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The<a href="https://www.wionews.com/opinions/wion-edit-summarising-the-state-of-indian-economy-274415"> International Monetary Fund </a>on Monday slashed its 2020 global growth forecast&nbsp;due to the&nbsp;slowdown&nbsp;in India and other emerging markets.&nbsp;

The sharp drop for India "accounts for the lion's share of the downward revisions," the IMF said.

However, it said that improving <a href="https://www.wionews.com/opinions/explained-how-us-iran-tensions-impact-the-economy-273030">US-China trade tensions </a>have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the IMF said.

In the latest update to the World Economic Outlook, the IMF trimmed down the global growth estimate for 2020 by one-tenth compared to the October report, dropping it to 3.3 per cent, and lowered the 2021 forecast by a bit more, to 3.4 per cent.

The reductions reflect the IMF's reassessment of economic prospects for a number of major emerging markets, notably India, where domestic demand has slowed&nbsp;sharply amid contraction of credit and stress in the non-banking sector.

<a href="https://www.wionews.com/india-news/india-to-surpass-germany-and-japan-to-become-worlds-third-largest-economy-by-2034-271033">Also read: India to surpass Germany and Japan to become world's third largest economy by 2034</a>

India saw a sharp, 1.2 percentage point cut to its 2020 growth forecast to 5.8 per cent, the IMF's biggest markdown for any emerging market, because of the domestic credit crunch.&nbsp;

Gravitas: Summarising the state of the Indian economy

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The IMF also downgraded other economies&nbsp;including Chile, which has been hit by social unrest. It said that Mexico will grow just 1.0 per cent&nbsp;in 2020, down from 1.3 per cent&nbsp;forecast in October.

Meanwhile, the IMF upgraded China's 2020 growth forecast by 0.2 percentage point to 6.0% because the US trade deal included a partial tariff reduction and cancelled tariffs on Chinese consumer goods that had been scheduled for December. These tariffs had been built into the IMF's previous forecasts.

But the Fund did not give a boost to its US growth forecast for China's pledges to increase purchases of US goods and services by $200 billion over two years. Instead, the IMF said 2020 US growth would be 0.1 percentage point lower than forecast in October, at 2.0% because of the fading stimulus effects from 2017 tax cuts and the Federal Reserve's monetary easing.

(With inputs from agencies)

&nbsp;

The International Monetary Fund on Monday slashed its 2020 global growth forecast due to the slowdown in India and other emerging markets. The sharp drop for India "accounts for the lion's share of the downward revisions," the IMF said.

The International Monetary Fund on Monday slashed its 2020 global growth forecast due to the slowdown in India and other emerging markets. The sharp drop for India "accounts for the lion's share of the downward revisions," the IMF said. However, it said that improving US-China trade tensions have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the IMF said. In the latest update to the World Economic Outlook, the IMF trimmed down the global growth estimate for 2020 by one-tenth compared to the October report, dropping it to 3.3 per cent, and lowered the 2021 forecast by a bit more, to 3.4 per cent. The reductions reflect the IMF's reassessment of economic prospects for a number of major emerging markets, notably India, where domestic demand has slowed sharply amid contraction of credit and stress in the non-banking sector. Also read: India to surpass Germany and Japan to become world's third largest economy by 2034 India saw a sharp, 1.2 percentage point cut to its 2020 growth forecast to 5.8 per cent, the IMF's biggest markdown for any emerging market, because of the domestic credit crunch. Gravitas: Summarising the state of the Indian economy × The IMF also downgraded other economies including Chile, which has been hit by social unrest. It said that Mexico will grow just 1.0 per cent in 2020, down from 1.3 per cent forecast in October. Meanwhile, the IMF upgraded China's 2020 growth forecast by 0.2 percentage point to 6.0% because the US trade deal included a partial tariff reduction and cancelled tariffs on Chinese consumer goods that had been scheduled for December. These tariffs had been built into the IMF's previous forecasts. But the Fund did not give a boost to its US growth forecast for China's pledges to increase purchases of US goods and services by $200 billion over two years. Instead, the IMF said 2020 US growth would be 0.1 percentage point lower than forecast in October, at 2.0% because of the fading stimulus effects from 2017 tax cuts and the Federal Reserve's monetary easing. (With inputs from agencies)

Sharp slowdown in India drag on world economy, says IMF

To reduce its fiscal deficit, the <a href="http://13.235.153.162/world/us-space-force-unveils-camouflage-uniform-gets-trolled-on-twitter-275237">US</a> government bringing back a bond it had last issued in 1986.

After contemplating its options, the US treasury decided that it will issue a new 20-year bond within the first six months of 2020.

The <a href="http://13.235.153.162/world/us-treasury-slaps-punitive-sanctions-on-turkeys-defence-minister-255960">US treasury</a> will evaluate the feedback of this bond and will meanwhile consider whether to issue 50-year and 100-year bonds or not.

''Our goal is to finance the government with the least possible burden on the taxpayers. For this purpose, we are assessing our potential options,'' said &nbsp;<a href="http://13.235.153.162/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">Steven Mnuchin</a>, Treasury Secretary.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/us-industrial-output-fell-1-in-december-last-year-compared-to-2018-federal-reserve-274933">US industrial output fell 1% in December last year compared to 2018: Federal Reserve</a>

What is <a href="http://13.235.153.162/business-economy/india-to-miss-fiscal-deficit-target-by-30-50-basic-points-report-256454">fiscal deficit</a>?

It is the difference between total revenue and total expenditure of the government.

Why are these bonds are being issued?

The US government needs to return some debts issued to finance corporate tax cut and the tax reforms in 2017.

''To meet these needs, its treasury needs a new reliable source and its other options are long-dated,'' said Mark Cabana, the head of US interest rates strategy at <a href="http://13.235.153.162/business-economy/fears-of-earnings-recession-keep-investors-away-from-stocks-bank-of-america-merrill-lynch-240172">Bank of America</a>.

These bonds will attract insurance companies that need to manage the liabilities of a longer-term.&nbsp;

They can also help the government fund its infrastructure expenditure or another round of tax cuts.

To reduce its fiscal deficit, the US government bringing back a bond it had last issued in 1986. After contemplating its options, the US treasury decided that it will issue a new 20-year bond within the first six months of 2020.

To reduce its fiscal deficit, the US government bringing back a bond it had last issued in 1986. After contemplating its options, the US treasury decided that it will issue a new 20-year bond within the first six months of 2020. The US treasury will evaluate the feedback of this bond and will meanwhile consider whether to issue 50-year and 100-year bonds or not. ''Our goal is to finance the government with the least possible burden on the taxpayers. For this purpose, we are assessing our potential options,'' said Steven Mnuchin, Treasury Secretary. Also read: US industrial output fell 1% in December last year compared to 2018: Federal Reserve What is fiscal deficit? It is the difference between total revenue and total expenditure of the government. Why are these bonds are being issued? The US government needs to return some debts issued to finance corporate tax cut and the tax reforms in 2017. ''To meet these needs, its treasury needs a new reliable source and its other options are long-dated,'' said Mark Cabana, the head of US interest rates strategy at Bank of America. These bonds will attract insurance companies that need to manage the liabilities of a longer-term. They can also help the government fund its infrastructure expenditure or another round of tax cuts.

US brings back a bond it last issued in 1986 to decrease fiscal deficit

Thousands of tonnes of&nbsp;refined&nbsp;palm&nbsp;oil&nbsp;are delayed or&nbsp;stuck&nbsp;at various&nbsp;Indian&nbsp;ports&nbsp;after&nbsp;the world's biggest edible&nbsp;oil&nbsp;buyer placed restrictions on imports&nbsp;amid a diplomatic row with key supplier Malaysia, multiple&nbsp;sources&nbsp;told Reuters.

India announced the&nbsp;curbs&nbsp;on imports&nbsp;of&nbsp;refined&nbsp;palm&nbsp;oil&nbsp;on January&nbsp;8 in a bid to help domestic refiners raise their plant utilisation rates, according to industry officials familiar with the matter. In a typical year, India relies on imports&nbsp;for almost all of its supply of the vegoil&nbsp;used in everything from soap to cookies.

But Malaysia, the world's second-biggest producer and exporter of&nbsp;<a href="https://www.wionews.com/business-economy/india-puts-curbs-on-palm-oil-imports-from-malaysia-following-pm-mahathir-mohamad-caa-remark-273134">palm&nbsp;oil</a>, has publicly bridled at New Delhi's move even as India has stepped up orders from Indonesia, according to Refinitiv data. India has been its biggest market for the last five years, and the row sent benchmark Malaysian&nbsp;palm&nbsp;futures to their worst weekly fall in more than 11 years on Friday.

"More than 30,000 tonnes have been&nbsp;stuck&nbsp;at various (Indian)&nbsp;ports. All these vessels were loaded before the government restricted imports&nbsp;of&nbsp;refined&nbsp;palm&nbsp;oil," said a Mumbai-based vegetable&nbsp;oil&nbsp;dealer, who declined to be named citing company policy.

"Usually customs officials allow unloading of commodities that are in transit before any change in regulation. But in the case of&nbsp;refined&nbsp;palm&nbsp;oil, there is some confusion and that is leading to delays."

A source in New Delhi with direct knowledge of the matter said the restrictions mean&nbsp;importers will need a license to buy, a tool that could be used to deny or delay shipments from Malaysia. The person declined to be identified citing the sensitivity of the matter.

Another vegetable&nbsp;oil&nbsp;importer said some vessels were&nbsp;stuck&nbsp;at Kolkata port in eastern India, with some others on the west coast. In one incident at Mangalore port on the west coast, crude&nbsp;palm&nbsp;oil&nbsp;was unloaded from a vessel, while&nbsp;refined&nbsp;oil&nbsp;was not permitted ashore, said the&nbsp;importer, who also declined to be named citing the sensitive nature of the situation.

Reuters could not ascertain which vessels contained the&nbsp;cargoes&nbsp;that have been held up at Kolkata and Mangalore, nor who the buyers were. A source in <a href="https://www.wionews.com/business-economy/india-palm-import-curbs-to-start-malaysia-indonesia-price-war-souces-273149">Kuala Lumpur</a>, who requested anonymity citing the sensitivity of the matter, said the&nbsp;refined&nbsp;palm&nbsp;oil&nbsp;was from both Indonesia and Malaysia.

Officials at Kolkata and Mangalore&nbsp;ports&nbsp;did not immediately respond&nbsp;to an&nbsp;email&nbsp;seeking comment.

Malaysia's Sime Darby Plantation, the world's largest&nbsp;oil&nbsp;palm&nbsp;planter by land size, said none of its&nbsp;refined&nbsp;palm&nbsp;oil&nbsp;was&nbsp;stuck&nbsp;at&nbsp;Indian&nbsp;ports. The company, which has operations in both Malaysia and Indonesia, exported more than 436,000 tonnes of&nbsp;refined&nbsp;palm&nbsp;oil&nbsp;to India last year.

Sudhakar Desai, president of&nbsp;Indian&nbsp;Vegetable&nbsp;Oil&nbsp;Producers' Association, said&nbsp;refined&nbsp;palm&nbsp;cargoes&nbsp;that reached before the restrictions were placed had been cleared but none&nbsp;after&nbsp;that.

"We don't think any licenses have been issued for any origin," Desai said.

A spokeswoman for India's trade ministry did not immediately respond to an email from Reuters seeking comment.

Thousands of tonnes of refined palm oil are delayed or stuck at various Indian ports after the world's biggest edible oil buyer placed restrictions on imports amid a diplomatic row with key supplier Malaysia, multiple sources told Reuters.

Thousands of tonnes of refined palm oil are delayed or stuck at various Indian ports after the world's biggest edible oil buyer placed restrictions on imports amid a diplomatic row with key supplier Malaysia, multiple sources told Reuters. India announced the curbs on imports of refined palm oil on January 8 in a bid to help domestic refiners raise their plant utilisation rates, according to industry officials familiar with the matter. In a typical year, India relies on imports for almost all of its supply of the vegoil used in everything from soap to cookies. But Malaysia, the world's second-biggest producer and exporter of palm oil, has publicly bridled at New Delhi's move even as India has stepped up orders from Indonesia, according to Refinitiv data. India has been its biggest market for the last five years, and the row sent benchmark Malaysian palm futures to their worst weekly fall in more than 11 years on Friday. "More than 30,000 tonnes have been stuck at various (Indian) ports. All these vessels were loaded before the government restricted imports of refined palm oil," said a Mumbai-based vegetable oil dealer, who declined to be named citing company policy. "Usually customs officials allow unloading of commodities that are in transit before any change in regulation. But in the case of refined palm oil, there is some confusion and that is leading to delays." A source in New Delhi with direct knowledge of the matter said the restrictions mean importers will need a license to buy, a tool that could be used to deny or delay shipments from Malaysia. The person declined to be identified citing the sensitivity of the matter. Another vegetable oil importer said some vessels were stuck at Kolkata port in eastern India, with some others on the west coast. In one incident at Mangalore port on the west coast, crude palm oil was unloaded from a vessel, while refined oil was not permitted ashore, said the importer, who also declined to be named citing the sensitive nature of the situation. Reuters could not ascertain which vessels contained the cargoes that have been held up at Kolkata and Mangalore, nor who the buyers were. A source in Kuala Lumpur, who requested anonymity citing the sensitivity of the matter, said the refined palm oil was from both Indonesia and Malaysia. Officials at Kolkata and Mangalore ports did not immediately respond to an email seeking comment. Malaysia's Sime Darby Plantation, the world's largest oil palm planter by land size, said none of its refined palm oil was stuck at Indian ports. The company, which has operations in both Malaysia and Indonesia, exported more than 436,000 tonnes of refined palm oil to India last year. Sudhakar Desai, president of Indian Vegetable Oil Producers' Association, said refined palm cargoes that reached before the restrictions were placed had been cleared but none after that. "We don't think any licenses have been issued for any origin," Desai said. A spokeswoman for India's trade ministry did not immediately respond to an email from Reuters seeking comment.

Refined palm oil cargoes stuck at Indian ports after import curbs: Sources

India, the world's third-biggest oil consumer, imports about 84% of its <a href="https://www.wionews.com/business-economy/as-wider-trade-dispute-looms-malaysia-talks-to-india-over-palm-curbs-274679">oil needs</a> and traditionally relies on the Middle East for the majority of its supply.

However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.

India shipped in 2.68 million barrels per day (BPD) oil from the Middle East in 2019, down about 10% from 2018, and around 1.8 million BPD from elsewhere.

Deeper than expected oil output cuts by OPEC and allies, shouldered by Saudi Arabia, and less supply from Iran due to US&nbsp;sanctions also dented India's intake of Middle Eastern oil, said Ehsan Ul Haq, analyst with Refinitiv.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-november-oil-import-growth-fastest-in-seven-months-sources-270035">India's November oil import growth fastest in seven months</a>

Last year, sanctions and output cuts by OPEC and allies, known as OPEC+, reduced the group's supplies by 1.9 million BPD from 2018, while non-OPEC supply rose by 2 million BPD, the International Energy Agency said in its latest report.

<img alt="India Oil Imports" data-entity-type="file" data-entity-uuid="40d5237f-e21c-4fa3-892f-ff132917e3af" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T123546.747.jpg" /> 
[&nbsp;boy walks past an oil tanker train stationed at a railway station in Ghaziabad, Courtesy: Reuters) ]

The IEA forecast that producers outside the OPEC+ pact would grow supplies by 2.1 million BPD in 2020.

India is working on a strategy to diversify its oil supply sources to cut dependence on the Middle East, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports.

<img alt="Oil imports low" data-entity-type="file" data-entity-uuid="a431b9c8-7ba0-45fd-902e-0f558d54f055" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T123522.599.jpg" /> 
[&nbsp;India's oil imports from Middle East fall to four-year-low in 2019 (Courtesy: Reuters) ]

The drive to expand crude sources also reflects a push by Prime Minister Narendra Modi to bolster ties with countries like Russia and the United States.

India's overall <a href="https://www.wionews.com/business-economy/as-palm-row-simmers-india-says-no-meeting-with-malaysia-in-davos-275314">oil imports</a> in 2019 fell by about 2.1% to 4.48 million BPD, the data showed because most refiners temporarily shut processing units for upgrades ahead of new fuel standards in 2020. India is migrating to Euro VI-compliant fuel from April 1.

Imports from CIS nations rose in 2019 by about 65% to 171,000 BPD, the data showed. Intake of African grades rose by 7.3% to about 713,000 BPD, while US&nbsp;supplies surged by about 63% to 181,000 BPD.

US&nbsp;oil accounted for about 4% of India's overall imports in 2019, up from just 2.5% a year earlier.

"The opening of an arbitrage window for US&nbsp;oil during the year changed oil flows. The differential was enough to take care of shipping," said Haq.

Demand for heavy Middle Eastern grades was also affected by a shift in bunker fuel specifications from January, following new industry rules promoting lower sulphur fuels.

"Most Middle Eastern grades yield high sulphur fuel oil (HSFO) and because of new marine fuel norms, refiners are buying more from other producers to cut production of HSFO and increase the output of very low sulphur fuel oil," Haq added.

India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supply. However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.

India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supply. However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources. India shipped in 2.68 million barrels per day (BPD) oil from the Middle East in 2019, down about 10% from 2018, and around 1.8 million BPD from elsewhere. Deeper than expected oil output cuts by OPEC and allies, shouldered by Saudi Arabia, and less supply from Iran due to US sanctions also dented India's intake of Middle Eastern oil, said Ehsan Ul Haq, analyst with Refinitiv. Also Read: India's November oil import growth fastest in seven months Last year, sanctions and output cuts by OPEC and allies, known as OPEC+, reduced the group's supplies by 1.9 million BPD from 2018, while non-OPEC supply rose by 2 million BPD, the International Energy Agency said in its latest report. [ boy walks past an oil tanker train stationed at a railway station in Ghaziabad, Courtesy: Reuters) ] The IEA forecast that producers outside the OPEC+ pact would grow supplies by 2.1 million BPD in 2020. India is working on a strategy to diversify its oil supply sources to cut dependence on the Middle East, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports. [ India's oil imports from Middle East fall to four-year-low in 2019 (Courtesy: Reuters) ] The drive to expand crude sources also reflects a push by Prime Minister Narendra Modi to bolster ties with countries like Russia and the United States. India's overall oil imports in 2019 fell by about 2.1% to 4.48 million BPD, the data showed because most refiners temporarily shut processing units for upgrades ahead of new fuel standards in 2020. India is migrating to Euro VI-compliant fuel from April 1. Imports from CIS nations rose in 2019 by about 65% to 171,000 BPD, the data showed. Intake of African grades rose by 7.3% to about 713,000 BPD, while US supplies surged by about 63% to 181,000 BPD. US oil accounted for about 4% of India's overall imports in 2019, up from just 2.5% a year earlier. "The opening of an arbitrage window for US oil during the year changed oil flows. The differential was enough to take care of shipping," said Haq. Demand for heavy Middle Eastern grades was also affected by a shift in bunker fuel specifications from January, following new industry rules promoting lower sulphur fuels. "Most Middle Eastern grades yield high sulphur fuel oil (HSFO) and because of new marine fuel norms, refiners are buying more from other producers to cut production of HSFO and increase the output of very low sulphur fuel oil," Haq added.

Slippery Slope: India's Imports from Middle East at four year low

India's trade minister will not meet with his Malaysian counterpart in Davos next week because of his tight schedule, an Indian trade ministry official said on Sunday, as a spat simmers between the <a href="https://www.wionews.com/india-news/malaysian-pm-expresses-concern-after-india-puts-curbs-on-palm-oil-imports-274231">top buyer of palm oil and its biggest supplier</a>.

Hindu-majority India has repeatedly objected to Malaysian Prime Minister Mahathir Mohamad speaking out against a new citizenship law which critics say discriminate against Muslims.

Malaysia, a Muslim-majority nation, is the second biggest producer and exporter of palm oil and India's restrictions on the refined variety of the commodity imposed last week have been seen as a <a href="https://www.wionews.com/business-economy/india-puts-curbs-on-palm-oil-imports-from-malaysia-following-pm-mahathir-mohamad-caa-remark-273134">retaliation for Mahathir's criticism of New Delhi</a>.

A Malaysian government spokesman said on Friday that trade ministers from India and Malaysia could meet on the sidelines of the World Economic Forum's annual meeting in Davos.

But the Indian trade ministry official, who said he was speaking on behalf of the ministry, said no meeting was planned between India's Piyush Goyal and Malaysia's Darell Leiking.

Also read: <a href="https://www.wionews.com/business-economy/india-palm-import-curbs-to-start-malaysia-indonesia-price-war-souces-273149">India palm import curbs to start Malaysia, Indonesia price war</a>

"I can tell you fair and square there's no meeting between the Malaysian minister and the Indian trade minister at Davos," he said, asking not to be named as he was not a government spokesman.

"As part of a larger meeting of trade ministers they may be both together, but there's no meeting. The schedule is already finalised, and it's full."

India last week imposed curbs on refined palm oil, which a source in New Delhi with direct knowledge of the matter said could be used to deny or delay imports from Malaysia. India has been Malaysia's top palm market for five years.

The row dragged benchmark Malaysian palm futures to their biggest weekly decline in more than 11 years on Friday.

Malaysia's Leiking has sent a message to Goyal wishing him well for the Davos meeting, according to the message reviewed by Reuters.

Spokespeople for the trade ministries of India and Malaysia did not immediately respond to queries from Reuters.

Mahathir, the world's oldest premier at 94 and one of the Muslim world's biggest voices, has said he would continue to speak out against "wrong things" even if his words cost his country financially.

"Why is he harming his own country by his erratic actions?" the Indian official said, referring to Mahathir. "The comments he's making are very unprecedented."

Responding to a question on India's new religion-based citizenship law, Mahathir said last month the country was trying to "deprive some Muslims of their citizenship". At the U.N. General Assembly in September, he said India had "invaded and occupied" Kashmir, a disputed Muslim-majority region also claimed by Pakistan.

India's trade minister will not meet with his Malaysian counterpart in Davos next week because of his tight schedule, an Indian trade ministry official said on Sunday, as a spat simmers between the top buyer of palm oil and its biggest supplier.

India's trade minister will not meet with his Malaysian counterpart in Davos next week because of his tight schedule, an Indian trade ministry official said on Sunday, as a spat simmers between the top buyer of palm oil and its biggest supplier. Hindu-majority India has repeatedly objected to Malaysian Prime Minister Mahathir Mohamad speaking out against a new citizenship law which critics say discriminate against Muslims. Malaysia, a Muslim-majority nation, is the second biggest producer and exporter of palm oil and India's restrictions on the refined variety of the commodity imposed last week have been seen as a retaliation for Mahathir's criticism of New Delhi. A Malaysian government spokesman said on Friday that trade ministers from India and Malaysia could meet on the sidelines of the World Economic Forum's annual meeting in Davos. But the Indian trade ministry official, who said he was speaking on behalf of the ministry, said no meeting was planned between India's Piyush Goyal and Malaysia's Darell Leiking. Also read: India palm import curbs to start Malaysia, Indonesia price war "I can tell you fair and square there's no meeting between the Malaysian minister and the Indian trade minister at Davos," he said, asking not to be named as he was not a government spokesman. "As part of a larger meeting of trade ministers they may be both together, but there's no meeting. The schedule is already finalised, and it's full." India last week imposed curbs on refined palm oil, which a source in New Delhi with direct knowledge of the matter said could be used to deny or delay imports from Malaysia. India has been Malaysia's top palm market for five years. The row dragged benchmark Malaysian palm futures to their biggest weekly decline in more than 11 years on Friday. Malaysia's Leiking has sent a message to Goyal wishing him well for the Davos meeting, according to the message reviewed by Reuters. Spokespeople for the trade ministries of India and Malaysia did not immediately respond to queries from Reuters. Mahathir, the world's oldest premier at 94 and one of the Muslim world's biggest voices, has said he would continue to speak out against "wrong things" even if his words cost his country financially. "Why is he harming his own country by his erratic actions?" the Indian official said, referring to Mahathir. "The comments he's making are very unprecedented." Responding to a question on India's new religion-based citizenship law, Mahathir said last month the country was trying to "deprive some Muslims of their citizenship". At the U.N. General Assembly in September, he said India had "invaded and occupied" Kashmir, a disputed Muslim-majority region also claimed by Pakistan.

As palm row simmers, India says no meeting with Malaysia in Davos

The&nbsp;founder&nbsp;of South Korea's sprawling&nbsp;retail&nbsp;conglomerate&nbsp;Lotte&nbsp;Group has died at the age of&nbsp;97, company officials said Sunday.&nbsp;

Shin Kyuk-ho's reputation was tarnished in his final years when the wheelchair-bound tycoon was convicted of professional malpractice and embezzling from the firm to benefit his relatives in late 2017.

He was sentenced to four years in prison but was allowed to stay out of jail on health grounds.&nbsp;

Born in the southern city of Ulsan, Shin stowed away on a ship to Japan at the age of 18 to seek his fortune and established&nbsp;Lotte&nbsp;to manufacture chewing gum in <a href="https://www.wionews.com/world/trump-marks-us-japan-security-pact-with-call-for-stronger-deeper-alliance-275202">Tokyo</a> soon after World War II.

The business later grew to include dozens of subsidiaries in the food,&nbsp;retail, and hotel industries.&nbsp;

Lotte&nbsp;is one of the biggest of the South&nbsp;Korean&nbsp;family-run "chaebol" conglomerates that powered the country's decades of runaway economic growth but which are sometimes accused of murky business practices and overly-close ties with politicians.

Shin's two sons made headlines in 2015 with a bitter public fight for control of the group, each accusing the other of mismanagement, personality flaws, and of manipulating their frail and aged father.

His younger son Dong-bin eventually took over the reins as chairman but both he and Shin were accused of causing $72 million in damages to the group by renting out&nbsp;Lotte&nbsp;Cinema concessions at discounted rates to the&nbsp;founder's eldest daughter and mistress.

The daughter was jailed for two years, while the mistress, a former model and actress 39 years Shin's junior, who came to his attention after winning a beauty pageant was given a suspended sentence.

Shin was also found to have disposed of company assets in violation of his responsibilities as chairman by the presiding judge in his 2017 trial.

He had been suffering from dementia and other diseases of old age before his death, according to South Korea's Yonhap news agency.

The founder of South Korea's sprawling retail conglomerate Lotte Group has died at the age of 97, company officials said Sunday. Shin Kyuk-ho's reputation was tarnished in his final years when the wheelchair-bound tycoon was convicted of professional malpractice and embezzling from the firm to benefit his relatives in late 2017.

The founder of South Korea's sprawling retail conglomerate Lotte Group has died at the age of 97, company officials said Sunday. Shin Kyuk-ho's reputation was tarnished in his final years when the wheelchair-bound tycoon was convicted of professional malpractice and embezzling from the firm to benefit his relatives in late 2017. He was sentenced to four years in prison but was allowed to stay out of jail on health grounds. Born in the southern city of Ulsan, Shin stowed away on a ship to Japan at the age of 18 to seek his fortune and established Lotte to manufacture chewing gum in Tokyo soon after World War II. The business later grew to include dozens of subsidiaries in the food, retail, and hotel industries. Lotte is one of the biggest of the South Korean family-run "chaebol" conglomerates that powered the country's decades of runaway economic growth but which are sometimes accused of murky business practices and overly-close ties with politicians. Shin's two sons made headlines in 2015 with a bitter public fight for control of the group, each accusing the other of mismanagement, personality flaws, and of manipulating their frail and aged father. His younger son Dong-bin eventually took over the reins as chairman but both he and Shin were accused of causing $72 million in damages to the group by renting out Lotte Cinema concessions at discounted rates to the founder's eldest daughter and mistress. The daughter was jailed for two years, while the mistress, a former model and actress 39 years Shin's junior, who came to his attention after winning a beauty pageant was given a suspended sentence. Shin was also found to have disposed of company assets in violation of his responsibilities as chairman by the presiding judge in his 2017 trial. He had been suffering from dementia and other diseases of old age before his death, according to South Korea's Yonhap news agency.

Lotte Group founder Shin Kyuk-ho dies at 97

<a href="https://www.wionews.com/videos/china-myanmar-sign-33-agreements-275157">China </a>will negotiate with American companies and increase imports of <a href="https://www.wionews.com/world/tree-cover-can-lower-daytime-temperatures-in-summer-study-275238">US&nbsp;</a>goods and products according to market principles, an official with its state planner said on Sunday.

The United States has high quality supply in the fields of energy, manufactured goods, agricultural products, medical care and financial services, said Meng Wei, spokesperson for China's National Development and Reform Commission (NDRC), at a press conference on Sunday.

Also read:<a href="https://www.wionews.com/business-economy/indian-markets-scale-a-new-high-after-us-china-phase-one-trade-deal-274665">&nbsp;US-China trade deal: Hits and misses for India</a>

China will boost purchases of US&nbsp;goods and services by $200 billion over two years in exchange for the rolling back of some tariffs under an initial trade deal between the world's two largest economies.

Chinese Vice Premier Liu He, who signed the trade deal with US&nbsp;President <a href="https://www.wionews.com/world/trump-marks-us-japan-security-pact-with-call-for-stronger-deeper-alliance-275202">Donald Trump</a> earlier this week, said the deal would not affect "third parties' interests", apparently in reference to deals made with other suppliers of farm goods.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/kem-chho-trump-us-president-to-visit-ahmedabad-delhi-in-february-275056">'Howdy Trump'? US President to visit Ahmedabad, Delhi in February</a>

Chinese companies will import US&nbsp;agricultural goods according to consumers' need, and demand and supply in the market, Liu told reporters, according to CCTV.

China will negotiate with American companies and increase imports of US goods and products according to market principles, an official with its state planner said on Sunday.

China will negotiate with American companies and increase imports of US goods and products according to market principles, an official with its state planner said on Sunday. The United States has high quality supply in the fields of energy, manufactured goods, agricultural products, medical care and financial services, said Meng Wei, spokesperson for China's National Development and Reform Commission (NDRC), at a press conference on Sunday. Also read: US-China trade deal: Hits and misses for India China will boost purchases of US goods and services by $200 billion over two years in exchange for the rolling back of some tariffs under an initial trade deal between the world's two largest economies. Chinese Vice Premier Liu He, who signed the trade deal with US President Donald Trump earlier this week, said the deal would not affect "third parties' interests", apparently in reference to deals made with other suppliers of farm goods. Also read: 'Howdy Trump'? US President to visit Ahmedabad, Delhi in February Chinese companies will import US agricultural goods according to consumers' need, and demand and supply in the market, Liu told reporters, according to CCTV.

China will increase imports from US according to 'market principles': Official

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio.

HDFC Bank reported a net profit of 74.16 billion Indian rupees ($1.04 billion) for its third quarter, up from 55.86 billion a year earlier, it said in a regulatory filing.

That topped the 70.59 billion rupees expected by analysts on average, data showed.

Gross bad loans increased to 1.42 per cent of total loans from 1.38 per cent.

The bank's net interest margin (NIM), an indicator of profitability, remained stable at 4.2 per cent.

At a time when the industry has seen subdued loan growth, the bank saw its grow 19.9 per cent.

Deposits grew by 25.2 per cent, the bank said.

The bank remains well capitalised, with a capital adequacy ratio of 18.5 per cent&nbsp;at the end of the quarter, well above the regulatory requirement.

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio.

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio. HDFC Bank reported a net profit of 74.16 billion Indian rupees ($1.04 billion) for its third quarter, up from 55.86 billion a year earlier, it said in a regulatory filing. That topped the 70.59 billion rupees expected by analysts on average, data showed. Gross bad loans increased to 1.42 per cent of total loans from 1.38 per cent. The bank's net interest margin (NIM), an indicator of profitability, remained stable at 4.2 per cent. At a time when the industry has seen subdued loan growth, the bank saw its grow 19.9 per cent. Deposits grew by 25.2 per cent, the bank said. The bank remains well capitalised, with a capital adequacy ratio of 18.5 per cent at the end of the quarter, well above the regulatory requirement.

HDFC Bank third-quarter net up 33 per cent on loan growth, beats estimates

Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions.

Revenue at its retail and telecoms units each jumped more than 25 per cent in the December quarter as the company, headed by Asia's richest man, Mukesh Ambani, invests heavily to bring them on par with its dominant petrochemicals and refining businesses.

"We saw consistent same-store sales growth and record footfall across our stores," Ambani said in a statement, with the remarks coming when growth in Asia's third-largest economy has slowed to multi-year lows.

The Mumbai-headquartered company has rapidly grown to become India's largest retailer with over 10,000 stores selling groceries, consumer electronics and apparel, while its telecom unit, Jio, has become the country's largest wireless operator in about three years since launch.

Profit at Jio surged 62 per cent to 13.50 billion rupees, led by subscriber additions of 14.8 million during the reported quarter.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/day-after-supreme-court-verdict-vodafone-stocks-crash-to-record-low-274874">Day after Supreme Court verdict, Vodafone stocks crash to record low</a>

Reliance, which runs the world's biggest oil refining complex, said gross refining margin - the profit earned on each barrel of crude oil processed - was $9.2 per barrel, slightly lower than the prior quarter but better than a year earlier.

"The third-quarter results for our energy business reflect the weak global economic environment and volatility in energy markets," Ambani, the company's chairman, said.

Meanwhile, the proposed purchase of 20 per cent in Reliance's oil-to-chemicals arm by Saudi Aramco will take a "few months" to be finalized, Joint Chief Financial Officer V Srikanth said at a press briefing, adding Reliance wouldn't comment on a specific timeframe for the deal to close.

"We are making very good progress, and there is engagement across teams which is very intense," Srikanth said of the deal, which would be one of the largest ever foreign investments in India.

The company had previously said it would sign a definitive agreement with Aramco by March 2020.

The weak performance at the petrochem and refining unit led to a 2.5 per cent drop in revenue from operations to 1.57 trillion rupees.

Still, Chief Financial Officer Alok Agarwal said 2020 would be a "better year from a global growth point of view", which should help boost margins in the refining and petrochemicals units.

Consolidated net profit rose 13.5 per cent to 116.40 billion rupees ($1.64 billion) in the three months to December&nbsp;31, above the previous quarter's record and also beating analysts' average forecast of 114.32 billion rupees, according to Refinitiv data.

Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions.

Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions. Revenue at its retail and telecoms units each jumped more than 25 per cent in the December quarter as the company, headed by Asia's richest man, Mukesh Ambani, invests heavily to bring them on par with its dominant petrochemicals and refining businesses. "We saw consistent same-store sales growth and record footfall across our stores," Ambani said in a statement, with the remarks coming when growth in Asia's third-largest economy has slowed to multi-year lows. The Mumbai-headquartered company has rapidly grown to become India's largest retailer with over 10,000 stores selling groceries, consumer electronics and apparel, while its telecom unit, Jio, has become the country's largest wireless operator in about three years since launch. Profit at Jio surged 62 per cent to 13.50 billion rupees, led by subscriber additions of 14.8 million during the reported quarter. Also read: Day after Supreme Court verdict, Vodafone stocks crash to record low Reliance, which runs the world's biggest oil refining complex, said gross refining margin - the profit earned on each barrel of crude oil processed - was $9.2 per barrel, slightly lower than the prior quarter but better than a year earlier. "The third-quarter results for our energy business reflect the weak global economic environment and volatility in energy markets," Ambani, the company's chairman, said. Meanwhile, the proposed purchase of 20 per cent in Reliance's oil-to-chemicals arm by Saudi Aramco will take a "few months" to be finalized, Joint Chief Financial Officer V Srikanth said at a press briefing, adding Reliance wouldn't comment on a specific timeframe for the deal to close. "We are making very good progress, and there is engagement across teams which is very intense," Srikanth said of the deal, which would be one of the largest ever foreign investments in India. The company had previously said it would sign a definitive agreement with Aramco by March 2020. The weak performance at the petrochem and refining unit led to a 2.5 per cent drop in revenue from operations to 1.57 trillion rupees. Still, Chief Financial Officer Alok Agarwal said 2020 would be a "better year from a global growth point of view", which should help boost margins in the refining and petrochemicals units. Consolidated net profit rose 13.5 per cent to 116.40 billion rupees ($1.64 billion) in the three months to December 31, above the previous quarter's record and also beating analysts' average forecast of 114.32 billion rupees, according to Refinitiv data.

Mukesh Ambani's Reliance posts record profit on consumer strength

The output of US industry fell 1 per cent in December last year compared to the same month of 2018, driven by drops in a manufacturing sector impacted by bitter trade wars, the Federal Reserve reported Friday.

American manufacturing, which has been in recession for months, saw production fall 1.3 per cent in the final month of 2019 compared to a year earlier, the Fed said.

<a href="https://www.wionews.com/world/key-elements-of-the-us-china-trade-deal-a-pact-to-pause-the-economic-conflict-274516">Also Read: Key elements of the US-China trade deal - A pact to pause the economic conflict</a>

Petroleum and coal production which has seen strong gains in some months, including December, was 1.2 per cent lower than a year ago, according to the report.

Total output in December dipped 0.3 per cent compared to November, but that was skewed by a large drop-off in utilities due to unseasonably warm weather last month, which came after colder than usual temperatures in November.

Manufacturing gained just 0.2 per cent "despite a decrease of 4.6 per cent for motor vehicles and parts," the Fed said.

"Excluding the motor vehicle sector, factory output rose 0.5 per cent."

Mining output in the month rose 1.3 per cent and is up 1.4 per cent year-over-year, with most of the gains due to oil and gas extraction.

Meanwhile, industrial capacity in use fell to 77 per cent, the lowest since September 2017, and well below the average of the last five decades. 
&nbsp;

The output of US industry fell 1 per cent in December last year compared to the same month of 2018, driven by drops in a manufacturing sector impacted by bitter trade wars, the Federal Reserve reported Friday.

The output of US industry fell 1 per cent in December last year compared to the same month of 2018, driven by drops in a manufacturing sector impacted by bitter trade wars, the Federal Reserve reported Friday. American manufacturing, which has been in recession for months, saw production fall 1.3 per cent in the final month of 2019 compared to a year earlier, the Fed said. Also Read: Key elements of the US-China trade deal - A pact to pause the economic conflict Petroleum and coal production which has seen strong gains in some months, including December, was 1.2 per cent lower than a year ago, according to the report. Total output in December dipped 0.3 per cent compared to November, but that was skewed by a large drop-off in utilities due to unseasonably warm weather last month, which came after colder than usual temperatures in November. Manufacturing gained just 0.2 per cent "despite a decrease of 4.6 per cent for motor vehicles and parts," the Fed said. "Excluding the motor vehicle sector, factory output rose 0.5 per cent." Mining output in the month rose 1.3 per cent and is up 1.4 per cent year-over-year, with most of the gains due to oil and gas extraction. Meanwhile, industrial capacity in use fell to 77 per cent, the lowest since September 2017, and well below the average of the last five decades.

US industrial output fell 1% in December last year compared to 2018: Federal Reserve

Indian shares closed near record highs on Thursday after Washington and Beijing signed the first phase of a trade deal, though weakness in metal and mining stocks capped gains.

The NSE <a href="https://www.wionews.com/business-economy/nifty-sensex-settle-near-record-highs-after-us-china-trade-deal-274691">Nifty 50 Index</a> ended 0.1 per cent&nbsp;higher at 12,355.5, while the S&amp;P BSE&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-close-at-record-highs-274225">Sensex&nbsp;index</a> settled 0.14 per cent higher at 41,932.56. The Nifty and&nbsp;Sensex&nbsp;had earlier in the day hit record highs of 12,389.05 and 42,059.45, respectively.

Automaker <a href="https://www.wionews.com/business-economy/sensex-gains-by-321-points-as-nifty-closes-on-high-record-tata-motors-on-top-winner-271672">Eicher Motors Ltd</a> was the top gainer on the Nifty, climbing 4.42 per cent&nbsp;on its best day in three months.

Nestle India Ltd, the maker of Maggi noodles and Kit-Kat chocolates, rose 3.33 per cent&nbsp;to an all-time closing high.

The Nifty Metal Index fell 1.25 per cent&nbsp;and weighed on the benchmark indexes, as a number of sore spots in the Sino-US&nbsp;deal left investors worried that the pact would not substantially boost metals demand.

Gas marketing company <a href="https://www.wionews.com/business-economy/sensex-jumps-634-points-as-us-iran-tensions-ease-auto-and-realty-stocks-gain-273229">GAIL</a> (India) Ltd fell 2.2 per cent&nbsp;and was the biggest percentage loser on the Nifty.

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

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

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

A day after the Supreme Court rejected the review petitions filed byvarious telecom companies over the Adjusted Gross Revenue (AGR) case, Vodafone stocks sank thirty-nine per cent on Friday.

<a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Also Read:&nbsp;Telecom operators to pay Rs 92,000 crore as dues to telecom department</a>

Vodafone's share price collapsed 39 per cent to 3.65 rupees before it&nbsp;recovered to 4.60 rupees which weighed on the market with the Sensex shedding 0.16 per cent to 41,866.16 in morning trade.

After the bloodbath, Vodafone shares&nbsp;closed 25.21 per cent lower at Rs 4.51 on the Bombay Stock Exchange(BSE).

The Sensex, however, ended 12.81 points higher at 41,945.37, while Nifty closed 3.10 points lower at 12,352.40.

Last year, India's top court had granted three months to telecom operators to clear their dues with top companies - Reliance, Bharti Airtel owing the telecom department Rs 92,000 and another 41,000 crore to Department of telecom(DoT). According to the court, Vodafone-Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government.

In November, Vodafone had recorded the biggest loss in corporate history with $7.13 billion in the second quarter till September as the company continued to bleed.

According to the TRAI, Vodafone-Idea and Bharti Airtel had lost 14.5 million and 15.1 million mobile subscribers in March last year. Interestingly, the customer base of Reliance Jio, owned by Mukesh Ambani was 306.7 million in March 2019, against 297.2 million as on February.

A day after the Supreme Court rejected the review petitions filed byvarious telecom companies over the Adjusted Gross Revenue (AGR) case, Vodafone stocks sank thirty-nine per cent on Friday.

A day after the Supreme Court rejected the review petitions filed byvarious telecom companies over the Adjusted Gross Revenue (AGR) case, Vodafone stocks sank thirty-nine per cent on Friday. Also Read: Telecom operators to pay Rs 92,000 crore as dues to telecom department Vodafone's share price collapsed 39 per cent to 3.65 rupees before it recovered to 4.60 rupees which weighed on the market with the Sensex shedding 0.16 per cent to 41,866.16 in morning trade. After the bloodbath, Vodafone shares closed 25.21 per cent lower at Rs 4.51 on the Bombay Stock Exchange(BSE). The Sensex, however, ended 12.81 points higher at 41,945.37, while Nifty closed 3.10 points lower at 12,352.40. Last year, India's top court had granted three months to telecom operators to clear their dues with top companies - Reliance, Bharti Airtel owing the telecom department Rs 92,000 and another 41,000 crore to Department of telecom(DoT). According to the court, Vodafone-Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government. In November, Vodafone had recorded the biggest loss in corporate history with $7.13 billion in the second quarter till September as the company continued to bleed. According to the TRAI, Vodafone-Idea and Bharti Airtel had lost 14.5 million and 15.1 million mobile subscribers in March last year. Interestingly, the customer base of Reliance Jio, owned by Mukesh Ambani was 306.7 million in March 2019, against 297.2 million as on February.

Day after Supreme Court verdict, Vodafone stocks crash to record low

Indian stock market indices Sensex and Nifty on Thursday rose up to fresh highs after US-China signed an initial trade deal which helped them reduce tensions in the ongoing trade war. The investors shifted focus to domestic corporate earnings.

The BSE Sensex opened at 41,959.19, climbing 86 points from the last closing. Nifty too, has jumped to its record high of 12,357.

At 10.50 am Sensex was up by 52 points at 41,924.79 and Nifty at 12,349.50.

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Private-sector lender Yes Bank Ltd, up as much as 2.3%, was the top gainer on the Nifty. Drugmaker Sun Pharmaceutical Industries Ltd climbed 1.3% to a near seven-week high.

Cable television company DEN Networks Ltd jumped 5% to its highest since Sept. 25, 2019, after reporting a profit for the December quarter, compared with a loss last year.

The Nifty Metal index dropped 0.9%. Miner Vedanta Ltd, the biggest loser in the Nifty index, dropped as much as 1.8%, while Tata Steel Ltd and JSW Steel Ltd declined 1.2 per cent and 1.8 per cent, respectively.

(With inputs from agencies)

Indian stock market indices Sensex and Nifty on Thursday rose up to fresh highs after US-China signed an initial trade deal which helped them reduce tensions in the ongoing trade war.

Indian stock market indices Sensex and Nifty on Thursday rose up to fresh highs after US-China signed an initial trade deal which helped them reduce tensions in the ongoing trade war. The investors shifted focus to domestic corporate earnings. The BSE Sensex opened at 41,959.19, climbing 86 points from the last closing. Nifty too, has jumped to its record high of 12,357. At 10.50 am Sensex was up by 52 points at 41,924.79 and Nifty at 12,349.50. Private-sector lender Yes Bank Ltd, up as much as 2.3%, was the top gainer on the Nifty. Drugmaker Sun Pharmaceutical Industries Ltd climbed 1.3% to a near seven-week high. Cable television company DEN Networks Ltd jumped 5% to its highest since Sept. 25, 2019, after reporting a profit for the December quarter, compared with a loss last year. The Nifty Metal index dropped 0.9%. Miner Vedanta Ltd, the biggest loser in the Nifty index, dropped as much as 1.8%, while Tata Steel Ltd and JSW Steel Ltd declined 1.2 per cent and 1.8 per cent, respectively. (With inputs from agencies)

Sensex hits 42,000 for first time, Nifty at a record high

<a href="https://www.wionews.com/business-economy/sensex-hits-42000-for-first-time-nifty-at-a-record-high-274544">Indian markets </a>have climbed to&nbsp;a record high with the announcement of phase one trade deal between the<a href="https://www.wionews.com/opinions-blogs/us-iran-conflict-a-high-stakes-bet-on-who-blinks-first-274636"> US</a> and<a href="https://www.wionews.com/india-news/it-isnt-like-youve-got-china-on-your-border-when-trump-shocked-modi-with-his-remark-274653"> China</a>.

<a href="https://www.wionews.com/world/key-elements-of-the-us-china-trade-deal-a-pact-to-pause-the-economic-conflict-274516">Also read:&nbsp;Key elements of the US-China trade deal: A pact to pause the economic conflict</a>

Although it's just the first step, this deal between the world's two largest economies can benefit <a href="https://www.wionews.com/south-asia/family-of-british-explorer-return-old-buddha-statue-to-sri-lankan-temple-274652">Asia</a>'s third-largest economy India in several areas.

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Firstly, if <a href="https://www.wionews.com/opinions/wion-edit-inside-chinas-trafficking-problem-266666">China</a> starts exporting goods to the US which is its biggest market, then there will probably be a reduction&nbsp;in the dumping of unsold goods to&nbsp;India.

The global trade wars have increased the apprehensions of the global economies which are getting into recession and&nbsp;demand slowing.

So, this deal will indirectly help India by keeping the demand intact in many other markets.

But the trade deal will have a negatives side as well.&nbsp;

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The renewed demand in these economies will yield a price hike in oil prices which will, in turn, will impact India as it imports over 80 per cent of its crude oil.

With the pre-trade war levels due to this deal, India will also miss the opportunity to be the manufacturing hub of the world, as some companies had earlier shown interest in shifting their manufacturing base to India from China, owing to high US tariffs.

Indian markets have climbed to a record high with the announcement of phase one trade deal between the US and China. Also read: Key elements of the US-China trade deal: A pact to pause the economic conflict Although it's just the first step, this deal between the world's two largest economies can benefit Asia's third-largest economy India in several areas.

Indian markets have climbed to a record high with the announcement of phase one trade deal between the US and China. Also read: Key elements of the US-China trade deal: A pact to pause the economic conflict Although it's just the first step, this deal between the world's two largest economies can benefit Asia's third-largest economy India in several areas. × Firstly, if China starts exporting goods to the US which is its biggest market, then there will probably be a reduction in the dumping of unsold goods to India. The global trade wars have increased the apprehensions of the global economies which are getting into recession and demand slowing. So, this deal will indirectly help India by keeping the demand intact in many other markets. But the trade deal will have a negatives side as well. × The renewed demand in these economies will yield a price hike in oil prices which will, in turn, will impact India as it imports over 80 per cent of its crude oil. With the pre-trade war levels due to this deal, India will also miss the opportunity to be the manufacturing hub of the world, as some companies had earlier shown interest in shifting their manufacturing base to India from China, owing to high US tariffs.

US-China trade deal: Hits and misses for India

Amazon hasn't done India any big favours by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the US&nbsp;online retail giant during a visit by its CEO Jeff Bezos.

Amazon and Walmart's Flipkart are facing mounting criticism from India's brick-and-mortar retailers, which accuse the US&nbsp;giants of violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations.

"They may have put in a billion dollars but then if they make a loss of a billion dollars every year then they jolly well have to finance that billion dollars," Indian trade minister Piyush Goyal told a security conference in New Delhi.

Also read:&nbsp;<a href="https://www.wionews.com/world/amazon-ceo-af-gets-trolled-online-as-he-visits-gandhi-memorial-274635">Amazon CEO Jeff Bezos gets trolled online as he visits Gandhi memorial at Rajpath</a>

"So it's not as if they are doing a great favour to India when they invest a billion dollars."

Bezos, who is currently in India, said on Wednesday Amazon would invest $1 billion to bring small businesses online in the country, seen as part of the company's efforts to dispel criticism.

Ahead of Bezos'&nbsp;visit, the Competition Commission of India launched a probe into Amazon and Flipkart to look at allegations of deep discounts and whether the companies discriminate against small sellers.

Goyal said the allegations were "an area of concern for every Indian".

Amazon hasn't done India any big favours by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the US online retail giant during a visit by its CEO Jeff Bezos.

Amazon hasn't done India any big favours by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the US online retail giant during a visit by its CEO Jeff Bezos. Amazon and Walmart's Flipkart are facing mounting criticism from India's brick-and-mortar retailers, which accuse the US giants of violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations. "They may have put in a billion dollars but then if they make a loss of a billion dollars every year then they jolly well have to finance that billion dollars," Indian trade minister Piyush Goyal told a security conference in New Delhi. Also read: Amazon CEO Jeff Bezos gets trolled online as he visits Gandhi memorial at Rajpath "So it's not as if they are doing a great favour to India when they invest a billion dollars." Bezos, who is currently in India, said on Wednesday Amazon would invest $1 billion to bring small businesses online in the country, seen as part of the company's efforts to dispel criticism. Ahead of Bezos' visit, the Competition Commission of India launched a probe into Amazon and Flipkart to look at allegations of deep discounts and whether the companies discriminate against small sellers. Goyal said the allegations were "an area of concern for every Indian".

Amazon's $1 billion investment in India no big favour: Piyush Goyal

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data.

<a href="https://www.wionews.com/world/key-elements-of-the-us-china-trade-deal-a-pact-to-pause-the-economic-conflict-274516">Also Read:&nbsp;Key elements of the US-China trade deal</a>

Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries.

The Senate later Thursday is expected to approve a new trade accord between the United States, Mexico and Canada, another benign trade development that has boosted sentiment.

Retail sales for December rose 0.3 per cent as US consumers continued to spend freely through the key holiday shopping season.

About 25 minutes into trading, the Dow Jones Industrial Average stood at 29,178.52, up 0.5 per cent.

The broad-based S&amp;P 500 also gained 0.5 per cent, rising to 3,305.00, while the tech-rich Nasdaq Composite Index won 0.7 per cent, moving up to 9,326.33.

The Dow and S&amp;P 500 both closed at records on Wednesday.

Among individual companies, Morgan Stanley gained 5.7 per cent as fourth-quarter earnings easily topped expectations, making it the latest large financial group to report good results.

Among other companies reporting results, PPG Industries lost 3.7 per cent and Alcoa 7.9 per cent.

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data. Also Read: Key elements of the US-China trade deal Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries.

Wall Street stocks jumped early Thursday, adding to records following the signing of a US-China trade accord and solid US retail sales data. Also Read: Key elements of the US-China trade deal Analysts generally view the US-China deal as removing the near-term risk of an escalation between the two economic powers, even though there is skepticism it will resolve issues between the countries. The Senate later Thursday is expected to approve a new trade accord between the United States, Mexico and Canada, another benign trade development that has boosted sentiment. Retail sales for December rose 0.3 per cent as US consumers continued to spend freely through the key holiday shopping season. About 25 minutes into trading, the Dow Jones Industrial Average stood at 29,178.52, up 0.5 per cent. The broad-based S&P 500 also gained 0.5 per cent, rising to 3,305.00, while the tech-rich Nasdaq Composite Index won 0.7 per cent, moving up to 9,326.33. The Dow and S&P 500 both closed at records on Wednesday. Among individual companies, Morgan Stanley gained 5.7 per cent as fourth-quarter earnings easily topped expectations, making it the latest large financial group to report good results. Among other companies reporting results, PPG Industries lost 3.7 per cent and Alcoa 7.9 per cent.

Wall Street stocks surge after US-China trade accord

The Supreme Court of India on Thursday dismissed review petitions filed by various telecom companies challenging its judgement in the Adjusted Gross Revenue (AGR) case.&nbsp;

Telecom bigwigs like Bharti Airtel, Vodafone Idea and Reliance Communications (RCom) owe a whopping Rs 92,000 crore as a license fee to the telecom department. Another 41,000 crore is to be paid to the Department of Telecom (DoT) as a spectrum usage fee.&nbsp;

In October last year, the apex court had granted three months to telecom operators to clear their dues with the telecom department.

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The Indian telecom sector reels under heavy debts and suffers from a cut-throat price war. Supreme Court's rejection of AGR pleas is likely to further add to the financial woes of the telecom operators.

Bharti, in its response, expressed the company's disappointment with the top court's verdict and said that it would evaluate filing another petition.

"The industry continues to face severe financial stress and the outcome could further erode the viability of the sector as a whole," Bharti said in a statement reported by news agency Reuters.

According to reports, Bharti Airtel is supposed to pay a total of around Rs 23,000 crore to the telecom department. Reliance Communications has saddled Rs 16,456.47 crore worth of dues while Vodafone Idea has to pay Rs 19,823.71 crore as its dues.

The Supreme Court of India on Thursday dismissed review petitions filed by various telecom companies challenging its judgement in the Adjusted Gross Revenue (AGR) case.

The Supreme Court of India on Thursday dismissed review petitions filed by various telecom companies challenging its judgement in the Adjusted Gross Revenue (AGR) case. Telecom bigwigs like Bharti Airtel, Vodafone Idea and Reliance Communications (RCom) owe a whopping Rs 92,000 crore as a license fee to the telecom department. Another 41,000 crore is to be paid to the Department of Telecom (DoT) as a spectrum usage fee. In October last year, the apex court had granted three months to telecom operators to clear their dues with the telecom department. Supreme Court dismisses review petitions by various telecom companies challenging the Supreme Court judgement in the Adjusted Gross Revenue (AGR) case. pic.twitter.com/F3W33tUxE4 — ANI (@ANI) January 16, 2020 × The Indian telecom sector reels under heavy debts and suffers from a cut-throat price war. Supreme Court's rejection of AGR pleas is likely to further add to the financial woes of the telecom operators. Bharti, in its response, expressed the company's disappointment with the top court's verdict and said that it would evaluate filing another petition. "The industry continues to face severe financial stress and the outcome could further erode the viability of the sector as a whole," Bharti said in a statement reported by news agency Reuters. According to reports, Bharti Airtel is supposed to pay a total of around Rs 23,000 crore to the telecom department. Reliance Communications has saddled Rs 16,456.47 crore worth of dues while Vodafone Idea has to pay Rs 19,823.71 crore as its dues.

Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea 

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

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

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

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

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

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

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

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

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

Oil prices slip over US-China trade deal concern

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

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

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

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

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

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

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

Renault-Nissan president denies reports of potential split

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

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

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

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

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

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

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

Slowdown in India expected to hit job sector: SBI report

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

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

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

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

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

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

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

Nifty, Sensex close at record highs