearly 16 per cent.

China's Geely automobile in talks to buy stake in Aston Martin: Report

<a href="https://www.wionews.com/business-%26-economy/walmart-microsoft-in-partnership-to-use-cloud-tech-152321">Walmart</a>&nbsp;Inc, the world's largest retailer, has fired 56&nbsp;of its&nbsp;India&nbsp;executives&nbsp;as part of its&nbsp;restructuring&nbsp;in the country, three&nbsp;sources&nbsp;with direct knowledge told Reuters.

The move underscores the struggles&nbsp;Walmart&nbsp;has faced in expanding its wholesale business in&nbsp;India.

Reuters reported the firings earlier on Monday, citing three people with direct knowledge of the matter, adding the move had mostly affected executives in&nbsp;Walmart's real estate division, which takes care of store expansion, as the wholesale business model did not bring in expected growth.

Eight of the 56 executives fired were in "senior management" roles and the rest from middle or lower management, Krish Iyer, President and CEO of&nbsp;Walmart&nbsp;India said in a statement.

"We are also looking for ways to operate more efficiently, which requires us to review our corporate structure to ensure that we are organised in the right way," Iyer said, adding the fired executives had been offered enhanced severance benefits.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/walmart-told-us-government-indias-e-commerce-rules-regressive-warned-of-trade-impact-235131">India's e-commerce rules regressive, potential to hurt trade ties: Walmart told US government</a>

The Bentonville, Arkansas&nbsp;based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected&nbsp;executives&nbsp;in the company's real estate division because the growth in the wholesale model has not been that robust, two of the&nbsp;sources&nbsp;said.

"It's happening because the focus is shifting to e-commerce rather than physical (stores)," said one source, who declined to be identified as the decision is not public.

Walmart&nbsp;has placed bold bets on&nbsp;India's <a href="https://www.wionews.com/business-economy/india-proposes-new-e-commerce-regulations-with-focus-on-data-rules-199214">e-commerce</a> sector.

In 2018, it paid $16 billion to acquire a majority stake in&nbsp;India's online marketplace <a href="https://www.wionews.com/business-&amp;-economy/walmart-completes-deal-to-acquire-77-stake-in-flipkart-160020">Flipkart</a>, in its biggest global acquisition.

The second source added that while&nbsp;Walmart&nbsp;could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce.

Some of the&nbsp;executives&nbsp;were sacked last week and more could be let go on Monday, two&nbsp;sources&nbsp;said.

Walmart&nbsp;has&nbsp;around&nbsp;600 staff in its&nbsp;India&nbsp;head office out of a total of&nbsp;around&nbsp;5,300 nationally, one of the&nbsp;sources&nbsp;said.

Walmart Inc, the world's largest retailer, has fired 56 of its India executives as part of its restructuring in the country, three sources with direct knowledge told Reuters.

Walmart Inc, the world's largest retailer, has fired 56 of its India executives as part of its restructuring in the country, three sources with direct knowledge told Reuters. The move underscores the struggles Walmart has faced in expanding its wholesale business in India. Reuters reported the firings earlier on Monday, citing three people with direct knowledge of the matter, adding the move had mostly affected executives in Walmart's real estate division, which takes care of store expansion, as the wholesale business model did not bring in expected growth. Eight of the 56 executives fired were in "senior management" roles and the rest from middle or lower management, Krish Iyer, President and CEO of Walmart India said in a statement. "We are also looking for ways to operate more efficiently, which requires us to review our corporate structure to ensure that we are organised in the right way," Iyer said, adding the fired executives had been offered enhanced severance benefits. Also read: India's e-commerce rules regressive, potential to hurt trade ties: Walmart told US government The Bentonville, Arkansas based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers. The firings mostly affected executives in the company's real estate division because the growth in the wholesale model has not been that robust, two of the sources said. "It's happening because the focus is shifting to e-commerce rather than physical (stores)," said one source, who declined to be identified as the decision is not public. Walmart has placed bold bets on India's e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India's online marketplace Flipkart, in its biggest global acquisition. The second source added that while Walmart could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce. Some of the executives were sacked last week and more could be let go on Monday, two sources said. Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.

Walmart sacks 56 executives in India as part of restructuring

<a href="https://www.wionews.com/sports/football-england-chief-southgate-dissapointed-to-not-be-linked-to-club-positions-270326">Bank&nbsp;of England</a> Deputy Governor Sam&nbsp;Woods&nbsp;on Sunday said that Britain's&nbsp;financial&nbsp;sector&nbsp;could face a&nbsp;crackdown&nbsp;by regulators seeking to enforce their rules more&nbsp;tightly.

"I think it's possible that as we come out of the reform phase, and enter a phase where we're defending the reforms that have been put in place, that you may see more enforcement activity,"&nbsp;Woods&nbsp;told the&nbsp;Telegraph&nbsp;newspaper.

Woods, who is the head of the <a href="https://www.wionews.com/business-economy/consumers-up-borrowing-at-slowest-rates-in-uk-bank-of-england-271888">Prudential Regulation Authority</a> (PRA), the BoE's&nbsp;banking supervisory arm, also said the regulator wouldn't necessarily be hostile to consolidation in the&nbsp;banking&nbsp;sector, according to The&nbsp;Telegraph&nbsp;report.

"We approach these things with caution, we'd have to be sure it made sense for the resulting entity,” he said.

"It's been quite striking to me that really we've only had that one consolidation [in&nbsp;banking] Virgin Money and Clydesdale. The possibility of others seems to me quite relevant and would not be problematic in principle."

Woods, who was initially in the frame to replace <a href="https://www.wionews.com/business-economy/hedge-funds-gained-early-access-to-boe-press-conference-feeds-269131">Mark Carney</a> as the British central&nbsp;bank&nbsp;governor, said he will have an eye on the job "next time around." Andrew Bailey, chief executive of the&nbsp;Financial&nbsp;Conduct Authority, will succeed Mark Carney as the BoE's governor on March 16.

Bank of England Deputy Governor Sam Woods on Sunday said that Britain's financial sector could face a crackdown by regulators seeking to enforce their rules more tightly.

Bank of England Deputy Governor Sam Woods on Sunday said that Britain's financial sector could face a crackdown by regulators seeking to enforce their rules more tightly. "I think it's possible that as we come out of the reform phase, and enter a phase where we're defending the reforms that have been put in place, that you may see more enforcement activity," Woods told the Telegraph newspaper. Woods, who is the head of the Prudential Regulation Authority (PRA), the BoE's banking supervisory arm, also said the regulator wouldn't necessarily be hostile to consolidation in the banking sector, according to The Telegraph report. "We approach these things with caution, we'd have to be sure it made sense for the resulting entity,” he said. "It's been quite striking to me that really we've only had that one consolidation [in banking] Virgin Money and Clydesdale. The possibility of others seems to me quite relevant and would not be problematic in principle." Woods, who was initially in the frame to replace Mark Carney as the British central bank governor, said he will have an eye on the job "next time around." Andrew Bailey, chief executive of the Financial Conduct Authority, will succeed Mark Carney as the BoE's governor on March 16.

Bank of England: Sam Woods warns financial sector 'may crackdown'

Minister of Petroleum and Natural Gas <a href="https://www.wionews.com/india-news/government-approves-funding-of-774-million-for-northeastern-gas-pipeline-272999">Dharmendra Pradhan</a> on Saturday said that there was no dearth of crude oil in the global market and the government was keeping a sharp eye on the global developments.

Speaking to reporters on the sidelines of an event, Pradhan said, "Due to geopolitical situation, conflict in the <a href="https://www.wionews.com/world/us-iran-tensions-washington-turns-down-iraqi-request-to-remove-troops-273509">Middle East</a> there was a spike in the price of crude oil. It is subdued in the last two weeks. Let us wait and watch, let's not create panic. Things are under control. Government of India (GoI) has kept a sharp eye on global development."

He also appealed to oil-producing countries and their leadership for peace and stability in the global economy.

"There is no dearth of crude oil in the global market. We are taking it from <a href="https://www.wionews.com/business-economy/oil-edges-above-65-as-middle-east-concerns-support-273441">OPEC</a>, OPEC+, non-OPEC countries. The issue is&nbsp;price. We are appealing to oil-producing countries and responsible leaderships that there should be peace and stability in the global economy", he added.

Earlier in the day, Pradhan had launched PURVODAYA: Accelerated development of eastern India through an integrated steel hub in Kolkata.

Minister of Petroleum and Natural Gas Dharmendra Pradhan on Saturday said that there was no dearth of crude oil in the global market and the government was keeping a sharp eye on the global developments.

Minister of Petroleum and Natural Gas Dharmendra Pradhan on Saturday said that there was no dearth of crude oil in the global market and the government was keeping a sharp eye on the global developments. Speaking to reporters on the sidelines of an event, Pradhan said, "Due to geopolitical situation, conflict in the Middle East there was a spike in the price of crude oil. It is subdued in the last two weeks. Let us wait and watch, let's not create panic. Things are under control. Government of India (GoI) has kept a sharp eye on global development." He also appealed to oil-producing countries and their leadership for peace and stability in the global economy. "There is no dearth of crude oil in the global market. We are taking it from OPEC, OPEC+, non-OPEC countries. The issue is price. We are appealing to oil-producing countries and responsible leaderships that there should be peace and stability in the global economy", he added. Earlier in the day, Pradhan had launched PURVODAYA: Accelerated development of eastern India through an integrated steel hub in Kolkata.

No dearth of crude oil in global market: Union Minister Dharmendra Pradhan

State-owned oil company&nbsp;<a href="https://www.wionews.com/business-economy/gulf-markets-plunge-on-us-iran-tensions-kuwait-lead-fall-272251">Saudi&nbsp;Aramco</a>&nbsp;said on Sunday it has exercised its "greenshoe&nbsp;option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a&nbsp;record&nbsp;$29.4&nbsp;billion.

Aramco&nbsp;initially raised a then-record&nbsp;$25.6&nbsp;billion&nbsp;in its&nbsp;IPO&nbsp;in December by selling 3&nbsp;billion&nbsp;shares at 32 riyals ($8.53) but indicated it may sell additional shares&nbsp;through&nbsp;the over-allotment of shares.

A&nbsp;greenshoe&nbsp;option, or over-allotment, allows companies to issue more shares in an&nbsp;IPO&nbsp;when there is greater demand from participants during the initial offering.

Investors were allocated the additional shares for the&nbsp;option&nbsp;during the book-building process,&nbsp;Aramco&nbsp;said.

Aramco&nbsp;said "no additional shares are being offered into the market today and the stabilising manager will not hold any shares in the company as a result of exercise of the over-allotment&nbsp;option."

Aramco&nbsp;shares have been volatile recently because of geopolitical concerns as tensions between the United States and Iran rose after President <a href="https://www.wionews.com/world/trump-warns-iran-against-massacre-as-protests-erupt-over-downing-of-ukrainian-airplane-273670">Donald Trump</a> ordered a drone strike that killed a top <a href="https://www.wionews.com/world/thousands-of-iraqis-rally-against-government-iran-and-us-273470">Iranian commander</a> and raised fears of war.

Shares of&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">Aramco</a>&nbsp;fell to 34 riyals on Jan. 8, its lowest since the stock began trading on December&nbsp;11, but closed at 35 riyals on Thursday.

Thursday's closing price valued&nbsp;Aramco&nbsp;at $1.87 trillion, above the&nbsp;IPO&nbsp;price, which valued the company at $1.7 trillion, but below Crown Prince <a href="https://www.wionews.com/business-economy/saudi-kuwait-signed-an-agreement-to-resume-joint-oil-output-270025">Mohammed bin Salman's</a> coveted $2 trillion target.

State-owned oil company Saudi Aramco said on Sunday it has exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.

State-owned oil company Saudi Aramco said on Sunday it has exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a then-record $25.6 billion in its IPO in December by selling 3 billion shares at 32 riyals ($8.53) but indicated it may sell additional shares through the over-allotment of shares. A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering. Investors were allocated the additional shares for the option during the book-building process, Aramco said. Aramco said "no additional shares are being offered into the market today and the stabilising manager will not hold any shares in the company as a result of exercise of the over-allotment option." Aramco shares have been volatile recently because of geopolitical concerns as tensions between the United States and Iran rose after President Donald Trump ordered a drone strike that killed a top Iranian commander and raised fears of war. Shares of Aramco fell to 34 riyals on Jan. 8, its lowest since the stock began trading on December 11, but closed at 35 riyals on Thursday. Thursday's closing price valued Aramco at $1.87 trillion, above the IPO price, which valued the company at $1.7 trillion, but below Crown Prince Mohammed bin Salman's coveted $2 trillion target.

Saudi Aramco raises IPO to record $29.4 billion through greenshoe option

The <a href="https://www.wionews.com/world/boeing-recommends-737-max-simulator-training-before-return-to-service-272832">Federal Aviation Administration</a> (FAA) said on Friday it was seeking to&nbsp;fine&nbsp;Boeing&nbsp;Co&nbsp;$5.4&nbsp;million&nbsp;(£4.14&nbsp;million), alleging it failed to prevent the installation of&nbsp;defective&nbsp;parts&nbsp;on&nbsp;<a href="https://www.wionews.com/business-economy/faa-seeks-39-million-fine-from-boeing-for-defective-parts-on-737-ng-planes-266792">737&nbsp;MAX&nbsp;aeroplanes</a>.

The FAA alleged&nbsp;Boeing&nbsp;"failed to adequately oversee its suppliers to ensure they complied with the company's quality assurance system, Boeing&nbsp;knowingly submitted aircraft for final FAA airworthiness certification after determining that the&nbsp;parts&nbsp;could not be used due to a failed strength test."

The FAA proposed a $3.9&nbsp;million&nbsp;civil penalty against&nbsp;Boeing&nbsp;for the same issue in December involving 133&nbsp;737&nbsp;NG aeroplanes, which is the prior generation of the&nbsp;737.

The&nbsp;737&nbsp;MAX&nbsp;has been grounded since March after two fatal crashes killed 346 people.&nbsp;Boeing's safety record on a number of issues&nbsp;have come under scrutiny from lawmakers and the FAA.

Watch:&nbsp;The Downfall Of Boeing

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The&nbsp;parts&nbsp;issue is completely unrelated to the crashes,&nbsp;Boeing&nbsp;said.

The FAA disclosed in June that about 300 NG and&nbsp;<a href="https://www.wionews.com/world/we-prefer-to-download-black-boxes-iran-after-plane-crash-blamed-on-missile-273396">737&nbsp;MAX</a>&nbsp;aeroplanes&nbsp;could contain improperly manufactured&nbsp;parts&nbsp;and said it would require these&nbsp;parts&nbsp;to be quickly replaced.

The&nbsp;parts&nbsp;at issue are tracks on the leading edge of the wings used to guide the movement of slats that provide additional lift during takeoff and landing, the FAA said. The issue could result in a slat striking an aeroplane, potentially resulting in injury to passengers or preventing a safe landing.

The FAA said&nbsp;Boeing's oversight failure "resulted in the installation of slat tracks that were weakened by a condition known as hydrogen embrittlement that occurred during cadmium-titanium plating."

Boeing&nbsp;said Friday it was aware of the proposed penalty and said it has not seen any in-service issues&nbsp;with the&nbsp;parts, which are covered by a service bulletin and airworthiness directive.

"We will ensure that all inspections and any necessary part replacements are performed on all&nbsp;737&nbsp;MAXs before they return to service. We have not been informed of any in-service issues&nbsp;related to the slat tracks themselves,"&nbsp;Boeing&nbsp;said.

The Federal Aviation Administration (FAA) said on Friday it was seeking to fine Boeing Co $5.4 million (£4.14 million), alleging it failed to prevent the installation of defective parts on 737 MAX aeroplanes.

The Federal Aviation Administration (FAA) said on Friday it was seeking to fine Boeing Co $5.4 million (£4.14 million), alleging it failed to prevent the installation of defective parts on 737 MAX aeroplanes. The FAA alleged Boeing "failed to adequately oversee its suppliers to ensure they complied with the company's quality assurance system, Boeing knowingly submitted aircraft for final FAA airworthiness certification after determining that the parts could not be used due to a failed strength test." The FAA proposed a $3.9 million civil penalty against Boeing for the same issue in December involving 133 737 NG aeroplanes, which is the prior generation of the 737. The 737 MAX has been grounded since March after two fatal crashes killed 346 people. Boeing's safety record on a number of issues have come under scrutiny from lawmakers and the FAA. Watch: The Downfall Of Boeing × The parts issue is completely unrelated to the crashes, Boeing said. The FAA disclosed in June that about 300 NG and 737 MAX aeroplanes could contain improperly manufactured parts and said it would require these parts to be quickly replaced. The parts at issue are tracks on the leading edge of the wings used to guide the movement of slats that provide additional lift during takeoff and landing, the FAA said. The issue could result in a slat striking an aeroplane, potentially resulting in injury to passengers or preventing a safe landing. The FAA said Boeing's oversight failure "resulted in the installation of slat tracks that were weakened by a condition known as hydrogen embrittlement that occurred during cadmium-titanium plating." Boeing said Friday it was aware of the proposed penalty and said it has not seen any in-service issues with the parts, which are covered by a service bulletin and airworthiness directive. "We will ensure that all inspections and any necessary part replacements are performed on all 737 MAXs before they return to service. We have not been informed of any in-service issues related to the slat tracks themselves," Boeing said.

US regulator to fine Boeing $5.4 million for defective parts of 737 MAX planes

Boeing Co's&nbsp;ousted&nbsp;chief executive officer, <a href="https://www.wionews.com/world/boeing-ceo-muilenburg-steps-down-calhoun-to-take-over-duties-starting-january-269812">Dennis Muilenburg</a>, is leaving the company with $62&nbsp;million&nbsp;in compensation and pension benefits but will receive no&nbsp;severance&nbsp;pay&nbsp;in the wake of the 737 MAX crisis.

Muilenburg was fired from the job in December as Boeing failed to contain the fallout from a pair of fatal crashes that halted output of the company's bestselling <a href="https://www.wionews.com/business-economy/boeing-papers-would-you-put-your-family-on-a-737-max-273413">737 MAX jetliner</a> and tarnished its reputation with airlines and regulators.

The compensation figures were disclosed in a regulatory filing late on Friday during a difficult week for Boeing when it also released hundreds of internal messages, two major issues hanging over the company before new&nbsp;CEO&nbsp;<a href="https://www.wionews.com/business-economy/new-boeing-boss-david-calhoun-is-a-tough-minded-veteran-of-crisis-269920">David Calhoun</a> starts on Monday.

Watch:&nbsp;Boeing emails reveal Max 737 designed by clowns

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&nbsp;

The messages contained harshly critical comments about the development of the 737 MAX, including one that said the plane was "designed by clowns who in turn are supervised by monkeys."

The 737 MAX has been grounded since March following the second of two crashes that together killed 346 people within a span of five months.

"It is incredibly heart wrenching to see the man at the heart of our loss walk away with a reward," said Zipporah Kuria, whose 55-year-old father from <a href="https://www.wionews.com/world/kenya-four-civilians-killed-in-al-shabaab-gunfight-with-police-on-telecom-mast-272760">Kenya</a> died in the second crash.

Lawmakers also blasted Boeing.

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346 people died. And yet, Dennis Muilenburg pressured regulators and put profits ahead of the safety of passengers, pilots, and flight attendants. He'll walk away with an additional $62.2 million. This is corruption, plain and simple. <a href="https://t.co/3JVeWAVwNo">https://t.co/3JVeWAVwNo</a>
— Elizabeth Warren (@ewarren) <a href="https://twitter.com/ewarren/status/1215797514122813440?ref_src=twsrc%5Etfw">January 11, 2020</a></blockquote>
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"346 people died. And yet, Dennis Muilenburg pressured regulators and put profits ahead of the safety of passengers, pilots, and flight attendants. He'll walk away with an additional $62.2&nbsp;million. This is corruption, plain and simple," US&nbsp;Senator <a href="https://www.wionews.com/world/white-house-gives-lawmakers-formal-notice-of-iraq-strike-amid-complaints-from-democrats-272196">Elizabeth Warren</a> said on Twitter.

US&nbsp;Representative<a href="https://www.wionews.com/world/boeing-recommends-737-max-simulator-training-before-return-to-service-272832"> Peter DeFazio</a>, who chairs the House Transportation Committee, said minutes of a June 2013 meeting showed that Boeing sought to avoid expensive training and simulator requirements by misleading regulators about an anti-stall system called MCAS that was later tied to the two crashes that killed 346 people.

The MAX has been grounded since the second crash in March.

Speculation that Muilenburg would be fired had been circulating in the industry for months, intensifying in October when the board stripped him of his chairman's title - although he had also twice won expressions of confidence from Calhoun,&nbsp;Boeing's&nbsp;board chairman.

A turnaround veteran and former General Electric Co executive who has led several companies in crisis, Calhoun will receive a base salary at an annual rate of $1.4&nbsp;million&nbsp;and is eligible for $26.5&nbsp;million&nbsp;in long-term incentive compensation, Boeing said in a filing.

Boeing said in November Muilenburg had volunteered to give up his 2019 bonus and stock awards. For 2018, his bonus and equity awards amounted to some $20&nbsp;million, according to filings.

In addition to the $62&nbsp;million&nbsp;in compensation and pension benefits, Muilenburg holds stock options that vested in 2013, Boeing said. They would be worth $18.5&nbsp;million&nbsp;at the closing price on Friday.

"Upon his departure, Dennis received the benefits to which he was contractually entitled and he did not receive any&nbsp;severance&nbsp;pay&nbsp;or a 2019 annual bonus," Boeing said in a statement.

Boeing Co's ousted chief executive officer, Dennis Muilenburg, is leaving the company with $62 million in compensation and pension benefits but will receive no severance pay in the wake of the 737 MAX crisis.

Boeing Co's ousted chief executive officer, Dennis Muilenburg, is leaving the company with $62 million in compensation and pension benefits but will receive no severance pay in the wake of the 737 MAX crisis. Muilenburg was fired from the job in December as Boeing failed to contain the fallout from a pair of fatal crashes that halted output of the company's bestselling 737 MAX jetliner and tarnished its reputation with airlines and regulators. The compensation figures were disclosed in a regulatory filing late on Friday during a difficult week for Boeing when it also released hundreds of internal messages, two major issues hanging over the company before new CEO David Calhoun starts on Monday. Watch: Boeing emails reveal Max 737 designed by clowns × The messages contained harshly critical comments about the development of the 737 MAX, including one that said the plane was "designed by clowns who in turn are supervised by monkeys." The 737 MAX has been grounded since March following the second of two crashes that together killed 346 people within a span of five months. "It is incredibly heart wrenching to see the man at the heart of our loss walk away with a reward," said Zipporah Kuria, whose 55-year-old father from Kenya died in the second crash. Lawmakers also blasted Boeing. 346 people died. And yet, Dennis Muilenburg pressured regulators and put profits ahead of the safety of passengers, pilots, and flight attendants. He'll walk away with an additional $62.2 million. This is corruption, plain and simple. https://t.co/3JVeWAVwNo — Elizabeth Warren (@ewarren) January 11, 2020 × "346 people died. And yet, Dennis Muilenburg pressured regulators and put profits ahead of the safety of passengers, pilots, and flight attendants. He'll walk away with an additional $62.2 million. This is corruption, plain and simple," US Senator Elizabeth Warren said on Twitter. US Representative Peter DeFazio, who chairs the House Transportation Committee, said minutes of a June 2013 meeting showed that Boeing sought to avoid expensive training and simulator requirements by misleading regulators about an anti-stall system called MCAS that was later tied to the two crashes that killed 346 people. The MAX has been grounded since the second crash in March. Speculation that Muilenburg would be fired had been circulating in the industry for months, intensifying in October when the board stripped him of his chairman's title - although he had also twice won expressions of confidence from Calhoun, Boeing's board chairman. A turnaround veteran and former General Electric Co executive who has led several companies in crisis, Calhoun will receive a base salary at an annual rate of $1.4 million and is eligible for $26.5 million in long-term incentive compensation, Boeing said in a filing. Boeing said in November Muilenburg had volunteered to give up his 2019 bonus and stock awards. For 2018, his bonus and equity awards amounted to some $20 million, according to filings. In addition to the $62 million in compensation and pension benefits, Muilenburg holds stock options that vested in 2013, Boeing said. They would be worth $18.5 million at the closing price on Friday. "Upon his departure, Dennis received the benefits to which he was contractually entitled and he did not receive any severance pay or a 2019 annual bonus," Boeing said in a statement.

Boeing's ousted CEO Dennis Muilenburg leaves company with $62 million but no severance pay

<a href="https://www.wionews.com/entertainment/avatar-2-james-cameron-teases-photos-videos-from-the-much-anticipated-sequel-272865">Mercedes-Benz</a>&nbsp;will&nbsp;build&nbsp;smart-branded electric&nbsp;cars&nbsp;with Zhejiang&nbsp;Geely&nbsp;Holding Group in the Chinese city of Xian from a base with an annual capacity of around 150,000 vehicles, a&nbsp;senior&nbsp;official from its German parent <a href="https://www.wionews.com/business-economy/sk-innovation-to-supply-batteries-for-mercedes-hybrid-car-in-china-267246">Daimler AG</a> said on Saturday.

Daimler's&nbsp;Executive&nbsp;Vice President in China Leng Yan made the comments to reporters on the sidelines of&nbsp;China's&nbsp;EV100 forum in Beijing, an annual event where&nbsp;senior&nbsp;auto industry&nbsp;executives meet to discuss policies and the market.

Geely&nbsp;and&nbsp;Mercedes-Benz&nbsp;said on Wednesday they would each invest 2.7 billion yuan ($388.8 million) in a China-based venture to&nbsp;build&nbsp;"premium and intelligent electrified" vehicles under the&nbsp;Smart&nbsp;brand.

Like&nbsp;Mercedes-Benz,&nbsp;Smart&nbsp;is a Daimler marque. The firms said at the time that the venture, which will be based in the eastern Chinese city of Ningbo, will have manufacturing capacity in China and sales operations in China and Germany.

Geely, which holds a 9.7 per cent&nbsp;stake in Stuttgart-based Daimler, is&nbsp;building car plants in Xian, according to construction bidding documents on its website. Daimler, which partners with BAIC Group to make luxury&nbsp;Mercedes-Benz&nbsp;cars&nbsp;in Beijing, also&nbsp;builds trucks with BAIC's unit Beiqi Foton Motor.

Smart&nbsp;delivered about 116,800 vehicles worldwide in 2019, Daimler said in a January&nbsp;9 statement.

Mercedes-Benz will build smart-branded electric cars with Zhejiang Geely Holding Group in the Chinese city of Xian from a base with an annual capacity of around 150,000 vehicles, a senior official from its German parent Daimler AG said on Saturday.

Mercedes-Benz will build smart-branded electric cars with Zhejiang Geely Holding Group in the Chinese city of Xian from a base with an annual capacity of around 150,000 vehicles, a senior official from its German parent Daimler AG said on Saturday. Daimler's Executive Vice President in China Leng Yan made the comments to reporters on the sidelines of China's EV100 forum in Beijing, an annual event where senior auto industry executives meet to discuss policies and the market. Geely and Mercedes-Benz said on Wednesday they would each invest 2.7 billion yuan ($388.8 million) in a China-based venture to build "premium and intelligent electrified" vehicles under the Smart brand. Like Mercedes-Benz, Smart is a Daimler marque. The firms said at the time that the venture, which will be based in the eastern Chinese city of Ningbo, will have manufacturing capacity in China and sales operations in China and Germany. Geely, which holds a 9.7 per cent stake in Stuttgart-based Daimler, is building car plants in Xian, according to construction bidding documents on its website. Daimler, which partners with BAIC Group to make luxury Mercedes-Benz cars in Beijing, also builds trucks with BAIC's unit Beiqi Foton Motor. Smart delivered about 116,800 vehicles worldwide in 2019, Daimler said in a January 9 statement.

Mercedes-Benz partners with Geely to build smart brand cars in China's Xian: Senior Official

<a href="https://www.wionews.com/india-news/rebalancing-needed-as-both-western-northern-fronts-require-equal-attention-says-army-chief-273613">China</a>&nbsp;will not make&nbsp;significant&nbsp;cuts to&nbsp;subsidies&nbsp;for&nbsp;new&nbsp;energy&nbsp;vehicles (NEV) this year, signalling that its policy will remain relatively stable, state media quoted the country's industry ministry as saying on Saturday.

Earlier, Miao Wei, China's minister for industry and information technology (MIIT), told a forum that the country would not cut subsidies for new energy vehicles (NEV) again in July, an approach which was cheered by vehicle makers.

The government-backed Beijing&nbsp;News said an MIIT representative, in response to Miao's statement, said that "this year's NEV subsidy policy will remain relatively stable and there will not be&nbsp;significant&nbsp;cuts".

<a href="https://www.wionews.com/world/tsai-sweeping-taiwan-elections-with-half-eligible-votes-counted-report-273630">Beijing</a> has been slowly rolling back a generous 5-year subsidy programme for NEVs, which began in 2016, saying it plans to phase out&nbsp;subsidies&nbsp;after&nbsp;2020, amid criticism that some firms have become overly reliant on the funds.

China's monthly NEV sales dropped for the first time in two years in July as the subsidy&nbsp;cuts reached a&nbsp;new&nbsp;level, and have continued falling since.

"There was a subsidy&nbsp;cut&nbsp;on July 1 last year and everyone has been concerned about whether we will see more&nbsp;cuts this year," Miao told the EV100 annual gathering of senior auto industry executives in Beijing.

"Today I can tell everyone, we will not&nbsp;cut&nbsp;it in July this year."

Miao's speech was the "best&nbsp;news", He Xiaopeng, chief executive of EV startup XPeng Motors, told reporters, adding that policy stability was crucial to the industry.

Miao also said NEV sales hit 163,000 units in December and full-year sales stood at 1.2 million NEVs, a drop from 1.3 million in 2018.

The&nbsp;<a href="https://www.wionews.com/world/china-auto-sales-fall-69-in-august-14th-month-of-decline-248990">China&nbsp;Association of Automobile Manufacturers</a> will announce 2019 full-year sales figures on Monday. Last month, it said that NEV sales from January to November hit 1.04 million.

Automakers who stand to benefit include <a href="https://www.wionews.com/business-economy/stripteasing-musk-launches-tesla-suv-programme-at-new-china-factory-272725">Tesla</a>, which started making deliveries from its $2-billion Shanghai plant this month and secured NEV&nbsp;subsidies&nbsp;in December, Warren Buffett-backed Chinese electric car maker BYD as well as aspiring Tesla-challenger Nio Inc.

China will not make significant cuts to subsidies for new energy vehicles (NEV) this year, signalling that its policy will remain relatively stable, state media quoted the country's industry ministry as saying on Saturday.

China will not make significant cuts to subsidies for new energy vehicles (NEV) this year, signalling that its policy will remain relatively stable, state media quoted the country's industry ministry as saying on Saturday. Earlier, Miao Wei, China's minister for industry and information technology (MIIT), told a forum that the country would not cut subsidies for new energy vehicles (NEV) again in July, an approach which was cheered by vehicle makers. The government-backed Beijing News said an MIIT representative, in response to Miao's statement, said that "this year's NEV subsidy policy will remain relatively stable and there will not be significant cuts". Beijing has been slowly rolling back a generous 5-year subsidy programme for NEVs, which began in 2016, saying it plans to phase out subsidies after 2020, amid criticism that some firms have become overly reliant on the funds. China's monthly NEV sales dropped for the first time in two years in July as the subsidy cuts reached a new level, and have continued falling since. "There was a subsidy cut on July 1 last year and everyone has been concerned about whether we will see more cuts this year," Miao told the EV100 annual gathering of senior auto industry executives in Beijing. "Today I can tell everyone, we will not cut it in July this year." Miao's speech was the "best news", He Xiaopeng, chief executive of EV startup XPeng Motors, told reporters, adding that policy stability was crucial to the industry. Miao also said NEV sales hit 163,000 units in December and full-year sales stood at 1.2 million NEVs, a drop from 1.3 million in 2018. The China Association of Automobile Manufacturers will announce 2019 full-year sales figures on Monday. Last month, it said that NEV sales from January to November hit 1.04 million. Automakers who stand to benefit include Tesla, which started making deliveries from its $2-billion Shanghai plant this month and secured NEV subsidies in December, Warren Buffett-backed Chinese electric car maker BYD as well as aspiring Tesla-challenger Nio Inc.

China's Miao Wei: No significant cut in 'New Energy Vehicle' subsidies in 2020