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<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian&nbsp;shares</a>&nbsp;gained for the fourth successive month in&nbsp;December&nbsp;as appetite for regional&nbsp;shares&nbsp;improved after the US&nbsp;and China agreed on a preliminary deal to end their 17-month long trade war.

The MSCI's broadest index of <a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">Asia-Pacific&nbsp;shares</a>&nbsp;gained 4.2 per cent&nbsp;in&nbsp;December, compared with the month's&nbsp;gains&nbsp;of about 3.4 per cent&nbsp;for the MSCI's&nbsp;global&nbsp;share index.

The United States and China agreed on a <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">deal</a> on December 13 that reduces some US&nbsp;tariffs in exchange for what US&nbsp;officials said would be a big jump in Chinese purchases of American farm products and other goods. The deal is expected to be signed on January 15.

Asia-Pacific&nbsp;shares&nbsp;however,&nbsp;lagged behind&nbsp;global&nbsp;shares&nbsp;in the year and in the last decade.

MSCI's Asia-Pacific Index gained about 16 per cent&nbsp;in 2019 compared with 24 per cent&nbsp;for the World index.

New Zealand&nbsp;<a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">shares</a>&nbsp;lead both 2019 and last decade's&nbsp;gains&nbsp;in the region. In US&nbsp;dollar terms, local&nbsp;shares&nbsp;gained 30.8 per cent&nbsp;in 2019 and 231 per cent&nbsp;in the last decade.

Asian shares gained for the fourth successive month in December as appetite for regional shares improved after the US and China agreed on a preliminary deal to end their 17-month long trade war.

Asian shares gained for the fourth successive month in December as appetite for regional shares improved after the US and China agreed on a preliminary deal to end their 17-month long trade war. The MSCI's broadest index of Asia-Pacific shares gained 4.2 per cent in December, compared with the month's gains of about 3.4 per cent for the MSCI's global share index. The United States and China agreed on a deal on December 13 that reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods. The deal is expected to be signed on January 15. Asia-Pacific shares however, lagged behind global shares in the year and in the last decade. MSCI's Asia-Pacific Index gained about 16 per cent in 2019 compared with 24 per cent for the World index. New Zealand shares lead both 2019 and last decade's gains in the region. In US dollar terms, local shares gained 30.8 per cent in 2019 and 231 per cent in the last decade.

Though yearly gains lag, Asian shares outperformed global peers in December

<a href="https://www.wionews.com/business-economy/us-government-fines-hsbc-1924-million-in-tax-evasion-case-267705">HSBC</a>&nbsp;is being drawn into&nbsp;Hong&nbsp;Kong's political turmoil with protesters attacking some of its&nbsp;branches&nbsp;and graffiti daubed on the famous pair of lions that guard its city-centre headquarters.

Hong&nbsp;Kong&nbsp;is the bank's single most important market, accounting for just over half of its $12.5 billion pre-tax profits in the first half of 2019, though with the <a href="https://www.wionews.com/world/hong-kong-protests-severely-challenged-one-country-two-systems-principle-xi-in-his-new-year-address-271325">protests</a> tipping&nbsp;Hong&nbsp;Kong's economy into recession,&nbsp;HSBC&nbsp;and its peers are expected to take a financial hit.

Until now,&nbsp;HSBC&nbsp;had largely escaped direct involvement in the often-violent anti-government protests that have shaken&nbsp;Hong&nbsp;Kong&nbsp;for more than six months even as other companies with perceived links to <a href="https://www.wionews.com/business-economy/airbus-beats-goal-with-863-jet-deliveries-in-2019-ousts-boeing-from-top-spot-271445">Beijing</a> have seen premises&nbsp;vandalised, including <a href="https://www.wionews.com/world/hong-kong-unrest-protesters-vow-to-keep-fighting-police-fire-tear-gas-271427">Bank of China</a> (Hong&nbsp;Kong),&nbsp;Hong&nbsp;Kong's second largest bank behind&nbsp;HSBC.

But more recently,&nbsp;HSBC&nbsp;has drawn the ire of some protesters who accuse it of being complicit in action by the authorities against activists trying to raise money to support their campaign.

Protesters link the bank's closure in November of an account held by a group called Spark Alliance, which helps pay protesters' legal costs, to the December arrest of four Spark Alliance members on money laundering charges.

HSBC&nbsp;has strongly denied any connection.

"People are angry because they feel that&nbsp;HSBC&nbsp;has stopped money getting to the protesters," one protester said on Wednesday, of the decision to close the account as he stood in a group taking photos of the damaged lions.

HSBC&nbsp;said in a statement after the arrests that the decision to close the account was "in accordance to international regulatory standards".

"Our decision is completely unrelated to the&nbsp;Hong&nbsp;Kong&nbsp;Police’s <a href="https://www.wionews.com/world/hong-kong-around-400-arrested-in-new-years-day-unrest-271484">arrest</a> of the four individuals on 19 December 2019.&nbsp;We&nbsp;closed&nbsp;the account in November 2019 following direct instruction from the customer," the bank said.

It is highly unusual for&nbsp;HSBC&nbsp;to comment on individual cases.

Two&nbsp;HSBC&nbsp;branches&nbsp;and seven indoor ATM clusters were&nbsp;closed&nbsp;on Thursday, the first working day of the&nbsp;year.

Some had their windows smashed and "support Spark Alliance" was spray painted on their walls during a New&nbsp;Year's Day anti-government protest march. Others were damaged during protests on Christmas Eve.

Also Watch:&nbsp;Hong Kong kicks off 2020 fresh protests

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The two lions were daubed with graffiti and briefly set alight after being doused in a flammable liquid.

HSBC&nbsp;said on Thursday initial cleaning of the lions had begun.

"We are engaging conservation experts to advise us on the professional restoration required and the process can take time," the bank said in a statement.

More than 90 per cent&nbsp;of the $4.4 billion generated by&nbsp;HSBC's retail banking and wealth management unit in the six months to last June, came from&nbsp;<a href="https://www.wionews.com/opinions/last-year-was-marked-by-defiance-dissent-2020-is-likely-to-be-no-different-271611">Hong&nbsp;Kong</a>.

HSBC&nbsp;has also deployed billions of dollars in China’s southern Pearl River Delta region, adjacent to&nbsp;Hong&nbsp;Kong, and has expanded its services in the world’s second largest economy.

Beijing plans to integrate the Pearl River Delta and&nbsp;Hong&nbsp;Kong&nbsp;and <a href="https://www.wionews.com/world/chinese-president-xi-jinping-praises-macau-for-choosing-unity-and-negotiation-over-contention-269302">Macau</a> to create an economic powerhouse under its Greater Bay Area Initiative.

HSBC's entanglement in the protests underlines the tightrope that companies have had to walk since the protests got going in June in response to a now-withdrawn bill that would have allowed extraditions to mainland China, where courts are controlled by the Communist Party.

The demonstrations have evolved into a broad <a href="https://www.wionews.com/world/hong-kong-readies-for-new-year-democracy-rally-271378">pro-democracy movement</a>.

"Clearly, there is a fine line for management to draw between customers and the Chinese authorities,” said a head of corporate governance at a UK-based asset manager and&nbsp;HSBC&nbsp;shareholder.

Other&nbsp;Hong&nbsp;Kong&nbsp;companies have been damaged by being perceived to be too supportive of the protests.

<a href="https://www.wionews.com/business-economy/seven-hong-kong-airlines-planes-impounded-by-authority-268722">Cathay Pacific Airways</a> was forced by Beijing to suspend staff involved in the protests, and chief executive Rupert Hogg and his top deputy resigned in August amid the turmoil.

HSBC&nbsp;has previously been targeted by supporters of Beijing.

Users of China's Weibo social media platform shared screenshots last&nbsp;year&nbsp;of an&nbsp;HSBC&nbsp;employee's Facebook posts supporting the protests. The posts urged readers to complain to&nbsp;HSBC&nbsp;management.

"Businesses now have to consider how three different groups will react to their decisions: The Chinese government,&nbsp;Hong&nbsp;Kong&nbsp;protesters, and Chinese consumers," said Kent Kedl, head of Control Risks' Greater China practice.

HSBC is being drawn into Hong Kong's political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-centre headquarters.

HSBC is being drawn into Hong Kong's political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-centre headquarters. Hong Kong is the bank's single most important market, accounting for just over half of its $12.5 billion pre-tax profits in the first half of 2019, though with the protests tipping Hong Kong's economy into recession, HSBC and its peers are expected to take a financial hit. Until now, HSBC had largely escaped direct involvement in the often-violent anti-government protests that have shaken Hong Kong for more than six months even as other companies with perceived links to Beijing have seen premises vandalised, including Bank of China (Hong Kong), Hong Kong's second largest bank behind HSBC. But more recently, HSBC has drawn the ire of some protesters who accuse it of being complicit in action by the authorities against activists trying to raise money to support their campaign. Protesters link the bank's closure in November of an account held by a group called Spark Alliance, which helps pay protesters' legal costs, to the December arrest of four Spark Alliance members on money laundering charges. HSBC has strongly denied any connection. "People are angry because they feel that HSBC has stopped money getting to the protesters," one protester said on Wednesday, of the decision to close the account as he stood in a group taking photos of the damaged lions. HSBC said in a statement after the arrests that the decision to close the account was "in accordance to international regulatory standards". "Our decision is completely unrelated to the Hong Kong Police’s arrest of the four individuals on 19 December 2019. We closed the account in November 2019 following direct instruction from the customer," the bank said. It is highly unusual for HSBC to comment on individual cases. Two HSBC branches and seven indoor ATM clusters were closed on Thursday, the first working day of the year. Some had their windows smashed and "support Spark Alliance" was spray painted on their walls during a New Year's Day anti-government protest march. Others were damaged during protests on Christmas Eve. Also Watch: Hong Kong kicks off 2020 fresh protests × The two lions were daubed with graffiti and briefly set alight after being doused in a flammable liquid. HSBC said on Thursday initial cleaning of the lions had begun. "We are engaging conservation experts to advise us on the professional restoration required and the process can take time," the bank said in a statement. More than 90 per cent of the $4.4 billion generated by HSBC's retail banking and wealth management unit in the six months to last June, came from Hong Kong. HSBC has also deployed billions of dollars in China’s southern Pearl River Delta region, adjacent to Hong Kong, and has expanded its services in the world’s second largest economy. Beijing plans to integrate the Pearl River Delta and Hong Kong and Macau to create an economic powerhouse under its Greater Bay Area Initiative. HSBC's entanglement in the protests underlines the tightrope that companies have had to walk since the protests got going in June in response to a now-withdrawn bill that would have allowed extraditions to mainland China, where courts are controlled by the Communist Party. The demonstrations have evolved into a broad pro-democracy movement. "Clearly, there is a fine line for management to draw between customers and the Chinese authorities,” said a head of corporate governance at a UK-based asset manager and HSBC shareholder. Other Hong Kong companies have been damaged by being perceived to be too supportive of the protests. Cathay Pacific Airways was forced by Beijing to suspend staff involved in the protests, and chief executive Rupert Hogg and his top deputy resigned in August amid the turmoil. HSBC has previously been targeted by supporters of Beijing. Users of China's Weibo social media platform shared screenshots last year of an HSBC employee's Facebook posts supporting the protests. The posts urged readers to complain to HSBC management. "Businesses now have to consider how three different groups will react to their decisions: The Chinese government, Hong Kong protesters, and Chinese consumers," said Kent Kedl, head of Control Risks' Greater China practice.

HSBC begins year with Hong Kong branches closed, vandalised

The&nbsp;dollar&nbsp;snapped a six-day losing streak to add 0.2 per cent&nbsp;on Thursday, the first trading day of 2020, pushing the euro&nbsp;off&nbsp;five-month highs while the&nbsp;offshore yuan shrugged&nbsp;off-reserve ratio cuts that could add $115 billion worth of liquidity.

Trading may remain thin until Tuesday when most European countries open after Monday's Epiphany holiday but market players will be relieved the&nbsp;dollar&nbsp;navigated the thin-liquidity holiday period without experiencing the money market squeezes many had feared.

But wariness remains that there could be a repeat of last January's "flash crash" when massive stop-loss selling swept through holiday-thinned markets. Japanese retail investors are seen to have gone into the <a href="https://www.wionews.com/world/japans-naruhito-hopes-for-a-year-without-natural-disasters-271532">Tokyo</a> holiday heavily short yen and long high-yielding currencies, including the Turkish lira.

Such yen moves tend to fuel wild swings in the&nbsp;dollar&nbsp;as well but traders may be better prepared than last year.

"There had been some talk of a possible&nbsp;dollar&nbsp;squeeze but US&nbsp;rates have been calm as the Fed has been on top of the game and providing enough liquidity. So now&nbsp;dollar-yen is mostly moving in line with the general risk sentiment," said Lauri Halikka, fixed income and FX strategist at SEB in Stockholm.

US&nbsp;President <a href="https://www.wionews.com/world/kim-a-man-of-his-word-on-denuclearization-donald-trump-271377">Donald Trump</a> said on Tuesday that Phase One&nbsp;of <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade deal</a> with China would be signed on January&nbsp;15 at the White House, but uncertainty surrounds details of the agreement.

Having ended December almost 2 per cent&nbsp;lower against a basket of currencies, the&nbsp;dollar&nbsp;inched up to 96.55 while against the euro it was flat around $1.12095, just&nbsp;off&nbsp;its early-August peak of $1.1249. It ended 2019 almost flat.

The yuan closed at 6.9631 to the&nbsp;dollar, its strongest close since August 2, and its&nbsp;offshore version also firmed after an initial downward move after China's Wednesday move to cut the amount of cash that banks must hold, releasing $115 billion worth of funds to support the economy.

But the move had been widely expected ahead of January's Lunar New Year holidays and after <a href="https://www.wionews.com/business-economy/sensex-falls-181-points-to-close-at-4146126-nifty-at-1221455-270010">Premier Li Keqiang's</a> pledge last month to unleash more stimulus.

In terms of data, final purchasing managers indexes painted a slightly brighter than expected picture across much of Asia and Europe, with final French, German and euro zone readings a touch better than advance PMIs. However, they confirmed euro zone activity contracting for the 11th straight month.

The euro strengthened 1.8 per cent&nbsp;to the&nbsp;dollar&nbsp;last month but the PMIs failed to lift it further even though bond yields extended their rise and inflation expectations rose to the highest since July.

But <a href="https://www.wionews.com/business-economy/nifty-sensex-slip-after-rbi-surprises-by-holding-rates-steady-266369">Societe Generale</a> analysts wrote; "Higher bond yields are likely to keep the euro's micro-rally going, wildfires will keep a lid on Aussie&nbsp;dollar, and PMIs and oil are supporting Norwegian, Swedish and Canadian currencies."

The Swedish crown firmed 0.3 per cent&nbsp;against the euro after PMIs rose in December after three months of declines though they still languished in contraction territory.

Norway's PMI index rose to 55.5 points from November's revised 53.8 points, allowing the Norwegian crown to scale new 3-1/2-month highs to the euro.

The Australian&nbsp;dollar&nbsp;slipped 0.2 per cent&nbsp;while the Canadian&nbsp;dollar&nbsp;was close to 2-1/2-month highs.

The British pound slipped 0.2 per cent&nbsp;however after December's 2.5 per cent&nbsp;gain.

The dollar snapped a six-day losing streak to add 0.2 per cent on Thursday, the first trading day of 2020, pushing the euro off five-month highs while the offshore yuan shrugged off-reserve ratio cuts that could add $115 billion worth of liquidity.

The dollar snapped a six-day losing streak to add 0.2 per cent on Thursday, the first trading day of 2020, pushing the euro off five-month highs while the offshore yuan shrugged off-reserve ratio cuts that could add $115 billion worth of liquidity. Trading may remain thin until Tuesday when most European countries open after Monday's Epiphany holiday but market players will be relieved the dollar navigated the thin-liquidity holiday period without experiencing the money market squeezes many had feared. But wariness remains that there could be a repeat of last January's "flash crash" when massive stop-loss selling swept through holiday-thinned markets. Japanese retail investors are seen to have gone into the Tokyo holiday heavily short yen and long high-yielding currencies, including the Turkish lira. Such yen moves tend to fuel wild swings in the dollar as well but traders may be better prepared than last year. "There had been some talk of a possible dollar squeeze but US rates have been calm as the Fed has been on top of the game and providing enough liquidity. So now dollar-yen is mostly moving in line with the general risk sentiment," said Lauri Halikka, fixed income and FX strategist at SEB in Stockholm. US President Donald Trump said on Tuesday that Phase One of trade deal with China would be signed on January 15 at the White House, but uncertainty surrounds details of the agreement. Having ended December almost 2 per cent lower against a basket of currencies, the dollar inched up to 96.55 while against the euro it was flat around $1.12095, just off its early-August peak of $1.1249. It ended 2019 almost flat. The yuan closed at 6.9631 to the dollar, its strongest close since August 2, and its offshore version also firmed after an initial downward move after China's Wednesday move to cut the amount of cash that banks must hold, releasing $115 billion worth of funds to support the economy. But the move had been widely expected ahead of January's Lunar New Year holidays and after Premier Li Keqiang's pledge last month to unleash more stimulus. In terms of data, final purchasing managers indexes painted a slightly brighter than expected picture across much of Asia and Europe, with final French, German and euro zone readings a touch better than advance PMIs. However, they confirmed euro zone activity contracting for the 11th straight month. The euro strengthened 1.8 per cent to the dollar last month but the PMIs failed to lift it further even though bond yields extended their rise and inflation expectations rose to the highest since July. But Societe Generale analysts wrote; "Higher bond yields are likely to keep the euro's micro-rally going, wildfires will keep a lid on Aussie dollar, and PMIs and oil are supporting Norwegian, Swedish and Canadian currencies." The Swedish crown firmed 0.3 per cent against the euro after PMIs rose in December after three months of declines though they still languished in contraction territory. Norway's PMI index rose to 55.5 points from November's revised 53.8 points, allowing the Norwegian crown to scale new 3-1/2-month highs to the euro. The Australian dollar slipped 0.2 per cent while the Canadian dollar was close to 2-1/2-month highs. The British pound slipped 0.2 per cent however after December's 2.5 per cent gain.

Dollar snaps six-day losing streak, a flat start for 2020

Forum of India Food Importers (FIFI) and North East Entrepreneurs Alliance (NEEA) agreed to build cooperation by signing a Memorandum of Understanding (MoU) during recently organized North East Food Show 2019 by the government of Meghalaya and SIAL Paris. 
 
The MoU has been signed with an objective to facilitate food business, food processing, food ingredient sourcing, providing market linkages and knowledge exchange between both the parties. 
 
NEEA aims to work closely with FIFI to curate products from the region which can find the platform at par to the international food and beverage products. With this MoU, NEEA is also looking forward to creating a few geographical product categories, brand them accordingly and generate long term brand equity for them. 
 
The GI tagged commodities remain underutilized and with FIFI, NEEA hopes to leverage the opportunity not only in India but across the world. 
 
"While FIFI members see great potential in the North-Eastern states and have expressed keen interest to connect the novel products not only with the Indian market but, to eventually see them getting attention across the globe. We are delighted to take this engagement forward," said Pankaj Singhal after signing of the MoU.

The MoU was signed by Amit Lohani and Pankaj Singhal from the FIFI and members of NEEA in the presence of luminous dignitaries like <a href="https://www.wionews.com/india-news/will-continue-to-serve-northeast-people-expand-national-peoples-party-base-conrad-k-sangma-225616">Conrad K Sangma</a>, the Chief Minister of the state of Meghalaya, <a href="https://www.wionews.com/india-news/defence-minister-rajnath-singh-calls-for-upgrading-border-infrastructure-inaugurates-sisseri-river-bridge-in-arunachal-pradesh-262438">Prema Khandu</a>, the Chief Minister of the state of Arunachal Pradesh, <a href="https://www.wionews.com/sports/clean-sports-is-our-agenda-sports-minister-rijiju-267400">Kiren Rijiju</a>, Minister of State of the Ministry of Youth Affairs and Sports and Minister of State in the Ministry of Minority Affairs of India, Rameswar Teli, Minister of State in the Ministry of Food Processing Industries, <a href="https://www.wionews.com/india-news/minister-of-home-affairs-amit-shah-discusses-citizenship-bill-with-northeastern-leaders-265351">Biplab Kumar Deb</a>, the Chief Minister of the state of Tripura, and Bedu Panth, Minister of Tourism and Civil aviation and Commerce and Industries.

"We warmly welcome the progressive the regime led by the brigade of politicians and bureaucrats in North East <a href="https://www.wionews.com/opinions/anti-caa-protests-heres-why-the-police-force-is-being-targetted-and-demonised-271596">India</a>. The eastern end of the political boundaries of India, the seven states, appears dedicated to connecting their food map to the world. We are keen to take the dialogue further in the realm of ease of doing business, better interstate trade, supporting tax reforms, improved logistical connectivity, and education on regulatory compliances. We would like to do continued efforts not only limiting ourselves to a trade show but, with our continued engagements," said Amit Lohani, Founder and Director, FIFI. 
 
"We firmly believe in cross border trade goods, which are not produced in the region like almonds, pistachios, high-end chocolates, alcoholic beverages, and other products can make way into the North Eastern Market and premium quality turmeric, organic teas, wines, pineapples, and citrus fruits can be traded out at an affordable price," he added.

FIFI led a delegation to the North East Food Show 2019, including of its members and representatives from various countries HE Juan Rolando Ambassador of Chile to India, HE Hector Cueva Ambassador of Ecuador to India, HE Claudio Ansorena Montero Ambassador of Costa Rica to India, and HE Archil Dzuliashvili Ambassador of Georgia to India; trade commissioners and section heads from <a href="https://www.wionews.com/world/syria-regime-must-halt-escalation-of-violence-european-union-270860">European Union</a>, France, Mexico, the United Kingdom, and Austria, to name a few. 
 
Forum of Indian Food Importers (FIFI); is a not for profit organization, which is not involved in buying and selling directly. An apex chamber representing over 15,000 food importers, retailers, hoteliers, and other stakeholders in India, FIFI provides a diligent informative data bank on Food and Beverage trade in-country and projects an efficacious knowledge network in the country through its composite interactions with various stakeholders. 
 
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

Forum of India Food Importers (FIFI) and North East Entrepreneurs Alliance (NEEA) agreed to build cooperation by signing a Memorandum of Understanding (MoU) during recently organized North East Food Show 2019 by the government of Meghalaya and SIAL Paris.

Forum of India Food Importers (FIFI) and North East Entrepreneurs Alliance (NEEA) agreed to build cooperation by signing a Memorandum of Understanding (MoU) during recently organized North East Food Show 2019 by the government of Meghalaya and SIAL Paris. The MoU has been signed with an objective to facilitate food business, food processing, food ingredient sourcing, providing market linkages and knowledge exchange between both the parties. NEEA aims to work closely with FIFI to curate products from the region which can find the platform at par to the international food and beverage products. With this MoU, NEEA is also looking forward to creating a few geographical product categories, brand them accordingly and generate long term brand equity for them. The GI tagged commodities remain underutilized and with FIFI, NEEA hopes to leverage the opportunity not only in India but across the world. "While FIFI members see great potential in the North-Eastern states and have expressed keen interest to connect the novel products not only with the Indian market but, to eventually see them getting attention across the globe. We are delighted to take this engagement forward," said Pankaj Singhal after signing of the MoU. The MoU was signed by Amit Lohani and Pankaj Singhal from the FIFI and members of NEEA in the presence of luminous dignitaries like Conrad K Sangma, the Chief Minister of the state of Meghalaya, Prema Khandu, the Chief Minister of the state of Arunachal Pradesh, Kiren Rijiju, Minister of State of the Ministry of Youth Affairs and Sports and Minister of State in the Ministry of Minority Affairs of India, Rameswar Teli, Minister of State in the Ministry of Food Processing Industries, Biplab Kumar Deb, the Chief Minister of the state of Tripura, and Bedu Panth, Minister of Tourism and Civil aviation and Commerce and Industries. "We warmly welcome the progressive the regime led by the brigade of politicians and bureaucrats in North East India. The eastern end of the political boundaries of India, the seven states, appears dedicated to connecting their food map to the world. We are keen to take the dialogue further in the realm of ease of doing business, better interstate trade, supporting tax reforms, improved logistical connectivity, and education on regulatory compliances. We would like to do continued efforts not only limiting ourselves to a trade show but, with our continued engagements," said Amit Lohani, Founder and Director, FIFI. "We firmly believe in cross border trade goods, which are not produced in the region like almonds, pistachios, high-end chocolates, alcoholic beverages, and other products can make way into the North Eastern Market and premium quality turmeric, organic teas, wines, pineapples, and citrus fruits can be traded out at an affordable price," he added. FIFI led a delegation to the North East Food Show 2019, including of its members and representatives from various countries HE Juan Rolando Ambassador of Chile to India, HE Hector Cueva Ambassador of Ecuador to India, HE Claudio Ansorena Montero Ambassador of Costa Rica to India, and HE Archil Dzuliashvili Ambassador of Georgia to India; trade commissioners and section heads from European Union, France, Mexico, the United Kingdom, and Austria, to name a few. Forum of Indian Food Importers (FIFI); is a not for profit organization, which is not involved in buying and selling directly. An apex chamber representing over 15,000 food importers, retailers, hoteliers, and other stakeholders in India, FIFI provides a diligent informative data bank on Food and Beverage trade in-country and projects an efficacious knowledge network in the country through its composite interactions with various stakeholders. This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

MoU signed between Forum of Indian Food Importers and NEEA to strengthen trade ties

Revenue Secretary Ajay Bhushan Pandey will hold a day-long brainstorming session on January 7 with commissioners of state and central taxes to discuss how the <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-to-chair-38th-gst-council-meeting-today-268815">Goods and Service Tax</a> (GST) system can be streamlined for faster refunds, enhanced compliance and discourage tax evaders. 
 
Officials will debate on ways to curb fraud and evasion, check fake or huge input tax credit claims and seek bank account details of businesses to tally with their filings, sources said on Thursday. 
 
They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation. 
 
The discussions will focus on a road ahead for e-invoicing, new return system, and feedback, e-way bill linking with Fastag, pendency of refunds, linkage of Aadhaar to GST registration, enforcement module use without overreach and QR codes. 
 
A detailed review of further use of <a href="https://www.wionews.com/india-news/maharashtra-pollution-control-bodys-report-lacks-coherent-solutions-experts-268200">data analytics</a> and artificial intelligence in the process of enforcement, red-flagging tax evaders and finding a way to block fake refund claimants will also be taken up, sources said. 
 
Officials will examine the processes designed to give the due role to collating and combined study of data from third parties like banks and IFU-India. 
 
The meeting will also be attended by senior officers of the <a href="https://www.wionews.com/india-news/cbic-suspends-assistant-commissioner-deepak-pandit-for-misusing-powers-264782">Central Board of Indirect Taxes and Customs</a>, the Central Board of Direct Taxes, the Financial Intelligence Unit (FIU), the Directorate General of Analytics and Risk Management (DGARM), GSTN officials and field officers from enforcement wings.

Revenue Secretary Ajay Bhushan Pandey will hold a day-long brainstorming session on January 7 with commissioners of state and central taxes to discuss how the Goods and Service Tax (GST) system can be streamlined for faster refunds, enhanced compliance and discourage tax evaders.

Revenue Secretary Ajay Bhushan Pandey will hold a day-long brainstorming session on January 7 with commissioners of state and central taxes to discuss how the Goods and Service Tax (GST) system can be streamlined for faster refunds, enhanced compliance and discourage tax evaders. Officials will debate on ways to curb fraud and evasion, check fake or huge input tax credit claims and seek bank account details of businesses to tally with their filings, sources said on Thursday. They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation. The discussions will focus on a road ahead for e-invoicing, new return system, and feedback, e-way bill linking with Fastag, pendency of refunds, linkage of Aadhaar to GST registration, enforcement module use without overreach and QR codes. A detailed review of further use of data analytics and artificial intelligence in the process of enforcement, red-flagging tax evaders and finding a way to block fake refund claimants will also be taken up, sources said. Officials will examine the processes designed to give the due role to collating and combined study of data from third parties like banks and IFU-India. The meeting will also be attended by senior officers of the Central Board of Indirect Taxes and Customs, the Central Board of Direct Taxes, the Financial Intelligence Unit (FIU), the Directorate General of Analytics and Risk Management (DGARM), GSTN officials and field officers from enforcement wings.

Officials to meet on January 7 for streamlining GST refunds, curbing evasion

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors. 
 
Finance Minister Nirmala Sitharaman recently announced a Rs 102 lakh crore infrastructure project pipeline for the next five years, a move that is likely to help the country nearly double GDP's size to five trillion dollars by 2025. 
 
The <a href="https://www.wionews.com/business-economy/equity-indices-close-in-the-green-adani-ports-gains-by-31-per-cent-271482">BSE S&amp;P Sensex</a> closed 321 points up at 41,627 while the Nifty 50 edged higher by 100 points at 12,283. 
 
Except for <a href="https://www.wionews.com/business-economy/indian-shares-slip-on-year-end-profit-booking-nifty-set-for-13-jump-in-2019-271230">Nifty IT</a> which wound up 0.03 per cent lower, all sectoral indices at the <a href="https://www.wionews.com/business-economy/equities-begin-2020-on-a-positive-note-led-by-metal-stocks-271361">National Stock Exchange</a> were in the green with Nifty metal shoring up by 2.68 per cent, bank by 1.04 per cent and realty by 0.92 per cent. 
 
Among stocks, auto major <a href="https://www.wionews.com/business-economy/market-closing-sensex-ends-17-points-lower-nifty-at-12256-271060">Tata Motors</a> gained by 5.1 per cent intraday to close at Rs 193.85 after global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on JLR recovery while domestic commercial vehicle and passenger vehicle volumes remained weak in December. 
 
But the overall rally was led by infra-led stocks, especially metal majors. Tata Steel gained by 4.3 per cent, JSW Steel by 3.2 per cent, Vedanta by 3.1 per cent and <a href="https://www.wionews.com/business-economy/sensex-rallies-by-413-points-to-scale-new-high-nifty-closes-at-12165-268755">Hindalco</a> by 2.4 per cent. 
 
Aditya Birla-led UltraTech Cement and Grasim added gains of 4.2 per cent and 3 per cent respectively while engineering major Larsen &amp; Toubro edged higher by 2.6 per cent. Private sector lender IndusInd Bank ticked up by 3.2 per cent. 
 
However, <a href="https://www.wionews.com/business-economy/sensex-falls-by-298-points-psu-banks-underperform-270367">Eicher Motors</a> fell by 2.3 per cent while Bajaj Auto, Bharat Petroleum Corporation, Cipla and Tata Consultancy Services closed in the red. 
 
Meanwhile, <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian shares</a> were buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth. Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies. 
 
In China, the <a href="https://www.wionews.com/business-economy/sensex-falls-181-points-to-close-at-4146126-nifty-at-1221455-270010">Shanghai Composite Index</a> was 1.15 per cent higher but Seoul's Kospi began the year down by 1.02 per cent. Markets in Japan were closed for a national holiday. 
 
US President Donald Trump said on Tuesday that phase one of the <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade deal</a> with China will be signed on January 15 at the White House, though uncertainty surrounds details about the agreement.

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors.

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors. Finance Minister Nirmala Sitharaman recently announced a Rs 102 lakh crore infrastructure project pipeline for the next five years, a move that is likely to help the country nearly double GDP's size to five trillion dollars by 2025. The BSE S&P Sensex closed 321 points up at 41,627 while the Nifty 50 edged higher by 100 points at 12,283. Except for Nifty IT which wound up 0.03 per cent lower, all sectoral indices at the National Stock Exchange were in the green with Nifty metal shoring up by 2.68 per cent, bank by 1.04 per cent and realty by 0.92 per cent. Among stocks, auto major Tata Motors gained by 5.1 per cent intraday to close at Rs 193.85 after global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on JLR recovery while domestic commercial vehicle and passenger vehicle volumes remained weak in December. But the overall rally was led by infra-led stocks, especially metal majors. Tata Steel gained by 4.3 per cent, JSW Steel by 3.2 per cent, Vedanta by 3.1 per cent and Hindalco by 2.4 per cent. Aditya Birla-led UltraTech Cement and Grasim added gains of 4.2 per cent and 3 per cent respectively while engineering major Larsen & Toubro edged higher by 2.6 per cent. Private sector lender IndusInd Bank ticked up by 3.2 per cent. However, Eicher Motors fell by 2.3 per cent while Bajaj Auto, Bharat Petroleum Corporation, Cipla and Tata Consultancy Services closed in the red. Meanwhile, Asian shares were buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth. Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies. In China, the Shanghai Composite Index was 1.15 per cent higher but Seoul's Kospi began the year down by 1.02 per cent. Markets in Japan were closed for a national holiday. US President Donald Trump said on Tuesday that phase one of the trade deal with China will be signed on January 15 at the White House, though uncertainty surrounds details about the agreement.

Sensex gains by 321 points as Nifty closes on high record, Tata Motors on top winner

Once Chinese conglomerate and now state-owned group,&nbsp;Anbang Insurance Group made it second attempt to offload the lender as it put 35% stake in Chengdu Rural Commercial Bank for sale for 16.5 billion yuan ($2.4 billion).

In December last year, Anbang tried to sell Chengdu Rural Commercial Bank for 16.8 billion yuan. However, Anbang withdrew the offer in January without mentioning any reason.

The group was taken over by the government last year.

The planned sale&nbsp;comes as China attempts to tame financial and credit risks among the country's smaller lenders while Anbang, once among China's most aggressive dealmakers, conducts a slew of asset sales.

According to a report by Reuters, the potential investors include Chengdu Xingcheng Investment Group, a local government-backed investment vehicle.

In February 2018 the Chinese government seized control of the previously high-flying Anbang as part of a campaign to curb financial risk in the aftermath of a massive asset-buying spree by a handful of private-sector conglomerates.

China's financial regulators have also pushed local governments to take the lead in managing crises that have flared up among small lenders. Five regional banks have been hit by management or liquidity problems this year.

Anbang is the biggest shareholder of state-backed Chengdu Rural Commercial Bank.

In the event of multiple bids for Anbang's stake in the bank, the Beijing Financial Assets Exchange will conduct an auction that will conclude on Feb. 1, the filing said.

(With inputs from Reuters) 
&nbsp;

Once Chinese conglomerate and now state-owned group, Anbang Insurance Group made it second attempt to offload the lender as it put 35% stake in Chengdu Rural Commercial Bank for sale for 16.

Once Chinese conglomerate and now state-owned group, Anbang Insurance Group made it second attempt to offload the lender as it put 35% stake in Chengdu Rural Commercial Bank for sale for 16.5 billion yuan ($2.4 billion). In December last year, Anbang tried to sell Chengdu Rural Commercial Bank for 16.8 billion yuan. However, Anbang withdrew the offer in January without mentioning any reason. The group was taken over by the government last year. The planned sale comes as China attempts to tame financial and credit risks among the country's smaller lenders while Anbang, once among China's most aggressive dealmakers, conducts a slew of asset sales. According to a report by Reuters, the potential investors include Chengdu Xingcheng Investment Group, a local government-backed investment vehicle. In February 2018 the Chinese government seized control of the previously high-flying Anbang as part of a campaign to curb financial risk in the aftermath of a massive asset-buying spree by a handful of private-sector conglomerates. China's financial regulators have also pushed local governments to take the lead in managing crises that have flared up among small lenders. Five regional banks have been hit by management or liquidity problems this year. Anbang is the biggest shareholder of state-backed Chengdu Rural Commercial Bank. In the event of multiple bids for Anbang's stake in the bank, the Beijing Financial Assets Exchange will conduct an auction that will conclude on Feb. 1, the filing said. (With inputs from Reuters)

China's Anbang Insurance makes another attempt to sell stake in Chengdu bank

A stone's throw from Nelson Mandela's former home in&nbsp;South&nbsp;Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to&nbsp;Uber&nbsp;Eats, his hungriest customer yet.

Having already dominated Africa's ride-hailing sector,&nbsp;<a href="https://www.wionews.com/business-economy/uber-postmates-sue-to-block-california-gig-worker-law-claiming-its-unconstitutional-271222">Uber</a>&nbsp;is trying to conquer the&nbsp;food&nbsp;delivery market by leveraging&nbsp;its&nbsp;massive fleet of drivers in the continent's most developed economy and tracking popular&nbsp;food&nbsp;choices and destinations.

The prize is big. The country's online&nbsp;food&nbsp;delivery industry was worth 10.49 billion rand ($713 million) in 2019, according to data portal Statista. And with growth pegged at nearly 14 per cent&nbsp;annually, it will hit 17.6 billion rand by 2023.

Surprisingly perhaps,&nbsp;Uber&nbsp;got off to a tricky start.

An initial focus on high-end restaurants proved to be a mistake in a country perpetually on the verge of recession. The <a href="https://www.wionews.com/world/uber-co-founder-travis-kalanick-to-leave-companys-board-270071">San Francisco</a>-based app is now targeting traditional,&nbsp;local&nbsp;fare.

In May, it launched in Soweto, where it works with around 20 partners and is adding more&nbsp;local&nbsp;foods to&nbsp;its&nbsp;480,000 menu items, dispatching dishes like stewed tripe, caterpillars, cow heels and sheep's head to mostly middle-class customers who crave a taste of home.

"I'd say&nbsp;Uber&nbsp;Eats&nbsp;has improved our sales by about 15 per cent&nbsp;to 20 per cent. But I'm targeting even more, up to 50 per cent," Badela says. "There's huge opportunity."

It could be a win-win;&nbsp;Uber&nbsp;posted a $1.16 billion third-quarter loss and&nbsp;Uber&nbsp;Eats&nbsp;is the company's fastest-growing business, contributing more than 10 per cent&nbsp;of&nbsp;its&nbsp;quarterly revenue of $3.8 billion.&nbsp;

Uber&nbsp;isn't alone in wanting a large piece of the&nbsp;South&nbsp;African&nbsp;pie.

Launched in the early 1990s as a call-and-deliver service,&nbsp;South&nbsp;Africa's Mr D&nbsp;Food, part of Naspers-controlled e-commerce firm Take-a-Lot, is the established player.

Some two million&nbsp;South&nbsp;Africans have downloaded&nbsp;its&nbsp;app. It boasts 700,000 active monthly users, and over the past 12 months processed 1.5 billion rand in&nbsp;food&nbsp;orders.

Uber&nbsp;Eats&nbsp;said it's recorded 2.1 million app downloads since&nbsp;its&nbsp;2016 launch, but declined to give figures for&nbsp;food&nbsp;sales.

Between them, the two companies have captured around 80 per cent-90 per cent&nbsp;of&nbsp;South&nbsp;Africa's&nbsp;food-hailing market, according to research firm Insight Surveys.

They'll soon be joined by Bolt, the ride-hailing firm formerly known as Taxify, which is&nbsp;Uber's main competition in Africa. The Estonian company plans to launch&nbsp;its&nbsp;food&nbsp;delivery service in&nbsp;South&nbsp;Africa early next year.&nbsp;

"There is space for three, possibly four key market players, as the market is still in&nbsp;its&nbsp;infancy and will continue to show rapid growth in the future," said Yashvir Maharaj, research director at Insight Surveys.

Uber&nbsp;is using data from&nbsp;its&nbsp;rides service to monitor popular&nbsp;food&nbsp;destinations and is tracking popular&nbsp;food&nbsp;searches on the&nbsp;Uber&nbsp;Eats&nbsp;app to gauge what people are craving.

In&nbsp;South&nbsp;Africa, it has found that Soweto and other traditionally black townships have a reservoir of middle-class consumers who may move further afield and crave a taste of home.

"Now that we're in Soweto we want to take those experiences and expand them to other townships, and go even deeper into Soweto," Dave Kitley,&nbsp;Uber&nbsp;Eats' General Manager for&nbsp;South&nbsp;Africa, told in media briefing.

"We're thinking a lot about migration.&nbsp;When they move, their taste buds move with them."

That's something George Makume, the Soweto-raised owner of So Cafe, understands.

Three years ago, he opened his restaurant in the middle-class suburb of Roodepoort, 25 kilometres (16 miles) west of Soweto, noticing a lack of traditional&nbsp;food&nbsp;options despite a growing number of black professionals moving to the area.

"People grew up with this kind of&nbsp;food, but it's difficult to&nbsp;find&nbsp;unless you travel 20 or 30 kilometres to Soweto," he said.

Among his best-sellers are skopo sheep's head steam-cooked or grilled on an open fire followed by "Mogodu Mondays", a 2-for-1 special of spicy tripe and maize porridge.

Since partnering with&nbsp;Uber&nbsp;Eats, and more recently Mr D&nbsp;Food, Makume said his weekday sales have jumped 30 per cent-40 per cent.

Back at Badela's restaurant where evening prep is under way, he says there's plenty of business to go around.

"I'm not the only one in Soweto offering this kind of&nbsp;food. There are many places," he says. "So if I succeed, the guys selling amanqgina (pig trotters), namatwana (chicken feet) and skopo will say 'Yo! I can do it as well.'"

That's a potential boon for black communities, where unemployment typically outstrips the nationwide average of nearly 30 per cent.

A stone's throw from Nelson Mandela's former home in South Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to Uber Eats, his hungriest customer yet.

A stone's throw from Nelson Mandela's former home in South Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to Uber Eats, his hungriest customer yet. Having already dominated Africa's ride-hailing sector, Uber is trying to conquer the food delivery market by leveraging its massive fleet of drivers in the continent's most developed economy and tracking popular food choices and destinations. The prize is big. The country's online food delivery industry was worth 10.49 billion rand ($713 million) in 2019, according to data portal Statista. And with growth pegged at nearly 14 per cent annually, it will hit 17.6 billion rand by 2023. Surprisingly perhaps, Uber got off to a tricky start. An initial focus on high-end restaurants proved to be a mistake in a country perpetually on the verge of recession. The San Francisco-based app is now targeting traditional, local fare. In May, it launched in Soweto, where it works with around 20 partners and is adding more local foods to its 480,000 menu items, dispatching dishes like stewed tripe, caterpillars, cow heels and sheep's head to mostly middle-class customers who crave a taste of home. "I'd say Uber Eats has improved our sales by about 15 per cent to 20 per cent. But I'm targeting even more, up to 50 per cent," Badela says. "There's huge opportunity." It could be a win-win; Uber posted a $1.16 billion third-quarter loss and Uber Eats is the company's fastest-growing business, contributing more than 10 per cent of its quarterly revenue of $3.8 billion. Uber isn't alone in wanting a large piece of the South African pie. Launched in the early 1990s as a call-and-deliver service, South Africa's Mr D Food, part of Naspers-controlled e-commerce firm Take-a-Lot, is the established player. Some two million South Africans have downloaded its app. It boasts 700,000 active monthly users, and over the past 12 months processed 1.5 billion rand in food orders. Uber Eats said it's recorded 2.1 million app downloads since its 2016 launch, but declined to give figures for food sales. Between them, the two companies have captured around 80 per cent-90 per cent of South Africa's food-hailing market, according to research firm Insight Surveys. They'll soon be joined by Bolt, the ride-hailing firm formerly known as Taxify, which is Uber's main competition in Africa. The Estonian company plans to launch its food delivery service in South Africa early next year. "There is space for three, possibly four key market players, as the market is still in its infancy and will continue to show rapid growth in the future," said Yashvir Maharaj, research director at Insight Surveys. Uber is using data from its rides service to monitor popular food destinations and is tracking popular food searches on the Uber Eats app to gauge what people are craving. In South Africa, it has found that Soweto and other traditionally black townships have a reservoir of middle-class consumers who may move further afield and crave a taste of home. "Now that we're in Soweto we want to take those experiences and expand them to other townships, and go even deeper into Soweto," Dave Kitley, Uber Eats' General Manager for South Africa, told in media briefing. "We're thinking a lot about migration. When they move, their taste buds move with them." That's something George Makume, the Soweto-raised owner of So Cafe, understands. Three years ago, he opened his restaurant in the middle-class suburb of Roodepoort, 25 kilometres (16 miles) west of Soweto, noticing a lack of traditional food options despite a growing number of black professionals moving to the area. "People grew up with this kind of food, but it's difficult to find unless you travel 20 or 30 kilometres to Soweto," he said. Among his best-sellers are skopo sheep's head steam-cooked or grilled on an open fire followed by "Mogodu Mondays", a 2-for-1 special of spicy tripe and maize porridge. Since partnering with Uber Eats, and more recently Mr D Food, Makume said his weekday sales have jumped 30 per cent-40 per cent. Back at Badela's restaurant where evening prep is under way, he says there's plenty of business to go around. "I'm not the only one in Soweto offering this kind of food. There are many places," he says. "So if I succeed, the guys selling amanqgina (pig trotters), namatwana (chicken feet) and skopo will say 'Yo! I can do it as well.'" That's a potential boon for black communities, where unemployment typically outstrips the nationwide average of nearly 30 per cent.

Uber Eats goes local to find its niche in South African food fight

Oil&nbsp;prices kicked off the&nbsp;new&nbsp;year&nbsp;higher&nbsp;on Thursday as warming&nbsp;<a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade&nbsp;relations</a> between the United States and China eased demand concerns while rising&nbsp;tensions&nbsp;in the&nbsp;Middle&nbsp;East&nbsp;fuelled worries about supply.

Global benchmark <a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Brent crude</a> futures, rose 35 cents, or 0.5 per cent, to 66.35 a barrel by 0738 GMT, while US&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">West Texas Intermediate</a> (WTI) crude was up 25 cents, or 0.4 per cent, at $61.31 per barrel.

<a href="https://www.wionews.com/opinions/wion-edit-oil-drives-the-global-economy-268116">Oil&nbsp;markets</a> were closed on Wednesday for&nbsp;New&nbsp;Year's Day.

Both benchmarks ended&nbsp;higher&nbsp;in 2019, posting their biggest annual gains since 2016, buoyed at the end of the&nbsp;year&nbsp;by a thaw in the prolonged&nbsp;trade&nbsp;dispute between the United States and China, the world's two largest economies and a deeper output cut pledged by the <a href="https://www.wionews.com/business-economy/oil-prices-inch-higher-amid-support-for-supply-cuts-lower-inventory-forecast-269909">Organization of Petroleum Exporting Countries</a> (OPEC) and its allies.

"Oil&nbsp;remains supported by the back-burner&nbsp;trade&nbsp;truce and the uptick in political unrest in Iraq," said <a href="https://www.wionews.com/business-economy/oil-prices-slip-as-weak-china-exports-highlights-trade-war-impact-267079">Stephen Innes</a>, chief Asia market strategist at AxiTrader.

The US&nbsp;military carried out airstrikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the airstrikes, protesters stormed the US&nbsp;Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops.

In 2020, Brent is forecast to average $63.07 a barrel, up from December's estimate of $62.50, while WTI is forecast to average $57.70 a barrel, up from December's estimate of $57.30, as the OPEC-led supply cuts and the expectations of a US-China&nbsp;trade&nbsp;deal boosted analysts' views on the prospects for the&nbsp;year, a Reuters poll showed.

US&nbsp;President Donald Trump said on Tuesday the US-China Phase One&nbsp;<a href="https://www.wionews.com/business-economy/oil-edges-up-on-trade-optimism-eyes-on-middle-east-tensions-270959">trade&nbsp;deal</a> would be signed on January&nbsp;15 at the White House.

January also marks the start of the deeper output cuts by OPEC and its partners, including Russia. OPEC and its allies have agreed to cut a further of 500,000 barrels per day (BPD) from January&nbsp;1, on top of their previous cut of 1.2 million BPD that started on January&nbsp;1&nbsp;a&nbsp;year&nbsp;ago.

A fall in US&nbsp;<a href="https://www.wionews.com/business-economy/oil-prices-inch-higher-amid-support-for-supply-cuts-lower-inventory-forecast-269909">crude inventories</a> last week also supported prices. US&nbsp;crude stocks fell 7.8 million barrels in the week ended December&nbsp;27, compared with analysts' expectations for a decrease of 3.2 million barrels, according to data from the <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">American Petroleum Institute</a> (API) released on Tuesday.

Official data from the Energy Information Administration (EIA) is due on Friday as the release has been delayed by two days by the&nbsp;New&nbsp;Year's holiday.

"Traders will look towards Friday's EIA report for forwarding guidance on&nbsp;oil&nbsp;prices," said <a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Benjamin Lu</a>, an analyst at Singapore-based brokerage Phillip Futures.

Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply.

Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply. Global benchmark Brent crude futures, rose 35 cents, or 0.5 per cent, to 66.35 a barrel by 0738 GMT, while US West Texas Intermediate (WTI) crude was up 25 cents, or 0.4 per cent, at $61.31 per barrel. Oil markets were closed on Wednesday for New Year's Day. Both benchmarks ended higher in 2019, posting their biggest annual gains since 2016, buoyed at the end of the year by a thaw in the prolonged trade dispute between the United States and China, the world's two largest economies and a deeper output cut pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies. "Oil remains supported by the back-burner trade truce and the uptick in political unrest in Iraq," said Stephen Innes, chief Asia market strategist at AxiTrader. The US military carried out airstrikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the airstrikes, protesters stormed the US Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops. In 2020, Brent is forecast to average $63.07 a barrel, up from December's estimate of $62.50, while WTI is forecast to average $57.70 a barrel, up from December's estimate of $57.30, as the OPEC-led supply cuts and the expectations of a US-China trade deal boosted analysts' views on the prospects for the year, a Reuters poll showed. US President Donald Trump said on Tuesday the US-China Phase One trade deal would be signed on January 15 at the White House. January also marks the start of the deeper output cuts by OPEC and its partners, including Russia. OPEC and its allies have agreed to cut a further of 500,000 barrels per day (BPD) from January 1, on top of their previous cut of 1.2 million BPD that started on January 1 a year ago. A fall in US crude inventories last week also supported prices. US crude stocks fell 7.8 million barrels in the week ended December 27, compared with analysts' expectations for a decrease of 3.2 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. Official data from the Energy Information Administration (EIA) is due on Friday as the release has been delayed by two days by the New Year's holiday. "Traders will look towards Friday's EIA report for forwarding guidance on oil prices," said Benjamin Lu, an analyst at Singapore-based brokerage Phillip Futures.

Oil starts new year higher on trade optimism, Middle East in 'supply' tensions

Tata Sons on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of <a href="https://www.wionews.com/business-economy/will-take-appropriate-legal-recourse-tata-sons-statement-on-mistrys-restoration-as-chairman-by-nclat-269021">Cyrus Mistry</a> as executive chairman of the group.

Mistry lawyers had earlier challenged the order of the Mumbai bench of the NCLT which had dismissed the pleas against his removal as Tata Sons chairman. Last month, the NCLAT had restored Cyrus Mistry as the executive chairman of the Tata Sons.

Mistry in his pleas had argued that his removal was not in accordance with the Companies Act and that there was mismanagement of affairs across Tata Sons. &nbsp;

NCLAT's order on&nbsp;Mistry's restoration was set to be operational after four weeks allowing&nbsp;Tata Sons to file an appeal.&nbsp;

Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent.

Cyrus Mistry had taken over as the chairman of Tata Group in 2012 after Ratan Tata had announced his retirement.

Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.

However, two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT against the action of Tata Sons and Ratan Tata.&nbsp;

Tata Sons on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of Cyrus Mistry as executive chairman of the group.

Tata Sons on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of Cyrus Mistry as executive chairman of the group. Mistry lawyers had earlier challenged the order of the Mumbai bench of the NCLT which had dismissed the pleas against his removal as Tata Sons chairman. Last month, the NCLAT had restored Cyrus Mistry as the executive chairman of the Tata Sons. Mistry in his pleas had argued that his removal was not in accordance with the Companies Act and that there was mismanagement of affairs across Tata Sons. NCLAT's order on Mistry's restoration was set to be operational after four weeks allowing Tata Sons to file an appeal. Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent. Cyrus Mistry had taken over as the chairman of Tata Group in 2012 after Ratan Tata had announced his retirement. Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies. However, two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT against the action of Tata Sons and Ratan Tata.

Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman

The Netherlands is ready to replace the UK's post as a hub for Indian investments into the EU.

WION Wallet: Indian firms eye base in the Netherlands

Equity benchmark indices started calendar 2020 on a firm note with most sectoral indices in the green during early hours on Wednesday.

A day earlier, Finance Minister Nirmala Sitharaman announced a <a href="https://www.wionews.com/india-news/government-unveils-rs-102-lakh-crore-infrastructure-projects-for-next-5-years-271319">Rs 102 lakh crore infrastructure project pipeline</a> for the next five years at a time when overall economic growth is slowing.

The move is likely to help the country nearly double the size of GDP to five trillion dollars by 2025.At 10:15 am, the BSE S&amp;P Sensex was up by 79 points to 41,333 while the Nifty 50 edged higher by 20 points at 12,189.Most sectoral indices at the National Stock Exchange were in the positive zone with Nifty metal up by 0.52 per cent, IT by 0.39 per cent and realty by 0.2 per cent.

Among stocks, JSW Steel gained by 1.15 per cent to trade at Rs 273.15 per share while Vedanta moved up by 0.98 per cent and Tata Steel by 0.73 per cent.

Adani Ports added gains of 1.97 per cent and engineering major Larsen &amp; Toubro ticked up by 1.5 per cent.

The other prominent gainers were index heavyweight Reliance Industries, Bharti Infratel, Wipro and IndianOil Corporation. However, among the losers were IndusInd Bank, Eicher Motors, Coal India, ONGC and Nestle India.&nbsp;

 
&nbsp;

Equity benchmark indices started calendar 2020 on a firm note with most sectoral indices in the green during early hours on Wednesday. A day earlier, Finance Minister Nirmala Sitharaman announced a Rs 102 lakh crore infrastructure project pipeline for the next five years at a time when overall economic growth is slowing.

Equity benchmark indices started calendar 2020 on a firm note with most sectoral indices in the green during early hours on Wednesday. A day earlier, Finance Minister Nirmala Sitharaman announced a Rs 102 lakh crore infrastructure project pipeline for the next five years at a time when overall economic growth is slowing. The move is likely to help the country nearly double the size of GDP to five trillion dollars by 2025.At 10:15 am, the BSE S&P Sensex was up by 79 points to 41,333 while the Nifty 50 edged higher by 20 points at 12,189.Most sectoral indices at the National Stock Exchange were in the positive zone with Nifty metal up by 0.52 per cent, IT by 0.39 per cent and realty by 0.2 per cent. Among stocks, JSW Steel gained by 1.15 per cent to trade at Rs 273.15 per share while Vedanta moved up by 0.98 per cent and Tata Steel by 0.73 per cent. Adani Ports added gains of 1.97 per cent and engineering major Larsen & Toubro ticked up by 1.5 per cent. The other prominent gainers were index heavyweight Reliance Industries, Bharti Infratel, Wipro and IndianOil Corporation. However, among the losers were IndusInd Bank, Eicher Motors, Coal India, ONGC and Nestle India.

Equities begin 2020 on a positive note led by metal stocks

Equity benchmark indices traded range-bound on Wednesday but closed in the green as investors contemplated stock-specific action on the first trading session of the calendar year 2020.

The BSE S&amp;P Sensex closed 52 points up at 41,306 while the Nifty 50 edged higher by 21 points at 12,190.

Sectoral indices at the National Stock Exchange (NSE) were mixed a day after Finance Minister Nirmala Sitharaman announced a Rs 102 lakh crore infrastructure pipeline project for the next five years at a time when overall economic growth is slowing.

Among stocks, Adani Ports was the top winner with an intra-day gain of 3.13 per cent to Rs 377.45 per share. Power Grid Corporation gained by 2.8 per cent while NTPC ticked up by 2.1 per cent.

The other prominent gainers were Vedanta, Bharti Infratel, Infosys, Mahindra &amp; Mahindra, HDFC, Larsen &amp; Toubro and Hindustan Lever.

However, private sector lenders slipped with IndusInd Bank down by 1.5 per cent, Axis Bank by 0.7 per cent and Kotak Mahindra Bank by 0.6 per cent.

Titan was down by 2.7 per cent despite Crisil upgrading its rating on its long-term bank facilities totalling Rs 2,850 crore to AAA with a stable outlook.

Auto majors like Eicher Motors, Bajaj Auto and Maruti too were in the red along with ONGC, Zee Entertainment, and Tata Steel.

Equity benchmark indices traded range-bound on Wednesday but closed in the green as investors contemplated stock-specific action on the first trading session of the calendar year 2020.

Equity benchmark indices traded range-bound on Wednesday but closed in the green as investors contemplated stock-specific action on the first trading session of the calendar year 2020. The BSE S&P Sensex closed 52 points up at 41,306 while the Nifty 50 edged higher by 21 points at 12,190. Sectoral indices at the National Stock Exchange (NSE) were mixed a day after Finance Minister Nirmala Sitharaman announced a Rs 102 lakh crore infrastructure pipeline project for the next five years at a time when overall economic growth is slowing. Among stocks, Adani Ports was the top winner with an intra-day gain of 3.13 per cent to Rs 377.45 per share. Power Grid Corporation gained by 2.8 per cent while NTPC ticked up by 2.1 per cent. The other prominent gainers were Vedanta, Bharti Infratel, Infosys, Mahindra & Mahindra, HDFC, Larsen & Toubro and Hindustan Lever. However, private sector lenders slipped with IndusInd Bank down by 1.5 per cent, Axis Bank by 0.7 per cent and Kotak Mahindra Bank by 0.6 per cent. Titan was down by 2.7 per cent despite Crisil upgrading its rating on its long-term bank facilities totalling Rs 2,850 crore to AAA with a stable outlook. Auto majors like Eicher Motors, Bajaj Auto and Maruti too were in the red along with ONGC, Zee Entertainment, and Tata Steel.

Equity indices close in the green, Adani Ports gains by 3.1 per cent

Airbus has become the world's largest planemaker for the first time since 2011 after delivering a forecast-beating 863 aircraft in 2019, seizing the crown from embattled US&nbsp;rival Boeing, airport and tracking sources said on Wednesday.

A reversal in the pecking order between the two giants had been expected as a crisis over Boeing's grounded 737 MAX drags into 2020. But the record European data further underscores the distance Boeing must travel to recoup its market position.

Airbus, which had been forced by its own industrial problems to cut its 2019 delivery goal by 2-3 per cent&nbsp;in October, deployed extra resources until hours before midnight to reach 863 aircraft for the year, compared with its revised target of 860 jets.

Deliveries rose 7.9 per cent&nbsp;from 800 aircraft in 2018.

Airbus declined to comment on the figures, which must be audited before they can be finalised and published.

Planemakers receive most of their revenues when aircraft are delivered - minus accumulated progress payments - so the end-year delivery performance is closely monitored by investors.

Airbus's tally, which included around 640 single-aisle aircraft, broke industry records after it diverted thousands of workers and cancelled holidays to complete a buffer stock of semi-finished aircraft waiting to have their cabins adjusted.

Airbus has been hit by delays in fitting the complex new layouts on A321neo jets assembled in Hamburg, Germany, resulting in dozens of these and other models being stored in hangars to await last-minute configurations and the arrival of more labour.

Such out-of-sequence work drives up costs and could have a modest impact on Airbus profit margins, but the impact will be largely blunted by the high volume of planes and already solid profitability for such single-aisle aircraft, analysts say.

Still, the problems in fitting complex cabins have curtailed Airbus's ability to take advantage of the market turmoil surrounding Boeing's 737 MAX - grounded since March following two fatal accidents.

Boeing delivered 345 mainly long-haul jets between January and November, less than half the number of 704 achieved in the same period of 2018 when the MAX was being delivered normally. For the whole of 2018, Boeing had delivered 806 aircraft.

Airbus production plants traditionally halt over Christmas and New Year. But the company's delivery centres and completion facilities were humming well into the afternoon of New Year's Eve to allow Asian and other airlines to fly away new jets.

Airbus has become the world's largest planemaker for the first time since 2011 after delivering a forecast-beating 863 aircraft in 2019, seizing the crown from embattled US rival Boeing, airport and tracking sources said on Wednesday.

Airbus has become the world's largest planemaker for the first time since 2011 after delivering a forecast-beating 863 aircraft in 2019, seizing the crown from embattled US rival Boeing, airport and tracking sources said on Wednesday. A reversal in the pecking order between the two giants had been expected as a crisis over Boeing's grounded 737 MAX drags into 2020. But the record European data further underscores the distance Boeing must travel to recoup its market position. Airbus, which had been forced by its own industrial problems to cut its 2019 delivery goal by 2-3 per cent in October, deployed extra resources until hours before midnight to reach 863 aircraft for the year, compared with its revised target of 860 jets. Deliveries rose 7.9 per cent from 800 aircraft in 2018. Airbus declined to comment on the figures, which must be audited before they can be finalised and published. Planemakers receive most of their revenues when aircraft are delivered - minus accumulated progress payments - so the end-year delivery performance is closely monitored by investors. Airbus's tally, which included around 640 single-aisle aircraft, broke industry records after it diverted thousands of workers and cancelled holidays to complete a buffer stock of semi-finished aircraft waiting to have their cabins adjusted. Airbus has been hit by delays in fitting the complex new layouts on A321neo jets assembled in Hamburg, Germany, resulting in dozens of these and other models being stored in hangars to await last-minute configurations and the arrival of more labour. Such out-of-sequence work drives up costs and could have a modest impact on Airbus profit margins, but the impact will be largely blunted by the high volume of planes and already solid profitability for such single-aisle aircraft, analysts say. Still, the problems in fitting complex cabins have curtailed Airbus's ability to take advantage of the market turmoil surrounding Boeing's 737 MAX - grounded since March following two fatal accidents. Boeing delivered 345 mainly long-haul jets between January and November, less than half the number of 704 achieved in the same period of 2018 when the MAX was being delivered normally. For the whole of 2018, Boeing had delivered 806 aircraft. Airbus production plants traditionally halt over Christmas and New Year. But the company's delivery centres and completion facilities were humming well into the afternoon of New Year's Eve to allow Asian and other airlines to fly away new jets.

Airbus beats goal with 863 jet deliveries in 2019, ousts Boeing from top spot

World Economic Forum is still seeing the ray of hope for India. According to WEF, India is the world's fastest-expanding major economy.

WEF: India is world's fastest-expanding major economy | WION Wallet

Smartphones have come a long way in the last two decades, from the days when Nokia was the undisputed king and owning a Blackberry was a status symbol, to a time when the iPhone shifted the focus to app-based touch screen phones.&nbsp;

These devices have truly transformed - they've gotten bigger, slimmer, faster and more powerful. The world saw a dramatic shift in smartphone trends in 2019 too.&nbsp;

Foldable phones arrived in 2019, and the segment is sure to grow in 2020. Many phones makers unveiled their versions of foldable phones.&nbsp;

Samsung unveiled the galaxy fold. Despite the initial hiccups due to a faulty design, the company managed to launch the phone. 
&nbsp; 
Chinese tech major Huawei also showcased its phone with a flexible screen. Even Motorola brought back its iconic Razr with a screen that folds.&nbsp;

Other companies such as Microsoft and Oppo didn’t lag either. Joining the race of foldable phones.&nbsp;

Before 2019 began, we were used to seeing phones with a dual-camera setup. But now, companies are taking phone cameras a notch higher.

Phone makers revised the rear camera arrangement, be it Samsung, Huawei, Oppo or Nokia, almost all leading players moved from a dual-camera setup to multi-cameras.

2019 also saw the launch of 5G phones, allowing people to enjoy much faster internet speeds. Companies such as Samsung, Huawei and LG introduced their 5G models.&nbsp;

Many other phone makers are also working on 5G handsets.

Smartphones have come a long way in the last two decades, from the days when Nokia was the undisputed king and owning a Blackberry was a status symbol, to a time when the iPhone shifted the focus to app-based touch screen phones.

Smartphones have come a long way in the last two decades, from the days when Nokia was the undisputed king and owning a Blackberry was a status symbol, to a time when the iPhone shifted the focus to app-based touch screen phones. These devices have truly transformed - they've gotten bigger, slimmer, faster and more powerful. The world saw a dramatic shift in smartphone trends in 2019 too. Foldable phones arrived in 2019, and the segment is sure to grow in 2020. Many phones makers unveiled their versions of foldable phones. Samsung unveiled the galaxy fold. Despite the initial hiccups due to a faulty design, the company managed to launch the phone. Chinese tech major Huawei also showcased its phone with a flexible screen. Even Motorola brought back its iconic Razr with a screen that folds. Other companies such as Microsoft and Oppo didn’t lag either. Joining the race of foldable phones. Before 2019 began, we were used to seeing phones with a dual-camera setup. But now, companies are taking phone cameras a notch higher. Phone makers revised the rear camera arrangement, be it Samsung, Huawei, Oppo or Nokia, almost all leading players moved from a dual-camera setup to multi-cameras. 2019 also saw the launch of 5G phones, allowing people to enjoy much faster internet speeds. Companies such as Samsung, Huawei and LG introduced their 5G models. Many other phone makers are also working on 5G handsets.

The transformation tale of mobile phones: How we evolved from Nokia 3310 to Samsung Galaxy Fold

A consortium led by Tencent agreed to buy up to 20 per cent&nbsp;of&nbsp;<a href="https://www.wionews.com/entertainment/chinas-tencent-talking-to-vivendi-about-stake-in-lady-gagas-label-241359">Vivendi's Universal Music Group</a> (UMG) in a deal that values the world's largest music label at 30 billion euros ($34 billion) and increases the Chinese company's clout on the global market.

French media conglomerate&nbsp;Vivendi&nbsp;said it had finalised an agreement to sell an initial 10&nbsp;per cent&nbsp;of UMG home to artists such as <a href="https://www.wionews.com/photos/taylor-swift-fans-descend-on-paris-for-city-of-lover-concert-248731">Taylor Swift</a>, <a href="https://www.wionews.com/entertainment/lady-gaga-rubbishes-romance-rumours-with-bradley-cooper-says-fooled-ya-200412">Lady Gaga</a> and <a href="https://www.wionews.com/entertainment/the-beatles-iconic-abbey-road-cover-shot-is-50-years-old-now-241510">The Beatles</a> to the Tencent consortium.&nbsp;Vivendi&nbsp;added that it had started talks over the possible sale of "an additional minority share for a price which would at least be identical," without specifying a potential buyer.

The consortium also had the option to buy on the same price basis up to 10&nbsp;per cent&nbsp;more of UMG's share capital by January&nbsp;15, 2021. The transaction gives a 30 billion euro price tag for UMG on an enterprise value basis.

This initial deal would also soon be followed by a second one allowing Tencent Music Entertainment to buy a minority stake in UMG's subsidiary that houses its operations in greater China.

The agreement will allow both companies to expand in a recovering global music market, with Tencent getting more access to US&nbsp;artists while UMG can tap into the Asian market, which features big-selling "<a href="https://www.wionews.com/entertainment/k-pop-fans-brave-seouls-christmas-chill-to-buy-bts-merch-270013">K-Pop</a>" Korean pop stars.

Tencent did not immediately respond to request for comment, while&nbsp;Vivendi&nbsp;did not disclose the details of the consortium beyond saying they were "global financial investors".

Vivendi, controlled by French billionaire Vincent Bollore, is seeking to cash in on the music industry's revival, driven by a growing subscription and ad-based music streaming services.

The tie-up also builds on a partnership struck two years ago, under which Tencent can license Universal’s music for distribution over its streaming platforms.

The long-awaited deal should also boost morale among Chinese deal-makers who have had one of the worst years on record for China-outbound mergers and acquisitions (M&amp;A), with activity plunging to a 10-year low amid trade tensions between the United States and China, Refinitiv data shows.

Vivendi&nbsp;shares edged up 0.3&nbsp;per cent&nbsp;in early trading, with the final terms of the sale being in line with earlier guidance from&nbsp;Vivendi.

Universal was the main sales growth driver for&nbsp;Vivendi&nbsp;in the third quarter, with its revenues jumping by close to 16&nbsp;per cent&nbsp;to 1.8 billion euros.

A consortium led by Tencent agreed to buy up to 20 per cent of Vivendi's Universal Music Group (UMG) in a deal that values the world's largest music label at 30 billion euros ($34 billion) and increases the Chinese company's clout on the global market.

A consortium led by Tencent agreed to buy up to 20 per cent of Vivendi's Universal Music Group (UMG) in a deal that values the world's largest music label at 30 billion euros ($34 billion) and increases the Chinese company's clout on the global market. French media conglomerate Vivendi said it had finalised an agreement to sell an initial 10 per cent of UMG home to artists such as Taylor Swift, Lady Gaga and The Beatles to the Tencent consortium. Vivendi added that it had started talks over the possible sale of "an additional minority share for a price which would at least be identical," without specifying a potential buyer. The consortium also had the option to buy on the same price basis up to 10 per cent more of UMG's share capital by January 15, 2021. The transaction gives a 30 billion euro price tag for UMG on an enterprise value basis. This initial deal would also soon be followed by a second one allowing Tencent Music Entertainment to buy a minority stake in UMG's subsidiary that houses its operations in greater China. The agreement will allow both companies to expand in a recovering global music market, with Tencent getting more access to US artists while UMG can tap into the Asian market, which features big-selling "K-Pop" Korean pop stars. Tencent did not immediately respond to request for comment, while Vivendi did not disclose the details of the consortium beyond saying they were "global financial investors". Vivendi, controlled by French billionaire Vincent Bollore, is seeking to cash in on the music industry's revival, driven by a growing subscription and ad-based music streaming services. The tie-up also builds on a partnership struck two years ago, under which Tencent can license Universal’s music for distribution over its streaming platforms. The long-awaited deal should also boost morale among Chinese deal-makers who have had one of the worst years on record for China-outbound mergers and acquisitions (M&A), with activity plunging to a 10-year low amid trade tensions between the United States and China, Refinitiv data shows. Vivendi shares edged up 0.3 per cent in early trading, with the final terms of the sale being in line with earlier guidance from Vivendi. Universal was the main sales growth driver for Vivendi in the third quarter, with its revenues jumping by close to 16 per cent to 1.8 billion euros.

Vivendi sells minority stake in Universal to Tencent consortium

<a href="https://www.wionews.com/business-economy/gold-hits-two-month-peak-on-dollar-weakness-us-strikes-270962">Gold</a>&nbsp;prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain.

Spot&nbsp;gold&nbsp;hit its highest since September&nbsp;25 at $1,525.20 and was up 0.6 per cent to $1,524.44 per ounce by 0727 GMT. U.S.&nbsp;gold&nbsp;futures rose 0.6 per cent to $1,527.60.

Bullion has gained nearly 19 per cent in the year, its biggest since 2010, mainly driven by a tariff war between the United States and China, which triggered monetary policy easing by major central banks.

"One of the main drivers behind&nbsp;gold's gain is the weakening in the dollar," said Margaret Yang Yan, a market analyst at CMC Markets, adding prices also rose on year-end bargain-hunting.

The dollar slipped against a basket of rivals, making&nbsp;gold&nbsp;cheaper for holders of other currencies.

"However, the upside is kind of limited because quantitative easing or rate-cutting cycle has come to an end for now and we don't see a possibility of any rate cuts in 2020," Yan said.

The <a href="https://www.wionews.com/business-economy/gold-soars-2-per-cent-after-powell-speech-trump-tweets-245351">US&nbsp;Federal Reserve</a> cut interest rates three times this year before taking a pause. Lower interest rates reduce the opportunity cost of holding the non-yielding bullion.

On the trade front, a <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">Phase 1 deal</a> is likely to be signed next week, White House trade adviser Peter Navarro said on Monday.

"With liquidity much reduced in Asia, there is some potential for&nbsp;gold&nbsp;to spike higher on low volume with some risk hedging added into the mix," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA, in a note. "The next resistance is at $1,535 an ounce."

Further supporting&nbsp;gold, Asian shares slipped as investors locked in gains after a buoyant year of gains.

Speculators raised their bullish positions in COMEX&nbsp;gold&nbsp;contracts in the week to December&nbsp;24.

Elsewhere, palladium rose 0.3 per cent to $1,913.02 per ounce. Plagued by sustained supply deficit, the auto-catalyst metal extended gains into a fourth straight year.

Prices have jumped over 51 per cent so far this year, the most since 2017, which would make palladium the biggest gainer among precious metals for the year.

<a href="https://www.wionews.com/business-economy/deficit-hit-palladium-takes-aim-at-2000-ceiling-in-record-run-268725">Palladium</a>, used mainly in catalytic converters in vehicles, rose to an all-time peak of $1,998.43 on December&nbsp;17.

Silver rose 1.1 per cent to $18.10 and was poised to register its best year since 2010, rising about 17 per cent.

Platinum gained 1.4 per cent to $971.09 and was set to gain about 23 per cent for the year, its best since 2009.

Gold prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain.

Gold prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain. Spot gold hit its highest since September 25 at $1,525.20 and was up 0.6 per cent to $1,524.44 per ounce by 0727 GMT. U.S. gold futures rose 0.6 per cent to $1,527.60. Bullion has gained nearly 19 per cent in the year, its biggest since 2010, mainly driven by a tariff war between the United States and China, which triggered monetary policy easing by major central banks. "One of the main drivers behind gold's gain is the weakening in the dollar," said Margaret Yang Yan, a market analyst at CMC Markets, adding prices also rose on year-end bargain-hunting. The dollar slipped against a basket of rivals, making gold cheaper for holders of other currencies. "However, the upside is kind of limited because quantitative easing or rate-cutting cycle has come to an end for now and we don't see a possibility of any rate cuts in 2020," Yan said. The US Federal Reserve cut interest rates three times this year before taking a pause. Lower interest rates reduce the opportunity cost of holding the non-yielding bullion. On the trade front, a Phase 1 deal is likely to be signed next week, White House trade adviser Peter Navarro said on Monday. "With liquidity much reduced in Asia, there is some potential for gold to spike higher on low volume with some risk hedging added into the mix," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA, in a note. "The next resistance is at $1,535 an ounce." Further supporting gold, Asian shares slipped as investors locked in gains after a buoyant year of gains. Speculators raised their bullish positions in COMEX gold contracts in the week to December 24. Elsewhere, palladium rose 0.3 per cent to $1,913.02 per ounce. Plagued by sustained supply deficit, the auto-catalyst metal extended gains into a fourth straight year. Prices have jumped over 51 per cent so far this year, the most since 2017, which would make palladium the biggest gainer among precious metals for the year. Palladium, used mainly in catalytic converters in vehicles, rose to an all-time peak of $1,998.43 on December 17. Silver rose 1.1 per cent to $18.10 and was poised to register its best year since 2010, rising about 17 per cent. Platinum gained 1.4 per cent to $971.09 and was set to gain about 23 per cent for the year, its best since 2009.

Gold climbs to three-month high, poised for best year since 2010

Indian&nbsp;stocks&nbsp;slipped on Tuesday but hovered around their all-time highs as investors booked&nbsp;year-end&nbsp;profits, while the benchmark&nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-edge-higher-in-rangebound-trade-gail-power-grid-rise-270934">Nifty&nbsp;index</a> was poised for a nearly&nbsp;13 per cent&nbsp;gain in&nbsp;2019.

On the last trading day of the&nbsp;year, the NSE&nbsp;Nifty&nbsp;50 index was down 0.36 per cent&nbsp;at 12,211.60 by 0445 GMT, while the S&amp;P BSE Sensex was trading 0.38 per cent lower at 41,401.35.

The&nbsp;Nifty&nbsp;has risen 12.5 per cent&nbsp;so far this&nbsp;year, while the Sensex has climbed 14.8 per cent. Both blue-chip indexes hit fresh record highs this&nbsp;year&nbsp;and have gained sharply more than in 2018, even as economic growth&nbsp;slipped to a five-year&nbsp;low this&nbsp;year&nbsp;amid a slowdown in demand for everything from cars to cookies.

Still, the gap between large-cap&nbsp;shares&nbsp;and their smaller peers was stark. The <a href="https://www.wionews.com/business-%26-economy/bse-to-launch-commodity-derivatives-trading-from-1-october-135458?amp">BSE</a> MidCap index has shed 3 per cent&nbsp;this&nbsp;year, while the BSE SmallCap index is down 7 per cent.

Asian equities also&nbsp;slipped on Tuesday, mirroring declines on Wall Street, as investors locked in gains made since the <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">United States and China deal</a> this month.

The&nbsp;Nifty&nbsp;Bank index and the&nbsp;Nifty&nbsp;PSU Bank index, which have each rallied roughly 17 per cent&nbsp;since early October, were down 0.40 per cent and 0.33 per cent, respectively.

Twelve of the 13 stocks on the&nbsp;Nifty&nbsp;PSU Bank index, which tracks state-run lenders, were in the red.&nbsp;Indian&nbsp;Overseas Bank fell 2.1 per cent.

The&nbsp;Nifty&nbsp;Auto index, which has climbed 23 per cent from a record low in July, was down 0.40 per cent. The index still lost 10 per cent this&nbsp;year&nbsp;as automakers battled a crippling slowdown that forced them to cut production and jobs.

"When the market is near an all-time high, there's a probability of a correction ... we are seeing that today," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services Ltd in Mumbai.

The&nbsp;Nifty&nbsp;50 last hit an intraday record high of 12,293.90 on December&nbsp;20.

Indian stocks slipped on Tuesday but hovered around their all-time highs as investors booked year-end profits, while the benchmark Nifty index was poised for a nearly 13 per cent gain in 2019.

Indian stocks slipped on Tuesday but hovered around their all-time highs as investors booked year-end profits, while the benchmark Nifty index was poised for a nearly 13 per cent gain in 2019. On the last trading day of the year, the NSE Nifty 50 index was down 0.36 per cent at 12,211.60 by 0445 GMT, while the S&P BSE Sensex was trading 0.38 per cent lower at 41,401.35. The Nifty has risen 12.5 per cent so far this year, while the Sensex has climbed 14.8 per cent. Both blue-chip indexes hit fresh record highs this year and have gained sharply more than in 2018, even as economic growth slipped to a five-year low this year amid a slowdown in demand for everything from cars to cookies. Still, the gap between large-cap shares and their smaller peers was stark. The BSE MidCap index has shed 3 per cent this year, while the BSE SmallCap index is down 7 per cent. Asian equities also slipped on Tuesday, mirroring declines on Wall Street, as investors locked in gains made since the United States and China deal this month. The Nifty Bank index and the Nifty PSU Bank index, which have each rallied roughly 17 per cent since early October, were down 0.40 per cent and 0.33 per cent, respectively. Twelve of the 13 stocks on the Nifty PSU Bank index, which tracks state-run lenders, were in the red. Indian Overseas Bank fell 2.1 per cent. The Nifty Auto index, which has climbed 23 per cent from a record low in July, was down 0.40 per cent. The index still lost 10 per cent this year as automakers battled a crippling slowdown that forced them to cut production and jobs. "When the market is near an all-time high, there's a probability of a correction ... we are seeing that today," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services Ltd in Mumbai. The Nifty 50 last hit an intraday record high of 12,293.90 on December 20.

Indian shares slip on year-end profit booking; Nifty set for 13% jump in 2019

Asian&nbsp;shares&nbsp;slipped on the last trading day of the&nbsp;decade, echoing falls on Wall Street, as&nbsp;investors&nbsp;locked in gains made since <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">the United States and China</a> reached a preliminary trade deal earlier this month.

Early in the&nbsp;Asian&nbsp;trading session, MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan was down 0.39 per cent, its weakest performance since December&nbsp;4. For the month, the index is still up 5.7 per cent.

The index has gained 16 per cent&nbsp;this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI's&nbsp;global&nbsp;share index.

Australian&nbsp;shares&nbsp;were 1.69 per cent&nbsp;lower&nbsp;and Hong Kong's Hang Seng dropped 0.32 per cent.

"We are seeing some profit-taking into year-end," said Ryan Felsman, senior economist at CommSec in Sydney, adding that progress on resolving the 17-month-long US-China trade war remained a positive factor for&nbsp;investors&nbsp;into the new year.

The White House's trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US&nbsp;Trade Representative.

"We think that the&nbsp;global&nbsp;growth situation is improving, we're seeing better industrial&nbsp;profits&nbsp;in China ... green shoots in the manufacturing sector on the back of an improvement in the trade situation is a key catalyst going forward," he said.

While easing trade concerns and steps toward a resolution of Britain's exit from the European Union have helped reduce some near-term market uncertainty,&nbsp;investors&nbsp;remain uneasy with a recession seen as inevitable in the new&nbsp;decade.

Positive Chinese manufacturing data, which showed factory activity in China expanded for a second straight month in December, nudged China's blue-chip CSI300 index 0.1 per cent&nbsp;higher, extending the more than 33 per cent&nbsp;gain seen this year.

China's modest gains built on Monday's rally, which was driven by a combination of strong retail sales growth and hopes that a new benchmark for floating-rate loans could&nbsp;lower&nbsp;borrowing costs.

<a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">Markets</a>&nbsp;in Japan and South Korea were closed for a holiday.

The falls in Asia came after profit-taking pushed the Dow Jones Industrial Average down 0.64 per cent&nbsp;to 28,462.14, the S&amp;P 500 0.58 per cent&nbsp;lower&nbsp;to 3,221.29 and the Nasdaq Composite off 0.67 per cent&nbsp;to 8,945.99.

<a href="https://www.wionews.com/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">US&nbsp;Treasury</a> futures were&nbsp;lower, reflecting an implied yield of 1.82 per cent. That followed a rise in benchmark US&nbsp;Treasury yields on Monday that pushed the US&nbsp;two-year, 10-year yield curve to its steepest in 14 months.

The dollar continued to weaken against the yen, dropping 0.12 per cent&nbsp;to 108.73, and the euro strengthened 0.16% to buy $1.1215.

The dollar index, which tracks the greenback against a basket of six major rivals, was 0.06 per cent&nbsp;lower&nbsp;at 96.686.

<a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">US&nbsp;crude</a> dipped 0.18 per cent&nbsp;to $61.57 a barrel and Brent crude shed 0.15 per cent&nbsp;to $66.57 per barrel.

Gold continued its rally on a weakening dollar. On the spot market, the precious metal was changing hands at $1,520.16 per ounce, up 0.33 per cent.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month. Early in the Asian trading session, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.39 per cent, its weakest performance since December 4. For the month, the index is still up 5.7 per cent. The index has gained 16 per cent this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI's global share index. Australian shares were 1.69 per cent lower and Hong Kong's Hang Seng dropped 0.32 per cent. "We are seeing some profit-taking into year-end," said Ryan Felsman, senior economist at CommSec in Sydney, adding that progress on resolving the 17-month-long US-China trade war remained a positive factor for investors into the new year. The White House's trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US Trade Representative. "We think that the global growth situation is improving, we're seeing better industrial profits in China ... green shoots in the manufacturing sector on the back of an improvement in the trade situation is a key catalyst going forward," he said. While easing trade concerns and steps toward a resolution of Britain's exit from the European Union have helped reduce some near-term market uncertainty, investors remain uneasy with a recession seen as inevitable in the new decade. Positive Chinese manufacturing data, which showed factory activity in China expanded for a second straight month in December, nudged China's blue-chip CSI300 index 0.1 per cent higher, extending the more than 33 per cent gain seen this year. China's modest gains built on Monday's rally, which was driven by a combination of strong retail sales growth and hopes that a new benchmark for floating-rate loans could lower borrowing costs. Markets in Japan and South Korea were closed for a holiday. The falls in Asia came after profit-taking pushed the Dow Jones Industrial Average down 0.64 per cent to 28,462.14, the S&P 500 0.58 per cent lower to 3,221.29 and the Nasdaq Composite off 0.67 per cent to 8,945.99. US Treasury futures were lower, reflecting an implied yield of 1.82 per cent. That followed a rise in benchmark US Treasury yields on Monday that pushed the US two-year, 10-year yield curve to its steepest in 14 months. The dollar continued to weaken against the yen, dropping 0.12 per cent to 108.73, and the euro strengthened 0.16% to buy $1.1215. The dollar index, which tracks the greenback against a basket of six major rivals, was 0.06 per cent lower at 96.686. US crude dipped 0.18 per cent to $61.57 a barrel and Brent crude shed 0.15 per cent to $66.57 per barrel. Gold continued its rally on a weakening dollar. On the spot market, the precious metal was changing hands at $1,520.16 per ounce, up 0.33 per cent.

Global Markets: Asian shares lower as investors book decade-end profits

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Oil&nbsp;prices</a>&nbsp;held&nbsp;steady&nbsp;on the final day of the year on Tuesday, heading for their&nbsp;biggest&nbsp;annual&nbsp;rise&nbsp;since&nbsp;2016, supported by a thaw in the prolonged <a href="https://www.wionews.com/opinions/us-china-trade-talks-free-trade-must-not-be-derailed-198923">US-China trade</a> dispute and supply cuts.

Brent crude futures for March delivery, the new front-month contract, were at $66.66 a barrel, down 1 cent, by 0258 GMT. Brent for February delivery closed on Monday at $68.44 .

US&nbsp;<a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude for February was down 3 cents at $61.65.

Brent has gained about 24 per cent&nbsp;in 2019 and WTI has&nbsp;risen roughly 36 per cent. Both benchmarks are set for their&nbsp;biggest&nbsp;yearly&nbsp;gain in three years, backed by a breakthrough in US-China trade talks and output cuts pledged by the Organization of Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a>) and its allies.

The White House's trade adviser said on Monday that the US-China Phase 1 trade deal would likely be signed in the next week.

"Oil&nbsp;prices&nbsp;have followed the general de-risking drift into year-end despite a&nbsp;rise&nbsp;in Middle East tensions and last week's bullish-for-oil-price inventory draws as the broader markets appear to be losing some of that holiday cheer," said Stephen Innes, chief Asia market strategist at AxiTrader.

Tensions remain high in the Middle East after <a href="https://www.wionews.com/world/us-airstrikes-kill-25-pro-iran-militia-fighters-in-iraq-and-syria-triggering-anger-271052">US&nbsp;airstrikes</a> on Sunday against the Katib Hezbollah militia group in Iraq and Syria. Operations resumed at Iraq's Nassiriya&nbsp;oilfield resumed on Monday after protesters briefly halted production.

Looking ahead, US&nbsp;crude inventories are expected to fall by about 3.2 million barrels in the week to December 27, heading for a third consecutive weekly fall, a preliminary Reuters poll showed on Monday. US&nbsp;stockpiles fell by 5.5 million barrels in the week to December&nbsp;20. The figures will be released on Friday.

Innes said traders would also closely watch the EIA's US&nbsp;October crude production figures, set to come out later on Tuesday.

"It's expected to show robust continuous growth in the agency's short-term outlook," he said.

The United States is on&nbsp;track&nbsp;to become a net petroleum exporter on an annual basis for the first time in 2020, with output expected to&nbsp;rise&nbsp;by 930,000 barrels per day (bpd) to a record of 13.18 million bpd next year, the EIA said earlier this month.

Brokers and analysts expect growing US&nbsp;supplies to offset cuts from OPEC in 2020 amid sluggish worldwide demand, weighing on&nbsp;oil&nbsp;prices.

"Oil&nbsp;prices, though largely expected to trade positive, will face headwinds from subdued global growth momentum and robust US&nbsp;shale output levels in the first quarter," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Oil prices held steady on the final day of the year on Tuesday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged US-China trade dispute and supply cuts.

Oil prices held steady on the final day of the year on Tuesday, heading for their biggest annual rise since 2016, supported by a thaw in the prolonged US-China trade dispute and supply cuts. Brent crude futures for March delivery, the new front-month contract, were at $66.66 a barrel, down 1 cent, by 0258 GMT. Brent for February delivery closed on Monday at $68.44 . US West Texas Intermediate (WTI) crude for February was down 3 cents at $61.65. Brent has gained about 24 per cent in 2019 and WTI has risen roughly 36 per cent. Both benchmarks are set for their biggest yearly gain in three years, backed by a breakthrough in US-China trade talks and output cuts pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies. The White House's trade adviser said on Monday that the US-China Phase 1 trade deal would likely be signed in the next week. "Oil prices have followed the general de-risking drift into year-end despite a rise in Middle East tensions and last week's bullish-for-oil-price inventory draws as the broader markets appear to be losing some of that holiday cheer," said Stephen Innes, chief Asia market strategist at AxiTrader. Tensions remain high in the Middle East after US airstrikes on Sunday against the Katib Hezbollah militia group in Iraq and Syria. Operations resumed at Iraq's Nassiriya oilfield resumed on Monday after protesters briefly halted production. Looking ahead, US crude inventories are expected to fall by about 3.2 million barrels in the week to December 27, heading for a third consecutive weekly fall, a preliminary Reuters poll showed on Monday. US stockpiles fell by 5.5 million barrels in the week to December 20. The figures will be released on Friday. Innes said traders would also closely watch the EIA's US October crude production figures, set to come out later on Tuesday. "It's expected to show robust continuous growth in the agency's short-term outlook," he said. The United States is on track to become a net petroleum exporter on an annual basis for the first time in 2020, with output expected to rise by 930,000 barrels per day (bpd) to a record of 13.18 million bpd next year, the EIA said earlier this month. Brokers and analysts expect growing US supplies to offset cuts from OPEC in 2020 amid sluggish worldwide demand, weighing on oil prices. "Oil prices, though largely expected to trade positive, will face headwinds from subdued global growth momentum and robust US shale output levels in the first quarter," said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Oil prices steady, on track for biggest yearly rise since 2016

Factory&nbsp;activity in <a href="https://www.wionews.com/business-economy/tesla-begins-deliveries-of-china-made-model-3-cars-270899">China</a> expanded for a second straight month in December, as production quickened and export orders rose, offering some support for the manufacturing sector amid signs of progress in trade talks with the United States.

China's&nbsp;official Purchasing Managers' Index (PMI) was unchanged at 50.2 in December from November, the National Bureau of Statistics said on Tuesday and remained above the 50-point mark that separates monthly growth from contraction. November's gain had ended six straight months of contraction.

Analysts polled by sources expected the December PMI to be 50.1.

The better-than-expected readings suggested some recovery in the world's second-largest economy this month. Production rose at the fastest pace in over a year while the growth of total new orders remained buoyant, only a notch lower than a recent high hit last month.

December's expansion comes amid signs of improvement in <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">Sino-US&nbsp;trade talks</a>, which have boosted global investor confidence and helped Chinese manufacturers book new orders from abroad.

New export orders, in particular, rose for the first time since May 2018 in December.

China and the United States announced a Phase 1 agreement that would reduce some US&nbsp;tariffs in exchange for more Chinese purchases of American farm products, which analysts believed could stimulate&nbsp;China's&nbsp;exports and corporate investment in the near-term.

Profits at&nbsp;China's&nbsp;industrial firms grew at the fastest pace in eight months in November on quickening output and sales.

Factories continued to shed jobs in December, but the pace of reduction did not accelerate.

Over 25 million jobs were trimmed from the industrial sector from end-2013 to end-2018, mostly in labour-intensive industries, the latest economic census showed, as labour costs rose.

However, growth in&nbsp;China's&nbsp;services sector activity cooled in December.

The official non-manufacturing PMI dropped to 53.5, from an eight-month high of 54.4 in November, a separate survey showed.

<a href="https://www.wionews.com/pakistan/us-re-designates-pakistan-china-as-countries-curbing-religious-freedom-269447">Beijing</a> has relied on a strong services sector to offset manufacturing weakness. However, a broader economic slowdown since late last year has limited the sector's resilience.

China plans to set a lower economic growth target of around 6 per cent&nbsp;in 2020 from this year's 6-6.5 per cent, relying on increased state infrastructure spending to ward off a sharper slowdown.

Factory activity in China expanded for a second straight month in December, as production quickened and export orders rose, offering some support for the manufacturing sector amid signs of progress in trade talks with the United States.

Factory activity in China expanded for a second straight month in December, as production quickened and export orders rose, offering some support for the manufacturing sector amid signs of progress in trade talks with the United States. China's official Purchasing Managers' Index (PMI) was unchanged at 50.2 in December from November, the National Bureau of Statistics said on Tuesday and remained above the 50-point mark that separates monthly growth from contraction. November's gain had ended six straight months of contraction. Analysts polled by sources expected the December PMI to be 50.1. The better-than-expected readings suggested some recovery in the world's second-largest economy this month. Production rose at the fastest pace in over a year while the growth of total new orders remained buoyant, only a notch lower than a recent high hit last month. December's expansion comes amid signs of improvement in Sino-US trade talks, which have boosted global investor confidence and helped Chinese manufacturers book new orders from abroad. New export orders, in particular, rose for the first time since May 2018 in December. China and the United States announced a Phase 1 agreement that would reduce some US tariffs in exchange for more Chinese purchases of American farm products, which analysts believed could stimulate China's exports and corporate investment in the near-term. Profits at China's industrial firms grew at the fastest pace in eight months in November on quickening output and sales. Factories continued to shed jobs in December, but the pace of reduction did not accelerate. Over 25 million jobs were trimmed from the industrial sector from end-2013 to end-2018, mostly in labour-intensive industries, the latest economic census showed, as labour costs rose. However, growth in China's services sector activity cooled in December. The official non-manufacturing PMI dropped to 53.5, from an eight-month high of 54.4 in November, a separate survey showed. Beijing has relied on a strong services sector to offset manufacturing weakness. However, a broader economic slowdown since late last year has limited the sector's resilience. China plans to set a lower economic growth target of around 6 per cent in 2020 from this year's 6-6.5 per cent, relying on increased state infrastructure spending to ward off a sharper slowdown.

China's factory activity expands for second month as output, export orders pick up

Ride-hailing company&nbsp;<a href="https://www.wionews.com/world/uber-co-founder-travis-kalanick-to-leave-companys-board-270071">Uber&nbsp;Technologies Inc</a> and courier services provider&nbsp;Postmates&nbsp;Inc asked a US&nbsp;court to&nbsp;block&nbsp;a&nbsp;California&nbsp;labor&nbsp;law&nbsp;set to go into effect on Wednesday, arguing the bill violates the US&nbsp;Constitution.

In a&nbsp;lawsuit filed in Los Angeles federal court on Monday, the companies and two app-based drivers said the&nbsp;law, which would make it harder for&nbsp;gig&nbsp;economy companies to qualify their&nbsp;workers as independent contractors rather than employees, was irrational, vague and incoherent.

The office of&nbsp;California&nbsp;Attorney General Xavier Becerra said in a statement on Monday it was reviewing the complaint. The bill, called AB5, faces multiple legal challenges.

The&nbsp;law&nbsp;was signed by&nbsp;<a href="https://www.wionews.com/world/donald-trump-threatens-to-withhold-emergency-aid-from-fire-hit-california-259805">California&nbsp;Governor Gavin Newsom</a> in September and has garnered national attention, largely owing to the size of&nbsp;California's workforce and the state's leadership role in establishing policies that are frequently adopted by other states.

&nbsp;

Also Watch: Uber can't fix safety issues

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Backers of the bill, including labor groups, have argued the&nbsp;law&nbsp;protects&nbsp;workers' rights. By classifying the contractors as employees, the companies would be subject to labor&nbsp;laws that require higher pay and other benefits such as medical insurance.

The bill strikes at the heart of the "gig&nbsp;economy" business model of technology platforms like&nbsp;Uber,&nbsp;Postmates, <a href="https://www.wionews.com/world/ride-hailing-company-lyft-rises-in-wall-street-premier-206594">Lyft Inc</a>, DoorDash and others who rely heavily on the state's 450,000 contract&nbsp;workers, not full-time employees, to drive passengers or deliver food via app-based services.

Uber,&nbsp;Postmates&nbsp;and other app-based companies said the legislation compromises the flexibility prized by their workforce, and that fewer&nbsp;workers would be hired were they considered employees.

The companies in their Monday&nbsp;lawsuit called AB5 a "thinly veiled attempt" to target and harm&nbsp;gig&nbsp;economy businesses. Singling out app-based&nbsp;workers violates equal protection guaranteed under the constitutions of the United States and&nbsp;California, the companies argued.

"It irreparably harms network companies and app-based independent service providers by denying their constitutional rights to be treated the same as others to whom they are similarly situated," the&nbsp;lawsuit said.

The companies pointed to allegedly arbitrary exemptions of different non-gig&nbsp;worker&nbsp;groups, including salespeople, travel agents, construction truck drivers, and commercial fishermen.

The full impact of the bill remains unclear in the short term, but the&nbsp;lawsuit cited a study saying the bill would increase ride-hailing company Lyft's operating costs by 20 per cent&nbsp;and lead to some 300,000 fewer drivers in&nbsp;<a href="https://www.wionews.com/world/nasas-trip-to-mars-begins-in-california-clean-room-270678">California</a>.

Uber, Lyft and food delivery company DoorDash have earmarked $90 million for a planned November 2020 ballot initiative that would exempt them from the&nbsp;law.

Ride-hailing company Uber Technologies Inc and courier services provider Postmates Inc asked a US court to block a California labor law set to go into effect on Wednesday, arguing the bill violates the US Constitution.

Ride-hailing company Uber Technologies Inc and courier services provider Postmates Inc asked a US court to block a California labor law set to go into effect on Wednesday, arguing the bill violates the US Constitution. In a lawsuit filed in Los Angeles federal court on Monday, the companies and two app-based drivers said the law, which would make it harder for gig economy companies to qualify their workers as independent contractors rather than employees, was irrational, vague and incoherent. The office of California Attorney General Xavier Becerra said in a statement on Monday it was reviewing the complaint. The bill, called AB5, faces multiple legal challenges. The law was signed by California Governor Gavin Newsom in September and has garnered national attention, largely owing to the size of California's workforce and the state's leadership role in establishing policies that are frequently adopted by other states. Also Watch: Uber can't fix safety issues × Backers of the bill, including labor groups, have argued the law protects workers' rights. By classifying the contractors as employees, the companies would be subject to labor laws that require higher pay and other benefits such as medical insurance. The bill strikes at the heart of the "gig economy" business model of technology platforms like Uber, Postmates, Lyft Inc, DoorDash and others who rely heavily on the state's 450,000 contract workers, not full-time employees, to drive passengers or deliver food via app-based services. Uber, Postmates and other app-based companies said the legislation compromises the flexibility prized by their workforce, and that fewer workers would be hired were they considered employees. The companies in their Monday lawsuit called AB5 a "thinly veiled attempt" to target and harm gig economy businesses. Singling out app-based workers violates equal protection guaranteed under the constitutions of the United States and California, the companies argued. "It irreparably harms network companies and app-based independent service providers by denying their constitutional rights to be treated the same as others to whom they are similarly situated," the lawsuit said. The companies pointed to allegedly arbitrary exemptions of different non-gig worker groups, including salespeople, travel agents, construction truck drivers, and commercial fishermen. The full impact of the bill remains unclear in the short term, but the lawsuit cited a study saying the bill would increase ride-hailing company Lyft's operating costs by 20 per cent and lead to some 300,000 fewer drivers in California. Uber, Lyft and food delivery company DoorDash have earmarked $90 million for a planned November 2020 ballot initiative that would exempt them from the law.

Uber, Postmates sue to block California gig worker law, claiming it's unconstitutional

<a href="https://www.wionews.com/business-economy/ford-ready-to-sell-russian-plants-says-companies-have-shown-interest-225433">Ford</a>&nbsp;Motor Co said on Monday&nbsp;reservations&nbsp;were&nbsp;full&nbsp;for the&nbsp;high-end&nbsp;Mustang&nbsp;Mach-E First Edition&nbsp;<a href="https://www.wionews.com/business-economy/tesla-unveils-first-ever-electric-pickup-truck-263785">electric</a>&nbsp;sport utility vehicle.

The No. 2 US&nbsp;automaker unveiled the&nbsp;electric&nbsp;Mustang&nbsp;crossover on November&nbsp;17 and began taking&nbsp;reservations&nbsp;with a refundable deposit of $500.

There are four other&nbsp;versions of the&nbsp;Mach-E in addition to the First Edition.

<img alt="Ford Motor all-new electric Mustang Mach-E vehicle" data-entity-type="file" data-entity-uuid="25afb379-2e4d-48d6-b802-13f85437463a" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2828%29_3.jpg" />

Ford&nbsp;did not provide details on how many&nbsp;reservations&nbsp;it took for the First Edition, which sells for about $60,000, but has said global production in the first 12 months for all&nbsp;versions of the&nbsp;Mach-E is limited to 50,000 vehicles.

The&nbsp;Mach-E has become a&nbsp;high-profile test for a restructuring at&nbsp;Ford&nbsp;that has been marred by profit warnings, costly quality problems and the troubled launch this year of another important vehicle, the&nbsp;Ford&nbsp;Explorer sport-utility.

The&nbsp;Mach-E was unveiled in Los Angeles in November. It will be built in Mexico, the first of more than a dozen all-electric&nbsp;vehicles&nbsp;Ford&nbsp;plans to launch by 2022 with an investment of $11.5 billion (8.7 billion pounds). The&nbsp;Mach-E's design was inspired by the classic 1960s&nbsp;Mustang&nbsp;sports car and is meant to challenge&nbsp;electric&nbsp;carmaker <a href="https://www.wionews.com/business-economy/tesla-begins-deliveries-of-china-made-model-3-cars-270899">Tesla</a> Inc.

More than 80 per cent&nbsp;of US&nbsp;customers are reserving&nbsp;Mach-E with an extended range battery, while about 55 per cent&nbsp;opted for an all-wheel drive,&nbsp;Ford&nbsp;said.

More than 25 per cent&nbsp;of the&nbsp;reservations&nbsp;are from California, with nearly 30 per cent&nbsp;of US&nbsp;customers choosing&nbsp;Mach-E GT, the company said.

Ford Motor Co said on Monday reservations were full for the high-end Mustang Mach-E First Edition electric sport utility vehicle. The No. 2 US automaker unveiled the electric Mustang crossover on November 17 and began taking reservations with a refundable deposit of $500.

Ford Motor Co said on Monday reservations were full for the high-end Mustang Mach-E First Edition electric sport utility vehicle. The No. 2 US automaker unveiled the electric Mustang crossover on November 17 and began taking reservations with a refundable deposit of $500. There are four other versions of the Mach-E in addition to the First Edition. Ford did not provide details on how many reservations it took for the First Edition, which sells for about $60,000, but has said global production in the first 12 months for all versions of the Mach-E is limited to 50,000 vehicles. The Mach-E has become a high-profile test for a restructuring at Ford that has been marred by profit warnings, costly quality problems and the troubled launch this year of another important vehicle, the Ford Explorer sport-utility. The Mach-E was unveiled in Los Angeles in November. It will be built in Mexico, the first of more than a dozen all-electric vehicles Ford plans to launch by 2022 with an investment of $11.5 billion (8.7 billion pounds). The Mach-E's design was inspired by the classic 1960s Mustang sports car and is meant to challenge electric carmaker Tesla Inc. More than 80 per cent of US customers are reserving Mach-E with an extended range battery, while about 55 per cent opted for an all-wheel drive, Ford said. More than 25 per cent of the reservations are from California, with nearly 30 per cent of US customers choosing Mach-E GT, the company said.

Ford says reservations full for high end version of electric Mustang Mach-E

Huawei Technologies on Tuesday said its full-year&nbsp;revenue&nbsp;would likely&nbsp;jump&nbsp;18 per cent&nbsp;in&nbsp;2019&nbsp;to $122 billion, lower than its earlier projections, as a US&nbsp;trade blacklisting curbed growth and disrupted its ability to source key parts.

The world's biggest maker of telecom network equipment and the number&nbsp;two&nbsp;manufacturer of smartphones was all but banned by the United States in May from doing business with US&nbsp;companies, preventing its access to technology like Google's Android operating system.

The <a href="https://www.wionews.com/world/white-house-considered-kicking-huawei-out-of-us-banking-system-sources-265973">US&nbsp;government</a> alleges Huawei equipment poses national security risks because it could be used by the <a href="https://www.wionews.com/world/huawei-willing-to-sign-no-spy-agreement-with-us-government-chairman-224403">Chinese government to spy</a> on users. Huawei has repeatedly denied its products are a security threat.

Huawei's&nbsp;Rotating Chairman Eric Xu revealed the numbers in a New Year's message to employees and customers in which he also forecasted&nbsp;2020&nbsp;to be a "difficult year', saying that the firm was unlikely to grow as rapidly as it did in the first half of this year.

Its estimate of&nbsp;18 per cent&nbsp;revenue&nbsp;growth in&nbsp;2019&nbsp;is less than in 2018 when&nbsp;Huawei's&nbsp;annual&nbsp;revenue&nbsp;rose 19.5 per cent.

The company did not break down fourth-quarter figures but according to calculations based on its previous statements,&nbsp;revenue&nbsp;in the quarter to end December&nbsp;31 rose to $23.28 billion, up 3.9 per cent&nbsp;from a year earlier and slower than the 27 per cent&nbsp;increase it reported in the third quarter.

"The external environment is becoming more complicated than ever, and downward pressure on the global economy has intensified," he said.

"In the long term, the US government will continue to suppress the development of leading technology – a challenging environment for Huawei to survive and thrive."

Xu also said that Huawei shipped 240 million smartphones this year, a 20 per cent&nbsp;increase from 2018. Huawei has mainly sold smartphones that were launched before the ban.

<a href="https://www.wionews.com/business-economy/smartwatch-revwith-2-week-battery-life-and-fitness-tracking-is-huawei-watch-gt-2-really-worth-the-price-266811">The newest</a> Mate 30 smartphone first went on sale in September but it cannot access a licensed version of Google's Android operating system because of the trade curbs.

Xu said in his letter that Huawei would in&nbsp;2020&nbsp;"go all out" to build its Huawei Mobile Services ecosystem, which comprises services such as cloud storage and an app gallery, describing it as "the foundation of our ability to sell smart devices in markets outside China".

It is also developing its own mobile operating system known as Harmony, although analysts are skeptical that the system is a viable alternative.

Huawei's&nbsp;reputation was dented earlier this month after details of the dismissal and wrongful detention of a former employee went viral.

In his letter, Xu said they would continue to remove mediocre managers and complacent employees as Huawei needed to rid the company of complacency, and that they would remove managers performing in the bottom 10% every year.

Huawei Technologies on Tuesday said its full-year revenue would likely jump 18 per cent in 2019 to $122 billion, lower than its earlier projections, as a US trade blacklisting curbed growth and disrupted its ability to source key parts.

Huawei Technologies on Tuesday said its full-year revenue would likely jump 18 per cent in 2019 to $122 billion, lower than its earlier projections, as a US trade blacklisting curbed growth and disrupted its ability to source key parts. The world's biggest maker of telecom network equipment and the number two manufacturer of smartphones was all but banned by the United States in May from doing business with US companies, preventing its access to technology like Google's Android operating system. The US government alleges Huawei equipment poses national security risks because it could be used by the Chinese government to spy on users. Huawei has repeatedly denied its products are a security threat. Huawei's Rotating Chairman Eric Xu revealed the numbers in a New Year's message to employees and customers in which he also forecasted 2020 to be a "difficult year', saying that the firm was unlikely to grow as rapidly as it did in the first half of this year. Its estimate of 18 per cent revenue growth in 2019 is less than in 2018 when Huawei's annual revenue rose 19.5 per cent. The company did not break down fourth-quarter figures but according to calculations based on its previous statements, revenue in the quarter to end December 31 rose to $23.28 billion, up 3.9 per cent from a year earlier and slower than the 27 per cent increase it reported in the third quarter. "The external environment is becoming more complicated than ever, and downward pressure on the global economy has intensified," he said. "In the long term, the US government will continue to suppress the development of leading technology – a challenging environment for Huawei to survive and thrive." Xu also said that Huawei shipped 240 million smartphones this year, a 20 per cent increase from 2018. Huawei has mainly sold smartphones that were launched before the ban. The newest Mate 30 smartphone first went on sale in September but it cannot access a licensed version of Google's Android operating system because of the trade curbs. Xu said in his letter that Huawei would in 2020 "go all out" to build its Huawei Mobile Services ecosystem, which comprises services such as cloud storage and an app gallery, describing it as "the foundation of our ability to sell smart devices in markets outside China". It is also developing its own mobile operating system known as Harmony, although analysts are skeptical that the system is a viable alternative. Huawei's reputation was dented earlier this month after details of the dismissal and wrongful detention of a former employee went viral. In his letter, Xu said they would continue to remove mediocre managers and complacent employees as Huawei needed to rid the company of complacency, and that they would remove managers performing in the bottom 10% every year.

Huawei's 2019 revenue to jump 18%, forecasts 'difficult' 2020

Residents in Quito have opened their businesses, headed to work and continued their daily lives, a day after President Lenín Moreno and indigenous leaders struck a deal to cancel a disputed austerity package.

WION Wallet: Normalcy returns in Ecuador